Reserving Analyst/Senior Reserving Analyst
Job Description
Job title: Reserving Analyst/Senior Reserving Analyst
Company: Chubb
Job description: Job Description:
Are you looking to build your experience within Reserving with good progress made with the Actuarial exams?
If so, and if you are interested in applying your knowledge within one of the largest insurers in the world, with a global footprint in 54 countries and excellent employee benefits then we would love to hear from you!
You will be a member of the Chubb Global Markets (CGM) reserving function, consisting of six people.
The CGM reserving team, have responsibility for reserving across all classes of CGM business written by the Chubb Syndicate and London Market company, including Aviation, Energy, Political Risks, Marine, Financial Lines, Terrorism, International Casualty, Environmental Liability, Tech Risks and Property.
This role will involve undertaking quarterly reserving analyses with a focus on specific lines of business for which you will have primary responsibility. There will be a need for regular communication with all business partners in the reserving process, including Underwriting, Claims, Actuarial and Finance. Developing and managing relationships with these business partners is a key requirement for the role. You will initially support the reporting of your analysis results to senior management, taking overall responsibility for this over time.
This role will also provide support to the Solvency II Technical Provision and Reserve Risk processes, including quarterly and annual Solvency reporting to Lloyd’s and other regulatory and internal reporting relating to the reserves and capital.
The role requires a collaborative, team-based approach to working and the ability to manage conflicting demands in a timely manner, with work often being required for a number of different business partners at the same time.
While reserving is the primary purpose of the role, there will be regular opportunities to work with actuarial colleagues in the Pricing, Planning and Capital Modelling teams.
Key responsibilities:
Reserving
- Support the quarterly reviews of premium, loss and expense reserves on specified lines of business, generally for the purposes of US GAAP reporting. This process includes the calculation of an actuarial central estimate and the incorporation of management’s best estimate. It consists of initial reserve analyses for specified lines for which the role has primary responsibility and potential for peer review of reserve analyses for other lines.
- Prepare quarterly reserve analysis presentations for business/underwriting management.
- Perform and present the results of ad-hoc portfolio analyses, as required.
- Support the communication of reserve review results, including presentation to executive management, group actuarial department and finance department.
- Proactively support the development and management of reserving databases, applications and systems (e.g. ResQ software).
- Support the Solvency II Technical Provisions quarterly calculation process including analysis of change investigations and presentation of results to executive management.
- Possibility to support the annual reserve risk parameterisation process including analysing model results and liaising closely with internal (e.g. Capital team) and external (e.g. Auditors) business partners.
Planning/Pricing
- Support the bi-annual loss ratio planning processes, in particular to ensure that the outputs and insight from the reserving process are appropriately reflected in planning exercises and in turn that the outputs from the planning exercises are accurately captured and reflected in the reserving process.
Reporting
- Support the reserving team’s management and statutory reporting requirements with the relevant authorities e.g. PRA, Lloyd’s, ACPR.
- Support external consultant’s and auditor’s independent analysis of reserve adequacy and reserving methods.
- Ensure reserve analyses and results communication are always carried out in line with the required control environment, for example Sarbanes Oxley regulation.
Compliance
- Maintain compliance with any relevant legislation, internal codes of conduct and professional requirements.
Other
- Supply to the development and support of the existing relationship with the dedicated off-shore team.
- Be recognised as a problem solver.
- Be recognised as a successful communicator to non-actuarial colleagues.
- Operate as a senior member of the actuarial function, ideally at the level of a nearly / newly qualified member of a recognised actuarial professional body (e.g. Institute and Faculty of Actuaries, Institut des Actuaires or Casualty Actuarial Society).
Key skills & requirements
- Mathematics/Science-based degree or equivalent.
- Close to or attained the equivalence of a fellowship from a professional actuarial body or be able to demonstrate a sufficient level of proven experience.
- Currently studying for the Actuarial exams, with at least 2 exam passes achieved.
We offer in return
- Competitive salary & pension scheme
- 25 days annual leave plus ability to purchase 5 additional days
- Up to two days of work from home per week
- Private Medical cover, Employee Share Purchase Plan, Life Assurance
- Gym membership subsidy, Comprehensive Learning & development offering
- Employee resource groups: Gender Equality Network, Abilities & wellbeing, Social Mobility, Parents & Carers, Pride Network, Cultural Awareness Network.
- Networking, mentoring & development opportunities.
- 1 day annual Charitable leave, Cycle to work scheme, active Sports & social committee, Employee Assistance program
Integrity. Client focus. Respect. Excellence. Teamwork
Our core values dictate how we live and work. We’re an ethical and honest company that’s wholly committed to its clients. A business that’s engaged in mutual trust and respect for its employees and partners. A place where colleagues perform at the highest levels. And a working environment that’s collaborative and supportive.
Diversity & Inclusion. At Chubb, we consider our people our chief competitive advantage and as such we treat colleagues, candidates, clients, and business partners with equality, fairness and respect, regardless of their age, disability, race, religion or belief, gender, sexual orientation, marital status or family circumstances.
https://www2.chubb.com/emea-careers/working-for-us/diversity-inclusion.aspx
Expected salary:
Location: London
