Bespoke Products Actuary
- Contract Type
Bespoke seeks to cover risks where they can generate innovative, tailored and mutually beneficial solutions. It often relates to risk transfer opportunities driven by regulatory capital relief, capital efficiency or transaction facilitation versus more traditional drivers of insurance procurement.
Their lines to date include asset backed non-payment, economic catastrophe risk, mortgage indemnity, project finance, political risks, structured credit, title, tax indemnity and surety.
The individual will be responsible for developing highly specialized pricing models tailored to the risk profile, driven by extensive data history and the communication of these bespoke offerings to senior management.
Duties and Responsibilities
- Undertake the provision of pricing support to class underwriters within the underwriting division, focused on Bespoke Products.
- Undertake development of existing and new models using financial/actuarial tools and techniques to quantify and evaluate risk factors in order to analyse the profitability of risks within the company.
- Assessing, analysing and interpreting complicated financial information.
- To collate data and undertake appropriate research, including analysis of market statistics, in order to assist the underwriting department's (re-)parameterisation of the pricing models developed, including benchmarking the models to the commercial marketplace.
- To develop a detailed understanding of the existing Bespoke Portfolio, optimizing the reporting of underlying performance to the Chief Actuary and Head of Bespoke underwriters.
- Ownership of aggregations in relation to bespoke, including clash risk scenarios across the group and contribute to risk reporting.
- Assist with reserving and capital modelling where it relates to the bespoke products offering classes of business.
- Monitoring market, macro-economic and political developments and assess its impact on the credit quality of their portfolio.
- Communicate conclusions effectively to underwriters, actuaries and senior management.
- Continuously improve analysis to ensure it is at the forefront of the industry in order to maintain commercial advantage.
Skills & experience
- Highly technical/quantitative individual with a strong academic record with a Business, Finance, Actuarial or Accounting /numerical related degree from a top tier university.
- Comfortable in building models - cashflow or otherwise and explanation of results/stress tests to the business.
- Working with non-standard products offerings, very strong problem-solving skills and able develop creative solutions.
- Demonstrate an understanding of the insurance, reinsurance and financial markets as well as being a lateral thinker.
- Must possess excellent technical ability and computer skills including proficiency in Excel with other languages such as Python, Julia, SQL and R a plus
- Excellent written and oral communication skills, with proven ability to communicate with senior management and external stakeholders.