You will support the activities of Munich Re Specialty - Global Markets specifically MRSL and MRSG managing the Capital Team and the operation, uses and development of the Internal Model (IM). You will maintain the code, documentation and parameterisation, and support the IM validation process. The Head of Capital will provide actuarial input into key business processes including business planning, reinsurance strategy and wider risk & capital processes.
In this role you will be the first point of contact for Capital, maintaining strong relationships with the Chair of the R&CC, Risk, Reserving, Underwriting, Reinsurance, Business Planning and Finance.
Responsibilities
- Lead the Capital Team providing oversight, leadership and management across capital and the capital elements of validation. To include resource and work planning and staff training & development;
- Communicate regularly with the key stakeholders at MRSL and Munich Re Group, including the INED Chair of R&CC, the CRO, the CEO, and Munich Re IRM, setting out Capital's position and achieving understanding and buy in. Other key relationships that should be maintained and strengthened include with Underwriting & Underwriting Strategy, Exposure Management, Reinsurance, Risk Management, Reserving, Pricing and Finance;
- Maintain, run, develop and parameterise the actuarial elements of the IM. Produce required reporting information, Liaise with Underwriting, Claims, Reinsurance, Pricing and Reserving, explaining outputs, purpose and inputs needed for the IM and getting buy in to the finally selected model inputs;
- Produce information needed for model uses including: SCR, ORSA, PRA information, AoC, SBF, LCM, 1 in 30 AEPs, reserve ranges, risk distributions, reinsurance cost allocation, AFR information etc. This information should be to agreed time schedules (5 days in advance for R&CC, 3 days in advance for R&CC SG, and 3 days in advance for internal Actuarial review);
- Maintain model documentation, model change log and all relevant model outputs;
- Participate fully in R&CC, R&CC SG and RISG, and attend one of CALM or LMAG;
- If resourcing increases, take ownership of and responsibility for the UVM, and expand its use to include other GSI entities, liaising with the key stakeholders including Mike Kerner;
- Peer review the best estimate reserves at least annually, to ensure reasonableness and consistency with IM assumptions
Lloyd's capital processes and requirements
- Capital modelling experience with at least three years in a senior position
- Tyche experience
- Experience in managing three or more staff
- Experience of interacting with, and presenting to Board member
- University Degree and/or relevant professional qualification
This job is with Munich Re, an inclusive employer and a member of myGwork - the largest global platform for the LGBTQ+ business community.
At Munich Re Specialty - Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.
At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.
- 25 days Annual Leave + bank holidays
- 10% Non-contributory Pension
- Eligibility for an Annual Bonus
- Private Medical + Dental Insurance
- Critical illness insurance + Life Assurance + Permanent Health Insurance
- Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
- Electric Vehicle Salary Sacrifice Scheme
- Study & continuing Professional Development Support
- Hybrid Working + IT Home Set-up Support
#BePresent #BeBold #BeCurious
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Head of Capital in Whitehall employer: Munich Re Group
At Munich Re, we pride ourselves on being an exceptional employer, offering a dynamic work environment in the heart of London that fosters innovation and collaboration. Our commitment to employee growth is evident through comprehensive training programs and a culture that values diversity and inclusion, ensuring that every team member can thrive and contribute meaningfully. With competitive benefits, including generous family leave and a strong pension plan, we empower our employees to act bravely and better, both personally and professionally.
