The Wholesale Firms Division supervises firms that operate predominantly in wholesale markets, including general insurers and reinsurers, investment firms, foreign banks and investment banks. The General Insurance Actuarial team sits in the Wholesale Insurance Department within this Division.
The team comprises 13 qualified and 4 part-qualified actuaries. It is involved in addressing technical issues arising from the FSA's Retail, Policy, Regulatory Transactions as well as the Wholesale Departments. A significant part of the work focuses on Individual Capital Assessments and the integration of capital modelling into firm's risk management frameworks. Other work includes the review of reserving analyses and the support of supervisory staff in activities such as risk reviews, new authorisations, transfers of business, etc.
In addition to this direct supervisory work, the team's role in the development of policy, training of supervisors and thematic research is becoming increasingly important. We are looking for an additional member to increase our capacity in all areas.
As an actuary in the Wholesale Insurance Department, you will have an individual portfolio of regulatory work, supporting supervisors, primarily in five areas:
· Reviewing firms ICA submissions
· Assisting in a firm's Risk Assessment (for instance assessing a firm's reserving process)
· Assessing business plan projections, for example as part of an authorisation application
· Reviewing firm's reserves and reinsurance programmes
· Advising on regulatory decisions, such as transfers of business and changes of control
As a member of the wholesale actuaries team, you will also be actively involved in the development and promotion of the team, including:
· Maintaining and promoting effective working relationships with colleagues in other business units and external bodies
· Liaising with various groups within the FSA including Authorisations, Enforcement, Policy, General Counsel and supervisors (insurance and non-insurance)
· Supporting and providing training, formally or informally
· Contributing to projects and thematic work
· Keeping up to date with developments in the industry and providing thought leadership in key areas
Essential
A qualified general insurance actuary (FIA/FFA/FCAS or equivalent)
A strong level of technical actuarial ability and good knowledge of P&C practice and principles
An excellent communicator, who can translate technical actuarial concepts into practical solutions
Well developed stakeholder management
An ability to network and collate information
Be a positive team player, both within an actuarial team and a multidisciplinary team
Able to consider wider market issues and effects on individual companies
Desirable
Preferably experience / an interest in capital modelling / reserving
Varied experience (Lloyd's/London market/personal lines/commercial/reinsurance)
A self starter with the drive, enthusiasm and commercial acumen to further develop and enhance the business and reputation of the FSA
Maturity, integrity and stature to liaise, negotiate and influence at the highest level both internally and externally
Essential
· A qualified general insurance actuary (FIA/FFA/FCAS or equivalent)
· A strong level of technical actuarial ability and good knowledge of P&C practice and principles
· An excellent communicator, who can translate technical actuarial concepts into practical solutions
· Well developed stakeholder management
· An ability to network and collate information
· Be a positive team player, both within an actuarial team and a multidisciplinary team
· Able to consider wider market issues and effects on individual companies
Desirable
· Preferably experience / an interest in capital modelling / reserving
· Varied experience (Lloyd's/London market/personal lines/commercial/reinsurance)
· A self starter with the drive, enthusiasm and commercial acumen to further develop and enhance the business and reputation of the FSA
· Maturity, integrity and stature to liaise, negotiate and influence at the highest level both internally and externally
The team operates in a similar way to a small consultancy. Although much of our role results from a natural requirement for actuarial input into some supervisory work, we are still challenged with demonstrating value in other areas and 'selling' our skills to our colleagues. This means that you will develop relevant competencies such as:
· Managing a portfolio of different types of work
· Gathering information and giving advice
· Peer-reviewing the work of colleagues
· Research and thought leadership
· Profile raising (personal and team)
· Maintaining a strong link with industry and actuarial profession
Of course all of this must be based on a continuously improving technical foundation, and this is encouraged through interaction with colleagues as well as more formal training provision.
In the current regulatory environment, with policy developing rapidly, you will also benefit from:
· Being at the forefront of the insurance industry's understanding of capital modelling and the evolution of the quantification of risk within the new regulatory framework
· An opportunity to help shape procedures, practices and policies in this area - and to be recognised for this.
· A chance to develop your network of contacts within the P&C industry, government and academia
· Opportunities to participate in cross-sector based projects.
In addition to the FSA's generous and flexible benefits package, salary will be consistent with relevant experience and market rates
Salary will be dependent on skills and experience.
As part of the application process for these vacancies, you will be asked to answer the following question: Why do you believe that you are suitable for this role? Please ensure that you specifically relate your answer to the criteria listed in the job advert, covering your relevant skills, technical knowledge and capabilities (no more than 300 words).
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