Madrid

Qualified

Senior Actuary

Life

Investments

Health

Reserving

Reporting

Reinsurance

Risk

Modelling

Coding

Pricing

Valuation

Excel

MATLAB

Munich Re is a global reinsurance company based in Germany. Established in 1880, it is one of the world's largest reinsurers. Munich Re provides risk transfer and risk management solutions to insurance companies and clients worldwide. With a strong focus on technical expertise and innovation, it plays a vital role in supporting the insurance industry and managing complex risks.

Munich Re

Senior Life ActuaryCompany: Munich ReLocation: Madrid, SpainDepartment: Life & Health Risk ManagementReporting to: Head of Risk & PricingAbout the Life & Health Hub in Madrid:Together with the Hubs in Munich and London, Madrid forms the Life and Health division in EULA of Munich Re. The Life & Health Madrid Hub aims to become an increasingly relevant player in the generation of new business for Munich Re through its initiatives in Southern Europe and Latin America.To achieve its ambition, Madrid has focused its growth strategy on scaling the traditional Protection business in Life and Health, shaping it via Business Transformation and expanding its Financial Reinsurance solutions across the region.The Risk and Pricing department based in Madrid is responsible for providing best-in-class actuarial and risk management services, ensuring the Hub’s rapid growth occurs sustainably and in line with the Group’s underwriting guidelines.About the role:The Senior Life Actuary works closely alongside colleagues in the Madrid Hub, the Risk Management team from the UK, and within Munich central functions in strengthening the Actuarial capabilities in the region.They will support the ongoing production of internal reports required, such as the Annual Risk Report, the Risk Assessment Monitoring, and the Operational Risk analysis.Madrid has a regional responsibility along Spain, Portugal, Italy, Malta, and Latin America, encompassing all Life and Health Protection and Financial Reinsurance contracts.The position will be based in Madrid.Key Responsibilities:Actuarial Risk Management:<ul><li>Review of large and complex transactions, especially with respect to Life business, underwriting/actuarial, financial, and operational risk, in line with the defined risk appetite.</li><li>Review changes to pricing bases, product designs, and pricing tools.</li><li>Work collaboratively with the other regional risk management units on projects and reviews.</li></ul>Enterprise Risk Management:<ul><li>Risk reporting to Regional CRO, Life & Health management in Madrid and central functions.</li><li>Review and assessment of other risk types e.g. market, credit, reputation, concentration, liquidity, etc.</li><li>Second line treaty wording review.</li></ul>General Risk Management:<ul><li>Support the business to write and maintain profitable commercial business and innovation initiatives, acting as a Business/Risk Partner.</li><li>Promote Risk Management principles, in line with the underwriting strategy, and communicate and raise awareness of Risk Management within the region.</li><li>Be a point of reference for the business for group guidelines and control processes.</li></ul>Key Skills & Experience:Essential:<ul><li>University graduate or equivalent; qualified actuary.</li><li>Experience in Life Actuarial areas.</li><li>Life pricing experience, particularly in areas of Life Protection.</li><li>Confidence and diplomacy to challenge peers and manage upwards.</li><li>Effectively dealing with senior stakeholders.</li><li>Ability to build an understanding of internal and external client strategy and needs.</li><li>Experience delivering projects.</li></ul>Desirable:<ul><li>A postgraduate qualification in insurance or risk management (e.g. CERA).</li><li>Significant experience in the Life and Health insurance market, preferably in reinsurance, pricing, or consulting.</li><li>Understanding of key features of a reinsurance contract.</li><li>Good knowledge of the protection market’s key products and features.</li><li>Understanding and familiarity with a range of Reinsurance Structuring solutions.</li></ul>Unlock your potential:<ul><li>Diversity, Equity & Inclusion: We embrace the power of differences and are convinced that diversity fosters innovation and resilience.</li><li>Continuous Learning: We believe that continuous learning is a key differentiator and critical for building new skills and accelerating growth.</li><li>Career Mobility: We actively support career mobility, offering a wealth of career growth opportunities.</li></ul>Rewards & Recognition:<ul><li>Competitive salary: Appropriate compensation for your high level of commitment.</li><li>Retirement provision: State-of-the-art in-house pension solutions.</li><li>Work-life balance: Promoting the compatibility of family and work.</li><li>Hybrid working: A very flexible approach.</li></ul>

