The Actuary March 2015

MARCH 2015 theactuary.com

Interview: Oliver Bettis

The magazine of the actuarial profession

Building a new green landscape for actuaries

Careers Becoming a chief investment officer

Economics Low inflation and interest rate rises

Spotlight Bankers’ bonuses – just political posturing?

The Actuary

Staying on track with a long-term investment approach

Riders on the storm March 2015

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Appointments

What’s underneath?

We look below the surface to spot trends early and show you what is really happening. Whether your need relates to risk management, capital, or strategy, our cutting-edge analysis techniques can help you see deeper than the competition.

Get new insights on your business at uk.milliman.com.

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MARCH 2015

Contents

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22

“Instead of pension and life assurance funds acting as economic stabilisers, they are compounding instability in financial markets”

32

UP FRONT 9

SIAS events

10 IFoA news 14 People/society news

FEATURES

AT THE BACK

16 Interview: Oliver Bettis

34 Puzzles

The chairman of the Resource and Environment Board talks to Helen Lau about its achievements and future goals

20 Innovation: What’s the big idea?

OPINION 5

Editorial Kelvin Chamunorwa looks at how long-term thinking can bring lasting solutions

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Letters Applauding Lloyd’s leadership; defending generational responsibility

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President’s comment Nick Salter advises that there is more potential to actuaries’ advice than meets the eye

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Soapbox The rise of social media means civil unrest has profoundly changed in nature to become a systemic risk, says Scott Kelly

MORE CONTENT ONLINE Additional content can be found at www.theactuary.com

COVER: DAVE EASTBURY

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Ben Pollard, actuary and founder of smarterinvestment.co.uk, talks about the challenges of launching a startup

26 Career development: chief

Try the latest cryptic crossword and Mensa puzzles, plus solutions

37 Student As spring arrives, Jessica Elkin talks of the re-birth of the CA2 exam format and explains what differences you can expect to see

38 Actuary of the future Poovan Kumar Balaeswaran of EY

investment officers Catherine Murray and Elvis Gannon talk to three actuaries – Ian McKinlay, Alasdair MacDonald and Chetan Ghosh

30 Economics: Oil on troubled waters Andrew Sentance describes why lower oil prices could be a mixed blessing for Western economies

31 Spotlight on: Bankers and bonuses Darryl Boulton argues that talk of banning bonuses is political posturing

32 Soft skills: Power to focus Pete Wilkinson advises ditching new year’s resolutions in favour of forming beneficial habits as a route to success

ONLINE Steering prediction parameters In the wake of repeated floundering of governance and risk management, navigating these waters has become a priority, writes Michael Mainelli

New frontiers in agricultural insurance Dr Auguste Boissonade reveals how catastrophe risk models can manage large loss potential in agricultural insurance

Joint Forum on Actuarial Regulation Natasha Regan believes collaboration is the way to understand actuarial risks

WRITERS OF THE MONTH Scott Kelly wins a £50 book token for his article on social media and civil unrest, courtesy of SIAS

March 2015 • THE ACTUARY 3 www.theactuary.com

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Appointments

Fresh Thinking For the latest news and views, visit theactuary.com. With high quality content, useful tools and easy navigation, you will find a wealth of actuarial resources at your fingertips.

Register for weekly email newsletters Read the latest features and opinion and add your comments Read about actuaries stepping into new frontiers Browse theactuaryjobs.com, the official jobs board of the UK actuarial profession

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THE ACTUARY • May 2013 www.theactuary.com

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Opinion Editorial theactuary.com

Publisher Redactive Media Group 17-18 Britton Street, London EC1M 5TP +44 (0)20 7880 6200 Publishing director Joanna Marsh Sub-editors Kathryn Manning Caroline Taylor News editor Will Green +44 (0)20 7324 2742 will.green@redactive.co.uk News reporter Cintia Cheong +44 (0)20 7324 2743 cintia.cheong@theactuary.com Digital assistant Tania Forrester tania.forrester@redactive.co.uk Sales manager James Condley +44 (0)20 7324 2750 james.condley@redactive.co.uk Display sales executive Vlad Harmanescu +44 (0)20 7324 2726 vlad@redactive.co.uk Senior recruitment sales executive Emmanuel Nettey +44 (0)20 7880 6234 emmanuel.nettey@redactive.co.uk

editor@theactuary.com

Internet The Actuary: www.theactuary.com Staple Inn Actuarial Society: www.sias.org.uk Institute and Faculty of Actuaries: www.actuaries.org.uk Managing editor Sharon Maguire +44 (0)20 7880 6246 sharon.maguire@redactive.co.uk Editor Kelvin Chamunorwa editor@theactuary.com Features editors Contact: features@theactuary.com Jeremy Lee, pensions, investment, ERM, banking

Kelvin Chamunorwa looks at how long-term thinking can bring lasting solutions

Richard Purcell, life, health and care Richard Schneider, life, Solvency II, mortality/longevity, modelling and software Helen Lau, GI, reinsurance, environment, careers Gemma Gregson, pensions, GI People/society news editor Yvonne Wan social@theactuary.com Student page editor Jessica Elkin student@theactuary.com Arts page arts@theactuary.com

Senior designer Gene Cornelius

IFoA news editor Alison Jiggins +44 (0)20 7632 2172 alison.jiggins@actuaries.org.uk

Picture editor Akin Falope

SIAS representative Mark Gorman

Production executive Rachel Young +44 (0)20 7880 6209 rachel.young@redactive.co.uk

Editorial advisory panel Peter Tompkins (chairman), Naomi Burger, David Campbell, Matthew Edwards, Martin Lunnon, Sherdin Omar, Nick Silver, Andrew Smith

Print William Gibbons

Leading lights

Circulation 25,331 (July 2013 to June 2014)

Subscriptions For subscriptions from outside the actuarial profession, UK: £95 per annum.

Europe: £125 per annum, rest of the world: £150 per annum. Contact: Alison Jiggins, The Institute and Faculty of Actuaries, 7th floor, Holborn Gate, 326-330 High Holborn, London WC1V 7PP. T +44 (0)20 7632 2100 E alison.jiggins@actuaries.org. uk. Students on actuarial science courses may join and they will receive The Actuary as part of their membership. Apply to: Membership Department, The Institute and Faculty of Actuaries, Maclaurin House, 18 Dublin Street, Edinburgh EH1 3PP. T +44 (0)131 240 1325 E membership@actuaries.org.uk Changes of address should inform the membership department as above.

For delivery queries, contact: Rachel Young E rachel.young@redactive.co.uk Published by the Staple Inn Actuarial Society The editor, The Institute and Faculty of Actuaries and Staple Inn Actuarial Society are not responsible for the opinions put forward in The Actuary. No part of this publication may be reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the copyright owners. While every effort is made to ensure the accuracy of the content, the publisher and its contributors accept no responsibility for any material contained herein.

Important information for contributors to The Actuary By submitting content for publication you confirm that: (a) You (and/or other named contributors) are the sole author(s) of the content submitted; (b) The content you submit is original and has not previously been published (unless you specifically advise us to the contrary); (c) You haven’t previously licensed the use of the content you submit; (d) So far as you are aware, the content submitted will not infringe any third-party rights, be defamatory or in any way illegal. © SIAS March 2015 All rights reserved ISSN 0960-457X

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The moment I learned I had qualified to become an actuary is one of my most vivid memories. At the time, I made a vow to myself not to go back to my studies, but reneged on it recently by dusting off my old core reading notes and getting up to speed by answering past exam questions again.

Along with another actuary from the UK, Clare Campbell, I had volunteered to travel to Ghana to lecture post-graduate actuarial students. It has been a fascinating experience. The students’ commitment to their education and their ambition to help Ghana prosper is remarkable. Some students travel more than three hours to attend lectures and one told me of his aspiration to found a health insurance company to increase access to healthcare and drive economic growth.

Ghana enjoys a stable democracy. Large oil and gas reserves were recently discovered that provide revenue, as do cocoa and gold. But many people are frustrated by an erratic power supply with no apparent long-term solution and rising inflation, currently 16%, as a result of fiscal largesse and a sliding local currency.

By the time this issue is published, we will have returned to the UK, where, in contrast, inflation is likely to turn negative this year. Dr Andrew Sentance, economist and former member of the Bank of England Monetary Policy Committee, believes this does not signal the onset of a deflationary period, but cautions that interest rate rises will need to be brought forward to prevent aggressive rate increases in the future as the economy grows (p30).

Ashok Gupta also addresses the economic cycle in his article (p22). A two-year study by the Bank of England found that UK pension and life assurance funds have failed to provide stability to financial markets by investing for the long term, resulting in exaggerated market movements and higher peaks and deeper troughs.

As actuaries, our ability to think long term can be positive for our respective countries. This unique perspective can help us to influence stakeholders, and, as Nick Salter puts it in his president’s comment (p7), “Help them to see things the way we see them”.

“As actuaries, our ability to think long term can be positive for our respective countries”

Kelvin Chamunorwa Editor

FOLLOW US ON TWITTER @TheActuaryMag @ActuaryEditor

JOIN US ON LINKEDIN www.linkedin.com/groups/Actuarymagazine-UK-Group-3751335

March 2015 • THE ACTUARY 5 www.theactuary.com

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Opinion Letters to the editor editor@theactuary.com

Funding pensions and long-term care

Have your say online

More comments are posted online about news stories published on www.theactuary.com.

Critical developments at Lloyd’s in the early 1990s A very interesting interview with Andrew Duguid about Lloyd’s on the brink in the 1990s appeared in the February issue of The Actuary (see bit.ly/1DGCqdH). I would like to expand upon it. A link to my more detailed article can be found at the end of this letter.

The problems at Lloyd’s started in the early 1980s, with the increasing emergence of claims from the USA relating to asbestos and pollution. Following this, an unprecedented number of large catastrophe claims occurred in the late 1980s and early 1990s, thus compounding the general situation and the poor financial results for many syndicates.

There was uncertainty, as Andrew suggests, as to the individual reinsurers or syndicates that would ultimately pay their shares of these losses after they had been through the LMX (London market excess of loss) claims spirals.

The above two issues should also be viewed together with the background of insufficient reserves and significant losses arising from several catastrophes, and very low premium rates and loose terms and conditions from the first half of the 1980s, from which losses were still emerging.

The scene at Lloyd’s was set for the largest, and perhaps the most important, actuarial exercise ever performed. This resulted in the formation of NewCo, later renamed Equitas.

UK actuaries had been involved in non-life insurance for many years prior to this of course, and we were well equipped for this exercise. Once Equitas was up and running, actuaries became even more involved with reserve opinions for syndicates at Lloyd’s. This involvement has continued ever since. However, is it now time for more useful opinions, including opining on alternative amounts of technical provisions with varying levels of confidence?

Lloyd’s, and those working within the market, showed that they were robust and strong enough to survive these unique conditions of the early 1990s. However, adverse conditions will arise again at some future time. I firmly believe that the use of actuaries within the insurance industry has averted significant problems that have faced other financial institutions. It is essential that the last message in the article from Andrew is adhered to. We must adapt and stay flexible, or we will not survive.

Colin J W Czapiewski 18 February See the full article accompanying this letter at: bit.ly/1Dvkzdn

MORE LETTERS ONLINE More letters are available online at www.theactuary.com/opinion

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Brian Jones is criticising a point that I did not make (The Actuary, February, bit.ly/17h9JJT).

Firstly, I am referring to standard of living overall. The reference to retired standard of living was in the caption to my photo, which was not my doing.

I am not advocating funding of public sector pensions.

I was making a point, which I thought was so self-evident as to be axiomatic, that each generation has to pay its way. If it doesn’t, it will bequeath a terrible burden on its successors.

My suggestion is that a proportion of the nation’s GDP should be set aside for pensions and long-term care. The percentage should be set by reference to what GDP they had produced while working, less what they’ve consumed when growing up. By “set aside” I don’t mean in a separate fund.

It’s a percentage of current GDP to support current expenditure. Whether it will work mathematically can be examined by looking at national data. Whether it will work politically, I doubt, because it straddles several parliaments.

Funding it by setting up a separate fund while you’re working creates an illusion of security because your claim is secured by dividends and interests of the assets of the pension fund. But if the working population cannot afford it, there will be revolt or inflation.

Icki Iqbal 5 February

Drip-drop oil I found Gail Tverberg’s article on the economic impact of falling oil prices interesting (The Actuary, February, bit.ly/17uqotm).

I did wonder when reading it whether the underlying driver for the drop in oil price is primarily due to the need from OPEC et al to reduce the risk of reliance on alternative energy sources such as shale gas, rather than the impact thereon being a side effect. Perhaps I’m just more of a sceptic than Tverberg! Clearly, if (and that’s a big if) this is the case, most of the conclusions within the article would then not follow.

In addition, I’m not an expert on the subject, but I’m not sure bail-in works in the way described in the article.

I thought it simply led to a haircut on debt and that other impacts on payment systems, for example, would only be relevant if the payment system was in some way a source of the bail-in.

Mark Gorman 17 February

The editor welcomes readers’ letters but reserves the right to edit them for publication. Please email editor@theactuary.com.

The deadline for receiving letters for the April issue is 17 March 2015.

THE ACTUARY • March 2015 www.theactuary.com

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Opinion President’s comment

Nick Salter is the president of the Institute and Faculty of Actuaries

NICK SALTER

Do you see what we can see?

You might be mistaken for thinking, as I did, that stereograms were the latest pop sensation to emanate from one of those reality TV music shows. Not that I watch such televisual entertainment I should add.

However, look a little closer – well, quite a bit closer in the case of 3D stereograms – and a whole new perspective appears.

Such was the case when my son thrust one of these images in front of my nose following a family meal one Sunday. Initially, I saw nothing but an abstract piece of art; some jumbled up angular shapes in various shades of brown and orange. To be honest, I didn’t know whether I was being subjected to a ‘Salter wind-up’ (the gene has, irritatingly, passed on quite successfully to the Salter offspring), or whether Jamie was serious, and that there was something really interesting that I just wasn’t seeing.

After the usual quips of “have some more wine Dad,” and “put your glasses on!”, Jamie took great delight in broadening my visual horizon, by getting me to focus on a particular point of detail in the picture and then staring at it for a long time.

So why on earth do I think that you would be interested in post-Sunday-lunch activities in the Salter household, and in particular, the visual delights of 3D stereograms? Well, I suspect you aren’t. However, that Sunday afternoon was a bit of a ‘eureka’ moment for me with my IFoA presidential hat on.

New horizons Jamie showed me that by looking at something from a different perspective, a whole new window of opportunity can open.

That Sunday, it was a 3D image of a shark jumping out of the picture. Translating this back into what we do, the clients we deal with day in and day out are seeing what they expect to see from us – only what they have commissioned – and it strikes me that this is the trick we are missing.

What we should be doing is saying to those who use our services – and those who

Nick Salter advises that, like a 3D stereogram image, there is more potential to actuaries’ advice than meets the eye currently don’t: “Do you see what we can see?” I have borrowed the phrase from our colleagues in Australia, where the Institute of Actuaries of Australia used it to advertise the benefit of using actuaries. It seems obvious to me that actuaries do see things differently, and approach problems from a different perspective. Opening the eyes of clients will open up new and diverse opportunities for our members and actuaries more generally.

This is relevant in our traditional areas of work as well as in the newer areas in which actuaries are becoming ever more involved.

My own specialism is pensions and I have found on occasions, when talking to clients about funding risk, they hear you are talking about investment risk and end up with a mismatch of understanding. Our role is to help them to see things the way we do – integrating the asset and liability issues and not seeing them as independent from each other.

It is even clearer in the newer fields.

Encouraging our stakeholders to look at things from a different perspective was brought into sharp focus at the end of last

year, when the chair of our Resource and Environment Board, Oliver Bettis, was invited to present at a climate change conference hosted by one of the world’s most preeminent think tanks, Chatham House.

Valuable advice Such was the impact of Oliver’s presentation on the audience that the IFoA was contacted by the Foreign & Commonwealth Office, who were hosting a climate change conference in Beijing where leading climate change scientists were gathering. On this occasion, David Hare, our immediate pastpresident, represented the IFoA and opened the eyes of the scientists to a new viewpoint; looking at climate change through the actuarial risk perspective.

So the next time you meet clients, new or established, think about that 3D stereogram and what those clients could be seeing. Your communication skills need to ensure that clients who don’t have your training can use it to make good decisions. Help them to see things the way we see them. a

“Opening the eyes of clients will open up new and diverse opportunities for our members and actuaries more generally”

March 2015 • THE ACTUARY www.theactuary.com

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Opinion Soapbox

DR SCOTT KELLY

Social unrest: a systemic risk Social unrest has punctuated history. What is different now, in the 21st century, is that it has become a systemic risk. As the Arab Spring and Occupy movement show, ideas and calls for action spread quickly by mobile phone and through social media networks. Large-scale disturbances, often spanning multiple locations simultaneously, can emerge quickly.

Organisations need to consider this profound change in the way they think about their exposure to political instability.

Understanding the impact that social unrest can have on businesses and the economy is a complex and challenging undertaking.

