Chief Reinsurance Marketing Actuary

Total Page:16

File Type:pdf, Size:1020Kb

Chief Reinsurance Marketing Actuary Athora Holding Ltd. Idea on House, First Floor, 94 Pi s Bay Road Pembroke, HM08 Bermuda Tel: 1 441 278 8600 www.athora.com Chief Reinsurance Marketing Actuary Working at Athora We offer a fast-paced, dynamic work environment where our actions defi ne us, more than any words or promises. We innovate to keep our business at the forefront of the market. People are at the heart of what we do, and we always value that humanity. We do what we do as well as we can because we are about improving lives, inside and outside our business. Purpose of the role Athora Life Re Ltd. is a Bermuda-based specialist reinsurance solutions provider for European life insurers. This person will be responsible for leading the development and delivery of reinsurance solutions to clients, with a core focus on Germany. They will work collaboratively with Athora’s local business development team in Germany, including the CEO of Athora Germany and Athora’s Group Actuary. They will also be expected to provide technical reinsurance expertise and engage with clients on the structuring, pricing, negotiation, and closing of reinsurance transactions. The role is based in Bermuda with frequent travel to Europe. This person will work as part of the actuarial team at Athora Life Re in partnership with the Chief Actuary and Senior Pricing Actuary. This role reports directly to the CEO of Athora Life Re. Key Contribution Areas • Key interface between German reinsurance clients and Athora Life Re by joining pitch/marketing activities undertaken by Athora’s local business development team in Germany. • Provide technical input at client meetings to obtain an understanding of the client’s needs and steer the client engagement process towards a clearly defi ned reinsurance solution. • Develop presentation materials for use in client meetings to communicate the key features of reinsurance proposals including structure, price, and fi nancial impacts. • Work with the Senior Pricing Actuary to develop deal models and carry out technical analysis on reinsurance transactions for internal and external stakeholders, including assessing the fi nancial impact of transactions on capital metrics, accounting bases and regulatory bases. • Work with the Chief Actuary and Senior Pricing Actuary to develop actuarial pricing bases and investment assumptions. • Review and analyse data, fi nancial information and documentation provided by clients as part of a reinsurance quote process, and parse information to transaction work streams. • Ensure transaction processes comply with internal governance procedures, including approval of quotes, tax operating guidelines, and risk policies. • Maintain clear and accurate documentation throughout the transaction process to ensure transparency and strong governance. • Keep abreast of developments in the German life insurance market and undertake analysis of market trends/industry data to support the development of reinsurance solutions for the German market. • Prepare material to meet Athora Group governance requirements, including transaction updates for Board, committee and management meetings. • Work closely and collaboratively with the Chief Actuary and Senior Pricing Actuary in all aspects of the role to maintain excellence in delivery and to promote a trusted partnership within the actuarial team. • Contribute to special projects initiated by Athora Life Re or the Athora Group and work collaboratively across jurisdictions to achieve results. • Build strong and collaborative relationships with business development teams across the Athora Group and support the Athora culture of “one team”. Personal Capabilities Required • This role requires a highly engaged, proactive individual who can work effectively in cross-border teams and maintain a clear focus on delivery. • Excellent communication skills in English and German, both written and verbal, with a proven capability in communicating complex structures and ideas effectively. • Ability to employ a high degree of self-management and organization in undertaking projects to ensure multiple deliverables can be progressed in the most effi cient manner within tight timeframes. • Adaptability and willingness to engage on unfamiliar topics and learn new subject matter to support the development of client solutions. • Athora employs a fl at organizational structure and therefore requires all team members to be willing to operate across levels, combining detailed technical analysis with management and leadership responsibilities within a single role. Functional or Technical skills • Qualifi ed actuary with signifi cant experience in structuring and pricing life reinsurance solutions. • Understanding of IFRS, US GAAP, HGB and Solvency II reporting bases in the context of reinsurance transactions. • Experience developing spreadsheet-based liability models and deal models. • Familiarity with German life insurance, including product features and regulatory requirements. • Fluent German speaker to enable confi dent and accurate verbal and written communication with German clients on technical subject matter. If you wish to apply, please send your CV to [email protected]. All resumes will be treated with complete confi dence. Closing date: May 30 2019..
