Actuary (Pensions to Insurance) in London

Rothesay is the UK’s largest pensions insurance specialist, purpose-built to protect pension schemes and their members’ pensions. With over 74 billion of assets under management, we secure the pensions of nearly one million people and pay out, on average, approximately 355 million in pension payments each month. Rothesay is dedicated to providing excellence in customer service alongside prudent underwriting, a conservative investment strategy and the careful management of risk.

The Pricing Team is at the core of Rothesay’s business, playing a vital role in the business function. The team consists of a small group of like-minded, motivated individuals who work together to price, underwrite and execute new business opportunities - ranging from small BPA deals to the largest, most complex transactions in the industry.

The successful candidate will report through to the Head of New Business Pricing and will have exposure to Rothesay’s Executive Team and key decision makers. Rothesay’s unique culture emphasizes a joined-up approach across the business, meaning the Pricing Team works closely with other teams including Business Development, Strats (quantitative analysts), Traders and Operations, among others.

Responsibilities:

• The team is responsible for the pricing, underwriting and execution of all new business transactions.
• Modelling by-member scheme benefits in Rothesay‘s proprietary valuation system.
• Underwriting and proposing demographic assumptions based on analysis of the socio-demographic profiles of pensions scheme populations.
• Liaising with brokers throughout the pricing process, alongside Business Development.
• Producing new deal economics.
• Drafting materials for approvals, and presenting those materials at internal committees.
• Calculation of premiums and preparation of proposal documentation.
• Working closely with external legal counsel to analyse the legal benefit risks of pension schemes, and reviewing transaction contractual documentation.
• Providing input on the overall underwriting policy and pricing levels, including consideration of new business opportunities.
• Monitoring the risks to which Rothesay is exposed.

Skills and Experience required:

• 2 years PQE, ideally including recent exposure to actuarial modelling within an EBC or life insurance company.
• Application of experience and professional judgment to identify and underwrite risks to Rothesay, relating to new transactions.
• Knowledge of the main features of DB pension benefits including GMP, Barber, revaluation and anti-franking.
• Possess a degree in a relevant numerical based subject and/or have some relevant industry qualifications such as IFoA.
• Strong Excel skills.

Desirable competencies:

• Successfully handles multiple tasks, takes initiative to improve his/her own performance, works towards challenging goals and persists in the face of obstacles or setbacks.
• Client and Business Focus - Effectively handles difficult requests, builds trusting, long-term relationships with clients and service providers, helps the client to identify/define needs and manages client/business expectations.
• Teamwork - Demonstrate evidence of being a strong team player, collaborates with others within and across teams, encourages other team members to participate and contribute and acknowledges others' contributions.
• Communication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with others.
• Sees the big picture and effectively analyses complex issues.
• Creativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical value.

The role shall be performed within a professional office environment. There are no specific health risks associated with the role.

Rothesay actively promotes diversity and inclusivity. We know that our success depends on our people and that by nurturing a culture that values difference, we create a stronger, more dynamic business. We welcome applications from all qualified candidates, regardless of race, colour, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability or age.