Scenario planning, coupled with stress testing, is an effective way for organisations to see where they need to reinforce their resilience to the threats posed to their operations and the possible macroeconomic implications.

To be effective, a stress test scenario needs to be: ● challenging; ● plausible but not too probable; ● coherent – consistent and interlinked.

I believe that a 100-year return period is reasonable for this exercise – as an event of this severity is sufficient to push an organisation beyond its existing contingency planning – but remains consistent with other risk management parameters. The details of the severity metric, however, are less important than the exercise of working through management actions.

The objective of conducting the stress-test scenario is to provide input into the organisation’s contingency planning to increase its resilience to the threats from such events. It will also be possible to model the likely effects on a company’s revenue and asset values and so incorporate this into the enterprise risk management.

Probable cause In terms of probability, we see youth unemployment as a key driver in the development of severe social unrest, with social media as a catalyst. Despite a period of economic growth and increasing corporate profits, high youth unemployment, even for university graduates, is a structural problem in

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With the help of social media, civil unrest is a risk that has profoundly changed in nature, says Scott Kelly Europe, North America and many other countries. Almost any incident can become a trigger and what starts as a peaceful, confined protest can quickly become widespread and deteriorate into civil disorder or worse, especially if the wider population is already disaffected.

These are complex risks; they have multiple consequences in terms of direct losses and challenges to business continuity and cascading effects on counterparties.

Disruption to transport, suppliers and customers’ operations is likely.

Because of exclusion clauses, insurance may provide a limited solution without additional coverage.

When civil disorder builds up over an extended period, the consequences on the macro-economy are also an important consideration. There could be many days of lost production owing to strikes, demonstrations closing down city centres, transport disruption and the general climate of uncertainty. Macro-economic shocks triggered by social unrest may ripple through

the economy, hitting tourism, confidence and consumption, ultimately suppressing demand. These would inevitably have an impact on the capital markets.

The Cambridge Centre for Risk Studies has prepared a scenario that simulates the outbreak of a significant period of social disorder among young, disaffected people across Europe, North America and beyond. It is intended to capture the sudden rallying of youth anger across key institutions and economic sectors.

It estimates the impact on a hypothetical consumer electronics company called Pomegranate and models the resulting macroeconomic consequences and the financial impact on a conservative asset portfolio.

The Millennial Uprising Social Unrest Test Scenario report is available for free download from the centre at bit.ly/1sh2DyD

“When civil disorder builds up over an extended period, the consequences on the macro-economy are an important consideration”

Dr Scott Kelly is a senior research associate at the Centre for Risk Studies at the University of Cambridge

THE ACTUARY • March 2015 www.theactuary.com

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NEW WEBSITE!

After much development, SIAS is proud to announce that it has a shiny new website – www.sias.org.uk Please visit and let us know your thoughts by emailing webmaster@sias.org.uk

THURSDAY 19 MARCH RCH

SIAS poker tournament 6pm Venue: see SIAS website

SOCIAL EVENT

Following the success of last year’s event, SIAS is hosting another poker night on Thursday 19 March.

Food will be provided and cash prizes up for grabs so remember to bring your best poker face.

Tickets are now available but places are limited and will be offered on a first-come, first-served basis.

So get in early as we are expecting a full house!

Please see www.sias.org.uk for further details.

TUESDAY 12 MAY

Incorporating trends into historic financial analysis: the value of change points when looking at historic data Matt Modisett Staple Inn Hall High Holborn London WC1V 9QJ 5:30pm start

AGENDA

Whenever you look at historic data, trends seem obvious to the eye. Yet, we generally assume a random walk hypothesis, ignoring trends when creating models. Is it possible to incorporate the intuitively obvious presence of trends within our models in an objective way?

Yes, it is possible. The basic idea is to assume that markets have ‘regimes’. Within a regime we assume a random walk with a constant trend and volatility – however, with the regime changes, the parameters for trend and volatility are reset. The difficulty is how to determine objectively where the regimes change historically in order to calibrate a regime-changing model.

As it turns out, there is a well developed methodology for determining regimes in historic data: change points. This tool/methodology calculates the best-fit times of regime change, the socalled ‘change points’.

This talk introduces change points in the context of incorporating trends into a financial model.

However, change points are useful in a wider context and may be a valuable addition to the actuarial arsenal of tools.

Refreshments will be served from 5:30pm and the lecture will start promptly at 6pm. There is no need to register in advance for this meeting and non-members are welcome. There will also be live tweeting available via #SIASMay15 during the talk – please do get involved with any comments and questions for the speakers.

TUESDAY 9 JUNE

STUDENT CONSULTATIVE FORUM

The next Student Consultative Forum is due to be held on 9 June. Please let us know via education@sias.org.uk if you have any opinions, feedback or general comments about the actuarial education process that you would like to see discussed in the forum.

MORE EVENTS ONLINE For details of events, visit www.sias.org.uk

ISTOCK / SHUTTERSTOCK

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SIAS IS ON TWITTER! Follow us on @SIAScommittee for latest news on meetings, socials and more!

SIAS IS ON FACEBOOK! Check out the SIAS Facebook page for photos from the latest social events

March 2015 • THE ACTUARY www.theactuary.com

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24/02/2015 08:30

News IFoA NEWS UPDATES FROM THE ACTUARIAL PROFESSION

Upfront Opinion CEO’s comment The upcoming Asia conference marks a series of firsts for the IFoA, writes Derek Cribb

Event full of Eastern promise Derek Cribb is the chief executive of the Institute and Faculty of Actuaries

Last month, I talked about the

network of UK regional societies and how they facilitate actuarial communities. This month, I’d like to take a wider look at what we are doing to support the 44% of our members who are based outside the UK. We have a particularly strong and fast-growing presence in Asia.

Therefore I am delighted that the IFoA will be hosting its first residential conference in Asia, taking place in Beijing from 13-15 May 2015. It is also the first truly cross-practice conference for members and all those with an interest in actuarial science, with sessions on topics from general insurance to life to local solvency regimes such as China’s Risk Oriented Solvency System (C-ROSS) .

The IFoA has been able to attract speakers of an extremely high calibre from around the world, including thought-leading academics, representatives of global actuarial companies, and the China Insurance Regulatory Commission. The conference will also deliver an exciting programme of workshops and networking opportunities. Another first is a dedicated afternoon for university students, providing sessions to support their development and career progression. So it really is an event that is open to all.

We plan to repeat the Asia conference annually, finding locations that most suit our members’ needs in the region. I am really excited about the possibilities this presents for knowledge sharing between the East and West. It is hoped that, in future, we will be in a position to invite Asia-based speakers to present at UK conferences and vice versa.

Beyond this, it would be fantastic to run residential conferences in other parts of the world to reach even more members. We will also be looking to widen our sponsorship offering to strengthen our employer links.

In the UK, our residential conferences are well attended and receive good feedback. With the IFoA Asia Conference 2015, we are taking the opportunity to roll out a model that works to our members in Asia. This is in line with one of the central tenets of our strategy: to ensure the equivalence and accessibility of our services for all members. We are increasingly looking at ways to take our offering to our members, rather than expecting them to come to us.

For further details about the conference, please visit bit.ly/IFoAconfAsia

Making the transition: Fellowship to CAA Since launching the exemption window on the Certified Actuarial Analyst (CAA) track in November 2014, we have seen some of our membership transfer over to the CAA route from the Fellowship path.

Hannah Rogers, an actuarial support analyst at AXA Wealth, explains her reasons for choosing to do this.

“I joined AXA Wealth in 2011 on their actuarial graduate scheme. I previously worked at Deloitte as an expatriate tax adviser and made the decision to leave to pursue a more mathematical role.

“The actuarial exams are no mean feat.

Throughout my time at Deloitte and AXA I had an undiagnosed medical condition. Trying to battle this and study was not working well and my results began to show the strain.

“The CAA couldn’t have come about at a better time for me. With my current CT exams, I have three exemptions, leaving me three CAA exams to complete. This will give me something to show for the hard work I’ve done so far, but I’m not tied into exams for several years to come, provided I do the work necessary to pass the remaining three exams. The CAA will add strength to my position and show my current and future employers that I have a sound understanding of actuarial principles as well as relevant work experience.”

If you are a Fellowship student who has completed subjects CT1, CA2 and CT3 to CT6, you will be able to transfer to the membership grade of CAA at any time. This is subject to meeting the work-based skills and professionalism requirements.

A conversion assessment to enable fully qualified CAAs to transfer to the Fellowship pathway will be available from 2017/18, the point at which we anticipate demand may arise from newly qualified CAAs to continue their studies to become fully qualified actuaries.

To find out more about the CAA, please visit bit.ly/1kY9qVD or join the mailing list by submitting your contact details at http://svy.mk/1EY63Lx

DEREK CRIBB

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THE ACTUARY • March 2015 www.theactuary.com

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Thomas Béhar

Karel Goossens

David Pelletier

Andrew D Smith

Honorary Fellow election 2015: voting opens soon Each year the IFoA invites eminent individuals who are experts in their respective fields to be put forward for election as Honorary Fellows.

The IFoA Honorary Fellows election will be opening shortly.

Members entitled to vote (Fellows, Associates, and Honorary Fellows) will receive emails from president Nick Salter and Electoral Reform Services containing details.

Council has approved the following individuals to be put forward to a member vote.

Thomas Béhar is currently president of the Institut des Actuaires, group chief actuary and member of the Executive Committee of CNP Assurances, the largest personal insurer in France. He has actively developed

standards and guidance within the Institut des Actuaires, and is a strong advocate of the development of professionalism.

He lectures in actuarial studies at the Paris Institute of Statistics, ENSAE ParisTech (the Paris Graduate School of Economics, Statistics and Finance) and Université Paris-Dauphine.

Karel Goossens is chief executive of the Institute of Actuaries in Belgium (IA|BE) – a part-time role, having recently retired from Towers Watson. He is the former president of IA|BE and was chair of the Actuarial Association of Europe (AAE, formerly Groupe Consultatif Actuariel Européen) from October 2012 to September 2013. He chaired the Insurance

Committee of the AAE from May 2007 to October 2012.

David Pelletier is chair of the Actuarial Standards Committee of the International Actuarial Association (IAA). He is a past president of the Canadian Institute of Actuaries and has completed a term as chair of the Canadian Actuarial Standards Board. He is director of the Global Risk Institute. He retired from RGA Life Reinsurance Company of Canada in 2010, where he was chair, chief executive and executive vicepresident.

Andrew D Smith is a partner at Deloitte and currently an active member of the IFoA’s model risk and extreme events working

parties, and co-chair of the communicating uncertainty with professionalism working party.

Over many years, Andrew has served on numerous IFoA working party groups, presented at conferences and events worldwide and produced a number of publications, including a paper entitled The Financial Theory of Defined Benefit Pension Schemes (with Shyam Mehta and Jon Exley in 1997) and the Smith-Wilson yield curve extrapolation formula (2000), now used for the risk-free curve under Solvency II. Information on the election and how to nominate future individuals is available from the IFoA website at www.actuaries. org.uk or by email from lorraine. atherton@actuaries.org.uk

400 Club survey results: members’ communications and engagement

By Memoria Lewis, membership director It has been two years since we ran a comprehensive survey on member support activities, so I was personally cheered to note that the majority of 400 Club members (the IFoA’s virtual feedback group) acknowledged the progress as positive, especially in the areas of continuing professional development (CPD) coordinator engagement, volunteering, membership team performance and developments in online learning provision.

In fact, 87% of those who took part felt satisfied with the services we are providing (ranking 3-4, where 1 is low and 4 is high).

The 85 pages of feedback are being analysed by the member support team, who will work towards the challenges you have set them but take comfort in knowing that what has been put in place has made a positive impact. Highlights include: 88% rated the new CPD coordinator

guide positively, prompting one member to say: “It is a large step forward and feels like the IFoA, employers and actuaries are a team rather than a bunch of individuals. We currently have one CPD coordinator, but are [contemplating] more.”

In terms of the promotion of volunteering, 96% of the 400 Club rated the developments positively, with one member claiming: “Volunteering used to be very much an old boy’s club – places would only ever be filled by friends of existing volunteers. I’m glad to see that it’s all more open and transparent.”

The opportunity to learn online, through event recordings and especially professionalism videos, was seen as a great step forward by 93% of the 400 Club, with 64% of them giving this the highest rating. One advocate exclaimed: “I cannot tell you how much I LOVE being able to get professional skills and CPD online. If I could give this a 40 and not a 4, I would!”

Our objective is to provide equal service to all

members – a challenge as members are in almost every country of the globe. We want members to feel part of a vibrant community that supports and develops their knowledge.

One member has embraced this vision: “I joined the IFoA about three years ago and have witnessed the remarkable improvement in resources, member engagement and support. I am very proud to be a member of this organisation, and keen to be involved in its continued growth and development going forwards.”

As membership director, it doesn’t get better than that. Thank you again, 400 Club.

To get involved, please Memoria Lewis visit bit.ly/1CPL0dt

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News IFoA NEWS UPDATES FROM THE IFOA

Disciplinary

Study group sessions for CA1: South-East Asia The IFoA’s representative for South-East Asia, Caryn Chua, will be conducting study group sessions for students preparing for the CA1 actuarial risk management exam in Malaysia and Singapore in March 2015. There are also volunteers who have offered to mentor students with the General Insurance exams (SA3, ST7 and ST8) in Malaysia and Life Insurance/Healthcare exams (SA2, ST2 and ST1) in Singapore.

The meetings are informal and there will be discussions on exam techniques, an overview of the syllabus as well as question-and-answer sessions.

Caryn Chua: IFoA’s South-East For details, contact caryn.chua@actuaries.org.uk Asia representative

NEWS IN BRIEF Volunteer vacancies As a volunteer, not only do you help direct and develop your profession but there is also the added benefit of being able to stretch and develop your own skills, personally and professionally.

Why not take a look at the vacancies below or visit the volunteer vacancies webpage for a full list of roles?

O Join the public policy virtual review group; O Become a CPD co-ordinator for your organisation; O Take on an education role as an examiner or moderator; O Become a member of the Investigation Actuaries Pool.

For further information, please visit the volunteer webpage at bit.ly/1CdefkU, or email Debbie Atkins, head of volunteer engagement at debbie.atkins@actuaries.org.uk

Are your contact details up to date?

We issue regular communications to our members to keep them informed of news, views and updates. To ensure that you receive these updates, we encourage you to check that your contact details are correct and that we have your current employee details. You can do this by logging into the members’ section (bit.ly/1vgojqL) of the website. Alternatively, email membership@actuaries.org.uk for assistance.

Mr Enrico di Monte (student) On 29 October 2014, the Disciplinary Tribunal Panel considered charges that the respondent, Mr Enrico di Monte, had cheated on a Core Technical 5 examination at the Marino Institute, Dublin, on 23 April 2012, and that such behaviour had been dishonest.

The panel found the facts proven on the basis of evidence submitted to the hearing, including admissions made by the respondent in writing and using the standard of proof required under the Disciplinary Scheme, namely the balance of probabilities. The panel agreed that the burden of proof, being on the IFoA, had been discharged on the finding of misconduct.

In respect of the charge of dishonesty, the panel alsoRemoved found the charge proven by applying content the legal test of dishonesty to the evidence submitted.

The panel found that the respondent’s actions were in breach of Principle 1 of the Actuaries’ Code and constituted misconduct in terms of Rule 1.6 of the Disciplinary Scheme.

The panel noted that the maintenance of the integrity of the examination system is at the core of a learned profession and reflected concern over the actions of the respondent by imposing the following sanctions: O expulsion from membership of the IFoA for two years (rather than suspension) so that his re-entry would be subject to a process of scrutiny; O costs: having considered submissions from

EVENTS AND CONFERENCES work. With representatives from the Treasury and the Government Actuary’s Department, plus an Staple Inn Hall, London experienced consulting actuary, this 08.30-10.30 For over a decade, UK private-sector seminar will provide a morning of companies have slowly been closing interesting discussions and updates.

To book, visit bit.ly/1znydIU their defined benefit pension schemes. In October 2013, a revised Mastering the Art of ‘Fair Deal’ policy was published, which allowed employees who have Communication transferred from the public sector to 31 March and 14 May Edinburgh a non-public-sector employer to continue to access their previous As a result of research and public-sector pension scheme. interviews conducted with top Delegates attending this event will employers, the IFoA has created a be provided with a brief history of series of bespoke communication Fair Deal and an up-to-date working Masterclasses, dedicated to helping knowledge of this growing area of actuaries develop key skills and practical techniques for improving defined benefits pensions actuarial

Fair Deal Policy 25 March

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personal interactions and handling difficult situations. For a limited time, a £100 discount is being offered. An opportunity not to be missed. To book, visit bit.ly/1yfN9dY

Health and Care Conference 6-8 May Southampton This event will deliver professional speakers, thought-leaders and industry experts, who will provide diverse and wide-ranging perspectives on the control cycle, pricing, product design, monitoring experience, underwriting and claims management. Whether you are a junior or senior insurer, reinsurer or consultant, attendance will provide

you with an unbeatable platform for networking and knowledge sharing.

