Capital Modelling Actuary in London

Starr is a global insurance and investment organisation providing property and casualty insurance solutions to business and industry. Starr has grown into one of the world’s fastest‑expanding insurance organisations, writing business in 128 countries across six continents. Our talented and experienced associates manage risk and ultimately support the profitable growth of organisations in a dynamic, competitive and ever-changing marketplace. Join us and become part of our talented and passionate workforce.

ERS Syndicate 218 at Lloyds is managed by Starr. We are the UK’s largest specialist motor insurer with an A+ rating and have been making motoring passions and livelihoods possible since 1946. We work exclusively with motor insurance brokers to help get under the skin of the most difficult insurance risks, helping build products to meet their customer’s needs.

Role Purpose

Support the Capital Modelling Team to maintain and update the internal model for Starr International entities (including both Lloyd’s and non-Lloyd’s) to meet regulatory and business needs.

Key Responsibilities

• The role holder will take ownership of specific areas within the Starr capital model but will be expected to assist across all areas of the model as necessary (including model calibration, business support, model development and regulatory reporting).
• Build and develop process improvements to streamline inputs, model processes and output reporting.
• Clear communication of results and analysis, both within the team and with wider stakeholders.
• Providing reporting and present results to the Internal Model Committee as required.
• Fulfil documentation requirements of the internal model.
• Timely and accurate completion of tasks.
• Commitment to furthering technical knowledge and understanding.
• Support the validation process as necessary.
• Report any suspicion of financial crime to the Money Laundering Reporting Officer immediately.
• Operate within the Company’s standards for Treating Customers Fairly.
• Manage any potential conflicts of interest to avoid disrepute to the company’s integrity.
• Advise Compliance of any complaints immediately.

Model Calibration

• Work with the business to understand the risk profile of the business and update model calibrations to ensure that the model accurately reflects the business profile. This includes investigating new methods and seeking new data sources to continually improve the calibration process.
• Communicate model results to underwriting teams to broaden awareness and promote model use within the business.

Business Support

• Preparing output from the model, including capital metrics and portfolio analytics, to aid business planning and management decision making.
• Communicating model results to underwriting teams and to management.
• Gather feedback on modelled results from underwriting teams and management where appropriate and ensure that this is fed back into the capital modelling process as an efficient feedback loop.

Model Development

• Develop and enhance capital model capabilities to meet evolving regulatory and business needs. This may involve model code changes, building tools to improve processes, as well building/consolidating reports from the model.
• Develop the capital model to improve efficiency of and reporting from models.
• Take key responsibility for model testing to ensure that the model continues to be robust and a reliable business tool.

Regulatory Reporting

• Maintaining the waterfall steps of the capital model to ensure that Analysis of Change is well understood and documented.
• Preparing Solvency Capital Requirement (SCR) submissions for Lloyd’s and supporting other entity reporting as necessary.
• Ensuring that regulatory submission requirements and deadlines are met.

Regulatory & Compliance

All employees must adhere to all Company policies and procedures that are applicable to their role. In addition to the above, all employees must also adhere to the FCA & PRA Conduct rules:

• You must act with integrity.
• You must act with due care, skill and diligence.
• You must be open and cooperative with the FCA, the PRA and other regulators.
• You must pay due regard to the interests of customers and treat them fairly.
• You must act to deliver good outcomes for retail customers (Principle 12): Customers are sold products and services that have been designed to meet their needs, characteristics and objectives.
• Customers are equipped with the right information to make effective, timely and properly informed decisions.
• Customers are sold products and services that represent fair value to them.
• Customers receive the support that they need.

You must observe proper standards of market conduct.

Starr is an equal opportunity employer, which means we will consider all suitably qualified applicants regardless of gender identity or expression, ethnic origin, nationality, religion or beliefs, age, sexual orientation, disability status or any other protected characteristic. We recruit and develop our people based on merit and we're committed to creating an inclusive environment for all employees. We offer first class training and development opportunities to all employees. Our aim is to grow our own talent and bring out the best in people.