Recommended publications
  • Famous People Related to Actuarial Science
    Article from Actuary of the Future November 2018 Issue 43 with James to find market inefficiencies and start baseball- Famous People Related focused companies such as STATS LLC, which he later sold to Fox Sports. James was named one of Time maga- to Actuarial Science zine’s 100 most influential people in the world in 2006. By Harsh Shah • Howard Winklevoss, MAAA. Those who have seen the movie The Social Network or have read about the history of Facebook are familiar with twins Cameron and Tyler Win- klevoss. Their father, Howard Winklevoss, is an actuary. He is the founder of Winklevoss Consultants, a pension and benefits management firm. • Anette Norberg. Winner of the Olympic Gold Medal f you are reading this article, chances are you have heard about in curling in 2006 and 2010, Anette Norberg is the first actuaries or actuarial science before, but the average person is skipper in Olympic curling history to defend her title. likely unaware of those terms. What people might not realize Norberg was also the chief actuary at Nordea Bank AB Iis that there are many famous individuals connected with this and later appeared as a contestant on Swedish TV’s Let’s field. These are some of the exemplary individuals related to, Dance 2013. but not always known for, actuarial science. • Warren Buffett. One of the wealthiest people in the world, • Sir Edmond Halley. Largely known for his contributions Warren Buffett almost chose a career in actuarial science to astronomy and calculating the orbit of the comet named after meeting a Geico vice president in 1951.
    [Show full text]
  • Mathematicians, Statisticians & Actuaries
    Mathematicians, Statisticians & Actuaries An employment guide for newcomers to British Columbia Mathematicians, Statisticians & Actuaries An employment guide for newcomers to British Columbia Contents 1. What Would I Do? ..................................................................................... 2 2. Am I Suited For This Job? ........................................................................... 3 3. What Are The Wages And Benefits? ............................................................. 4 4. What Is The Job Outlook In BC? .................................................................. 5 5. How do I become a Mathematician, Statistician, or Actuary ............................. 5 6. How Do I Find A Job? ................................................................................ 7 7. Applying for a Job ................................................................................... 10 8. Where Can This Job Lead? ........................................................................ 10 9. Where Can I Find More Information? .......................................................... 11 Mathematicians, Statisticians & Actuaries (NOC 2161) Mathematicians, Statisticians & Actuaries may also be called: . consulting actuary . actuarial analyst . insurance actuary . demographer . statistical analyst . biostatistician 1. What Would I Do? Mathematicians, Statisticians & Actuaries research mathematical or statistical theories, and develop and apply mathematical or statistical techniques for solving problems in fields
    [Show full text]
  • Actuarial Studies Within the Biometry and Statistics and Statistical Science Majors
    Actuarial Studies within the Biometry and Statistics and Statistical Science majors An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. They evaluate the likelihood of those events, design creative ways to reduce the likelihood and decrease the impact of adverse events that actually do occur. To be more specific, actuaries improve financial decision making by developing models to evaluate the current financial implications of uncertain future events. Actuaries are an important part of the management team of the companies that employ them. Their work requires a combination of strong analytical skills, business knowledge and understanding of human behavior to design and manage programs that control risk. No matter the source, actuary is consistently rated as one of the best jobs in America. US News and World Report, the Jobs Rated Almanac, CNN Money, and others all agree: few other occupations offer the combination of benefits that an actuarial career can offer. In almost every job satisfaction category, such as work environment, employment outlook, job security, growth opportunity, and salary (especially starting salary), a career as an actuary is hard to beat. Required courses for the Biometry and Statistics and Statistical Science majors Calculus I and II: MATH 1110 & 1120 Multivariable Calculus and Linear Algebra: MATH 2210 & 2220 or 2230 & 2240
    [Show full text]
  • The Role of Actuaries in Non-Life Insurance Business
    The role of actuaries in non-life insurance business Society of Actuaries in Ireland February 2004 The role of actuaries in non-life insurance February 2004 Table of contents Page Executive summary 1 1. Introduction 3 2. The role of the actuary in claims reserving 5 3. The role of the actuary in pricing 7 4. The role of the actuary in corporate risk management 9 5. The prudential supervision of non-life insurance internationally 11 6. The philosophy of insurance regulation in Ireland 14 7. The present and future statutory role of actuaries in non-life insurance in Ireland 16 Society of Actuaries in Ireland The role of actuaries in non-life insurance February 2004 Executive summary Overview of actuarial involvement in the management of non-life insurance ■ Actuaries are now widely employed in claims reserving, pricing, risk management and, indeed, in most areas of non-life insurance. ■ Claims reserving is a key actuarial role in a non-life insurance undertaking. In addition to the application of statistical techniques, professional judgement is a crucial element in the actuarial reserving process and is fundamental to the statutory role of the actuary in signing the “Statement of Actuarial Opinion”. The experienced actuary needs to understand the limitations of any statistical or actuarial reserving method and must use his professional judgement in choosing and applying such methods. ■ In most of the large non-life insurance undertakings in Ireland, actuaries have a significant involvement in pricing, either as technical advisors to underwriters and senior management, or as decision-makers in their own right.