For early booking, visit bit.ly/1vXzaut

30 Years of Life 18-20 November Dublin The Life Conference turns 30 this year. Be part of the milestone and submit your application to speak at the IFoA’s largest conference of the year at bit.ly/1DWJJ0N Have you viewed the videos from the Life Conference 2014? Delve in to a wide range of plenaries, current hot topics and claim your continuing professional development at bit.ly/1zBb0Xn

THE ACTUARY • March 2015 www.theactuary.com

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Tribunal hearings both parties to the case, the panel considered it appropriate to make an award of costs of ÂŁ5,000 inclusive of VAT against the respondent and to require that it should be paid by no later than Removed content 30Â April 2015.

A copy of the panel’s full determination, including reasons for their decision, can be found on the IFoA’s website at bit.ly/1CPJdVz Mr David Jarman At a Disciplinary Tribunal hearing on 6 November 2014, the respondent, Mr David Jarman, faced allegations of misconduct relating to his acceptance of an appointment as actuary to a funeral plans trust without the necessary personal competence in operation of such schemes and to the manner in which he conducted interim valuations of the trust.

The panel found that based upon the evidence presented, the respondent’s failures amounted to misconduct and imposed the following sanctions: O a reprimand; O a ďŹ ne of ÂŁ5,000; O costs: the panel determined that the respondent should make a contribution of ÂŁ3,000 inclusive of VAT towards the IFoA’s costs.

A copy of the panel’s full determination, including reasons for their decision, can be found on the IFoA’s website at bit.ly/1CPJSX9 Mr James Donnelly On 10 November 2014, the Disciplinary Tribunal

Panel considered a charge of misconduct against Mr James Donnelly relating to the incorrect recording and insuďŹƒcient retention of records of his continuing professional development (CPD) activity between 1 July 2010 and 31 October 2013 in respect of CPD year 1 July 2010 to 30 June 2011.

The panel felt that, the respondent had not complied with his professional requirements and that he had therefore breached Principle 4 of the Actuaries’ Code. In doing so, the respondent had frustrated the IFoA in its important role of monitoring members’ compliance with the CPD Scheme.

However, the panel was of the view that the incorrect recording and non-retention of records were mistakes and were not wilful. As such, it determined that the respondent was not guilty of misconduct in terms of Rule 1.6 of the Disciplinary Scheme. The charge was therefore dismissed and no disciplinary action was taken.

The full determination, including the panel’s full reasoning, is available on the IFoA website at bit.ly/1DAEqGG Mr Andrew Morris At a Disciplinary Tribunal hearing on 2 December 2014, the tribunal considered a charge of misconduct against Mr Andrew Morris relating to an oence of murder committed between 16 and 19 October 2013, for which conduct Mr Morris was convicted on 23 May 2014.

Having considered the evidence, the tribunal found the charge proven and consequently found that Mr Morris’s actions amounted to misconduct.

The panel found that the fact of the conviction for the indictable oence of murder: O breached Principle 1 of the Actuaries’ Code, which concerned integrity; O was, in accordance with Rule 1.12b of the Disciplinary Scheme, prima facie evidence of misconduct; and O constituted misconduct in terms of Rule 1.6 of the Disciplinary Scheme, in any event, being conduct which fell below the standards of behaviour and integrity which other members or the public might reasonably expect of a member.

In order to reect the panel’s concern about the very serious nature of the charge, the panel imposed the maximum penalty as follows: O suspension from IFoA membership for a period of ďŹ ve years commencing on 2 December 2014.

O costs: the panel also determined that Mr Morris should make payment of £3,387.60 inclusive of VAT towards the costs of the IFoA. A copy of the panel’s full determination, including reasons for their decision, can be found on the IFoA’s website at bit.ly/1954KNJ Full reports on all the above cases, including the reasons for the decisions, can be found on the IFoA’s website at www.actuaries.org.uk

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If you have any newsworthy items for these pages please email social@theactuary.com

News People & Society

Going to the dogs in Dublin

By Adrian Varley The first event of the Society of Actuaries in Ireland’s new Student Society Committee for students and recent qualifiers was held on 20 November – a night at the dogs at Shelbourne Park.

Up to 65 students arrived to enjoy the blur of the dogs as they disappeared around the first bend, the jostling for position, and to cheer on their choice as it surged across the line. With a flutter riding on each dog, pulse rates were raised high and there were some big wins among the attendees. Where else would 30 seconds bring such excitement and fun?

Shelbourne Park provided a fantastic range of finger food on the night, washed down with a few complementary drinks. Thanks to them for running the event and to all those who attended. Pictures of the evening can be found on our Student Society of Actuaries in Ireland Facebook page.

We’re going to organise more events soon this year and will be in contact about these closer to the time.

Lastly, from all the student committee, we’d like to congratulate those who were successful in the September exams and wish good luck to all those sitting exams in April.

Master ‘takes out’ president’s wife

By Martin Miles (Master) Towards the end of January, the inter-livery skiing competition took place in Morzine, France. Started seven years ago, the event has grown steadily and this year there were 150 skiers from more than 20 livery companies.

As always, the Worshipful Company of Actuaries took a team, captained by IFoA president-elect, Fiona Morrison.

I am afraid we did not win any of the big prizes – not even the Actuaries Cup, in which skiers’ times are age- and sex- adjusted by a fiendish formula we invented and which was supposed to give us a sporting chance.

However, we did have some success. I am delighted to report that actuary Richard Hawkes (a past-master of the livery company) not only got the Seniors’ Prize for being the oldest participant to complete the course but was also part of the team that came third in the ‘Over 200’ competition. The latter is open only to livery companies that can field a team of three whose combined ages exceed 200.

Both this and next year’s president meet the usual ‘criteria’ of being very good skiers and members of the Livery Company, and Nick Salter took a weekend off his professional duties to ski magnificently as always. Unfortunately, I was skiing less well and, in our pre-race practice, I clipped the ski of Nick’s wife, causing her to fall – very gently I might add. I was the first to offer her help getting up – but too late – the headline for this article was inevitable. Luckily I was forgiven, and Nick put in a stunning performance in the race to lead our Livery Court team of three to the bronze medal slot, with George Yoxall and me many seconds behind but just good enough.

Cutting-edge fine dining The first livery dinner of 2015 for the Worshipful Company of Actuaries took place on 27 January at the very impressive Stationers’ Hall in London. Liveryman Simon O’Regan proposed the health of the guests, to which David Ward, senior vice-president of the Royal College of Surgeons, responded.

As well as David, who is a plastic surgeon, three other principal guests were also senior orthopaedic surgeons. I am pleased to report we did not require any of their services during the meal, but rumour has it that David took several bookings!

NWAS a good quiz

By Vicky Proctor The smartest actuarial minds in the North West clubbed together on 4 December for the annual North West Actuarial Society (NWAS) pub quiz, hosted by quizmaster Nigel Jones at the Ape and Apple.

Eight teams battled it out to be crowned the brainiest eggheads, with team names including ‘Small Lumps Mmmm’, ‘I Can’t Read This One Out’, and ‘The Winners’ (who

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unfortunately did not win).

Questions covered an array of topics, including past Eurovision winners, the ingredients of a Waldorf salad and Belphegor’s prime. A favourite question was

“Name three Oscar-winning films with an animal in the title,” with many disappointed to find ‘Slumdog’ was disallowed.

Well done to the Mercer team ‘Trivial Commutes’, (pictured left) for beating off the competition and winning the quiz, and also for being the only team fully resplendent in festive hats.

The battle of the brightest in the North West will take place again next year.

Deaths: David Paul HAGER died recently, aged 64. He became a Fellow in 1975.

Alastair Stewart FERNIE died recently, aged 80. He became a Fellow in 1963.

clerk@actuariescompany.co.uk

THE ACTUARY • March 2015 www.theactuary.com

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Obituary: Rowena Darby

By Karen Miller and Phil Darby

A cure for the January blues

By Anique Buddhdev Two hundred people making nearly 40 teams headed down to Yager Bar in St Paul’s for the 2015 SIAS pub quiz. Each team attempted a witty and imaginative team name with varying degrees of success. Some of my favourites were ‘I thought this was speed dating’ and ‘TAS M-anian devils’. Nevertheless, the award for best team name went to Hiscox with ‘I Know What You Did Last Quarter.’

Yager Bar served nachos and food platters throughout the evening and put on an extended happy hour to cure everyone’s January blues!

The quizmaster for the night was Nathan from

QuizQuizQuiz who arranged challenging questions of all types. Sport, music, film, picture and general knowledge rounds were topped with a final where negative marking was introduced.

There was high scoring all round, however the winner of the quiz was ‘Glass of milk at the Halibut’ from KPMG. The team had been on a clear winning streak from the outset, getting all the general knowledge questions as well as being able to guess a Britney song from only the first three seconds – congratulations!

Thanks to QuizQuizQuiz, Yager Bar and all entrants for making the night such a success.

New clerk wanted

Rowena Darby, an extremely talented young actuary at Towers Watson sadly passed away at Bolton Hospice on 29 December 2014 after a brave fight against terminal bowel cancer.

The 34-year-old, wife to Phil and mum to gorgeous four-year-old Freddie, was initially diagnosed in June 2011 and was given 12 months to live a year later. She then went on to defy all odds, continuously maintaining her fight with a positive attitude, which helped her to reach a number of important milestones, such as Freddie’s first day at school. Rowena also spent lots of time making keepsakes, such as cards for future milestones and videos to build up memories for Freddie.

Hundreds of family, friends and people whose lives Rowena touched turned out to pay their final respects, and share in a self-planned celebration of her life on 9 January.

Donations for Bolton Hospice and Mistletoe Therapy UK were requested instead of flowers and these are still being collected. In addition, over the past few years, Rowena and her family participated in various events to fund raise for and promote the charities and sources of alternative treatment that have helped Rowena and many others. Despite her continuous battle with the illness over the past four years, Rowena was able to demonstrate a strength and determination rarely seen. Her willingness to fight for her life shone through to all who met her – so much so that her story travelled far and wide in various local and national media.

Those who knew Rowena will agree that it was truly a blessing to have known someone so inspirational.

David Johnson FIA has indicated that he would like to retire as clerk of the Worshipful Company of Actuaries in July 2016. We are looking for a new clerk to start late in 2015 or early in 2016 so as to be able to overlap with David for six months or so. This is an interesting and unusual paid role with a workload equivalent to three to four days a week. It is likely to suit someone due to retire, or who has retired, and lives within an hour and a half of London. If interested, or if you know anyone who might be interested, please contact Charles Cowling in confidence: Charles_Cowling@jltgroup.com

Conquer China as a feudal lord Ye Yeo Keng Leong and Christina Ng Zhen Wei launched their first board ga game, Three Kingdoms Redux, on 20 November. Gamers can experience th role of a feudal lord during the ‘Three Kingdoms’ period in China, via the v various game mechanics including bidding, worker placement and v variable player power. Three Kingdoms Redux is a three-player game that has gone through a development process of approximately four years and more than 200 sessions of play tests. Details of the designers’ four-year journey can be read at:

https://www.boardgamegeek.com/geeklist/159356/we-are-taking-plunge Buy the game at Starting Player’s store:

http://starting-player.myshopify.com/collections/all/products/ three-kingdoms-redux

We would be delighted to hear from you if you have any newsworthy items for these pages. Please contact Yvonne Wan at social@theactuary.com

March 2015 • THE ACTUARY 15 www.theactuary.com

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On my agenda features@theactuary.com

Green shoots Oliver Bettis, chairman of the Resource and Environment Board, talks to Helen Lau about the achievements it has made since its inception 15 months ago, reveals the board’s exciting plans for the future and explains how actuaries can get involved Having evolved from the Resource and Environmental members’ interest group, the R&E Board is the IFoA’s seventh and newest addition to the community of practice area boards. It was established as a result of the growing significance of resource and environmental issues that are having an increasing impact on society, business and the economy. The new board met for the first time in January 2014. Chairman Oliver Bettis describes its progress so far, and its future collaborations and goals.

What are the objectives of the R&E Board?

The board has three high-level goals. First, to help actuaries deal with resource and environmental issues as they increasingly affect their everyday work, such as in pricing natural catastrophe risks. Second, we will develop the profession’s expertise in this field. We want actuaries to become known as a trusted source on questions of environmental sustainability, especially as it affects the financial sector. This will lead to more opportunities for actuaries to develop their careers in this area. And, third, we will serve the public interest.

How is the board achieving these?

We encourage research and thought leadership on the potential implications of resource depletion and environmental change. Members of the board and other

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actuaries have participated in numerous talks, conferences, working parties and on a variety of different projects. For example, we are currently collaborating with the Foreign & Commonwealth Office in a series of meetings on climate risk, leading up to the international climate change negotiations in Paris in December. These are organised by Sir David King, the foreign secretary’s special representative for climate change.

We have commissioned a review of academic literature on the topic of environmental sustainability and the financial system. This will be presented at a sessional meeting on 11 May and will help to guide our research effort in the coming years.

In January, we held a very well attended evening event on ‘Sustainability and the financial system’. Nick Robins from the United Nations Environment Programme gave an introduction to the project that he co-directs, entitled ‘Inquiry into the design of a sustainable financial system’.

We also participated in the Annual Chatham House Conference on Climate Change last November, discussing the tail risks of climate change.

Our collaborations include working in partnership with many of the profession’s other practice areas such as the GI Board, with whom we have established a working party on climate change. The first outputs should be available later this year. We are also forming a cross-practice working party,

TOM CAMPBELL

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On my agenda features@theactuary.com

co-sponsored by the Finance and Investment Board, to investigate new economic thinking. Changes in economics are emerging for a number of reasons, including environmental sustainability, particularly after the financial crash. We have begun working with the Risk Board and the Global Challenges Foundation to develop our thinking in areas of global risk, such as extreme climate change.

We will work with other boards and external bodies where it makes sense for us to do so, and are about to participate in a roundtable discussion with the Prudential Regulation Authority (PRA) to discuss the long-term risk of climate change to general insurers. This is motivated by a request to the PRA from the Department for Food, Environment & Rural Affairs to report on the risks from climate change to the insurance industry and on the role of regulation.

These are just a few examples of how the R&E Board is providing a platform for actuaries to understand the implications of climate change and resource constraints, demonstrating the value that actuaries can add and serving the public interest. So any actuaries interested in this field should check for opportunities on the volunteer website.

What is the purpose of the United Nation’s Environment Programme project you mentioned?

This is a two-year inquiry into how financial system reforms can help with sustainability issues from a global perspective. It will review what rules governing the financial system are already in place to address sustainability, and how such rules can be further enhanced in pursuit of green economies. By addressing these things, it can help economies to deploy the right public capital in areas that truly need it.

The inquiry’s advisory council has global representatives from the World Bank, the International Monetary Fund, stock exchanges, rating agencies and other government federations. The financial industries have already been adopting sustainability policies. These include issuance of green bonds, requirement of environment stress tests and greater disclosure of climate change in asset valuations.

However, more needs to be done.

consumption, depletion of non-renewable resources, changes to the climate, increasing population and technological advancement. Even though many people accept the concept of limits to growth, it remains controversial and the timing is very uncertain. There are few economic models that can combine all these dependencies and help us understand what might happen as we approach the limits of the earth’s carrying capacity.

We will continue to investigate this subject, and, as in all our work, will base our thinking only on what the data and science is telling us.

The eight Millennium Development Goals set by the UN are expiring this year, and will be replaced by Sustainable Development Goals (SDGs). At a recent meeting in London on financing for sustainable development, the economist Jeffrey Sachs spoke about the SDGs (see bit.ly/1Dv0ync) and how sustainable development will be the organising principle for the world over the next decades. The goals are costed at between $2 trillion and $3 trillion, and will apply to both rich and poor nations, with poverty reduction linked to environmental protection. It was exciting to see so many enthusiastic speakers, with the venue full of finance professionals, discussing how finance can play its part in global sustainable development.

What new topics have risen out of the board’s work?

Food security is a new kid on the block. Climate change is increasing the risk of crop failure in major food growing regions. Together with a growing population and increasing consumption, this leads to increased risk of food shortages, which could affect political stability in some regions, with consequences for supply chains and financial effects. The R&E Board is contributing to projects investigating risks to food security, one of which is organised by Trevor Maynard, an actuary and head of exposure management and reinsurance at Lloyd’s of London.

Has technology helped with reversing the threats to society?

Technological advancement is growing at a tremendous pace and this has helped to reduce our environmental

What are the current hot topics?

Carbon bubbles have already been featured in articles we have promoted in The Actuary, and we held a seminar on this topic last autumn. Many hydrocarbon companies are potentially exposed to over-valuation of their fossil fuel reserves if governments restrict their utilisation to try to limit global warming to below 2oC. In October 2014, Mark Carney, governor of the Bank of England, expressed the view that the vast majority of such reserves are unburnable, and warned that a lack of long-term thinking by governments and businesses could result in a “tragedy of horizons”, which could lead to market failure.

