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Actuarial Director (Reserving)

Looking for a role where you can be part of a division, which markets and underwrites speciality insurance products and programmes to a variety of niche markets. In each of these markets we seek to provide quality products and excellent customer service so that we can be a market leader!

We are looking for an individual to who will assist the Head of Reserving on a variety of tasks as well as day-to-day ad-hoc work. This will cover various accounting bases and reporting to other actuaries and departments within Markel.

If you’re looking for a place where you can make a meaningful difference, you’ve found it. The work we do at Markel gives people the confidence to move forward and seize opportunities, and you’ll find your fit amongst our global community of optimists and problem-solvers. We’re always pushing each other to go further because we believe that when we realize our potential, we can help others reach theirs. Join us and play your part in something special!

The opportunity:

Markel International underwrites a diverse portfolio of property, casualty and marine insurance and reinsurance business on a world-wide basis.

Our financial goals are to earn consistent underwriting profits and superior investment returns to build shareholder value.

The Actuarial Team of 31 provides actuarial support to in the following areas: pricing, business planning, reserving, commutations and regulatory reporting. Markel rely heavily on actuarial input in all aspects of the financial management of the business.

The mission of the Actuarial department is to assist the business in achieving consistent underwriting profit and superior financial results by providing a high quality actuarial service.

The quarterly reserving meetings are a key function in providing a clear indication of product line profitability. In conjunction, adequacy of our reserve levels is crucial to the long term stability of underwriting profit.

What you’ll be doing:

Oversee the reserving function for all divisions of Markel International including on a quarterly basis:

  • Completion of divisional combined ratio packs (and accompanying dashboard) which serve as a key reporting tool for the business. This involves assessment of all product lines with focus on both reserve adequacy and underlying product profitability.
  • Contribute to the annual review of legacy reserves working alongside the Special projects claims team.
  • Discussion and presentation of divisional combined ratio packs with underwriting teams, our finance team, and International and corporate management.
  • Production of Solvency II Technical Provisions output. Report and presentation of results internally to finance and capital modelling teams and externally to Lloyd’s and the PRA.
  • Production of a corporate management report comparing the actuarial and finance held funds.
  • Review of the quarterly S-Ox checks.
  • Support all forms of reporting to other departments within Markel Group.
  • Provide mentoring and support to student members of the actuarial team.
  • Support Markel in their preparation for current and future initiatives, especially around data transformation.

On an annual basis:

  • Production of draft year end reserve reports and Solvency II Technical Provisions reports for all legal entities.
  • Production of draft year end statements of actuarial opinion.
  • Oversight and contribution to reserving system process improvements.
  • Review of performance information including sub-class analysis and syndicate results relative to the market.
  • Liaise with external auditors on the assessment of our reserve adequacy.

Provide support in business planning and parameterisation of the internal capital model for all underwriting divisions of Markel International:

  • Liaise with underwriters and the finance team to set appropriate business plans for the forthcoming year.
  • Provide the capital team with projected funds to year-end for our prospective capital model analysis.
  • Work closely with the capital team to validate model output.

Our must-haves:

A graduate, having completed a numerical degree with a classification of 2:1 or above, or equivalent.

Be a Fellow of the Institute and Faculty of Actuaries.

Previous experience in insurance and within London Market reserving completing work to support the signing of a statement of actuarial opinion.

Experience dealing with a wide variety of classes of business.

Experience dealing with Lloyd's.

Knowledgeable of the impact of Solvency II on the reserving function and the requirements of Technical Provisions reporting.

Competent management skills to support actuarial students.

Actively keep knowledge and skills up-to-date through courses and seminars, where appropriate.

Will display excellent analytical skills.

Have excellent IT knowledge – including SQL and Excel.

Who we are:

Markel Group (NYSE – MKL) a Fortune 500 company with over 60 offices in 20+ countries, is a holding company for insurance, reinsurance, specialist advisory and investment operations around the world.

What’s in it for you?

  • A great starting salary plus annual bonus & strong benefits package…
  • 25 days paid holiday plus Bank Holidays, with the opportunity to buy / sell extra leave.
  • Fantastic company pension scheme, private medical and dental cover, life assurance, travel insurance cover, income protection, season ticket loan as well as other great benefits on offer.
  • There are countless opportunities to learn new skills and develop in your career and we can provide the support needed to do just that!

Are you ready to play your part?

Choose ‘Apply Now’ to fill out our short application, so that we can find out more about you.

Markel celebrates the value of a diverse workforce that brings experience and expertise from a wide variety of backgrounds and life circumstances. Whatever your background, if you feel you meet the requirements of this role then we want to hear from you. We are also happy to consider candidates who are looking for flexible working patterns.

We are an equal-opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, colour, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status.

We will ensure that individuals with disabilities are provided with all reasonable accommodations to be able to participate in the job application or interview process and to perform essential job functions if successful.

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