Head of Capital - PMA bei PoloWorks

To provide actuarial input and analyses of capital issues for Polo Managing Agency clients as required.

Take ownership of the capital modelling process for each of the syndicates managed by PMA. This includes capital requirements calculated under syndicate internal models, Solvency II Standard Formula and Lloyd’s Standard Model (where applicable).

Provide robust challenge of capital methodology, assumptions and results where reliance is placed on PMA’s clients or other external resources.

Manage the deliverables from and the relationship with the Marco Group actuarial team, PMA primary outsource provider of Capital Modelling services, along with any other capital modelling service providers as required.

Ensure that capital modelling deliverables meet all internal and external deadlines including Lloyd’s, PRA, PMA risk function, PMA finance function and independent validators. Plan and delegate as necessary to meet deadlines for the LCR, Standard Formula and PRA Internal Model Outputs (IMO).

Support the capital modelling aspects of PMA’s internal projects as required, this may include process / system transformations or enhancements, on-boarding of new syndicates / clients, supporting PMA’s business development activities, and supporting new entrants through the Lloyd’s application and Making It Happen processes.

Oversee new internal model builds and IMAP applications and major Model Change applications for PMA clients as required.

Monitoring, challenge, and—where necessary— improve the quality and flow of data used in the internal model.

Liaise with the risk management team and internal model validators to ensure model validation process is well supported, and to remediate and close validation issues. Ensure relevant validation outputs including (but not limited to) sensitivity testing, backtesting, P&L Attribution, stress and scenario testing and top-down testing are available in an appropriate format and timely manner.

Liaise with the external stakeholders responsible for the management of each syndicate (PMA’s clients) to gain understanding of business developments and to set and challenge key assumptions. 

Liaise with reserving, pricing/underwriting, claims, finance, risk management and other business functions to ensure that syndicate capital modelling assumptions continue to appropriately reflect the risk profile and capital modelling outputs appropriately Model Use.

Secure buy-in and agreement on capital modelling recommendations with the relevant key stakeholders ahead of internal governance deadlines (CFO, CRO, Chief Actuary/Deputy Chief Actuary, and other relevant stakeholders).

Oversee the production of committee papers in relation to capital for the PMA capital committee and syndicate management committees. Oversee production of papers relating to capital for other PMA governance committees as required e.g. risk committee and PMA Board.

 Attend and present capital results and recommendations at the Risk Committee, and the Capital Committee. To be a key member of the Capital Committees to ensure any issues are raised and dealt with promptly and the capital models are correct and up to date. Oversee the production of reports for and present to the Board to obtain approval of the LCR and Major Model Changes.

Liaise with Lloyds to ensure timely and accurate delivery of SII requirements and any Lloyd’s capital loadings/feedback is addressed.

Ensure the capital models meet the requirements of the Lloyd’s Capital Guidance, New Syndicate Capital Guidance, Legacy Reinsurance Instructions, and the Lloyd’s Principles for Doing Business.

Ensure capital modelling documentation is in line with Solvency II / Solvency UK and Lloyd’s requirements and guidance.

Assist with the production of the syndicate ORSA reports and provide the relevant capital modelling outputs.

Ensure the capital modelling process meets all Lloyd’s, PRA and IFoA requirements and guidelines, including but not limited to, Lloyd’s Capital Guidance, Lloyd’s Model Change Guidelines, Dear Chief Actuary letters, and the Lloyd’s Principles for Doing Business, Solvency UK requirements, all other applicable Lloyd’s guidance, Technical Actuarial Standards (“TAS”) and Actuarial Professional Standards (“APS”).

Support regular internal model training to the PMA Board on topical issues as required.

Maintain applicable UK or International statutory or regulatory obligation as required by the role.  This includes but not limited to obligations arising from: 

To ensure risk management and maintaining a robust control environment is incorporated into the day-to-day responsibilities of the role. This includes but is not limited to: 

Other duties as required by the business.

•       Non-Life Actuarial experience preferably in Lloyd’s or London market. 

•       Team Player with good communication and presentation skills. 

•       Strong management and leadership skills. 

•       Ability to work with a variety of disciplines outside of the department. 

•       Strong planning and organisation skills. 

•       Qualified Actuary or equivalent. 

•       Knowledge of Solvency UK. 

•       Knowledge of Lloyd’s Internal Model methods, processes, and practices.

•       Knowledge of Tyche preferably or other capital models.

•       Good knowledge of Excel, Word and PowerPoint.