The potential of physical limits to kick in and reduce the rate of global economic growth (for example, from depletion of non-renewable natural resources) is a long-term issue that will become more important over time. It is about the relationships between increasing

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“I’m very optimistic about the future of actuaries in dealing with R&E issues. Over the past few years, I’ve found the actuarial skill set is extremely well-suited and transferable to this area” TOM CAMPBELL

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impact. Without it there wouldn’t be renewable energy technologies to reduce our reliance on fossil fuels, nor would it be possible to maximise energy efficiency at home and in our transport systems. However, technology alone will not reverse the threats. It needs to be accompanied by changes in financial systems, effective institutional frameworks, and changes in human behaviour.

Can we make use of actuarial thinking on risk to support climate change models?

Actuaries and others who have responsibility for managing risk know that models, while useful, are not sufficient for a full understanding. Other more qualitative techniques such as scenario building and stress testing are also needed.

Also, the fact that the range of model output is the range from the model – not the full range of possible outcomes from the world – might not be obvious to those not used to working with models.

The deeper understanding of risk and uncertainty (and the difference between the two) and the understanding of models and model risk are ways that actuaries can add value to the climate change arena.

What are your hopes for the future of the R&E Board, and for the role actuaries can play within this field?

Over the coming years, actuarial work will increasingly be

affected by resource depletion and environmental issues.

Examples are already seen in general insurance pricing, where it is probable that weather extremes have been affected in some areas. This has led to US and Canadian actuaries developing an actuarial climate index.

We aim to work closely and sensitively with all the other practice boards to help actuaries adapt to our rapidly changing world.

We will collaborate with other environment-related professions and scientists, and engage with regulators and policy-makers where we can add value. It is not about delivering the results straight from the model or a spreadsheet. It is about understanding the implications of the results, thinking how they should be communicated and how they can be applied, now and in the long term.

I’m very optimistic about the future of actuaries in dealing with R&E issues. Over the past few years, I’ve found the actuarial skill set is extremely well-suited and transferable to this area. The skills that we have in modelling and finance, and our understanding of risk and uncertainty, are all in great demand now – and will be even more so in the future. a For more information, please visit the Resource and Environment Board page on the IFoA’s website

March 2015 • THE ACTUARY www.theactuary.com

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Innovation Startup features@theactuary.com

A few years ago, I set out to buy a stocks and shares ISA. As a consulting actuary, I’d spent a lot of time helping big companies set up systems to look after their own money, so I expected buying an ISA for myself to be pretty straightforward.

I was amazed at just how difficult it was. Most of the information available was just marketing material and of no real help in choosing a portfolio. After a bit of digging, I found that I wasn’t alone. According to IPSOS Mori research commissioned by Platforum in 2013, of those 13 million UK adults holding a risk-based investment, just 32.6% enjoy involvement with investments, 54.3% know it’s important but dislike it and 13.1% pay very little attention to their investments at all.

I thought there was a gap in the market to help this ‘bored majority’, so I gave up the

comfortable career prospects and secure income of actuarial employment, and set off to launch SmarterInvestment.

The idea was to take the hassle out of investing. I wanted to: ● provide high-quality information that would make it really easy to choose a sensible investment (no more opinionated articles, ‘top 150s’ or star ratings); ● provide decent aftercare so people weren’t just left on their own with a nasty surprise if their investment wasn’t working out.

I had lots of experience with the asset liability management (ALM), portfolio optimisation and risk oversight technology used to solve these sorts of problems in the corporate world. I decided to make the same sorts of techniques more widely accessible to consumers.

The biggest challenges were not technical.

Building a robust asset model for the UK collective fund universe was tricky, but doable.

Ben Pollard, actuary and founder of SmarterInvestment.co.uk, talks to us about the challenges of launching a startup

What’s the

Big idea?

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GETTY

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Example of a SmarterInvestment.co.uk comparison table

BEN POLLARD

is an actuary and the founder of smarterinvestment. co.uk

our reach, for example, embedding the comparison tables in other websites. We’ve also been looking at offering a similar service via employer-based platforms so people can get access at work.

We have had discussions about a pensions version of our service. The relaxation of pension rules means more people are likely to appreciate something that keeps an eye on their money to help avoid running out of cash later in life. Our monitoring service does exactly that.

Lessons learned

The toughest challenge was undoubtedly packaging all the technology up in a way that makes sense to non-actuaries.

We live in the age of Amazon and Aleksandr the meerkat, and people are used to using comparison tables to make informed decisions.

But what have comparison tables got to do with ALM and portfolio optimisation? Well, quite a lot, if you use them to compare likely returns on different diversified portfolios of funds.

This might not sound that revolutionary, but using comparison tables enables powerful and simple communication of some quite complicated concepts. For example: ● the benefit of diversification (better diversified portfolios will show up higher in the tables because they have higher likely returns for the same overall risk); ● the benefit of lower charges (lower charge portfolios show up higher in the tables because there is less drag on the returns); ● the difference between systemic and diversifiable risk (funds which include mainly risk that can be diversified tend to show lower in the tables due to a reduced equity risk premium); ● the meaning of risk (for example, the ‘bad case’ for each portfolio shows how much you might lose at a 1-in-6 probability level).

Simple tables can be used to communicate complicated concepts, like the benefit of diversification and real meaning of risk.

I also wanted to provide good-quality aftercare. Big firms have entire departments keeping an eye on their investments on a daily basis, producing risk dashboards and the like.

Consumers, on the other hand, are pretty much left on their own. So how do you build a consumer equivalent of an investment risk department?

We settled on an email alert service. This means we run a full ALM review for each customer every night, and email them if: ● their investment is now unlikely to hit the target they’ve specified; ● the risk/return profile of their investment has changed; ● a better alternative investment is available in the comparison tables; ● performance breaches a certain threshold.

Again, these triggers might seem very simple, but they encapsulate some quite sophisticated concepts, taking account of the latest market conditions, yield curves, VIX (volatility index), and fund performance. To translate the triggers into conventional actuarial language, the first is a sort of long-term value at risk (VAR) monitoring, the second is keeping tabs on portfolio volatility, and the third is checking that the portfolio is reasonably close to optimal.

We’ve used traffic lights and plain English to make a very sophisticated investment monitoring service easy to understand.

Challenges ahead The website has been launched for just a few months now and we’ve been really pleased with the reaction so far. The ISA deadline is coming up, which will make this a busy time of year.

The next challenge is distribution. We’re doing a lot of PR work and advertising to let more people know about what we’re doing, with a particular focus on the junior ISA market as a loss-leader. We don’t charge for junior ISAs. This means you can pick up a junior ISA and only pay the fund manager charges – just circa 15 basis points (bps) all in.

We are primarily a retail brand, but we’re also considering packaging up parts of our technology for use by third parties to increase

I’ve made an awful lot of mistakes along the way. The ones that really hurt are those that cost you a lot of time.

Probably the biggest one was managing the dependencies on third parties. Getting authorised by the Financial Conduct Authority took nine months and it wasn’t until this came through that we could engage seriously with other regulated companies that we needed to supply services. This then took a further nine months, making 18 months in total.

Another mistake was not being grateful enough for criticism. I started off feeling quite protective of my ideas, so when people pointed out things they didn’t like I would explain and defend, rather than just listening.

This was counterproductive – real customers aren’t as kind as friends and family. It’s particularly true for an impersonal web-based business where people just leave the site if they don’t like something. You don’t get the chance to ask them why they’re leaving!

My actuarial experience has made a big difference, and not just on the technical side.

One of the most useful skills I learned as an actuary was how to get along with people at all different levels of seniority.

Being an actuary gives you credibility and exposure to many different parts of an organisation relatively early in your career. This is a fantastic opportunity to watch how different people interact with one another, learn what they do and don’t care about and to practise your own communication skills.

This experience was invaluable for me in getting the business off the ground. I had to deal with a lot of different people in all sorts of organisations. Knowing how to get along with the administration folks, how to deal with IT developers and how to get a meeting with the boss if you need to, are very useful skills.

Overall, the experience so far has been fantastic. But it’s early days and fingers crossed, people will like what we’re doing. a

March 2015 • THE ACTUARY www.theactuary.com

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Investment Procyclicality features@theactuary.com

Riders

on the storm

Instead of pension and life funds acting as economic stabilisers, they are compounding instability in financial markets. Ashok Gupta explains why a more long-term approach is recommended by a Bank of England study The effective mobilisation of savings is vital to provide a decent income in retirement for a rapidly ageing population. It also has the potential to supply much needed long-term finance for industry and infrastructure.

Life assurers and pensions funds are a crucial link in this chain, but to be effective they must be able to invest over the long term. This means investing through economic cycles and with an ability to ride out short-term volatility in market prices; by doing so contributing to market stability.

But a recent Bank of England report (Procyclicality and Structural Trends in Investment Allocation by Insurance Companies and Pension Funds) has found our institutions are failing in this. It suggests they have adopted

procyclical, short-termist approaches, which have amplified market volatility and reduced the amount of long-term funding available for industry and infrastructure. In doing so, they have been following accounting and regulatory methodologies inconsistent with the longerterm ambitions of the industry and their role in the economy.

In this way, they have made it significantly harder for our economy to emerge from what has probably been the deepest depression on record.

The report is the result of a two-year study by the Bank of England carried out in conjunction with industry, regulators and academia. This study was guided by a working group, chaired

by Andrew Haldane (then director of financial

Chart 1: Allocation of assets to different asset classes (nominal)

UK equities Overseas equities

Overseas bonds Mutual funds’ shares

UK corporate bonds UK government bonds

Derivatives Other 100

60 40 20 0 87

89

91

93

95

97

99

01

03

05

07

09

Source: Office for National Statistics and Bank of England (a) Bonds includes money market instruments, medium and long term bonds. The split of overseas bonds by issuer is not available. (b) Other includes currency, deposits, loans, other accounts receivable and insurance technical reserves. (c) Derivatives data begin in 2004, but prior to 1997 are included in corporate bonds

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11

13

Per cent

80

stability) and comprising leading actuaries, industry professionals and economists with experience across life assurance, pensions, investments and capital markets.

A key empirical observation is that life assurers and pension funds’ investment risk bearing has declined dramatically in recent decades. While some of this can be explained by the decline of defined benefit pension schemes and with-profits products, the reduction in risk bearing is too great to be explained purely by these factors.

The proportion of investments held directly in equities by UK insurance companies and pension schemes has more than halved since the late 1980s, (see Chart 1, left), with only part of the reduction being offset by indirect holdings of equities held within mutual funds.

There has been a reduction of almost a half in holdings of equities by pensions funds over the past 20 years, from approximately 70% to close to 35%.

Most of the reduction has occurred over the past decade, since accounting standards and regulations based on market prices were introduced. This is clearly evident from Chart 2 (p24), which shows holdings of equities by non-linked insurance funds, and demonstrates a significant reduction around the time of the introduction of market-based ‘realistic’ regulation.

Haldane’s report also revealed evidence that excessive reliance by the industry, regulators and accounting bodies on mark-to-market and other short-term measures has exacerbated the impact of the economic crisis by encouraging life companies to act procyclically.

The consequences of procyclicality are particularly serious. ‘Procyclical’ investment

DAVE EASTBURY

24/02/2015 08:36

“Buffers that are larger in good times and smaller in bad times would help reduce procyclical behaviour and support long-term investment risk bearing throughout cycles.”

March 2015 • THE ACTUARY www.theactuary.com

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features@theactuary.com

has the effect in the short term of exaggerating market movements, or in the medium term of creating higher peaks and deeper troughs. This is exactly opposite to how these institutions might be expected to behave; acting as important countercyclical balances helping to control and moderate market volatility.

Procyclicality can arise when liability valuations are less sensitive to market movements than asset valuations. Capital resources will, of course, then increase during periods of rising prices and decrease when asset prices fall. If capital requirements do not increase so as to absorb such increased capital resources, insurers may feel ‘capital rich’ and, as a result, use such excess capital to make further risky investments, contributing to procyclicality. Clearly, the opposite happens in downturns. As a result, market-based capital regimes can contribute to ‘risk-on’ in upturns and ‘risk-off ’ in downturns, exacerbating system-wide procyclicality.

Procyclical behaviour The study identifies evidence of procyclical behaviour by insurers in a number of countries, including the UK. This evidence was stronger in the ‘dotcom’ crash of the early 2000s than the recent crisis, which may reflect the reduction in risk appetites between the two crises and an absence of data on derivative usage.

Evidence of procyclical behaviour among occupational defined benefit (DB) pension funds is mixed. Some short-term countercyclical behaviour was observed, most likely reflecting automatic rebalancing of investment mandates. However, the overall trend was one of continual disinvestment, which may have contributed to instability during the crisis. What is clear is that, unlike local authority schemes, occupational DB pension funds did not take advantage of the chance to acquire cheap assets during the crisis.

Perhaps some of the strongest evidence of procyclical behaviour derives from the widespread use of regulatory forbearance during the recent crisis by both the Financial Services Authority and the Pensions Regulator.

While regulatory flexibility may have tempered procyclical behaviour, it is applied on an ad hoc basis and suffers from various flaws. Its application is asymmetric across firms and over time, benefiting weak firms more than strong ones and easing requirements in times of stress but not requiring larger buffers in more benign

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Chart 2: Nominal holdings of equities vs FTSE All Share Index (a)

FTSE All Share (lefthand scale)

Equity (righthand scale)

600

350

500

300 250

400

200 300

£billion

Investment Procyclicality

150 200 100 100

50

0

0 84 86

(a) Index: 1985 = 100

88

90

92

94

96

98

00

02

04

06

08

10

12

14

Source: S&P SynThesys (regulatory returns), Datastream and Bank calculations

environments. Moreover, firms cannot anticipate it and by the time of its introduction, much damage will have already occurred.

Significant industry herding by DB pension funds is also identified in the report. The rush by funds into index-linked gilts has resulted in market distortion, suppressing yields on 20-year index-linked gilts by as much as 165 basis points (bps). This in turn inflates pension deficits. This herding most likely derives from industry practices regarding the use of investment consultants and asset managers.

Misreading of risk Much of the above is driven by two fundamental misreadings of the risks to which long-term investors are exposed.

The first is to do with liquidity. The liquidity needs of many long-term savings products are low and predictable, as, for example, in the pattern of pensions being drawn down gradually over many years. However, current regulation, under which assets and liabilities are valued by reference to current market prices and interest rates, imposes liquidity requirements for providers far in excess of the products’ natural needs. Under current accounting, companies must hold their pension deficits on their balance sheets, utilising mark-to-market principles that cause these deficits to be highly volatile. Efforts to reduce this volatility can have a heavy cost ultimately borne by companies, their shareholders and, potentially, pensioners.

The second key misreading relates to the focus on market volatility in measuring risk.

This approach fails to make the necessary distinction between investment risk (the risk of permanent loss in the value of investments), which is the primary risk for long-term investors, and market risk, which is typically a function of short-term market volatility.

After prices have fallen significantly is often a good time to buy – when the investment risk is relatively low, even if the absolute amount of price volatility is high. Yet this is precisely when mark-to-market principles make it hard for long-term institutions to buy equities – because a period of high volatility is thought to be a

period of high ‘risk’. In fact, as we know, the riskiest time is often when market values are high and volatility is exceptionally low.

A stronger and clearer distinction between market risk and investment risk would lead to better risk management, more usable capital and longer-term investment.

What else can be done?

Countercyclical capital buffers would help, and further consideration of these is recommended in the report. Buffers are only effective if they can be released in times of crisis without having to replace them. So buffers that are larger in good times and smaller in bad times would help reduce procyclical behaviour and support longterm investment risk bearing throughout cycles.

While defined benefit pensions, with-profit policies and annuities are in decline, we still have a large stock of such products that will take several decades to run off. And the fundamental need for our institutions to bear investment risk on behalf of customers remains and may even increase post pensions liberalisation. So we, as a profession, need to rise to the challenge through designing better products and finding solutions to industry herding, DB pensions consolidation and more.

As we struggle to emerge from the economic crisis, the potential of pension and life funds to mobilise long-term capital and smooth the economic cycle has been undermined by industry practices, regulation and mark-tomarket accounting. Pension and life funds are behaving like banks, compounding instability.

The Bank of England study highlights the need for fresh thinking to promote long-term savings and investment. a For Procyclicality and Structural Trends in Investment Allocation, go to: bit.ly/1DlMqLv

ASHOK GUPTA

was joint vice-chair of the Bank of England working party. He is chairman of AA Insurance Services

GETTY

24/02/2015 10:27

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May 2013 • THE ACTUARY 25 www.theactuary.com

18/02/2015 16:49

Investment Career development features@theactuary.com

Investing in your future

Catherine Murray and Elvis Gannon talk to three actuaries, Ian McKinlay, Alasdair MacDonald and Chetan Ghosh, about their career transitions to chief investment officers, and what it takes to succeed in this role Last year, the IFoA’s Finance and Investment Board launched an initiative aimed at promoting the career path of chief investment officers (CIOs), and helping actuaries move into similar roles. The board has sponsored a series of events to stimulate discussion and engagement with the initiative. Ian McKinlay, Alasdair MacDonald and Chetan Ghosh share their thoughts on what it takes to succeed as a CIO, how the actuarial skillset is suited to the role and how actuaries looking to move into this area might navigate their career path.