Surety Pricing ActuaryCompany: Munich Re Risk Solutions IrelandLocation: Madrid, SpainAt Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products, and industry leaders working in a supportive environment.At the heart of our success is a strong culture where people are encouraged to be present, bold, and curious, allowing them to achieve their individual goals.We are currently looking for a Surety Pricing Actuary to be based in Madrid on a full-time basis, reporting into the Head of MGA Performance.This individual will provide full provision of actuarial pricing and performance management support to our newly launched Surety business under MRS-GM.In addition to the day-to-day tasks, the successful candidate will contribute to activities linked to the development and implementation of the strategy of Surety primary insurance.This role will work closely with the underwriting team supporting the Chief Underwriting Officer, Surety, as well as Heads of, Underwriters, and both the London and Munich Finance teams.Responsibilities:<ul><li>Responsible for designing and developing a world-class pricing tool for Surety business working closely with the European underwriting team.</li><li>Support the development and enhancement of technical and commercial pricing capabilities for the Surety products in Europe, with initial focus in Spain.</li><li>Assist underwriting teams with product design ensuring any changes are correctly priced.</li><li>Track price adequacy and performance and lead profitability exercises using modelling and reserving techniques, as required.</li><li>Conduct technical analyses, investigations (e.g. inflation), and independent deep dive reviews.</li><li>Stay current on market dynamics and actuarial developments, including frequency, severity, and exposure accumulation trends.</li><li>Present results to a variety of stakeholders to provide insight and recommendations on pricing and performance related results for the financial lines product.</li><li>Engage proactively and collaborate with relevant stakeholders, focusing on pricing and performance.</li><li>Conduct actuarial analysis to support the onboarding of additional territories or new MGAs for Surety business.</li><li>Participate in Munich Re Specialty projects and initiatives to improve modelling capabilities and streamline pricing processes.</li><li>Contribute to expanding the breadth of actuarial, modelling, and statistical techniques used across the team.</li></ul>Knowledge and Skills:<ul><li>Expertise in pricing Surety insurance, ideally with pricing knowledge of a range of financial lines.</li><li>Experience in working independently and managing senior stakeholders.</li><li>Proven experience with modelling and data used in credit-related products.</li><li>Good understanding of standard reserving methods for Surety.</li><li>Strong analytical skills and attention to detail, with a proven ability to work collaboratively with underwriters.</li><li>Foundational knowledge and understanding of global macroeconomics and financial markets.</li><li>Excellent written and verbal communication skills, including report writing and presentations.</li><li>Fluency in English is a must; other European languages are also an advantage.</li><li>Strong proficiency in Excel, actuarial pricing software, databases, and tools is indispensable.</li></ul>If you are excited about this role but your experience does not align perfectly with everything outlined, we encourage you to apply anyway.Diversity, Equity & Inclusion:At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience. We recognize diversity can be multi-dimensional, intersectional, and complex, and we want to build a diverse workforce that includes a wide range of identities and backgrounds.All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process.Learning and innovating today, striving for sustainable societies and business tomorrow.At Munich Re Specialty – Global Markets, our approach to ESG is underpinned by our desire to seize business opportunities and nurture a stimulating and inclusive work environment.Apply now!

Life Pricing ActuaryCompany: Munich ReLocation: Madrid, SpainThe Risk and Pricing regional department based in Madrid is responsible for providing Munich Re's businesses in the markets of Southern Europe (Spain, Portugal, Italy, and Malta) and Latin America with best-in-class actuarial and risk management services.We are looking for an Actuary to join the Pricing team, under the regional Head of Risk and Pricing, supporting the region in underwriting and pricing of life and health reinsurance business, with experience in pricing, product development, and risk management. In this role, the actuary will work closely with the client managers and the other business origination units in the development and implementation of a strategic business plan in reinsurance solutions, and various projects of the department.As a member of the regional Pricing team, the actuary will join a community of Life and Health actuarial experts across Europe and Latin America, and from a business perspective will report to the Actuarial Pricing Manager.Your Job<ul><li>Provision of technical services to clients with a focus on Latin America, including the Brazilian market, in coordination with the local staff, particularly for the acquisition of new business and the maintenance of existing business, with specific support to Client Management, Business Development, and Financial Reinsurance teams</li><li>Support in the derivation of the best estimate bases and their timely updating</li><li>Support for product development initiatives, in close cooperation with MR experts in Madrid, Munich, and London</li><li>Support in the monitoring and valuation of existing and new business</li><li>Execution of risk management processes, especially with high-risk business</li><li>Preservation, acquisition, and promotion of expertise and technical coordination, with a focus on international exchange</li><li>The position will be based in Madrid</li></ul>Your Profile<ul><li>University degree in statistics, mathematics, or actuarial science, ideally a fellow member of an internationally recognized Actuarial Association</li><li>Experience in life (re)insurance pricing, including life contingencies, probabilities, and reserving, ideally in different markets or products</li><li>Experience in modeling with the use of actuarial tools is a must, and knowledge of programming tools such as Visual Basic, R, Matlab, etc.</li><li>Fluent in Spanish and very good business English. Portuguese would be a plus</li><li>The candidate should demonstrate a high degree of:
 <ul><li>Independence and ability to set priorities</li><li>Motivation to work in teams and spread knowledge</li><li>Communication skills</li><li>Analytical skills</li><li>Personal responsibility and ownership</li><li>Ability to work under time pressure</li></ul></li></ul>About usAs the world's leading reinsurance company with more than 11,000 employees at over 50 locations, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into manageable risk, we enable fundamental change. Join us working on topics today that will concern society tomorrow, whether that be climate change, major construction projects, medical risk assessment, or even space travel.Together we embrace a culture where multiskilled teams dare to think big. We create the new and the different for our clients and cultivate innovation.Sounds like you? Push boundaries with us and be part of Munich Re.Unlock your potential<ul><li>Diversity, Equity & Inclusion: we embrace the power of differences and are convinced that diversity fosters innovation and resilience and enables us to act braver and better.</li><li>Continuous Learning: we believe that continuous learning is a key differentiator and critical for building new skills and accelerating growth.</li><li>Career Mobility: we actively support career mobility, and our strong global and regional presence offers a wealth of career growth opportunities for you.</li></ul>Rewards & Recognition<ul><li>Competitive salary: appropriate compensation for your high level of commitment.</li><li>Retirement provision: state-of-the-art in-house pension solutions.</li><li>Work-life balance: promoting the compatibility of family and work in addition to overall work-life balance.</li><li>Hybrid working: living the best of both worlds – we offer you a very flexible approach.</li></ul>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!

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