Senior Quantitative Risk Actuary

The Senior Quantitative Risk Actuary is a key member of the 2nd line risk management function, responsible for delivering quantitative oversight across the validation, reserving, financial market and credit risk, and broader capital and risk assessment processes. The role is central to maintaining strong regulatory compliance, supporting the ORSA, and ensuring robust model governance aligned to Solvency II and Lloyd’s standards. The position requires a qualified actuary with experience in model validation and reserve risk assessment, and the ability to provide effective independent challenge across Capital Modelling, Reserving, Finance, and Risk stakeholders.

Main Duties

• Internal Model Validation & Reporting: Lead the end‑to‑end Internal Model validation process for S1084 and S1176, ensuring methodology, assumptions, governance and documentation meet Solvency II and Lloyd’s requirements. Support the Independent Actuarial Qualified Person in providing independent assurance over adequacy and effectiveness of the internal model validation framework and process. Produce the annual Validation Reports, articulating findings, limits, and model improvements, and presenting these to risk and model governance Committees.
• Reserving Risk Oversight: Provide 2nd Line oversight of reserving processes, including review of assumptions, methodologies, uncertainty analyses, and reserve risk capital outputs. Perform independent reviews on key drivers such as inflation, claims emergence patterns, social/economic trends and operational influences. Challenge the Reserving Committee outputs, reserve movements, and the modelling of reserve distributions.
• Financial Market & Credit Risk Oversight: Conduct independent assessment of market risk exposures, investment strategies, sensitivity analyses, and the appropriateness of methodologies used by 1st Line functions. Oversight of credit risk reviews covering reinsurance counterparties, broker credit, investment credit exposures, concentrations and stress impacts. Provide quantitative challenge to capital charges, risk appetite metrics, and control effectiveness across market and credit risks.
• Stress & Scenario Testing / ORSA Support: Develop, review and challenge quantitative stress and scenario tests for the ORSA and independent validation, including macroeconomic, geopolitical, reserve‑related and market‑related stresses. Collaborate with Risk, Underwriting, Capital Modelling and Finance to ensure scenarios are severe but plausible, aligned to Lloyd’s expectations and cover emerging risks. Produce ORSA inputs and analytical commentary to support forward‑looking capital and solvency assessments.
• Model Risk Management: Develop the 2nd Line model risk framework. Review and challenge 1st line testing of models.
• Ad‑hoc Quantitative Risk Assessments: Support business plan and strategy assessments through quantitative analysis such as scenario testing, considering emerging risks and risk profile changes. Support investigations into risk events, near misses or unexpected model behaviours with quantitative analysis and challenge.
• Stakeholder Engagement & Governance: Present quantitative findings to Risk & Capital Committees, Reserving Committee and other governance forums. Build relationships across Capital Modelling, Reserving, Finance, Underwriting and senior management to provide clear, credible and evidence‑based challenge. Support broader Risk Management initiatives including framework enhancements, policy updates and regulatory requests.
• Regulatory responsibilities: Support in the production of Regulatory Reports (Validation, ORSA and adhoc requirements).

Our requirements

Essential:

• Fully qualified actuary (e.g., FIA or equivalent) with post‑qualification experience.
• Internal Model Validation experience within a Lloyd’s or Solvency II‑regulated insurer.
• Strong technical understanding of reserve risk, including methodologies, assumptions, inflation analysis and uncertainty.
• Hands‑on experience reviewing and challenging capital model components (parameterisation, dependency structures, model change, model outputs).
• Good understanding of insurance to enable effective engagement at all levels within the business.
• Good working knowledge of financial market risk and credit risk methodologies, including capital charges and stress/sensitivity analysis.
• Involvement in ORSA processes, including stress and scenario testing.
• Advanced analytical and critical thinking skills.
• Ability to communicate complex quantitative outputs clearly to senior stakeholders and governance committees.

Desirable:

• Experience working in a 2nd Line oversight role within the Lloyd’s market.
• Good understanding of Enterprise Risk Management methodologies.
• Exposure to model governance frameworks, model risk taxonomies and documentation standards.
• Exposure to internal models through build, maintenance and/or validation.
• Understanding of investment strategy, ALM considerations or credit portfolio analytics.
• Experience designing or improving SST frameworks, emerging risk quantification or strategic/business plan scenario analysis.
• Prior involvement in regulatory interactions (Lloyd’s, PRA, CBI).
• Familiarity with underwriting risk modelling concepts and capital attribution.
• Experience presenting findings at committees such as RCC, Reserving Committee or board‑level forums.

Personal Skills:

• Experience in preparing and presenting high quality reports for internal and external stakeholders demonstrating a strong attention to detail.
• Exceptional interpersonal skills. This is a people‑facing role requiring a professional who can tailor communication style to different stakeholder needs and personalities.
• Ability to manage and prioritise competing demands, and to work efficiently in a diverse and dynamic environment.
• Excellent planning and organisational skills.
• Strong quantitative and analytical skills.
• Capable of thinking critically to solve problems and justify decisions.
• Capable of demonstrating judgement and decision making.
• Ability to challenge and question established practices and contribute to the development of new processes.
• Self‑motivated with a professional outlook.

Chaucer is committed to diversity, actively values difference and respects people regardless of the protected characteristics which are outlined in the Equality Act 2010 (UK legislation) as a result of the Equal Treatment Directive 2006 (EU legislation). A diverse workforce and an inclusive workplace are core to our success as a business and integral to our cultural and strategic approach. We recruit from the widest available pool of talent, and our hiring, assessment and selection process is fair, free from bias and ensures we select the right person for the job, based on merit. We are committed to promoting a culture that values difference, and recognises that everyone has the right to be treated with dignity and respect throughout their employment. We are open to considering flexible working arrangements for all roles and encourage you to outline your needs during the interview process.