What type of work are CIOs involved in, and what might they do on a day-to-day basis?

IAN MCKINLAY (IM): It varies a lot. In a typical week I might assess a small group of fund managers for a particular mandate; attend a board meeting to discuss funding and investment; evaluate a new investment opportunity; make sure collateral arrangements for a complex longevity swap trade are working properly; and ensure a large contribution is invested appropriately.

ALASDAIR MACDONALD (AM): The work depends upon the type of CIO. They can be internal or external, and further split between delegated, as in a fund manager, or advisory, as in a consultant. All CIOs have to span the gap between a client’s needs and investment markets. Internal CIOs are closest to the client’s needs, meaning a focus on liabilities, solvency and regulation, whereas delegated CIOs are closer to markets, with a focus on securities, macro-economics and trading.

CHETAN GHOSH (CG): I am a strategic investment CIO, so I focus on looking at the best possible opportunities in any asset class

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anywhere in the world. We talk daily to some of the leading global investors. It’s a large pool in which to fish, so we use our own investment philosophy and objectives as a filter to focus only on opportunities of most benefit to us.

What are your own career goals in this role?

AM: My goals are to ensure as many pension fund members as possible receive their promised benefits, at an acceptable cost for UK plc; to try and make a positive difference to an investment industry that often does a better job for itself than for the underlying savers or borrowers; and to ensure the investment and pensions industry is as impacted by new technology as every other sector, to the benefit of all. These are goals I can’t achieve alone, but with collective action we can make a difference.

CG: There are very few career goals I can set myself, as the position of CIO already has maximum responsibility. In terms of objectives for defining success in the role, ultimately I want to leave the schemes with a surplus of money with which to pay the pension promises to the schemes’ members. While this is a financial role, the pro bono aspect of helping our retirees is very satisfying.

IM: My current role is very fulfilling but if I do move on to different things I’d like to leave behind a legacy that holds up, and that includes my team developing their own fulfilling careers.

What does it take to succeed as a CIO, and what skill set do you need?

IM: A passion and curiosity for investments, markets and economics. In my role as in-house pensions CIO, understanding both sides of the balance sheet is very important. The liabilities

are technical but the assets less so. Blending assets with different characteristics and then selling or buying at a good time requires a mathematical appreciation of risk and valuation – but also an intuitive feel. You also need the ability to persuade and take people with you and know how to get things done. Finally, you need drive and resilience – you won’t get very far otherwise.

AM: A CIO is first and foremost a member of the ‘C-suite’, so requires the standard skills you would expect of someone at this level – communication skills, stakeholder and change management skills, vision and leadership. CIOs need to be risk aware, but not risk averse, since they are fundamentally required to generate return by taking appropriate risks. They need to retain a focus on the big picture, ensuring that the implementation details are being dealt with appropriately by others.

CG: A CIO is no different to the head of any business. The role requires vision and the ability to execute that vision. Also the ability to motivate a team, influence decision-making and good organisation.

How is the actuarial skillset suited to filling the role of a CIO? IM: It is well suited to analytical appraisal, especially using mathematical techniques. As much investing is about the future, the core skillset needs development through study and experience. This lends itself to CIO roles which are more technical or liability oriented. Quite a few actuaries tend to be worriers, self-critical when things go wrong. The best investors will make 10 decisions and get six right. If you can cope with getting things wrong at this rate then

ISTOCK

24/02/2015 08:37

you could be a decent CIO. My own personal style is to worry constructively, trust my instincts and ensure there’s a strong challenge as part of the decision-making process.

AM: Actuaries have a good grounding in risk and quantitative techniques, and knowledge of liabilities and investments. But they are by no means the only professionals that possess these skills, and they are only some of the skills required to be a successful CIO. CG: The analytical skills and ability to assess risks are characteristics that tend to come naturally to many actuaries. However, I would also counter this by saying that too often people, not just actuaries, try to turn investment into a mathematical problem. It is not, and a blind faith in volatilities and correlations can lead to damaging outcomes.

What challenges do actuaries pursuing this career path face?

IM: There aren’t that many positions available, and they’re tightly held so you need to look out and be prepared to move about.

AM: Be realistic. Investors need to have several billion under management before a full-time CIO becomes cost effective, so the number of roles is limited. There is no requirement to have an actuary for these roles, and indeed more often than not, ex-fund managers and bankers are employed.

CG: You should focus on seeking a successful career in investing and as you get more senior, decide if a CIO role is what you want. Quite often a CIO role gets merged with running the business and the focus on investing can become reduced.

As the number of CIO roles is limited, you have to be extremely focused. Networking and speaking to members of investment teams is a must, as is locating specialist recruitment consultants.

What advice would you give to actuaries looking to become a CIO? IM: Seek work for a fund manager, investment consultancy or investment bank. I’d say the worst place to be is in an insurance company (in the insurance bit). If you’ve been there for

“The analytical skills needed for the CIO role and the ability to assess risks are characteristics that tend to come naturally to many actuaries” March 2015 • THE ACTUARY www.theactuary.com

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Investment Career development features@theactuary.com

IAN MCKINLAY is chief

ALASDAIR MACDONALD

CHETAN GHOSH is

investment officer at the Aviva Staff Pension Scheme. He joined Aviva in 2012 from the PPF, where he was also CIO

is head of investment strategy at Towers Watson. He is a member of the Global Investment Committee

chief investment officer for Centrica Pension Schemes

years, forget it. If you’ve been there only a short time, ask your boss for a transfer or secondment to the asset management subsidiary. Or leave!

AM: CIOs are born, not created, so understand what you are good at. If you prefer measurement to management and risk aversion to risk taking, then consider an alternative career goal such as becoming a chief risk officer.

If you think you have the right temperament, seek out opportunities to actually manage money and expose yourself to all the investment content out there.

CG: I would recommend you spend part of your career in asset management in some capacity.

There is a massive psychological difference between theory and application when actual money is on the line. Also, learn as much as possible on the subject. There are volumes of investment research to read, and investment history is particularly insightful. Investors tend to repeat the same mistakes and this can lead to opportunities for more rational investors.

In your own career, what factors have been the stepping stones to success?

AM: With hindsight, there’s been a lot more luck than skill involved and indeed many of the beneficial moves I’ve made seemed far from obvious at the time. However, you can improve your chances of being lucky through hard work, picking an area that is benefiting from a tail wind, and exploiting the continuous evolution of the investment and pensions industry.

CG: Developing one’s own personal set of principles and philosophy is very important in

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allowing future employers to understand how you stand out from the crowd. I have also benefited from thinking carefully what I want to achieve from the roles I have taken in my career – too many people ‘stumble’ into jobs. I also cannot overstate the importance of networking.

My personal network helped me source my current role, and the relationship network that we have developed at Centrica has been highly beneficial in finding excellent investment opportunities over the past five years.

IM: I was prepared to be opportunistic, even if that risked going down a rung in the organisational ladder. As my career developed, I tried harder to engage with people and build trust. A lot of this is about managing stakeholders and delivering on promises. Don’t be scared to make mistakes, but if you do, learn from them. On being a CIO, I had an enormous curiosity about the workings of capital markets, and still do. Finally, I’m passionate about making sure my pensioners get paid. That’s hopefully something others see when they give me the level of responsibility I carry.

Describe your communication skills and the importance of these skills in your role AM: At school I was torn between becoming an architect or an actuary, but alphabetical order (and the shorter training) prevailed and I became an actuary. I think my preferred communication approach reflects my alternative career choice, since I have a preference for pictures over words, and structure over detail. Communication skills are essential in my role as I must relate complicated investment concepts at a high level to board members and other stakeholders for their endorsement.

CG: There are many stakeholders who need clear and transparent information about pension scheme investments, so an ability to explain, in terms that people can understand, what is going on within the portfolio is essential. Also, the importance of building trust cannot be emphasised enough.

IM: Always developing, and business critical I’d say. In a past life, Paul Reynolds (now public affairs director at the IFoA), taught me much, but one particular tip was the ‘rule of three’. If you find yourself making a fourth point in a presentation you’ll know that by then your audience has probably lost interest!

What have you done to improve your knowledge for your role in the past year?

AM: Scheduling time for reading, and meeting with other market participants and even people from entirely different fields, as this is essential.

I find I only really understand what I know when I present my views and receive external feedback. Markets have an annoying habit of teaching even the best investors lessons on a daily basis. It’s important to monitor the success of your decisions, learn from your mistakes and, to paraphrase Keynes, be willing to change your view when the facts change.

CG: Constant research; reading articles; meeting fund managers and speaking with investors.

IM: Aviva very generously sponsored me on an executive development programme at Oxford. It was less CIO, more MBA and part psychology, but I found it very stimulating. Perhaps a way to describe it was: ‘how to achieve business goals in a way that makes people feel good about themselves’. This varies from person to person so you need to understand that too.

What do you look for when you’re building a team?

AM: A team approach is essential; no one individual can hope to be sufficiently skilled (let alone expert) in all areas. Even in a single field, a diversity of experience and skills is essential, since investment requires us to make decisions using information that can either be timely or perfect, but never both. I look for people with the right range of experience and skills, but who can also add value in a team context. People tend to be either ‘thinkers’ or ‘doers’, but, without a balance of the two, no progress can be made.

CG: First and foremost, I look for the best people for the role. In my assessment of quality I will also seek strong ‘softer’ skills like a team player, someone who can apply common sense and just general good nature. I also ensure that roles within a team do not overlap, as this can create tension. Finally, I consider the interaction of individuals within the team to maximise the chances of team harmony.

IM: You need different characters, but getting quality is worth waiting for. On investment, really good ideas are difficult but are much easier than rapid and effective implementation.

My experience is that this functionality is underplayed, so my teams are resourced and organised accordingly. a

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FEATURES LIST 2015 Themes are not exclusive – the aim is for a strong cross-section of articles to cater for The Actuary’s readership While we try to adhere to the themes listed below, this schedule is subject to occasional revisions. Please check with the features team prior to contributor deadlines for details.

May 2015 Published: Contributor deadline: Ad booking deadline:

07 May 2015 25 March 2015 20 April 2015

■ Health and care ■ General insurance ■ Life insurance

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■ Pensions ■ Risk management ■ Environment

02 July 2015 29 May 2015 16 June 2015

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Business Critical As a self-respecting actuarial professional, you’ll no doubt want to keep up with the latest industry developments, people and society updates and professional news.

But you’re also busy being an actuarial professional.

Right?

That’s why The Actuary’s weekly email alert brings you a handy round-up of only the most relevant news stories and comment, straight to your inbox, every Thursday.

Visit www.theactuary.com to see how we’ve changed

March 2015 • THE ACTUARY 29 www.theactuary.com

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24/02/2015 08:38

Economics Inflation/deflation features@theactuary.com

OIL ON TROUBLED WATERS? Andrew Sentance discusses why low inflation should not delay interest rate rises The big economic development last year was one that no major economic forecaster had predicted – a dramatic drop in the crude oil price. Brent crude has fallen to between $50 and $60 a barrel after being up at $100 or more for more than three years. The prospect of oil prices continuing at around current levels marks a significant change to the world economy.

The most noticeable impact so far has been on Russia and the value of the rouble. The other very large oil producers in the world – Saudi Arabia and the United States – should be less heavily affected. The US is a net oil importer, so consumers will gain more than producers lose. Saudi Arabia has very strong financial reserves to weather the storm.

However, a number of other economies are vulnerable to the downward shift in oil prices – including Nigeria, Venezuela, Angola, Iran and Iraq. Many governments in oil-producing states have expanded their budgets on the basis of strong oil revenues. If current low prices persist, or fall further, they face serious financial challenges.

Looking at the world economy as a whole, low oil prices should be beneficial for growth and consumer spending in the major advanced economies – US, Europe and Japan. It should also benefit consumers in large emerging market economies that are net oil importers – notably China and India. That boost comes partly through lower consumer prices.

30

Inflation is now negative in the eurozone and likely to be close to zero in the UK in the early months of this year. But it won’t continue at such a low level. Later in the year, the fall in petrol and energy prices will start to drop out of the annual inflation rate calculation. And the boost to consumer spending and growth in oil-consuming countries like the UK will put upward pressure on other costs, including wages.

We have already seen how lower oil prices can boost growth and push up inflation. The dramatic fall in oil prices in the mid-1980s was one of the factors that helped to spur the robust growth of the late 1980s and 1990s. But the experience of the late 1980s also provides a warning. If consumer-driven growth is too strong, then wider inflationary pressures will start to emerge.

Forecasters are already starting to be more optimistic about growth in the major western economies. The US is expected by many to grow at more than 3% this year and projections for UK growth are also moving closer to the 3% mark. The European Commission has revised its projection for growth in the EU upwards, citing the oil price as one of the factors underlying its more positive view.

One factor contributing to UK inflation in the late 1980s was the upward pressure on wages and other business costs created by falling unemployment, skill shortages and capacity pressures. At present, we’re not seeing

these pressures on the same scale as in that Nigel Lawson boom. But the UK economic indicators are moving in the same direction.

Unemployment has been falling steadily for the past three years and the number of vacancies recently passed the previous peak recorded in early 2008. Reports of skill shortages are rising and, although wage increases have been very subdued since the financial crisis, they are starting to move upwards.

Another lesson from the 1980s is that the short-term impact of a lower oil price on inflation can send misleading signals to interest rate-setters. Lawson initially cut interest rates after the mid-1980s oil price fall, encouraged by low inflation. But when the economic boom was in full swing in 1988, he had to raise them sharply – to a peak of 15%. We see a similar reluctance to raise interest rates from the Monetary Policy Committee (MPC) at present, with low inflation being cited as one of the reasons for delay.

But if the MPC waits until the inflation warning signs in the economy are flashing amber or red, it may not have the luxury to pursue its preferred policy of moving the interest rate slowly and gradually. As we saw in the 1980s, a delay in adjusting monetary policy can mean that the interest rate lever needs to be pulled more aggressively to get the economy back on track in the future.

We should welcome the impact of lower oil prices in pushing down inflation and boosting consumer spending. It provides support to growth across the Western world and helps the struggling economies in the eurozone. But a lower oil price should also bring closer interest rate rises in better-performing economies like the UK and the US. If these rate rises are delayed too for long, a sharp hike may well be needed in the future. a

DR ANDREW SENTANCE is a senior

economic adviser at PwC, and a former member of the Bank of England MPC

THE ACTUARY • March 2015 www.theactuary.com

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24/02/2015 08:39

Spotlight on... features@theactuary.com

BANKERS AND BONUSES

Darryl Boulton argues that talk of banning bonuses is just political posturing and makes no practical sense Following last month’s article (Wake up and smell the coffee, www.bit.ly/1A2Q1gq) where I generalised somewhat about actuaries, I am being careful not to portray all members of a profession as the same. For example, not all bankers can be bad, can they?

Recently I opened a bank account in an Asian country. A requirement for opening it was that I had to purchase some ludicrously overpriced personal accident insurance that I neither wanted, nor needed. Additionally, they tried to sell me a savings product claiming an annual return of 7%. My actuarial training showed me the return was just under 2% pa (and the money would be tied up for 15 years). Oh dear, it looks like bad banking behaviour has gone global.

Nevertheless, I write in support of bankers’ bonuses. Let me explain why.

It seems that hardly a week passes without a politician denouncing these bonuses. But do they have the qualifications to allow them to speak so knowledgeably on the subject? England international footballer of yesteryear, Len Shackleton, was perhaps more widely known for a chapter in his autobiography entitled ‘What the average football director knows about football’. There followed a blank page. You could say the same about what the average politician knows about running a business.

It’s about appearances Possibly, Tony Blair was the first modern political leader to recognise that it is style, not substance, that wins most votes. So now, seemingly, everything is done or said for effect. Feed your child a burger, pretend you

are a churchgoer, look shocked at corrupt expense claims... it’s not convincing.

My two favourite political figures buck this trend. Boris Johnson and Dennis Skinner may be from opposite ends of the political spectrum but I respect that when they open their mouths they actually say what they believe. Oh for more straight talking!

A futile exercise Should they be banned? Should they be capped? Should politicians get involved?

No! No! No! Capping or banning bonuses is totally artificial and just political tosh. If you legislate on the size of bonuses then basic salaries will simply rise to compensate.

The real issue of course is not the size of the bonus, but what should actually drive these payments.

The best bonus schemes will align interests. Pay employees a bigger bonus when their action makes the bank more profitable.

‘All’ the bank has to do is make profits ethically and all is dandy. Banks will, of course, behave ethically, otherwise politicians will legislate to ensure this happens.

Scoring political points by ‘banker bashing’ is still in vogue but I am not holding my breath for the day when a politician comments intelligently on the subject.

To paraphrase ex-Liberal leader Charles Kennedy, allowing stupid people to vote is what we have to accept for the overall benefits of democracy. And to paraphrase an excolleague of mine: “Don’t forget that 95% of the population is fundamentally stupid.”

Maybe the ‘style over substance’ politicians are not so daft after all.

