New Business Pricing Actuary

Rothesay Life - Pricing Actuary

Deal Team

Key activities include

  •          Modelling scheme benefits in Rothesay Life’s proprietary valuation system, based on:

o    Benefit specifications provided by EBCs

o    Trust Deed & Rules

o    Member data

  •          Analysing the socio-demographic profiles of pension scheme populations, undertaking mortality experience analysis, and generating appropriate demographic assumptions to be used in new business pricing.
  •          Producing projected deal economics, including the UKGAAP PnL, IFRS PnL and IRRs.
  •          Producing and presenting materials for internal deal approval committees.
  •          Communicating complicated technical issues to senior colleagues, including non-actuaries
  •          Liaising with EBCs to clarify data and benefit features.
  •          Applying experience and professional judgement to identify potentially significant risks faced by Rothesay Life when writing new business.
  •          Undertaking detailed due diligence of pricing data prior to deal transaction.
  •          Interacting with external legal counsel to analyse the legal benefit risks of pension schemes
  •          Ensuring the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of the various actuarial balances.
  •          Producing and reviewing transaction documentation.
  •          Updating and initiating new reinsurance transactions.
  •          Expressing an opinion on the overall underwriting policy and new business opportunities.
  •          Advising and monitoring the risks to which Rothesay is exposed.
  •          Working with internal teams to ensure smooth transition from deal execution to BAU.

 

Skills & Experience

Mandatory:

  •          Recent or partly qualified actuary (minimum of three actuarial exam passes).
  •          Self-motivated, organised and able to progress multiple tasks with a high degree of accuracy and working to strict deadlines.
  •          Good verbal and written communication skills. The successful candidate will need to be able to confidently express their own viewpoint.
  •          A basic knowledge of key DB pension features such as GMP, Barber, deferred revaluation, and pension increases.
  •          A basic knowledge of the key demographic assumptions such as mortality base tables and mortality improvements.
  •          Confident user of Microsoft Office, in particular Microsoft Excel.
  •          Good level of knowledge on recent commercial events within the pensions and BPA marketplace.

 

Desirable:

  •          Good knowledge of some of the more complex features of DB pension benefits including anti-franking and statutory requirements.
  •          Relevant experience working on an insurance transaction.
  •          Understanding and knowledge of member option exercises such as ETVs, PIEs, and WULS.
  •          Understanding of Solvency II and an insurers capital requirements.
  •          Good understanding of risk management and control principles.
  •          Ability to manage multiple tasks and stay focused on the operational risks.

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