Reinsurance Actuary

Pension Insurance Corporation ("PIC") provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Company-wide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

A fantastic opportunity has arisen at PIC for a Reinsurance Actuary. The purpose of the role is to support the expansion of PIC's Funded Reinsurance team, sitting in the wider Origination department.

In this role, you will work closely with our Funded Reinsurance Pricing Manager and assist the Head of Pricing and Funded Reinsurance as well as supporting longevity swap transactions and all senior Deal Leads in the team on larger transactions as required.

You will be a key participant in executing new Funded Reinsurance arrangements and on-boarding new counterparties, help to maintain and grow relationships with Funded Reinsurance counterparties, and help PIC to maintain our existing Funded Reinsurance pricing framework. You will also apply knowledge and insights concerning reinsurance and how this impacts our policyholders.

Specific accountabilities assigned to the role of Reinsurance Actuary within Origination:

• Conducts thorough analysis of quotations from the reinsurance market to develop opportunities for new business transactions.
• Ensuring existing Funded Reinsurance treaties are maintained and collateral is monitored on an ongoing basis.
• Prepare comprehensive reports reflective of the intended audience that demonstrate sound analysis and recommendations for new funded reinsurance arrangements as part of the new business strategy.
• Effectively collaborates with other members of the Origination team, Finance, Risk and Investments to understand the impact of proposals on the wider business.
• Developing working relationships with existing and new funded reinsurance counterparties.
• Takes ownership for their own learning and development in both technical (e.g. data analysis and critical judgement) and non-technical (self-insight and relationship management) skills of reinsurance.
• Keeps informed of industry trends, market developments, regulatory changes in the public and private sectors, as well as best practices related to funded reinsurance and bulk annuities by attending industry seminars, reading, and sharing relevant published articles.

Experience:

• Qualified or part qualified and making continued good progress through actuarial exams.
• Experience working in a corporate or consulting environment, with knowledge of BPA Pensions and/or Reinsurance.

Knowledge:

• Good awareness of pricing of longevity risk for defined benefits pension schemes.
• Good understanding of reinsurance pricing and collateral arrangements
• Good knowledge of defined benefits pension schemes -including benefit structures and relevant legislation
• Basic knowledge of legal contracts and negotiation useful.
• Basic level of Investment knowledge useful but not essential.

Skills:

• Strong organisation skills
• Strong communication skills
• Ability to persuade and influence both directly and indirectly
• Ability to manage people and other resources effectively
• Ability to organize work to meet deadlines
• Ability to work within defined procedures as recommended by functional teams
• Commercial judgement
• Good working knowledge of MS Excel, MS PowerPoint, MS Word

Desirable personal attributes aligned to what success looks like in the role:

• Intellectually curious with a willingness to learn through own research.
• Strong problem-solving skills utilising consultative questioning to challenge current norms and drive change within the business function.
• Effective communicator - structures insights into clear messages and effectively engages others within business function, as well as internal stakeholders, professional and regulatory bodies.
• Innovative thinker - positive attitude to change and a willingness to embrace new ideas and techniques to improve performance.

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.