Company
Munich Re
Location
London , United Kingdom
Together, we engage with everything we have and are, to help humankind act braver and better.


About Great Lakes Insurance SE:
As specialty provider of primary insurance services in the UK, Great Lakes London Branch (“GLLB”) is a substantial part of Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy and Australia.


Great Lakes Insurance UK Limited (“GLLS”), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.


About the role:
We are looking for a highly motivated person to support our team of capital actuaries in London within GLLS’ IMAP project and for business-as-usual tasks like SCR standard formula calculations or devising and performing stress and scenario tests.


Key Responsibilities:

• Support GLLS’ IMAP project by leading certain (sub-)projects associated with the IMAP
• Build and document suitable actuarial models in line with Solvency II/Solvency UK standards
• Design and perform validation tests for various components of the internal model
• Prepare training material for stakeholders like the Board of Directors on internal models as well as general risk management topics
• Contribute to business-as-usual work like SCR standard formula calculations or stress and scenario testing
• Perform peer reviews and provide constructive feedback to peers for the internal model as well as for business-as-usual tasks
• Leverage group resources and liaise with the main interfaces within Great Lakes SE and MR Group
• Contribute to the overall Risk Management Function (RMF) by providing risk opinions where these are required
• Support the less experienced staff members by providing constructive feedback, guidance and encouragement

Competencies:
Strategic mindset (we think big) – you look, plan and move into the future with clear intentions and purposeful actions, seeking regular feedback, that allows you to make decisions today that will lead the business towards its future commitments.
Ensures accountability (we lead the ‘we’) – you hold yourself and others accountable to take responsibility and meet commitments, creating a culture where people own their decisions and actions and appreciate how they contribute to the team/organisation commitments.
Managing complexity (we grow with our clients) – you make sense of complex and sometimes contradictory information to effectively solve problems, learning and sharing along the way.
Sponsors work (we care and dare) – you know when to lead and when to let others lead, providing direction and delegating to others, empowering and trusting them to achieve their commitments. Develops talent (we care and dare) – you develop the team to meet their career ambitions, building capability at an individual and organisational level, preparing them for future opportunities. You discuss feedback and development regularly and promote a diverse and inclusive workforce.
Being resilient (we are clear and authentic) – setbacks are unavoidable; however, you recover quickly, seek feedback, learn and unlearn and move forward with courage and commitment.


Key Skills & Experience:

• Strong quantitative background
• Proven track record in actuarial matters, preferably in risk & capital modelling
• Insights into the UK general insurance market and knowledge about its specifics
• Experience in leading projects and liaising with different stakeholders
• Strong communication skills and being able to explain actuarial matters to persons from diverse backgrounds
• Preferably experience in IMAP projects
• Ability to work in a fast-paced and ever-changing environment

Qualifications and Educational Requirements:

• Qualified Actuary or similar qualification
• Experience in leading an working in project teams besides business-as-usual work
• Deep insights into the relevant regulatory requirements like Solvency II and Solvency UK
• Background in risk management

Thought Leaders:
You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others.
You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.
You will treat your colleagues and sales and business partners fairly and with respect.


Regulatory & Conduct Requirements:
In addition to the responsibilities set out above, the Senior Actuary will be expected to ensure compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules


Benefits
You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%
We are one of the few employers to offer fully paid 6months family leave for times when you need it the most.


About us
You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning
You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders
We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn
You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions
We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged


At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.


If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!


All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.