All in the design Designing bonus schemes is a job well suited to actuaries. Look at what drives profits, and make sure your scheme motivates individuals to act appropriately.

I managed a team of 12 graduates while working on pension reviews. They were a great team. They were all at least quite good, and worked very similar hours. But they were paid vastly different amounts. The most productive team member produced roughly four times the average output. Yes, four times. Such was the bonus scheme that his output was recognised and he was paid nearly four times the average too. He would never have got this salary elsewhere, but the more he was paid, the more profit we made.

Everyone was a winner.

Good bonus schemes mean your best staff get paid the most and will be loyal to you.

Underperformers should receive no bonus and so will often leave to join a competitor. So out with the wishy-washy 5% bonus-for-all rubbish. Find a way of measuring output (and quality) and reward your staff appropriately.

I suggest that most jobs are suited to quantitative assessment. a

DARRYL BOULTON

is an independent actuarial consultant

March 2015 • THE ACTUARY www.theactuary.com

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24/02/2015 08:39

Soft skills Achieving goals features@theactuary.com

Power to focus

p32_33_mar_focus_FINAL•CT.indd 32

Pete Wilkinson advises ditching new year’s resolutions in favour of a programme of beneficial routines as the route to personal and professional success

24/02/2015 08:41

PETE WILKINSON is

author of Unstoppable: Using the Power of Focus to Take Action and Achieve your Goals, published by Capstone

Be honest, did you keep to your new year’s resolutions this year, or have you given up setting them altogether?

Research shows that only 8% of people actually stick to their resolutions, so it’s clear that, for most of us, they simply do not work.

Worse, it gives us the impression that we can’t make positive changes. Having this reinforced is not the way to be effective and certainly not the way to make the most of yourself.

Try something different Making a change is far more sustainable if you set yourself up to win. When it comes to personal change (which is what most people want when they set resolutions), it’s far more effective to focus on habits.

Successful people have successful traits, it’s as simple as that. These could be studying, communication, self-leadership, investing, working, health or eating habits. Wherever you look, it is all about routines. So where do you start?

The first action is this: begin a new successful habit every single business quarter. Just imagine how much more effective you will be as you build four new successful traits every year. In as little as three years you will have 12 new habits, all serving you to be increasingly effective.

Do you know what the biggest mistake people make is when they start running?

They run too far and too fast. People have a lot of enthusiasm when they begin – they buy new running gear and look the part. As they start they really want to succeed. The problem is that the first morning they go out, they overdo it, get really out of breath and find it very difficult. So they are put off and say they will ‘get back to it sometime in the future’.

The fatal mistake is that they did not set

TABLE 1 Habits that most people wish to form Making better use of time

Being able to relax

Performance management

Being a better communicator

Managing distractions

Thinking strategically

Daily planning

Weekly planning

Taking more risks

Better decision making

themselves up to win – a common problem with new year’s resolutions. People try to make a really big change, possibly something they have been thinking about for a while, and try to do it all straight away. Without being fully prepared, they take massive steps instead of smaller, more sustainable ones, causing them to struggle and quickly grind to a halt.

You can be different. You can break down the year into four chunks – business quarters are ideal. The new habits introduced do not have to be massive changes. They can be small steps that are more sustainable.

Because your plan is to build slowly and gradually, the chances you will stick to it are increased.

During 2014, I delivered more than 50 workshops to chief executives, managing directors and their executive teams and realised that there are a few common habits people had a desire to form. These habits were discovered after looking at how effective people were in percentage terms and then looking at what habit they would

Area

Routine

Reading:

Reading (and studying) a business or personal development book every month and recording three key points from it in my journal

Goals:

Writing and re-writing my major goals every single day in the morning and then speaking them

Relaxing:

Building a structure to relax for 10 minutes three times every day to think about what I want to happen

Diary:

Recording in a different colour (purple if you must know) the time I spend working ‘ON’ my business whereas I use green for working ‘IN’ my business

p32_33_mar_focus_FINAL•CT.indd 33

KNOWLEDGE Do you require any further knowledge in order to build your new habit?

When I wanted to become better at achieving my goals I invested in a book on the subject to help me and increase my knowledge.

Once I acquired that knowledge, I was more prepared.

Which are best habits?

TABLE 2 My chosen quarterly habits

SHUTTERSTOCK

have to form if they were to become 15% more effective. I accept that this method of self-scoring is subjective but when the exercise is run you would be amazed at how honest people are with themselves. Some of the most common desirable traits are shown in Table 1 (left).

In the past, some of my own quarterly habits have been modest but have been maintained. I’ve chosen to develop those shown in Table 2 (below). I can be honest and say that each of these habits, implemented quarterly, has enabled me to become more effective and helped me make a real impact.

It would be a great idea to spend a little time thinking which habits you would like to form, then you could stack them ready and waiting to be deployed. Imagine how great and in control you are going to feel as a new business quarter is about to start.

Before this, however, you need to know that every habit needs three things and, without these, it is unlikely that you’ll stick to building it. When you pick your first habit (and you need to get your finger out as Q1 has already started) run through this list.

SKILL I developed the skill of becoming a goal achiever by practice. I practised writing them out every day in the morning before I started working.

DESIRE If you do not really desire the result that your new habit will enable, it is unlikely you will persist in developing it. Get a really clear picture of what you will experience and benefit once it is formed. If it is more business success, what does that look like?

Can you measure it? If it is more time, think about what extra things you will spend your time doing and how will they make you feel.

Forget new year’s resolutions and become a quarterly habit-former. Stack your habits and have one ready to be deployed every business quarter and stick to it. Start small and persist.

It is easier to persist if you focus on ‘knowledge’, ‘skill’ and ‘desire’. Enjoy becoming more effective and share the process with others to help them. a

March 2015 • THE ACTUARY www.theactuary.com

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24/02/2015 08:41

At the back Coffee break

Nylfia is an actuary who solves and sets cryptic crosswords created especially for The Actuary

puzzles@theactuary.com

Puzzles

PRIZE PUZZLTE TO H BROUGU BY YO AN MILLIM

Across

IT’S ONLY NATURAL To celebrate a popular international celebration falling mid-March, all ‘across’ clues are 26, one way or another, and are not further defined 1

2

3

4

5

6

7

8

9

10

11

For a chance to win a £25 Amazon voucher, please email your crossword solution to: puzzles@theactuary.com by Wednesday 18 March

12

1 4 9 10

Back before racing ends (6) Caught by diminutive Border close to the ground? (6) Motor dealer, principally (4) Club introduces something to keep up when feeling blue? (10) 11 Zola with leading characters in Hachette (6) 12 Elders may exclude unknown reprobate (8) 13 Email chat is misconstrued (9) 15 Zola returns (4) 16 Graduate to check both ends (4) 17 Gentleman soldier leading daughter to clergyman for conversion (9) 21,27 Resort for careful love (4-4,6) 22 Government Department takes some time off (6) 24 Naturally having a lot of variety, poetry follows biography of princess (10) 25 German agreement led from French (4) 26 Drab in French accommodation? (6) 27 See 21 across

Down 13

14

1 2 3

15

16

17

18

19

5 6

20

21

22

23

7 8 14

© Nylfia

24

25

26

16 18 19 20

27

23

Angular packaging of early cereal (7) Resolved not to have leader over (5) Old US teaching practice meant Hebrew extremes bewildered (3,4) Bigger portion cut off by king (6) Mince intact during delay in producing baby food (9) Shout of delight, then led off to court (7) Film star appears to hold up Hertz Central hot vehicle? (6,7) Stock car association (not new) has idea to deal with parasites (9) Seeing yellow when planning vacation? (7) British director broadcast coarse material (7) Trader dealing illegally is in red (7) Keegan captivated premier league when measured by degrees (7) Ghandi produced endless slang after Academy appearance? (5)

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Get new insights on your business at uk.milliman.com.

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THE ACTUARY • March 2015 www.theactuary.com

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24/02/2015 09:32

HAVE YOU GOT WHAT IT TAKES? For information on IQ testing in your area, visit www.mensa.org.uk For a chance to win a £25 Amazon voucher, email your solution to puzzle 615 to: puzzles@theactuary.com by Wednesday 18 March

PRIZE PUZZLTE TO H BROUGU BY YO AN MILLIM

Against the tide Mensa puzzle 615

A ship is battling against a strong tide to get to safety. It uses 6 gallons of fuel every hour and sails at 17mph in still conditions. The ship is 24 miles from safety and the flow against it is 8 mph. The ship has 16 gallons of fuel remaining.

Having a ball Mensa puzzle 616 Which number is the odd one out?

How much will there be when it reaches the shore?

TERMS AND CONDITIONS The prize will be awarded for the first correct entry drawn at random from those received before the closing date. The winner’s name will be announced in the next edition. Please note, the puzzle editor’s decision is final and no correspondence will be entered into. We reserve the right to feature the winner’s name in The Actuary. Your details will not be passed to any third party in connection with this draw.

9872

Missing by miles Mensa puzzle 618 How many miles should it be to Turkey on this signpost?

6741 7214

Turkey ?

8432

5315 7535

Switzerland 1904 Morocco 1315

9109

Peru 1621 Shuffle about Mensa puzzle 617 When each word is rearranged, one of them can be used to suffix all the others to give four longer words.

Bridge puzzle 50 Am I in good shape?

What are they?

Bidding (a) You hold

ROVER

(b) You hold

♠ KQ62

♠ Q10

♥ K7

♥ 92

♦ J953

♦ J9732

♣ 1075

♣ K1085

(a) After three passes, Partner opens 1♥. You naturally bid 1♠. Partner now bids 2♦. You prefer diamonds and are not that weak, so you bid 3♦.

Partner now bids 3♠.

1. What do you expect Partner’s shape to be?

2. What is the likely strength?

3. What do you do now?

CRAB LIMP (b) Partner opens 1♥. You bid 1NT. Partner now bids 2♣.

1. What do you know about Partner’s shape?

2. What is the likely strength?

3. What do you do now?

DOE PIES

Bridge puzzle provided by David Lampert These puzzles are sponsored by:

SHUTTERSTOCK

p34_35_mar_crossword_puzzles_FINAL•CT.indd 35

March 2015 • THE ACTUARY www.theactuary.com

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24/02/2015 08:42

1

9

puzzles@theactuary.com

11

SOLUTIONS FOR FEBRUARY 2015 You are South and end up in 4♥. West leads A♠, K♠ and a third spade, which you ruff.

♠ 862 ♥ AJ75 ♦ Q105 ♣ KQ2

W

E S

Bidding S N 1♥

3♥

4♥

B O U

♠ Q5 ♥ K9643 ♦ AK3 ♣ AJ4

Playing Teams, overtricks are unimportant.

Every effort must be made to bring home the contract, and therefore consider safety plays.

You cannot afford more than one heart loser.

If hearts divide 2-2 or 3-1, the contract is guaranteed. You therefore need to guard against a 4-0 break. The natural play is either to play for the drop or play K♥ and then finesse the J♥.

This will fail if East has all four hearts. Instead, you must play a heart to the Ace. If West discards, you now play back towards the K9.

If East plays the 10, win with the K♥, return to Dummy and play a third heart. East will be restricted to one trick.

If East discards, return to the K♥ and play a third heart towards the J♥. West is now restricted to one heart trick.

Do you play any differently in Pairs? Here, you are trying to beat or match all other N/S pairs.

This will be a standard contract. The normal approach is to do what most players would normally do. With four trumps outstanding, most players will go for the drop. If you take that approach, you may as well start with the A♥.

When trumps are 4-0. you will make your contract while those who start with the K♥ will go down when East has all four hearts. You will, however, lose to those who decide to finesse the J♥, when West has Qxx. On balance, for this hand, I would play the same in Teams and Pairs – but for different reasons!

4

5

G

L O R

M S

O

T O F

A P

V

I G N O N F O

P L E

L E

R O P N S A Y E W E A R

A

T L E

X

F R O

R A N E

C I T I N G D M

6

M

10

A S

O R

R

7

F I V

B

8

T

F

I C E C S

E M

E N T P

12

18

24

27

R

D O

E C R A

14

15

19

U

20

22

A A N D

25

Wedded wondering Mensa puzzle 611

N

Is your approach any different if you are playing Teams or Pairs?

F

I

13

Congratulations to this month’s winner – Liam Daly of Canada Life

3

E

D A

21

Bridge puzzle 49 Is there a difference?

2

A

© Nylfia

At the back Coffee break

M A B

16

J E S A

17

T Y L

20

E U M O N I A E O N F A S T I N G

23

O E R 28

26

F A N R

E W

S E

Y L L

R T A I S T O N C E G

PRIZE PUZZLTE TO H BROUGU BY YO AN L MIL IM

On 18 October, Rosalind is marrying Simon.

On 5 December, Edwina is marrying William.

On 1 May, Amanda is marrying Adrian and on 13 August, Margaret is marrying Richard.

What is the date of Isobel’s wedding and is she marrying Martin or Oliver?

ANSWER On 9 September Isobel is marrying Oliver. The alphabetical value of the first letter of the bride’s name, gives the number. The second letter of the bride’s name matches the initial of the month and the third letter of the bride’s name matches the initial of the groom’s name.

Congratulations to this month’s winner – Niklas Johansson-Hartley of Punter Southall

Perfect play Mensa puzzle 612

Tree teaser Mensa puzzle 613

A knight is positioned on the blank square of this chessboard. Move the knight to each square once only, collecting letters to spell out the names of four Shakespearean characters.

T J N O Y

O T N U A

O E L E R T M I H N E B L A

Rearrange the letters of ‘COMEDIAN PARABLES’ to give three types of trees.

What are they?

ANSWER Bonsai, Cedar and Maple

Learning letters Mensa puzzle 614 Replace each set of dashes with a seven-letter word. The same seven letters must be used for both words.

What are the words?

Despite the efforts of his

What are the names?

_ _ _ _ _ _ _ the lad was still a little _ _ _ _ _ _ _ in the classroom

ANSWER Juliet, Oberon, Antony and Hamlet

ANSWER Mentors and monster

Bridge puzzle provided by David Lampert

36

THE ACTUARY • March 2015 www.theactuary.com

p36_mar_puzzle_solution_FINAL•CT.indd 36

SHUTTERSTOCK

24/02/2015 08:42

At the back Student student@theactuary.com

Student As spring arrives, Jessica Elkin talks of the re-birth of the CA2 exam and explains what differences you can expect to see

SPRING IN YOUR STEP It’s about time we had a non-winter month.

February conjures up images of bitter winds and frosts; of huddled-up pedestrians hurrying down the street battling against the elements, hugging coffee cups in their red hands; of nights in bed where your feet just can’t seem to warm up regardless of sock thickness level. But March! March is bunny rabbits, chicks, bluebells, dew on bright wet grass, cool sunny mornings full of promise.

Spring is a time of new beginnings, is it not?

All right, so January is also a time of new beginnings, being the start of a new year, and September is the start of a new academic year, and October and May are the starts of new study sessions. And I’ve not even included the new years of other cultures and countries. But spring, with its baby animals and longer days, actually feels fresh and new.

Having been thinking along these lines (probably), the CA2 model documentation, analysis and reporting module is also shedding its dreary old skin this month, and emerging, butterfly-like, in a brand new format. If you’ve never sat CA2, the chances are that this won’t make much of a wrinkle in your ironing.

People who have passed won’t be too fussed either. But if you need to re-sit the exam, it may be a bitter pill to swallow, as you must adapt to the new style.

The logistics It’s not all bad. The IFoA has now lifted the eligibility criteria for CA2; this means that if you haven’t passed all the core technical (CT) subjects you can still sign up, making the

PHIL WRIGGLESWORTH

p37_mar_student_FINAL•CT.indd 37

exam available for all. It’s recommended that you give all the CTs a good go though, and knowledge of the subjects will be assumed in the exam. This will be a relief to those of us who have failed one or two along the way or get stuck on an earlier exam (I’m looking at you, CT8).

Relinquishing the requirements for CA2 also makes it less likely that you will qualify on one of those pesky courses as opposed to in a regular session. However, the same relaxation will not be applied to CA3 – it seems that the IFoA prefers people to sit the communications exam once they have significant experience under their belts.

For now, you can still choose whether to take the exam online or at an exam venue in the UK. However, from October 2015, the CA2 exam will be totally online, so no venues. This won’t be welcome news to people with Apple computers and/or limited facilities at work, but I suspect firms will largely learn to accommodate students taking CA2 in the office. If you have problems, I suggest you get in touch with the examinations team, who are keen to accommodate everybody’s needs.

A clean sheet Rather than CA2 being one long day of examining, there are now two three-hour CA2 papers, each with 15 minutes’ reading time.

The papers will be exactly one week apart, so if you sit paper 1 on Monday morning, the second paper will be the following Monday morning.

This could be good or bad depending on how you look at it. The single day was a bit of a slog, but you did get it over with.

In any case, CA2 still counts as one exam, and students will need to pass both parts overall rather than pass each one separately (just like CA1). At least if you’re weak on one half of it you can make it up on the other. Not that that’s the correct attitude to have.

