Capital Modelling Actuary in London

Chaucer is a leading insurance group at Lloyd's, the world's specialist insurance market. We help protect industries around the world from the risks they face. Our customers include major airlines, energy companies, shipping groups, global manufacturers and property groups. Headquartered in London with international hubs in Copenhagen, Dubai, Miami, Dublin, Singapore, Sydney and Bermuda, we are close to our clients across the world.

Job summary

Provide risk and capital analysis (regulatory and economic) for Chaucer’s managed Lloyd’s syndicates, delivering the syndicate SCR and taking responsibility for specific areas of the internal model. Produce and validate model outputs, develop model and MI, and use the capital model across the business. Liaise with the wider business and present analysis and results to key internal (including senior management) and external stakeholders (including the parent company and regulator).

Main duties

• Assist in the production and delivery of regulatory and economic capital requirements (SCR / ECA / Standard Formula) for all Chaucer managed syndicates.
• Run capital models to understand capital implications of business decisions as required.
• Produce and develop management information for interpretation and presentation of modelled results to various groups within Chaucer, including Risk and Model Working Groups and ad‑hoc forums with senior management as required.
• Assist in the ongoing development (including Igloo coding) and parameterisation of the Internal Model, responding to internal issues, regulator or validator input, or changes in risk profile or industry best practice.
• Support validation of model outputs.
• Assist in the assessment, escalation and actioning of limitations in capital modelling methodologies, processes and results.
• Assist in the maintenance of Internal Model documentation in line with Solvency II / UK tests and standards.
• Adhere to controls over all key capital modelling processes.
• Assist in the ongoing compliance of the Internal Model with relevant Solvency II / UK standards, UK and international regulations, and professional guidance, including maintenance of documentation and adherence to controls.
• Assist the Head of Capital Modelling on liaison with Lloyd’s and the PRA regarding technical elements of SCRs and the ORSA.
• Assist the Risk function in the production of the ORSA, including analysis of risk aggregations and changes in risk profile, as well as stress and scenario testing.
• Work closely with the Risk function and the business to advise on the integrated use of the Internal Model in risk management processes across the Group, including the adequacy and efficacy of risk mitigation techniques and advising the business on the optimisation of financial risk profile based on capital efficacy and risk‑reward relationships (e.g. investment strategy, business portfolio mix, new classes of business, divestments).

Relevant experience

Essential

• General Insurance Actuarial.
• Working in a Capital, Pricing or Reserving role.
• Parameterisation of stochastic underwriting or reserving risk.

Desirable

• Stochastic modelling of insurance and other risks.
• Formal experience of managing people and complex projects.
• Presenting to and communicating with senior stakeholders (written and verbal).

Skills

Essential

• Advanced user of Word, Excel and PowerPoint.
• Computer programming (VBA, SQL, Python and/or other languages).
• Strong data manipulation ability.
• Proactive approach to continuous improvement, with a focus on enhancing processes, automation and modelling methodologies.

Desirable

• Igloo coding (or equivalent modelling software).
• Understanding of the Solvency II / UK / Lloyd’s framework.

Education & Experience

Essential

• Qualified or near‑qualified actuary (IFoA).

Desirable

• Statistical qualifications.
• Enterprise Risk Management / CERA examination pass or equivalent.

Personal skills

• Comfortable working in a dynamic and evolving environment, with ability to adapt quickly to changing priorities.
• Aptitude for managing and delivering complex projects.
• Analytical.
• Hard working and committed to delivery of high‑quality output.
• Ability to work in a team.
• Ability to follow instructions and provide constructive challenge.
• Flexibility and adaptability.
• Able to liaise with staff at different levels of seniority and in different teams.
• Self‑motivated and proactive.
• Good verbal and written communication skills.

Why Join Chaucer?

Chaucer is a leading global insurer operating in both Lloyd’s and company markets, helping industries worldwide manage risk from nuclear, shipping, manufacturing and property. Headquartered in London, with offices in Copenhagen, Bermuda, Sydney, Ireland, Miami, Dubai and Singapore, we’re close to our clients wherever they are. We have shown strong financial success with our Gross Written Premiums growing from $1.4 bn in 2019 to $3.5 bn in 2024. Backed by strong teams, platforms and client relationships, Chaucer is poised for continued success. This is an exciting time for Chaucer; we have the people, the platforms, the expertise and the relationships to continue our recent success. We will remain focused on the areas where we can provide the most expertise and value to our brokers and clients.

We offer:

• A flexible office hybrid work model that supports individual and team needs.
• A diverse, inclusive culture that values people for who they are.
• Extensive, non‑contributory benefits, including medical, life and pension cover, flexible holidays and wellbeing support.