Job Description

Syndicate Reserving Actuary

London, UK

The role will report to the Senior Syndicate Reserving Actuary which in turn reports into the Head of AXUAL Actuarial Governance, in the Actuarial Financial Reporting team based in London.

The role will be responsible for Syndicate Underwriting Year (UY) Reserving to Lloyd\xe2\x80\x99s and to the UK Reserves Committees and Boards.

What will your essential responsibilities include?

The following items apply at the Syndicate level:

\xc2\xb7 Valuation process:

o The valuation is completed twice a year following quarter 1 (Q2 valuation) and quarter 3 (Q4 valuation).

o Perform Actual vs Expected analysis and adjusted Actual vs Expected analysis.

o Form a priori valuation estimates ahead of the formal valuation analysis.

o Review and assess the appropriateness of reserving methodologies and assumptions across relevant UWUs, implement changes where appropriate, document, rationalize and assess the impact on financial reporting.

o Present results and rationalization to senior management both internal and external to the Reserving team as well as relevant Committees and as required to Lloyd\xe2\x80\x99s.

o Interaction with external actuaries such as audit teams.

o Interaction with internal Risk Management actuarial team.

o Contribute to the work required to complete the internal Statement of Actuarial Opinion (SAO) to Lloyd\xe2\x80\x99s.

o Ensure ongoing familiarity with the Lloyd\xe2\x80\x99s Valuation of Liabilities Guidance.

o Contribute to production of the SAO report template to Lloyd\xe2\x80\x99s.

o Contribute to the Statement of Actuarial Opinion Report to Lloyd\xe2\x80\x99s.

o Perform the Restructuring and Restatement process in Q1 to restate triangles on the new FX.

o The valuation will be on an Underwriting Year basis and the earned underwriting year results will need to be bridged and compared to the Divisional allocated Accident Year Syndicate reserves. It is expected that there will be a healthy and detailed dialogues between the Lloyd\xe2\x80\x99s Reserving Actuaries who produce earned Underwriting Year reserves and the Divisional Reserving actuaries who produce allocated Accident Year reserves. Trends identified on an Underwriting Year basis will help inform the Divisional Accident Year reserves and vice-versa.

\xc2\xb7 Quarterly Financial Reporting:

o Deliver quarterly performance analysis which includes consideration of large loss and catastrophe activity along with emerging experience in respect of attritional losses.

o Review and rationalize all material movements and impacts in the quarter.

o Support the Solvency II Technical Provisions reporting requirements for the relevant UWUs.

\xc2\xb7 Budget process:

o Actively participate in the setting of the budget loss ratio (SBF) for the Syndicates including, but not limited to, the evaluation of underwriting strategies, business mix, loss inflation and exposure trend analysis as well as rate change assessment with discussions with Underwriting, Claims, Ceded, Risk Management and Pricing.

o This will involve interaction with the Divisional reserving actuaries to ensure a consistent set of assumptions.

\xc2\xb7 Profitability Analysis: Regular evaluation of ongoing profitability feeding into Budget considerations and to support portfolio management and strategy.

\xc2\xb7 Special Projects: involvement in special projects intended to contribute to the development of the UK & Lloyd\xe2\x80\x99s region and wider Actuarial Financial Reporting team which could involve development of processes or exhibits or focused investigations regarding new methodologies or assumptions potentially impacting the reserving analysis for all UWUs.

\xc2\xb7 Stakeholder management:

o Support the multiple opinion review process including review of alternative actuarial opinions.

\xc2\xb7 Team Management: The role is responsible for the day-to-day management of tasks of the India support team. Direct line management may also be required depending on the evolving team structure.

\xc2\xb7 Collaboration:

o The role will be supported by a team of actuarial analysts based in India with responsibility for day-to-day management of the team\xe2\x80\x99s tasks.

o The role will have significant interactions with all facets of the India actuarial team, the Divisional reserving actuaries, the worldwide Underwriting teams, Pricing actuaries, Claims, Ceded Re and Finance.

o Throughout all reserving processes, appropriate support will need to be balanced across each of the UK management and Lloyd\xe2\x80\x99s requirements.

Qualifications

SHARE your talent

We\xe2\x80\x99re looking for someone who has these abilities and skills:

\xc2\xb7 Planning & Organization: An ability to manage multiple conflicting tasks and outputs. Able to plan long-term deliverables and ensure tasks are planned and completed accordingly and that any delays or complications are communicated early and resolved appropriately.

