Senior Pricing Analyst, S&R in London

The Savings & Retirement Deal Pricing team are responsible for producing the fees & premiums to send to clients in our global markets. The team covers a range of products across the bulk annuity market in Europe & North America, individual retirement products and a range of savings & protection benefits. The transactions will be across different structures including funded, longevity swaps and new business flow deals.

Key Responsibilities:

• The team focuses on the cashflow & capital modelling, ensuring the specific products & risks are appropriately captured in pricing.
• Produce the deal metrics to ensure these meet all pricing hurdles & governance requirements.
• Work with the client solutions team to optimise deal structures to provide clients with a strong commercial package whilst ensuring an efficient capital structure for PL Re.
• For deals with a funded element, work closely with the S&R PPS team & the Pacific Life Investments team to set an investment strategy to appropriately match the liabilities & client needs.
• Responsible for the pricing activities related to treaty execution, and ensure the required information is handed over to the S&R inforce management team for implementation.

The Role:

An exciting opportunity for an individual with strong technical actuarial / investment background to join the S&R Deal Pricing team delivering on the team’s responsibilities.

Some Of The Responsibilities Of The Role Include:

• Take ownership of the existing pricing tools (Tyche models and Excel models). Responsible for the process of producing pricing quotes and making any upgrades and changes to the tools as required.
• Identify inefficiencies in pricing processes & controls and implement improvements to address these as part of PL Re’s drive for process enhancements.
• Understanding of macroeconomic assumptions (interest rates, credit spreads, FX) impact on pricing. Obtain and interpret required investment data from Bloomberg and from investment teams.
• Understand the drivers of capital requirements for S&R products and how these vary under different reinsurance structures.
• Work with the insurance pricing team on understanding benefit structures and developing the insurance basis for S&R transactions.
• Follow the investment markets and translate changes in market conditions into changes to pricing.
• Work with the asset management team to agree investment assumptions for pricing.
• Work with the client solutions team to continually develop our proposition and build strategies that manage and mitigate risks such as currency, inflation etc.

Qualifications & Experience:

Core skills and experience:

• Strong technical skills necessary to build and run actuarial models, including pricing tools.
• Prior experience in Pricing is not necessarily required, but broad understanding of modelling mortality and/or market risks will be an advantage.
• Student member of the IFoA or SOA, making good progress through the professional exams.
• Ability to work independently on reviewing critically numbers coming out of the model, understanding what drives changes, sense-checking results.
• Able to work in a flexible, dynamic team environment with occasional high-pressure deadlines based around transaction process.
• Able to build relationships with colleagues in different teams and office locations.
• Experience of transactions and/or pricing work is beneficial but not essential.
• Strong experience of Excel and actuarial modelling software (Tyche or similar).
• Good general understanding of market risks (interest rates, FX, credit spread, liquidity) and how they impact insurance capitalization.
• Strong communication skills. Able to communicate complex actuarial concepts to a range of audiences both verbally and written.

Non-essential But Useful Skills And Experience:

• Understanding of Pension Risk.