At a Glance
- Tasks: Lead the Lloyd's reserving function and oversee quarterly reserving processes.
- Company: Join Africa Specialty Risks, a dynamic (re)insurer focused on emerging markets.
- Benefits: Competitive salary, professional development, and opportunities for career growth.
- Other info: Collaborative environment with a focus on innovation and sustainability.
- Why this job: Make a real impact in a growing company while enhancing your actuarial skills.
- Qualifications: Qualified actuary with strong Lloyd's reserving experience and communication skills.
The predicted salary is between 80000 - 100000 £ per year.
Africa Specialty Risks Ltd (ASR) is a specialty (re)insurer focusing on risks located primarily in Africa, the Middle East and developing markets, across all specialty lines of business. ASR also has a syndicate at Lloyd's in London and South Africa, as well as Lloyd’s service companies in the UK, DIFC, Mauritius and Casablanca. Africa Specialty Risks (ASR) is enabling sustainable economic development by fulfilling unmet insurance needs. Our platform provides local underwriting expertise, an unparalleled distribution network and access to global capacity. Founded in the heart of Africa and with offices across the continent and the Middle East, we provide regional market knowledge, data insights, and technical proficiency for capital partners who are looking to increase their presence in growth markets. We also participate on each and every risk we underwrite with balance sheets in Bermuda, Mauritius and through Syndicate 2454 at Lloyd’s. ASR is committed to accelerating business growth by providing customised service and innovative insurance products to enable development.
Role Purpose
Working with the Head of Actuarial, your role will be to support ASR with their ambition to transition to independent Managing Agency status. This will involve bringing the Lloyds reserving function in-house; building and overseeing the quarterly Reserving Process and the Production of the Technical Provisions. In addition, you would have the opportunity to oversee the Company Market Reserving Function, which has already been developed and is used to produce Q2/Q3 estimates for Management Accounts, and Year End estimates for audited year end filings in multiple jurisdictions. The focus would initially be on Lloyds, with Company Market responsibilities flexible in terms of timing. Together with the Head of Actuarial, you would be responsible for the communication of results to the Executive Committee and FAL providers, including but not limited to Early Close and Final Close results; Impact of FX changes and the movements in Technical Provisions.
Role Responsibilities
- Build a Lloyds Reserving Function
- Produce Quarterly EC and FC Reserve Estimates
- Produce Quarterly Technical Provisions
- Analysis of Change
- Produce Policy Documentation
- Communicate Results to senior stakeholders
- Regulatory Interactions and Ongoing Compliance with Solvency UK and Lloyd’s Byelaws and Guidance and any other relevant requirements.
- Collaborate with the Risk Function to inform risk appetite, ORSA and stress & scenario testing
- Representing the Reserving function at appropriate committees and forums.
- Assist with any other actuarial activities as necessary
Skills & Experience
Essential
- Strong Reserving experience for Lloyd’s Syndicates
- Strong understanding of the Lloyds Technical Provisions
- Understanding of Lloyd’s and London Market General Insurance
- Strong communication skills
- Qualified Actuary with strong mathematical and statistical background
- Strong Excel, Word and PowerPoint capabilities
- Minimum of 5 years of non-life Lloyd’s experience
Desirable
- Understanding of a wide range of reserving techniques for reinsurance markets
- Experience reserving Property, Liability, PVT and PRTC lines of business
- Basic use of Databases
Lloyd's Reserving Lead employer: Africa Specialty Risks
Africa Specialty Risks Ltd (ASR) is an exceptional employer, offering a dynamic work environment that fosters innovation and professional growth. With a strong commitment to sustainable economic development in Africa and the Middle East, ASR provides employees with unique opportunities to engage in meaningful work while benefiting from a collaborative culture and access to global resources. The role of Lloyd's Reserving Lead not only allows for significant contributions to the company's ambitious goals but also offers a chance to develop expertise in a niche market, supported by a team dedicated to excellence.
StudySmarter Expert Advice🤫
We think this is how you could land Lloyd's Reserving Lead
✨Dive Into Industry Networking Events
Get your foot in the door by attending insurance industry events and conferences. Not only will you learn about the latest trends, but you'll also meet potential employers and industry peers. Check out local chapters of professional bodies like the Chartered Insurance Institute for valuable meetups.
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Got friends or family in the industry? Now’s the time to reach out! Personal referrals can give you a head start, so let them know you're on the lookout for full-time opportunities at places like Africa Specialty Risks. Don’t shy away from asking for a coffee chat; you never know what doors it might open!
We think you need these skills to ace Lloyd's Reserving Lead
Some tips for your application 🫡
Highlight Your Analytical Skills:In insurance, we love a candidate who can crunch numbers and analyse data effectively. When crafting your CV, make sure to showcase any relevant coursework or experiences that highlight your analytical abilities, especially if you’ve tackled risk assessment or financial modelling.
Showcase Industry Knowledge:Don’t be shy about your knowledge of the insurance sector! We want to see that you've done your homework on current trends, regulations, and challenges in the industry. Mention any relevant projects or studies you’ve completed that demonstrate your understanding of the field in your cover letter.
Craft a Compelling Cover Letter:Your cover letter should tell us why you’re passionate about insurance. Share any personal experiences or what drew you into this profession. We’re looking for enthusiasm and a clear motivation for why you want to be part of our team at Africa Specialty Risks.
Tailor Your CV for the Role:Don't just send a generic CV! Focus on tailoring it specifically for the insurance role at Africa Specialty Risks. Highlight relevant skills such as risk management, customer service experience, or any certifications you've earned in the industry to make your application stand out.
How to prepare for a job interview at Africa Specialty Risks
✨Know Your Numbers: Insurance Fundamentals
Brush up on your understanding of key insurance concepts, like underwriting principles and risk assessment. Expect the interviewer at Africa Specialty Risks to throw some technical questions your way, so be ready to demonstrate your grasp of these essentials.
✨Showcase Your Analytical Side
In the insurance world, it's all about data. Prepare to discuss any analytical tools or methodologies you've used in past experiences. If you have a portfolio of projects where you've tackled complex data, bring that along to impress the team!
✨Prepare for Behavioural Questions
As a full-timer at Africa Specialty Risks, they'll want to know how you handle real-life scenarios, not just theory. Think about challenges you've faced in teamwork or customer service, and how those experiences can relate to a career in insurance.
✨Know the Company Culture Inside Out
Understanding Africa Specialty Risks's values and workplace culture is essential. Don’t just memorise their mission statement; think about how your personal values align with theirs. This will show your genuine interest in being part of their team long-term.