    [Show full text]
  • The Role of the Actuary in the Prudential Supervision of Insurance Companies
    IAA Committee on Insurance Regulation The Role of the Actuary in the Prudential Supervision of Insurance Companies The Role of the Actuary in Prudential Supervision Introduction The purpose of this note is to set out the IAA’s position on the role that actuaries should fulfil in the prudential supervision of insurance companies. This paper is intended to lay out a vision of best practices and recognizes that no country has these best practices in place yet. It also sets out the factors that actuaries should consider in evaluating the financial condition of insurers. This document should be read in conjunction with the more detailed note “Insurance Liabilities - Valuation and Capital Requirements” prepared by the IAA’s Insurance Accounting Committee as an adjunct to their consideration of the IASC’s 1999 Insurance Issue Paper. It is expected that this paper will form the basis of an ongoing dialogue with the International Association of Insurance Supervisors (“IAIS”) on the involvement of actuaries in the prudential supervision of insurers. In particular, this paper extends the scope of the Committee’s response to the IAIS’s own paper “On Solvency, Solvency Assessment and Actuarial Issues” published in April 2000. The evolution of prudential supervision of insurance companies is at different stages in different countries. The role of actuaries in that supervision is also evolving. The roles and standards set out in this note should be seen as broad goals towards which it is hoped that IAA member associations, together with the regulators with whom they work, can progress. This document will itself evolve as best practice in prudential supervision develops.
    [Show full text]
  • The Actuary Vol. 13, No. 6 Confidentiality of Federal Statistics
    Article from: The Actuary June 1979 – Volume 13, No. 6 Page Eight THE ACTUARY *-\ hne, 1979 ARCH conditions for interagencies exchange of the life office so that I put by for six individually identifiable data. weeks all mathematics . and have ARCH Issue 1978.2 has made its wel- literally not a moment of leisure. ” -- come appearance in new format-275 Certain agencies, e.g. Census and pages in a light blue cover. Rather than BLS, are designated “Protected Statisti- Bowditch developed methodology for to list the titles and authors, for which cal Centers.” Files in other agencies can examining separately the profitability of see John Beekman’s article, The Actuary, be designated “Protected Statistical his annuity and of his life insurance op- November 1978, we prefer to whet read- Files.” Individually identifiable records erations. Despite his earlier accurate ing appetites by quoting James C. Hick- may not be published or disclosed ex- perception that the annuity rates of the man’s descriptive introduction, thus: cept to a Protected Statistical Center. competing companies were inadequate, A Chief Statistician is made responsible he subsequently determined that between “Most actuaries have heard the criti- for designating protected files and cen- 1823 and 1834 his own company had cism that their basic tool, the mathe- ters unless legislation has provided other- lost approximately $15,000 on its an- matics of life contingencies, solidified wise. Protection extends ,to copies in the nuity business. in the last century, and not much has possession of the person to whom the Upon completion of my investigation, happened since.
    [Show full text]
  • Understanding the Basics of Actuarial Methods
    Pension Review Board Understanding the Basics of Actuarial Methods April 2013 Research Paper No. 13-001 Pension Review Board Paul A. Braden, Chair J. Robert Massengale, Vice Chair Andrew W. Cable Leslie Greco‐Pool Robert M. May Richard E. McElreath Wayne R. Roberts Representative William "Bill" Callegari Senator John H. Whitmire Christopher Hanson, Executive Director Project Staff Daniel Moore, Actuary Steve Crone, Research Specialist Reviewer Norman W. Parrish The Pension Review Board would like to acknowledge the many valuable contributions and suggestions made by members of the Texas public retirement and actuarial communities during the writing of this paper. Special thanks to John M. Crider, Jr., ASA, EA, MAAA and Mickey G. McDaniel, FCA, FSA, MAAA, EA for providing staff with thorough and thoughtful comments during the peer review process. Material in this publication is not copyrighted and may be reproduced. The Pension Review Board would appreciate credit for any material used or cited and a copy of the reprint. Additional information about this report may be obtained by contacting the Pension Review Board, by phone at (512) 463‐1736, by email at [email protected], or by mail at P. O. Box 13498 Austin, Texas 78711‐3498. Understanding the Basics of Actuarial Methods Introduction This paper is designed to make the theories and language of actuarial methods related to public pensions in the State of Texas more understandable. Present conditions in public finance on both the state‐wide and local governmental levels require a more complete understanding of how pensions are structured and how actuarial language describes that structure.
