Senior Actuary (L&H)

Senior Life Actuary

Company: Munich Re

Location: Madrid, Spain

Department: Life & Health Risk Management

Reporting to: Head of Risk & Pricing

About 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:

• 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.
• Review changes to pricing bases, product designs, and pricing tools.
• Work collaboratively with the other regional risk management units on projects and reviews.

Enterprise Risk Management:

• Risk reporting to Regional CRO, Life & Health management in Madrid and central functions.
• Review and assessment of other risk types e.g. market, credit, reputation, concentration, liquidity, etc.
• Second line treaty wording review.

General Risk Management:

• Support the business to write and maintain profitable commercial business and innovation initiatives, acting as a Business/Risk Partner.
• Promote Risk Management principles, in line with the underwriting strategy, and communicate and raise awareness of Risk Management within the region.
• Be a point of reference for the business for group guidelines and control processes.

Key Skills & Experience:

Essential:

• University graduate or equivalent; qualified actuary.
• Experience in Life Actuarial areas.
• Life pricing experience, particularly in areas of Life Protection.
• Confidence and diplomacy to challenge peers and manage upwards.
• Effectively dealing with senior stakeholders.
• Ability to build an understanding of internal and external client strategy and needs.
• Experience delivering projects.

Desirable:

• A postgraduate qualification in insurance or risk management (e.g. CERA).
• Significant experience in the Life and Health insurance market, preferably in reinsurance, pricing, or consulting.
• Understanding of key features of a reinsurance contract.
• Good knowledge of the protection market’s key products and features.
• Understanding and familiarity with a range of Reinsurance Structuring solutions.

Unlock your potential:

• Diversity, Equity & Inclusion: We embrace the power of differences and are convinced that diversity fosters innovation and resilience.
• Continuous Learning: We believe that continuous learning is a key differentiator and critical for building new skills and accelerating growth.
• Career Mobility: We actively support career mobility, offering a wealth of career growth opportunities.

Rewards & Recognition:

• Competitive salary: Appropriate compensation for your high level of commitment.
• Retirement provision: State-of-the-art in-house pension solutions.
• Work-life balance: Promoting the compatibility of family and work.
• Hybrid working: A very flexible approach.