Head of Reserving

Department: Managing Agency

Employment Type: Permanent

Location: London

Description

Polo Managing Agency (PMA) is seeking an experienced Head of Reserving to lead the reserving process across its Lloyd’s Syndicates. This is a senior leadership role within PMA’s management team, reporting directly to the Chief Financial Officer, with responsibility for ensuring the integrity and accuracy of actuarial reserving activities for our clients. 

Key Responsibilities

Taking ownership of the reserves for PMA’s managed syndicates, including the actuarial best estimates reserves and Solvency II Technical Provisions (SII TPs).

Lead the day-to-day management and oversight of any/all outsourcing arrangements responsible for the calculation of reserves and SII TPs on all syndicates managed by PMA.

Liaise with the external stakeholders responsible for the management of each syndicate (PMA’s 3rd Party clients) to gain understanding of business developments and to set and challenge key assumptions. Liaise with Senior Management, Underwriting, Claims, Finance and Risk Management to ensure that syndicate reserves continue to appropriately reflect the business.

Pro-actively secure buy-in and agreement on reserving and SII TPs recommendations with the relevant key stakeholders ahead of internal governance deadlines (CFO, PMA Chief Actuary, 3rd Party Client Representatives and other relevant stakeholders).
Provide robust challenge of reserving results where reliance is placed on PMA’s 3rd Party clients, outsourced service arrangements or other external resources as applicable.
Take ownership of the production of committee papers in relation to reserving and SII TPs, in particular, papers for the syndicate reserving committees, syndicate management committees. Oversee production of papers relating to reserving and SII TPs for PMA Audit committee, PMA Risk committee and PMA Board as required.  Present the relevant materials to committee members as required.
Ensure reserving deliverables are met in accordance with all internal and external deadlines 

Support the reserving 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.

Monitoring, challenge, and—where necessary— improve the quality and flow of data used in the calculation of reserves and Solvency II technical provisions.
Sign-off on handover of reserving results to PMA’s finance function covering GAAP, Solvency II and US SITUS bases, and assist the Finance team to fulfil Lloyd’s reporting requirements.

Oversee the calculation and delivery of projected year end SII TPs for capital modelling purposes (for each syndicate). 

Liaise with Regulators, internal and external auditors on matters relating to reserving/SII TPs and ensure that any Lloyd’s feedback is addressed in an appropriate and timely manner.

Ensure the reserving processes meets all Lloyd’s, PRA and IFoA requirements and guidelines, including but not limited to, Actuarial Function Guidance, Lloyd’s Solvency II Technical Provisions Guidance, Lloyds Valuation of Liabilities Rules, the Advisory Note on Lloyd’s US Opinions, 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”).

Assist with the production of the reserving and SII TP sections of the syndicate ORSAs and Actuarial Function Reports.

Support the Chief Actuary with regular training of the PMA Board on topical reserving issues as required.

Ensure that reserving processes are documented in line with Lloyd’s and Solvency UK and other relevant requirements.

Act as a member of the Actuarial Function to ensure that the managing agency performs its duties to a high standard and provides oversight for managed syndicates.

To undertake training and self-development, as required, to keep abreast of trends in the insurance industry relevant to actuarial and audit requirements.

Ensure risk management and a robust control environment is incorporated into the day-to-day responsibilities of the role. 

Skills, Knowledge and Expertise

Non-Life Actuarial experience within 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 and GAAP requirements for Technical ProvisionsKnowledge of London Market reserving methods, processes, and practicesGood knowledge of Excel, Access, Word, and PowerPoint.