    [Show full text]
  • Becoming an Actuary
    Becoming an Actuary Seattle Central College International Education Programs Career Information Is Actuary for Me? Actuaries are professionals who provide expert In order to pursue an actuarial career, you must advice and relevant solutions for business and enjoy studying subjects such as Math and societal problems that involves financial risk. Business and possess the following skills. Actuaries work in all sectors of the economy, though they are more heavily represented in the Specialized math knowledge financial service sector, including insurance Calculus, statistics, probability companies, commercial banks, investment banks Keen analytical, project management and and retirement funds. Becoming a fully problem solving skills credentialed actuary requires a rigorous series of Good business sense exams. This information sheet will discuss about Finance, Accounting and Economics how to become an Actuary in the United States. Solid oral and written communication skills International students should consider their Strong computer skills career options in their home country. Do you Word processing, spreadsheets, need to take Actuarial exams in U.S. to meet your statistical analysis programs, database career goals at home? What are the manipulation, programming languages requirements in your home country? These are some of the questions you will want to answer Exams and VEE requirement before making a decision about academic paths As you may know, there are series of exams to you commit to pursue. pass in order to gain professional status as an What majors/courses should I choose to Actuary. Most people achieve Associateship in become an Actuary? three to five years and Fellowship after several additional years. To gain an entry-level position Although there is a major called “Actuarial for an Actuarial career upon graduation, it is Science”, few universities offer this major.
    [Show full text]
  • Actuarial Firms Are Asking Pension Plan Administrators to Consider
    NASRA Limitations on Liabilities for Actuarial Services Actuarial firms are requesting that pension plan trustees consider limitations on liabilities, or limiting recovery of damages due to errors in actuarial work. Although this request has the appearance potentially of not being consistent with trustees’ fiduciary responsibility to protect participants and their assets, there may be circumstances where a limitation of liability, if legally permissible for a retirement system, may be appropriate. As this debate continues, the National Association of State Retirement Administrators (NASRA) prepared this paper to provide guidance for administrators renewing or negotiating contracts with actuarial firms. Exploration of limiting actuarial firm liability was prompted by these facts: 1) the services provided by actuarial firms are essential to the administration of a pension plan, and 2) actuarial firm representatives argue that without adequate protection from lawsuits, they face potentially devastating financial risks and may be forced to decline certain assignments. This paper was prepared by a group of NASRA members who accepted an invitation to participate, and representatives of actuarial firms who are NASRA associate members. This paper is not intended to be prescriptive; rather, it is intended to foster discussion of this issue. Because of the critical role actuaries play in pension administration, it is important that trustees and the firm’s representatives have confidence in one another. Actuarial firms also should not be held liable for errors that are the fault of the retirement system or its other vendors, or that are made under time constraints that do not permit adequate attention to accuracy. Actuaries should qualify their results in writing if they believe they have been given inadequate time to conduct their review.
