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Senior Group Risk Actuary

Cardiff

  1. Full time

Closing date

14/05/2021

About the job

About The Role

This is a fantastic opportunity for a senior and experienced actuary to sit within the Actuarial and Financial Risk Team.

We’re looking for an experienced actuary with a passion for financial risk management who can push forward improvement ideas and processes. You will be actively encouraged to contribute to all aspects of identifying, measuring, monitoring, managing and reporting financial risks across the Group. The sharing of knowledge and best practices with the wider team will play an important part.

You will be reporting directly to the Head of Financial and Actuarial Risk, Gavin Dunkerley.

The role will be split across traditional areas of actuarial work, including oversight of reserving, capital, underwriting and reinsurance.

As a part of the team, you will be involved in the review and challenge of work completed by the first line finance and actuarial teams in the UK. You will also support and review work completed by the risk and actuarial functions within Admiral’s overseas underwriting entities covering France, Spain, Italy and the USA.

Admiral Group is growing and diversifying, and a key aim of the team is to proactively manage the financial risks around the strategy.

The Financial and Actuarial Risk Team is a new team established in 2020 to provide a Group focus on key financial risks within the Group. The team currently has four team members including three actuaries with a focus on insurance risk and a financial risk manager with a focus on investment risk and intragroup financial risks. Team members work flexibly in their roles and support other team members as well as the wider Group Risk Team. The strong Admiral culture (described below) is important to the way in which the Team works.

What we’ve done so far this year…

In the first two months of this year the team have completed:

  • A reserve review to provide the Group Audit Committee and Group Board comfort over the IFRS best estimate and recommended booked reserves
  • A review of the capital plan and capital requirements
  • A new dashboard to give up-to-date information on written exposures
  • Several investment and intragroup papers considering risks and recommendations for managing financial risk within the Group

Main Duties

You will:

  • Support the business in its desire to identify, measure, monitor, manage and report financial risks across the group
  • Work closely with senior management and our Finance team to review all aspects of financial risk management, including the areas of reserving, underwriting, reinsurance and capital management
  • Provide support to a number of projects such as IFRS17, Reinsurance and Internal Model Application Process
  • Support the development and production of the Actuarial Function Reports
  • Support the business with Risk and Capital Assessments for new products, businesses and propositions
  • Monitor and report on all material financial risk events across the Group to the relevant committees and boards
  • Be an occasional attendee of the Risk Management Committee, Group Asset & Liability Committee, Investment Committee, Reserving Committee and Group Risk Committee
  • Manage financial risk reviews for UK departments and international business units
  • Provide support and oversight of the financial risk management processes in the international business units
  • Support the financial risk appetite process, with appropriate early warning indicators, triggers and limits and reporting mechanisms with the Group Risk Team
  • Input into both the stress and scenario testing for the Group and the wider ORSA process including production of the annual ORSA report for Board approval

Key Skills, Qualifications and Experience

Essential:

  • Experienced qualified actuary (with the Institute and Facility of Actuaries (or equivalent)
  • Good knowledge of Solvency II regulations
  • Excellent communication – both written and interpersonal skills to liaise with people of different levels in different parts of Admiral and with external stakeholders, such as regulators
  • Ability to work independently and proactively as well as supporting a team
  • Able to multi-task contracts and projects, work under pressure and lead large complex projects
  • Highly organised
  • Objective, timely and confident decision-making skills
  • Attention to detail, with an analytical and problem-solving mindset
  • Strong influencing and persuasion skills
  • Commercially minded
  • Good working knowledge of Microsoft Office applications e.g. Word, Excel and PowerPoint

Desirable:

  • Substancial number of years of actuarial experience
  • Experience of working on IFRS17 projects or other accounting / actuarial change projects
  • General consulting experience owing to the varied nature of the role

About Admiral

We're Wales’ only FTSE 100 company. We have forward-thinking approaches and provide endless opportunities to test, learn and grow. There's a reason we've been named a Best Place to Work: our progressive culture, core values, and commitment to diversity and inclusion have created a working environment where people share ideas, aren’t afraid to speak up and change things, and above all, feel valued.

Admiral has grown from being a small start-up into a multi-national organisation. The company is constantly investigating new products, services and markets and is now present in eight countries with a diverse product portfolio.

Our success goes hand-in-hand with having a strong culture where we put our people and customers first. Our philosophy is simple yet effective: people who like what they do, do it better, and this, in turn, means that our customers receive the level of service and products that they deserve. Our culture is honest, open and wholeheartedly focused on four key areas:

Communication, Equality, Reward & Recognition, and Fun.

Salary, Benefits and Work-Life Balance

We do not have a set salary for this position, as it will be dependent on the successful candidate’s experience. We are happy to see CVs from all candidates who meet the requirements and will be happy to discuss the remuneration package.

At Admiral, we are proud to be a diverse business where we put our people and customers first. We have great benefits to ensure employees have a great work-life balance; it's one of the reasons we're voted no. 1 in the 2019 Sunday Times Best Big Companies to Work For in the UK. We want you to have an element of freedom to define a working lifestyle that supports this, so accommodate flexible hours wherever possible.

You can also view some of our other key benefits here; https://admiraljobs.co.uk/employee-benefits/.

If you think this role is for you and would like to be considered for this opportunity, please click “apply now” to complete an online application form.

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