Senior Group Risk Actuary
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
- 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
- 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
- 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
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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We understand that balancing the demands of a family and a career can be challenging at times. Taking time off work to be with your new family is very important and we recognise that many fathers, partners and adopters want to be more hands on and involved with the care of their children. We are committed to supporting our staff when they go through parenthood and a valued source of support is provided by our Parental Leave policies. The policies allow staff to spend cherished time at home with their family, so that when they return to work, they can thrive and flourish. Our policies go above the statutory pay requirements to encourage our staff to take more time at home when they become parents. As long as you've worked for us for 26 weeks, you can expect the following benefits. Maternity LeaveEmployees receive 16 weeks of full pay, followed by 23 weeks statutory maternity payPaternity LeaveEmployees receive 2 weeks full pay, 2 weeks statutory paternity pay and 12 days of unpaid leave (should they wish to take it)Shared Parental LeaveWhen both parents work for Admiral they can share the 16-weeks full pay benefit. So, if the mother/primary caregiver decides to return to work prior to 16 weeks, the other parent can pick up the remaining weeks on full payIf one parent is employed by Admiral, and together with their partner fulfil eligibility criteria, they can share the Parental LeaveAdmiral believes that the support doesn’t stop at Parental Leave. We recognise that flexible working is another valuable way in which our staff can attain the work-life balance they need and so employees can request flexible working arrangements.Our employee benefits don’t stop here, take a look at our top 7 perks for working at Admiral.
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When it comes to staff benefits and perks we have everything you’d expect from a large FTSE 100 company, like a contributory pension scheme, free shares, dental care and so on. Our commitment to providing staff with the services and support they need to ensure that they are happy and healthy in their working lives ensures we are offering more than the basics. We hope this has contributed to the fact that we’ve made the Sunday Times Best Companies to work for list for the 17th year in a row.In this article, we will explore some of our most popular staff benefits…1. Free staff sharesAll staff who work for the Admiral Group receive up to £3,600 worth of company shares every year after the first year of service. Staff can sell these shares when they reach 3 years old, and at year 5, they are tax free, so its worth holding off if you can!Many staff have used their shares to buy holidays, their first house, cars etc. No wonder its one of our most popular benefits!2. Staff and family discountsA 15% discount is available off our car and pet insurance policies, as well as 10% off travel and home insurance for the following: employee, spouse, partner, children, parents, brothers and sisters. As well as discounts on our insurance products, we offer a staff breakdown scheme. On top of these discounts, a favourable APR rate off our loans from Admiral Loans is also available.3. Moving home advanceIf you’re looking to buy your first home but don’t have quite enough to get the deposit you need or to cover the legal fees, or if you’re looking to move into a rented property but need help to cover bonds and moving costs, then you can receive an interest-free advance of up to £2,000 from the company.4. Buy a book schemeYou can purchase books that will help you develop in your role at Admiral Group and the company will pay for them through David’s Buy a Book Scheme.5. Tickets to sponsored eventsOne of the benefits of working for Admiral is access to tickets to events that Admiral sponsors. In the past this has included tickets to, Wales rugby home international matches, pantomimes, shows at the Wales Millennium Centre, Techniquest Afterhours, weekly ticket giveaways to Chapter Arts Centre and much more.6. Discounts in local shops/businessesWe have secured staff discounts, ranging from 5%-25% with many local and national retailers such as; Oakwood Theme Park, Thomas Cook, Cardiff Nutrition, Wahaca, Papa Johns, Tim Hortons, Wok 2 Walk, O2, Pure Gym, The Body Shop and many more!7. Contributory pension schemeYou can start paying into the company pension scheme as soon as you start working for the Admiral Group and we will contribute to your pension up to 6% of your basic gross salary or a total of £9,000 p.a., whichever is lower.
As one of our four pillars to our culture, Reward and Recognition is extremely important. We believe that happy staff make happy customers, so we have a huge range of great benefits to make sure everybody has something to smile about! Here are a few of our more popular ones.