    [Show full text]
  • Economic Aspects of Securitization of Risk
    ECONOMIC ASPECTS OF SECURITIZATION OF RISK BY SAMUEL H. COX, JOSEPH R. FAIRCHILD AND HAL W. PEDERSEN ABSTRACT This paper explains securitization of insurance risk by describing its essential components and its economic rationale. We use examples and describe recent securitization transactions. We explore the key ideas without abstract mathematics. Insurance-based securitizations improve opportunities for all investors. Relative to traditional reinsurance, securitizations provide larger amounts of coverage and more innovative contract terms. KEYWORDS Securitization, catastrophe risk bonds, reinsurance, retention, incomplete markets. 1. INTRODUCTION This paper explains securitization of risk with an emphasis on risks that are usually considered insurable risks. We discuss the economic rationale for securitization of assets and liabilities and we provide examples of each type of securitization. We also provide economic axguments for continued future insurance-risk securitization activity. An appendix indicates some of the issues involved in pricing insurance risk securitizations. We do not develop specific pricing results. Pricing techniques are complicated by the fact that, in general, insurance-risk based securities do not have unique prices based on axbitrage-free pricing considerations alone. The technical reason for this is that the most interesting insurance risk securitizations reside in incomplete markets. A market is said to be complete if every pattern of cash flows can be replicated by some portfolio of securities that are traded in the market. The payoffs from insurance-based securities, whose cash flows may depend on Please address all correspondence to Hal Pedersen. ASTIN BULLETIN. Vol. 30. No L 2000, pp 157-193 158 SAMUEL H. COX, JOSEPH R. FAIRCHILD AND HAL W.
    [Show full text]
  • Advice for Students in Or Considering the Actuarial Science Concentration
    Lawrence Smolinsky LSU Mathematics December 2018 Advice for mathematics majors enrolled in or considering the actuarial science concentration and for any LSU students considering being actuaries Actuary is consistently rated as one of the best jobs in America. In almost every category, such as work environment, employment outlook, job security, growth opportunity, and salary, a career as an actuary is hard to beat. - paraphrased from www.beanactuary.org Preparation in actuarial science at the undergraduate level is largely mathematics, statistics, and computer science for the business world and risk management. LSU actuarial science concentration students who did not want to be actuaries have found direct employment or gone into master’s degree programs in analytics, statistics, financial engineering, and business. The Actuarial profession. Actuaries analyze the costs of risk and uncertainty. They need to learn mathematics, statistics, and finance. It is a small profession—there are about 23,600 jobs for actuaries. This is small compared to some of the more familiar professions: There are 792,500 lawyers, 2,955,200 registered nurses, and 713,800 physicians. There is a good outlook for growth in the decade 2016-2026 with 22% growth predicted (average growth is predicted at 7%).1 Students who have a good gpa, fulfilled their VEE requirements, passed 3 actuarial exams, and have had an internship, have found entry level actuarial positions. The LSU program includes courses for all VEE requirements and 6 actuarial exams. Considering being an actuary? Being an actuary can be a great profession to enter, but it has to suit your personality, temperament, and work habits.
    [Show full text]
  • Credit for Life Reinsurance in U.S. Statutory Financial Statements
    A PUBLIC POLICY PRAC T I C E N O T E Credit for Life Reinsurance in U.S. Statutory Financial Statements February 2018 Developed by the Credit for Reinsurance Subgroup of the Reinsurance Committee of the American Academy of Actuaries A PUBLIC POLICY PRACTICE NOTE Credit for Life Reinsurance in U.S. Statutory Financial Statements February 2018 Developed by the Credit for Reinsurance Subgroup of the Reinsurance Committee of the Risk Management and Financial Reporting Council of the American Academy of Actuaries The American Academy of Actuaries is a 19,000-member professional association whose mission is to serve the public and the U.S. actuarial profession. For more than 50 years, the Academy has assisted public policymakers on all levels by providing leadership, objective expertise, and actuarial advice on risk and financial security issues. The Academy also sets qualification, practice, and professionalism standards for actuaries in the United States. Practice Note on Credit for Life Reinsurance in U.S. Statutory Financial Statements 2017-18 Credit for Reinsurance Subgroup Jeremy Starr, MAAA, FSA Chairperson Frank Clapper, MAAA, FSA Ed Gueco, MAAA, FSA Arnold Dicke, MAAA, FSA, CERA Sheldon Summers, MAAA, FSA Jean-Marc Fix, MAAA, FSA Special thanks to those who helped finalize the practice note: Tom Campbell, Robert Diefenbacher, Donna Jarvis, Leslie Jones, Richard Daillak, and Wayne Stuenkel. 1850 M Street NW, Suite 300 Washington, D.C. 20036-5805 © 2018 American Academy of Actuaries 2 www.actuary.org Practice Note on Credit for Life Reinsurance in U.S. Statutory Financial Statements This practice note is not a promulgation of the Actuarial Standards Board, is not an actuarial standard of practice, is not binding on any actuary and is not a definitive statement as to what constitutes generally accepted practice in the area under discussion.
    [Show full text]