Senior Reserving Actuary

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.  

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.  

Senior Reserving Actuary

We are looking for a Senior Reserving Actuary to join our team on a full time basis in our London City office. You will perform a broad range of actuarial work within the Reserving and Reporting function, in particular leading on the first lining reserving responsibilities MRSG and liaising with the actuarial community working across global teams.

You will set up and build a Reserving Process for MRS-GM, a stand-alone division of Munich Re focused on primary insurance. Once established liaise with underwriters and communicating the results and profitability to senior management. Discuss the results with Munich Re Central Reserving Department, and provide transparency on how the results booked are aligned to the business written.

This role will work closely with senior management, supporting the Head of Actuarial Strategy & Performance and the London and Munich Finance teams as well as the Underwriting and Country Heads. This includes liaising with the actuarial community and working across global teams.

Responsibilities

• Lead and execute the development and implementation of robust reserving processes and systems for first line reserving of Munich Re Specialty Global Markets (MRS-GM) business, ensuring reserving insights are considered when setting commercial objectives.
• Drive quarterly reserving processes for MRS-GM business by reconciling data sets, analysing and producing results, including reviewing results produced by other members of the team.
• Create a framework to monitor claims experience across MRS-GM business, for example using actual versus expected analysis, aligning with existing Munich Re processes including the Syndicate business.
• Conduct deep dives on key reserving uncertainties and reserving classes, synthesising findings into actionable insights for key stakeholders and management.
• Lead communication with key stakeholders including presenting to senior management.
• Support senior underwriters and pricing with ad-hoc analysis or reporting requests as required, using actuarial reserving techniques.
• Support the reserving processes for MRSL business as required, including conducting quarterly Best Estimate analysis, preparing information for the Reserving Committee and the annual reserve report.
• Support benchmarking exercises and MRS-GM strategic business cases. 
• Be able to explain and justify your point of view, whilst taking on board other’s points of view.
• Communicate results to a variety of stakeholders to provide insight and recommendations on reserving and performance related results. Engage proactively and collaborate across teams.
• Build knowledge of actuarial reserving through on-the-job learning and structured training, and assist in the same for actuarial analysts.
• Ensure processes are efficiently designed and clearly documented.
• Work collaboratively and delegate work as required.
• Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.

Knowledge and Skills

• Expertise in reserving actuarial techniques, with a preference for the candidate to be a qualified Actuary or Statistician or very close to qualifying as an Actuary with a recognised professional body.
• Be comfortable working with large, complex or limited data.
• Ability to combine technical analysis with commercial judgement.
• Excellent written and verbal communication skills, including the ability to present complex analyses to a range of stakeholders, including senior management.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

Diversity, Equity & Inclusion
At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.
Learn more about sustainability at Munich Re – choose your impact!

Benefits

• 25 days Annual Leave + Bank Holidays
• 10% Non-contributory Pension
• Eligibility for an Annual Bonus
• Private Medical + Dental Insurance
• Critical illness insurance + Life Assurance + Permanent Health Insurance
• Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
• Electric Vehicle Salary Sacrifice Scheme
• Study & continuing Professional Development Support
• Hybrid Working + IT Home Set-up Support

#BePresent #BeBold #BeCurious