The content of the exam as a whole looks to be similar to its forebear. Paper 1 will comprise data analysis and the development of a model with clear documentation and audit trail.

Paper 2 will focus largely on analysing the methods used and the outputs, including checks, interpreting the results and communicating the approach and conclusions.

A sample new-format exam is available on the IFoA’s website to show what you can expect to see. Don’t forget the ActEd material as well; those chaps put a lot of work into what they do, and it shows in the results.

As with most new exams, the hope is that they err on the ‘too easy’ side to start off with, but that remains to be seen in the results and from anecdotal evidence. There is plenty of material on the IFoA website to quench your thirst for knowledge, so hopefully we can all go in fully armed. We’ll have to watch this space, as the first new-format exams start this month.

I’d be keen to hear people’s thoughts on the new format, so contact me via student@ theactuary.com – particularly as I’ll be taking it in May myself, and I could use the tips. a

March 2015 • THE ACTUARY www.theactuary.com

37

24/02/2015 08:42

At the back Appointments

SPONSORED BY

peoplemoves@theactuary.com

Moves Philip Booth (left) has been appointed professor of finance, public policy and ethics at St Mary’s University Twickenham, and will be based in the School of Management and Social Sciences.

He will take up his post in May on a part-time basis and will remain as editorial and programme director at the Institute of Economic Affairs – a position he took up in 2002. Previously, Booth was professor of insurance and risk management at the Cass Business School. Prior to

that, he was associate dean at City University Business School and has worked at the Bank of England as an adviser on financial stability. He is a Fellow of the Institute of Actuaries and of the Royal Statistical Society and has previously been a Fellow of Blackfriars Hall, Oxford University.

Booth has authored 50 papers in academic journals on subjects spanning pensions and social security, financial services regulation, risk management and insurance and real

estate finance. He is also a frequent commentator in the media.

Towers Watson has appointed Georgy Matov (above) to a senior role within its European insurance consulting practice.

He joins from Zurich Insurance, where he was global chief pricing actuary for motor and personal lines products.

At Towers Watson he will continue to be based in the UK, lending his experience to personal lines client assignments across the practice, but he will also take a key business development role in the growing markets of central and eastern Europe. Originally from Bulgaria, Matov is also fluent in Russian.

He is a qualified actuary in both the UK and Bulgaria.

www.hfg.co.uk

POOVAN KUMAR BALAESWARAN Employer and area of work EY – life actuarial.

How would your best friend describe you?

Sincere and funny.

What motivates you?

What’s your most ‘actuarial’ habit?

I like writing VBA codes when I am bored.

I am motivated when I am surrounded by a good and supportive team.

Favourite Excel function?

SUMIFS.

What would be your personal motto?

How do you relax away from the office?

I enjoy playing a game of football and doing a bit of baking. On weekends, I coach at a local football club.

Do you not know that, in a race, all the runners run but only one receives the prize? So run that you may obtain it.

Name five dream companions to be stuck on a desert island with?

Jean-Francois Arnaud, MOF Patissier 2000, because he is an amazing baker.

John Cleese, for being one of my favourite actors.

The late Elvis Presley, as I still love listening to his songs.

Steven Gerrard, a truly inspirational leader would be needed to survive on the desert island.

38

Finally, Lee Chong Wei, the former world number one badminton player and a national hero in Malaysia.

What is the funniest thing that has happened to you recently?

One of my friends thought a roll of bin bags was a great birthday present. I was rather amused.

ACTUARY OF THE FUTURE

Greatest risk you have ever taken?

I had to eat at a road-side stall in Malaysia that was infested with flies and rats just because there were no other options available.

If you could go back in history, who would you like to meet?

Bobby Moore, captain of England’s 1966 World Cup winning team.

If there was a movie produced about your life, who would play you, and why?

Chris Rock – because he is funny and never stops talking.

If you could be anyone else, who would it be?

Nobody. I’m happy being me.

Alternative career choice?

A pastry chef.

What song best describes your work ethic?

You’ll never walk alone.

Do you know an actuary destined for greatness?

You can nominate an Actuary of the Future by emailing

aotf@theactuary.com

THE ACTUARY • March 2015 www.theactuary.com

p38_mar_AOTF_FINAL•CT.indd 38

24/02/2015 08:43

www.theactuaryjobs.com

Appointments

A P PO I N TME N TS To advertise your vacancies in the magazine and online please contact: Emmanuel Nettey +44 (0) 20 7880 6234 or emmanuel.nettey@redactive.co.uk

Highlighting Opportunities HFGâ&#x20AC;&#x2122;s consultants specialise in matching you to the right role at the right company. Call us Â&#x2013;Â&#x2018;Â&#x2020;Â&#x192;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192; Â&#x2026;Â&#x160;Â&#x192;Â&#x2013; Â&#x192;Â&#x201E;Â&#x2018;Â&#x2014;Â&#x2013; Â&#x203A;Â&#x2018;Â&#x2014;Â&#x201D; Â&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x201D;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Â&#x2022;ÇĄ Â&#x192;Â?Â&#x2020; Â&#x2013;Â&#x2018; ƤÂ?Â&#x2020; Â&#x2018;Â&#x2014;Â&#x2013; Â&#x2122;Â&#x160;Â&#x192;Â&#x2013; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x192;Â&#x201D;Â&#x2021; Â&#x192;Â&#x2DC;Â&#x192;Â&#x2039;Â&#x17D;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021;Ǥ William Gallimore Director - Gl +44 (0) 207 337 8826 william@hfg.co.uk

Rupa Pithiya Consultant - GI Contract +44 (0) 207 337 1202 rupa@hfg.co.uk

Ben Hickey Consultant - GI +44 (0) 207 337 8859 ben@hfg.co.uk

General insurance roles Â&#x201D;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A;

Í&#x2039;ÍĄÍ&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x203A;Í&#x2DC;Â? Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x2018;Â&#x201D;Â&#x17D;Â&#x2020; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x201E;Â&#x201D;Â&#x2018;Â?Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2026;Â&#x17D;Â&#x2018;Â&#x2022;Â&#x2021;Â&#x17D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x160;Â&#x2039;Â&#x2021;Â&#x2C6; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x192;Â?Â&#x2020; Â&#x201E;Â&#x201D;Â&#x2018;Â?Â&#x2021;Â&#x201D;Â&#x2022; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2021; ƤÂ&#x201D;Â?Ǥ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2039;Â&#x2030;Â&#x160;Â&#x2013; Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2018;Â? Â&#x2022;Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x192;Â&#x2019;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x192;Â&#x2026;Â&#x160; Â&#x192;Â?Â&#x2020; Â&#x2021;Â?Â&#x152;Â&#x2018;Â&#x203A; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2018;Â? Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022;Ǥ Â&#x2018; ƤÂ?Â&#x2020; out more please contact: william@hfg.co.uk REF: WG0201

Manager/Senior Manager

Í&#x2039;Í Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í?Í&#x2DC;Â? Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Big 4 consultancy with aggressive growth plans is looking for a number of managers and senior managers across both capital and reserving to support their Directors and Partners. With a range of projects across the market, this is a superb opportunity to gain exposure across a variety of areas and dramatically expand your skillset.

For more information contact: william@hfg.co.uk REF: WG0203

Í&#x2039;Í&#x153;Í? ÇŚ Í&#x2039;Í?Í?Â? Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Capital Analyst

Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x17D;Â&#x2018;Â&#x203A;Â&#x2020;ÇŻÂ&#x2022; Â&#x203A;Â?Â&#x2020;Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x160;Â&#x2039;Â&#x201D;Â&#x2021; Â&#x192; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x192;Â?Â&#x192;Â&#x17D;Â&#x203A;Â&#x2022;Â&#x2013; Â&#x2039;Â?Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2013;Â&#x2021;Â&#x192;Â? of x3. This role will report directly to the senior capital actuary. Candidates who have some prior capital modelling experience but lacking clear progression in their Â&#x2026;Â&#x2014;Â&#x201D;Â&#x201D;Â&#x2021;Â?Â&#x2013; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2022;Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x17D;Â&#x2018;Â&#x2018;Â? Â&#x192;Â&#x2013; Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A;Ǥ Â&#x160;Â&#x2021; ĆŞÂ&#x192;Â&#x2013; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2014;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x192;Â?Â&#x2020; Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; leading study support is a great indicator of what this position can turn into after 12 / 18months.

For more information contact: ben@hfg.co.uk REF: BH0201

Í&#x2039;Í&#x2122;Í&#x2DC;Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x2122;Í&#x2DC;Â? Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Pricing Actuary

Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â&#x2026;Â&#x2021;Â&#x2022; ƤÂ&#x201D;Â? Â&#x192;Â&#x201D;Â&#x2021; Â&#x2018;Â? Â&#x192;Â? Â&#x192;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2026;Â&#x201D;Â&#x2014;Â&#x2039;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â&#x2020;Â&#x201D;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; rest of 2015 in all areas. The actuarial team are eager to meet with candidates Â&#x2122;Â&#x160;Â&#x2018; Â&#x192;Â&#x201D;Â&#x2021; Â&#x2026;Â&#x17D;Â&#x2018;Â&#x2022;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x192; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020; Â&#x2039;Â? Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D;Ǥ Â&#x160;Â&#x2039;Â&#x2022; Â&#x2039;Â&#x2022; Â&#x192; Â&#x2030;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2013; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Â&#x2020;Â&#x2039;ĆĄÂ&#x2021;Â&#x201D;Â&#x2021;Â?Â&#x2013; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â? Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x192;Â?Â&#x2020; start to build your actuarial network.

For more information contact: ben@hfg.co.uk REF: BH0103

Solvency II Actuaries

Í&#x2039;Í&#x;Í?Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x161;Í&#x2DC;Í&#x2DC; Č&#x20AC; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Í&#x17E; ÇŚ Í&#x2122;Í&#x161; Â?Â&#x2013;Â&#x160;Â&#x2022;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

This leading Insurer is looking to recruit a Solvency II actuary with Internal Model and regulatory interpretation experience. To be successful you must have up to date S2 knowledge and know how to apply them practically to the business as well as experience in reviewing and challenging the model.

For more information contact: rupa@hfg.co.uk REF: RP949

+44 (0) 207 337 8800

Â&#x2021;Â&#x192;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D;

Í&#x2039;Í&#x2122;Í&#x161;Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x153;Í&#x2DC;Â? Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Expanding syndicate is looking for an Actuary to head up their capital function. The role reports to the European Chief Actuary and previous igloo experience would put you at a distinct advantage. There are growth plans in place and this person will be in charge of leading the expansion of the team.

For more information contact: william@hfg.co.uk REF: WG0202

Í&#x2039;Í Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x161;Í&#x2DC;Â? Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Mixed Actuary

Â?Â&#x2039;Â&#x201C;Â&#x2014;Â&#x2021; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2018;Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â?Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A;Č&#x20AC;Â?Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; pricing, reserving and capital modelling whilst reporting to the Chief Actuary.

Any background will be considered and the role can be moulded around the right person. Attitude and approach is the key to this role, the Chief Actuary is looking for someone who is happy to roll up their sleeves and get stuck in.

For more information contact: william@hfg.co.uk REF: WG0204

Actuarial Senior Consultant

Í&#x2039;Í?Í? ÇŚ Í&#x2039;Í&#x17E;Í?Â? Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â&#x2026;Â&#x2021;Â&#x2022; ƤÂ&#x201D;Â? Â&#x2039;Â&#x2022; Â&#x201D;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2020;Â&#x17D;Â&#x203A; Â&#x2021;Â&#x161;Â&#x2019;Â&#x192;Â?Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D;

Â&#x2019;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x2021;Ǥ Â&#x2039;Â&#x2013;Â&#x160; Â&#x192; Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2013;Â&#x203A; Â&#x2018;Â&#x2C6; Â&#x2020;Â&#x2039;ĆĄÂ&#x2021;Â&#x201D;Â&#x2021;Â?Â&#x2013; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2026;Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x201D;Â&#x192;Â?Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â? Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D;Â&#x2022;ÇĄ this role is the perfect opportunity for actuarial students who are eager to Â&#x201E;Â&#x2014;Â&#x2039;Â&#x17D;Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â?Â&#x2021;Â&#x2013;Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2C6;Â&#x2014;Â&#x2013;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x2030;Â&#x192;Â&#x2039;Â?Ǥ Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2022; Â&#x2122;Â&#x160;Â&#x2018; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â? Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020;Č&#x20AC;Â&#x2018;Â&#x201D; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â?Â&#x192;Â?Â&#x2021; Â&#x192;Â? Â&#x2021;Â&#x192;Â&#x2022;Â&#x203A; Â&#x2013;Â&#x201D;Â&#x192;Â?Â&#x2022;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2039;Â?Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; ƤÂ&#x201D;Â?Ǥ For more information contact: ben@hfg.co.uk REF: BH0202

Actuarial Analyst

Í&#x2039;Í&#x203A;Í&#x2DC; ÇŚ Í&#x2039;Í&#x203A;Í?Â? Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x17D;Â&#x2018;Â&#x203A;Â&#x2020;Â&#x2022; Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2039;Â?Â&#x2030; Â&#x2030;Â&#x2021;Â?Â&#x2013; Â&#x192;Â&#x201D;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2026;Â&#x201D;Â&#x2014;Â&#x2039;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x152;Â&#x2014;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x192;Â?Â&#x192;Â&#x17D;Â&#x203A;Â&#x2022;Â&#x2013; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x2022;Â?Â&#x192;Â&#x17D;Â&#x17D; Â&#x2013;Â&#x2021;Â&#x192;Â?ÇĄ Â&#x201E;Â&#x192;Â&#x2022;Â&#x2021;Â&#x2020; Â&#x2039;Â? Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?Ǥ Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2021; Â&#x160;Â&#x2039;Â&#x2021;Â&#x2C6; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A;ÇĄ Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; have exposure to reserving, pricing and capital. It also has one of the best Â&#x2022;Â&#x2013;Â&#x2014;Â&#x2020;Â&#x203A; Â&#x2019;Â&#x192;Â&#x2026;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x2022; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â? Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Ǥ Â&#x160;Â&#x2021; Â&#x2022;Â&#x2014;Â&#x2026;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2C6;Â&#x2014;Â&#x17D; Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192;Â&#x2013; least 12/18 months experience in a similar role.

For more information contact ben@hfg.co.uk REF: BH0104

Capital Contractors

Í&#x2039;Í&#x;Í&#x2DC;Í&#x2DC;ÇŚÍ&#x2039;ÍĄÍ&#x2DC;Í&#x2DC; Č&#x20AC; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Í&#x17E; ÇŚ Í&#x2122;Í&#x161; Â?Â&#x2013;Â&#x160;Â&#x2022;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

This leading insurer is looking for a contractor, for an initial 6month period subject to extension to work within their actuarial team. You will be involved across the business pre-dominantly within capital modelling and be involved in validation and parameterisation work. You will also be exposed to other teams and be expected to assist in ad-hoc risk, reserving and pricing work For more information please contact: rupa@hfg.co.uk REF: RP439

Â&#x2122;Â&#x2122;Â&#x2122;ǤÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;ǤÂ&#x2014;Â?

March 2015 â&#x20AC;˘ THE ACTUARY 39 www.theactuary.com

Recruitment March15.indd 39

24/02/2015 08:46

Appointments

LIFE ACTUARIES WANTED.

We’re looking for talented life actuaries to grow our Global Life Actuarial team in Zurich, Switzerland.

As a Life Methodology Actuary, you will have an outstanding opportunity to contribute to diverse workstreams supporting the development of Zurich’s economic capital model, Solvency II, MCEV and the Swiss Solvency Test. You will gain detailed first-hand insights into each, from a truly global perspective, delivering insightful analysis to embed the approaches you develop. In doing so, you will build effective working relationships with diverse teams across Zurich.

With Zurich you belong to a truly global brand, with 60,000 people serving customers in more than 170 countries. If you value an exciting and varied working environment in a multi-national, multi-cultural organisation, where initiative and creativity are encouraged, then we look forward to receiving your application.

TO FIND OUT MORE AND APPLY, PLEASE VISIT www.zurich.com/en/careers AND USE THE REFERENCE NUMBER 140005TJ.

ZURICH INSURANCE. FOR THOSE WHO TRULY LOVE.

40

THE ACTUARY • March 2015 www.theactuary.com

Recruitment March15.indd 40

24/02/2015 08:46

London : Chicago : Hong Kong : Singapore : Shanghai

www.theactuaryjobs.com

Pricing Actuary - London Â&#x2026; Â&#x2026; %HQH¿WV

My client, a leading global insurer, is looking to recruit a talented and ambitious Actuary to join their team. You will provide case pricing for large risks in an international environment. Main remit will be the development and support of pricing models. Portfolio analysis/segmentation and interaction with the business planning process will also be part of the job.