\xc2\xb7 Strong Communication: Excellent verbal and written communication, collaboration and presentation skills. Must have the ability to communicate even negative or difficult messages in a constructive and effective manner at all levels. Relevant experience of presenting and communicating ultimate claims movements and trends to underwriters.

\xc2\xb7 Business Partnering: Able to demonstrate an in-depth knowledge of the businesses responsible for, as well as translate actuarial output into business value, ensuring various stakeholders can understand the practical implications of our analyses and how the information provided can help them to make appropriate business decisions. Capable of building up strong business relationships with all relevant stakeholders.

\xc2\xb7 Strategic Thinking and Tactical Implementation: Ability to invent, design and build solutions.

\xc2\xb7 Actuarial Experience: Expected to have significant relevant experience within the non-life insurance Industry, with a significant focus on reserving. A track record which demonstrates development of leadership capabilities as well as the ability to ensure timely delivery under pressure is absolutely essential.

FIND your future

AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. For mid-sized companies, multinationals and even some inspirational individuals we don\xe2\x80\x99t just provide re/insurance, we reinvent it.

How? By combining a strong and efficient capital platform, data-driven insights, leading technology, and the best talent in an agile and inclusive workspace, empowered to deliver top client service across all our lines of business \xe2\x88\x92 property, casualty, professional, financial lines and specialty.

With an innovative and flexible approach to risk solutions, we partner with those who move the world forward.

Learn more at axaxl.com

Inclusion & Diversity

AXA XL is committed to equal employment opportunity and will consider applicants regardless of gender, sexual orientation, age, ethnicity and origins, marital status, religion, disability, or any other protected characteristic.

At AXA XL, we know that an inclusive culture and a diverse workforce enable business growth and are critical to our success. That\xe2\x80\x99s why we have made a strategic commitment to attract, develop, advance and retain the most diverse workforce possible, and create an inclusive culture where everyone can bring their full selves to work and can reach their highest potential. It\xe2\x80\x99s about helping one another \xe2\x80\x94 and our business \xe2\x80\x94 to move forward and succeed.

• Five Business Resource Groups focused on gender, LGBTQ+, ethnicity and origins, disability and inclusion with 20 Chapters around the globe
• Robust support for Flexible Working Arrangements
• Enhanced family friendly leave benefits
• Named to the Diversity Best Practices Index
• Signatory to the UK Women in Finance Charter

Learn more at . AXA XL is an Equal Opportunity Employer.

Sustainability

At AXA XL, Sustainability is integral to our business strategy. In an ever-changing world, AXA XL protects what matters most for our clients and communities. We know that sustainability is at the root of a more resilient future. Our 2023-26 Sustainability strategy, called \xe2\x80\x9cRoots of resilience\xe2\x80\x9d, focuses on protecting natural ecosystems, addressing climate change, and embedding sustainable practices across our operations.

Our Pillars:

• Valuing nature: How we impact nature affects how nature impacts us. Resilient ecosystems - the foundation of a sustainable planet and society \xe2\x80\x93 are essential to our future. We\xe2\x80\x99re committed to protecting and restoring nature \xe2\x80\x93 from mangrove forests to the bees in our backyard \xe2\x80\x93 by increasing biodiversity awareness and inspiring clients and colleagues to put nature at the heart of their plans.
• Addressing climate change: The effects of a changing climate are far reaching and significant. Unpredictable weather, increasing temperatures, and rising sea levels cause both social inequalities and environmental disruption. We\'re building a net zero strategy, developing insurance products and services, and mobilizing to advance thought leadership and investment in societal-led solutions.
• Integrating ESG: All companies have a role to play in building a more resilient future. Incorporating ESG considerations into our internal processes and practices builds resilience from the roots of our business. We\xe2\x80\x99re training our colleagues, engaging our external partners, and evolving our sustainability governance and reporting.
• AXA Hearts in Action: We have established volunteering and charitable giving programs to help colleagues support causes that matter most to them, known as AXA XL\xe2\x80\x99s \xe2\x80\x9cHearts in Action\xe2\x80\x9d programs. These include our Matching Gifts program, Volunteering Leave, and our annual volunteering day \xe2\x80\x93 the Global Day of Giving.

For more information, please see axaxl.com/sustainability

AXA XL