You will report directly to senior management. This is a great opportunity to work in a highly visible role, which will give exciting development opportunities as well as exposure to a wide variety of work. Previous pricing experience â&#x20AC;&#x201C; ideally London Market - is required. You must have great communication skills in addition to actuarial and statistical pricing skills. &RQWDFW SKX QJRF#LSVJURXS FR XN

6HQLRU $FWXDU\ $QDO\WLFV +RQJ .RQJ $WWUDFWLYH 6DODU\ %RQXV %HQH¿WV

A leading reinsurer is looking for an experienced actuary to join their expanding team. Based in Hong Kong, this is an exciting new position to be a key member of the Analytics team and become a key function of a wider underwriting team. Reporting to the Head of Analytics, you will require extensive reinsurance treaty pricing experience within the European and/or US markets and across multiple lines of businesses. Experience in reserving or capital modelling will be an added advantage. &RQWDFW SKX QJRF#LSVJURXS FR XN

Structurer / Originator - London 7RS TXDUWLOH VDODU\ %RQXV %HQH¿WV

Our client, a leading investment manager, is looking to hire a structurer with an actuarial background to further develop the insurance linked securities team in London. They are looking for someone with a good track record in deal structuring. You will be dealing with insurance/reinsurance counterparties. Furthermore, you will be involved in the development of risk analysis DQG SULFLQJ PRGHOV WR DQDO\]H LQYHVWPHQW RSSRUWXQLWLHV DQG ZLOO DOVR OLDLVH ZLWK TXDQWLWDWLYH GHYHORSHUV RI WKH ¿UP DQG SURYLGH OHDGHUVKLS GXULQJ WKH LQIUDVWUXFWXUH GHYHORSPHQW 7KH LGHDO FDQGLGDWH ZLOO EH D SDUW TXDOL¿HG DFWXDU\ ZLWK H[SHULHQFH in the ILS sector either from an investment management role or from a role with a reinsurer. NatCat exposure would be a plus. &RQWDFW SKX QJRF#LSVJURXS FR XN

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7KLV PDMRU DFWXDULDO DQG EHQH¿WV FRQVXOWLQJ ¿UP LV ORRNLQJ WR H[SDQG WKHLU LQYHVWPHQW FRQVXOWLQJ WHDP ZLWK DQ experienced hire. This person will manage and develop a portfolio of clients advising trustees on investment strategies and the investment structures which would support these strategies. This consultant will work with a multi-disciplined consulting team, will liaise with the scheme actuary over liability management and will lead presentations to clients on performance management and current investment market issues. He/she will work closely with the investment research function assisting on manager selection and also participate in new business presentations. Candidates will have worked DV DQ LQYHVWPHQW FRQVXOWDQW IRU DQRWKHU DGYLVRU\ ¿UP OHDGLQJ D SRUWIROLR RI '% DQG '& FOLHQWV DFURVV D ZLGH UDQJH RI IXQG VL]HV +H VKH ZLOO KDYH DQ DFWXDULDO RU DQRWKHU DSSURSULDWH SURIHVVLRQDO TXDOL¿FDWLRQ &RQWDFW DQWKRQ\ FKLWQLV#LSVJURXS FR XN

/RQGRQ 2I¿FH IPS Group, Bevis Marks House, 24 Bevis Marks, London EC3A 7JB 7HOHSKRQH +44 207 481 8686 Email: actuarial@ipsgroup.co.uk March 2015 â&#x20AC;¢ THE ACTUARY 41 www.theactuary.com

Recruitment March15.indd 41

24/02/2015 08:46

Appointments

CONGRATULATIONS TO MATT EVANS OF AMLIN! Winner of our anniversary prize draw for dinner for two at the Shard.

REINSURANCE PRICING ACTUARY

CAPITAL ACTUARY

PRICING & RESERVING MANAGER

COMING IN MARCH - Our client, a Reinsurer LV ORRNLQJ IRU D TXDOLĂžHG $FWXDU\ ZLWK XS WR years PQE. Work includes but not limited to Pricing Development and Case Pricing. Ideal candidate will have experience with Long Tail lines.

COMING IN MARCH - Our client, a Reinsurer is ORRNLQJ IRU D &DSLWDO $FWXDU\ ZLWK XS WR \HDUV PQE. Youâ&#x20AC;&#x2122;ll have hands on Capital Modelling experience including Model Validation.

Your experience in Capital will be using the ReMetrica platform.

The primary role is to provide expertise for /OR\GĂŞV 6\QGLFDWH EXVLQHVVHV DQG 0*$V VSHFLĂžFDOO\ ZLWK FDOFXODWLRQ RI 5HVHUYHV and TPâ&#x20AC;&#x2122;s, Pricing reviews for the Syndcates DQG 0*$ĂŞV ,GHDOO\ \RXĂŞOO EH DQ ),$ RU equivalent.

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London Competitive Package PERMANENT

London Competitive Package PERMANENT

Base up to ÂŁ100,000 PERMANENT

WWW.FENASSOCIATES.COM

INFO@FENASSOCIATES.COM | +44 (0)20 7256 9777

Deputy Chief Life Actuary, London Salary from ÂŁ110,000 REF: CP53080

Pricing Actuary, London Up to ÂŁ80k + bonus + beneÄŽts REF: VC55750

Contract Opportunity, London Day rate up to ÂŁ1,100 REF: CP53090

FantasĆ&#x;c opportunity for an individual seeking a career upliĹ&#x152; to act as 2nd line defence and be integral to the success of this business.

The ideal candidate will be working closely with key stakeholders.

Our client is an internaĆ&#x;onally renowned insurer and we are recruiĆ&#x;ng for a nearly/newly qualiÄŽed Pricing Actuary to sit within their core modelling team. CommunicaĆ&#x;on skills are essenĆ&#x;al in order to build rapport with Underwriters. The role will cover Marine and Motor . Interested in seeing candidates from both a London market and personal lines backgrounds.

My client is seeking a QualiÄŽed Life Actuary to work on an iniĆ&#x;al 6 month contract.

ORSA expert with experience of USGAAP, standard formula modelling, Solvency II experience.

For a conÄŽdenĆ&#x;al discussion please contact Clinton Poore 0207 929 7667 or email c.poore@darwinrhodes.com

For a conÄŽdenĆ&#x;al discussion please contact Victoria Cruickshank on 0207 621 3758 / v.cruickshank@darwinrhodes.com

For a conÄŽdenĆ&#x;al discussion please contact Clinton Poore 0207 929 7667 or email c.poore@darwinrhodes.com

Zoeâ&#x20AC;&#x2122;s solitaire board consists of 28 holes set out in a triangle as shown in the diagram. The game starts with a peg in every hole except the central one (shaded) and is played in the usual way. Each move consists of jumping a peg over an adjacent peg into a hole, with the peg over which the jump is made then being removed from the board.

The aim is to be leĹ&#x152; with only one peg on the board.

42

London

Through trial and error, Zoe has convinced herself that the puzzle is impossible. Can you help her prove this?

For your chance to win a prize please send your answers to London@darwinrhodes.com quoĆ&#x;ng: The Actuary

THE ACTUARY â&#x20AC;˘ March 2015 www.theactuary.com

Recruitment March15.indd 42

24/02/2015 08:47

www.theactuaryjobs.com George Bird Life Insurance +44 (0) 207 337 8806 georgeb@hfg.co.uk

Erin O'Donnell Risk Management +44 (0) 207 337 1202 erin@hfg.co.uk

James Kitt Risk Management +44 (0) 207 337 1202 james@hfg.co.uk

Life insurance roles Reporting Manager

ÂŁ65 - ÂŁ85k Basic, London

Pricing Lead

ÂŁ65 - ÂŁ75k Basic, London

An opportunity has been created within the Capital management team of a large Â&#x2039;Â&#x2C6;Â&#x2021; Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2122;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021; Â&#x203A;Â&#x2018;Â&#x2014;Â&#x201D; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x2021;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x2013;Â&#x160;Â&#x192;Â&#x2013; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2039;Â&#x2022; Â&#x2014;Â&#x2022;Â&#x2021;Â&#x2020; Â&#x2021;ĆĄÂ&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x203A; Â&#x192;Â?Â&#x2020; will incorporate all aspects of capital management including ERM and working on Solvency II regulatory deliverables. The chosen candidate will be have a modelling background and have previous experience in stress testing.

For more information contact: erin@hfg.co.uk REF: EO0201

Â&#x2026;Â&#x160;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â?Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A;Č&#x20AC;Â?Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x192; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2039;Â&#x2C6;Â&#x2021; Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; in their Pricing team. You will lead the analysis and development of pricing models and be responsible for the day to day operational responsibilities for the business. The ideal candidate must have stakeholder management experience, be commercially aware and have regulatory experience.

For more information contact: erin@hfg.co.uk REF: EO0202

Senior Manager

Systems Actuary

ÂŁ80 - ÂŁ90k Basic, London

ÂŁ35 - ÂŁ55 Basic, London

An opportunity to gain non traditional actuarial experience within a leading Life Practice. You will be involved in exciting project based work, gain broad market experience and help to grow the business. The ideal candidate will enjoy networking and have both a broad and diverse knowledge of the Life insurance market.

For more information contact: erin@hfg.co.uk REF: EO0203

A vacancy for an actuarial student has been created in the systems team of a large life insurer. Supporting the actuarial systems team you will be responsible for data analysis, including running and testing models and challenging the results.

The chosen candidate will preferably have previous experience in using MoSes and Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x192; Â&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020; Â&#x2039;Â? Â&#x192;Â?Â?Â&#x2014;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2018;Â&#x201D; Â&#x2020;Â&#x2021;ƤÂ?Â&#x2021;Â&#x2020; Â&#x201E;Â&#x2021;Â?Â&#x2021;ƤÂ&#x2013; Â&#x2022;Â&#x2026;Â&#x160;Â&#x2021;Â?Â&#x2021;Â&#x2022;Ǥ For more information contact: erin@hfg.co.uk REF: EO0205

Product Governance Actuary

Prophet Developer

ÂŁ450 / day,6 months, Midlands

ÂŁ700 - ÂŁ800 / day, 6 months, Bristol

A leading life insurance company are looking for an Actuary to work on their With Â&#x201D;Â&#x2018;ƤÂ&#x2013;Â&#x2022; Â&#x2C6;Â&#x2014;Â?Â&#x2020;Ǥ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x192; Â?Â&#x2014;Â?Â&#x201E;Â&#x2021;Â&#x201D; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x2021;Â&#x192;Â?Â&#x2022; Â&#x2013;Â&#x2018; Â&#x2021;Â?Â&#x160;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x2013;Â&#x160;Â&#x2021; Â&#x192;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2013; Â&#x192;Â&#x17D;Â&#x17D;Â&#x2018;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â?Â&#x2021;Â&#x2013;Â&#x160;Â&#x2018;Â&#x2020;Â&#x2018;Â&#x17D;Â&#x2018;Â&#x2030;Â&#x203A;Ǥ Â&#x160;Â&#x2021; Â&#x2022;Â&#x2014;Â&#x2026;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2C6;Â&#x2014;Â&#x17D; Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x192; Â&#x2C6;Â&#x2014;Â&#x17D;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A;ÇĄ Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2021;Â&#x161;Â&#x2013;Â&#x2021;Â?Â&#x2022;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x2039;Â&#x2013;Â&#x160;ÇŚ Â&#x201D;Â&#x2018;ƤÂ&#x2013; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â&#x2026;Â&#x2018;Â?Â?Â&#x2014;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x192;Â?Â&#x2020; inter-personal skills.

For more information contact: georgeb@hfg.co.uk REF: GBI0201

A leading life insurer are looking for a hand-on Prophet Developer to join their actuarial team. The ideal candidate will have extensive experience of coding in Prophet, as well as exposure in end-to-end automation. The role will involve developing existing functionality as well as expanding the Prophet model and tools.

For more information contact: georgeb@hfg.co.uk REF: GBI0202

Solvency II Pillar 1 Actuary

BAU Contract

ÂŁ650 - ÂŁ750 / day, 6 months, Manchester

A market leading life insurer is looking for two process Actuaries to join their team. The role will involve streamlining the process between modelled results and published results. The successful candidate will have excellent excel and spread sheet skills, a good working knowledge of Prophet and be well-versed in the endto-end reporting process.

For more information contact: georgeb@hfg.co.uk REF: GBI0203

ÂŁ400 - ÂŁ600 / day, 6 months, London

A leading life insurance company based in the city is looking for an actuarial Â&#x2022;Â&#x2013;Â&#x2014;Â&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2013;Â&#x2018; Â&#x160;Â&#x2021;Â&#x17D;Â&#x2019; Â&#x2026;Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2013;Â&#x160;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x2030;Â&#x160;Â&#x2018;Â&#x2014;Â&#x2013; Â&#x192; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x203A; Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2020; Â&#x2018;Â&#x2C6; intense workload. Solvency II has forced the team to restructure and as such there is a requirement for extra actuarial resource in the business. The ideal candidate will have well versed actuarial analytical and investigative skills as well as a proven track record of delivering to tight deadlines.

For more information contact: georgeb@hfg.co.uk REF: GBI0204

Risk roles Head of Financial Risk

Up to ÂŁ120k Basic, London

This large multinational insurer is looking for an experienced Risk professional to lead their Group Finacial Risk team. The successful candidate will have in depth experience of contributing to the internal model, reporting to the CIO and investment committees recommending hedging strategy and investment Â&#x192;Â&#x17D;Â&#x17D;Â&#x2018;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x160;Â&#x2021; Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2022;Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x201E;Â&#x2021; Â&#x2026;Â&#x2018;Â?ƤÂ&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2039;Â? Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x192;Â?Â&#x2020; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x203A; strong communication skills to liase with internal stakeholders.

For more information contact: james@hfg.co.uk REF: JK0201

+44 (0) 207 337 8800

Financial Risk Manager

ÂŁ55 - ÂŁ65 Basic, London

Â? Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â?Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A;Č&#x20AC;Â?Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x192; Â&#x17D;Â&#x192;Â&#x201D;Â&#x2030;Â&#x2021; Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; in their Risk team. Coming from an actuarial background you will have excellent communication skills and be able to embed a risk based culture into the business Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x2014;Â&#x17D;Â&#x192;Â&#x201D; Â&#x2021;Â?Â&#x2019;Â&#x160;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2022; Â&#x2018;Â? ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2039;Â&#x2022;Â?Ǥ Â&#x160;Â&#x2021; Â&#x2039;Â&#x2020;Â&#x2021;Â&#x192;Â&#x17D; Â&#x2026;Â&#x192;Â?Â&#x2020;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; technically but also have a commercial interest.

For more information contact: erin@hfg.co.uk REF: EO0204

www.hfg.co.uk March 2015 â&#x20AC;˘ THE ACTUARY 43 www.theactuary.com

Recruitment March15.indd 43

24/02/2015 08:47

Appointments pensions & investments | non-life | life & health

experts in actuarial recruitment Risk Actuary Insurance Risk & Capital Optimisation

London Zurich

London, c. ÂŁ85,000 base salary + bonus & beneďŹ ts Hong Kong

A great opportunity for an actuary with capital markets experience to identify, develop and execute actions that optimise the balance sheet of the business. A principal focus

Singapore

will be on hedging instruments and company restructuring.

Requires strong awareness of UK and European regulatory

actuarial@eamesconsulting.com

requirements, particularly ICA+ and Solvency II.

@EamesConsulting

Contact: Ian Povey +44 (0)20 7092 3265 ian.povey@eamesconsulting.com

in Eames Consulting Group

eamesconsulting.com

Jason Sykes Managing Director EA Reg: R1333193 +65 6829 7153 jason@hfg.com.sg

Graeme Braidwood Senior Consultant EA Reg: R1434568 +65 6829 7153 graeme@hfg.com.sg

Tong Yu Consultant ÎŽÍ&#x153;Í&#x153; Č&#x2039;Í&#x2DC;Č&#x152; Í&#x161;Í&#x2DC;Í&#x; Í&#x203A;Í&#x203A;Í&#x; Í Í Í?Í&#x203A; tong@hfg.co.uk

Asia roles GI Actuaries - All levels

Salary depending on experience

Competitive HK$ + bonus, Hong Kong

A niche insurer with an impressive growth record over the past 12 months Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x160;Â&#x2039;Â&#x201D;Â&#x2021; Â&#x192; Â?Â&#x2018;Â? Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020; Â&#x192; Â&#x2022;Â?Â&#x192;Â&#x17D;Â&#x17D; Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2018;ĆĄÂ&#x2021;Â&#x201D;Â&#x2022; Â&#x2C6;Â&#x2014;Â&#x17D;Â&#x17D; oversight of reserving and capital duties, reporting through to the senior Â&#x2021;Â&#x161;Â&#x2021;Â&#x2026;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021;Ǥ Â&#x2013; Â&#x2039;Â&#x2022; Â&#x192; Â&#x160;Â&#x2039;Â&#x2030;Â&#x160; Â&#x2019;Â&#x201D;Â&#x2018;ƤÂ&#x17D;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2030;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2021;Â&#x2020; Â&#x2013;Â&#x2018; Â&#x192;Â? Â&#x192;Â?Â&#x201E;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x192;Â?Â&#x2020; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x160;Â&#x2039;Â&#x2019; Â&#x2026;Â&#x192;Â&#x2019;Â&#x192;Â&#x201E;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022;Ǥ For more information contact: jason@hfg.co.sg REF:JS0201

Regional Corporate Actuary

Reinsurance Pricing Actuary

SGD $80 - $120k basic + bonus, Singapore

SGD $200k - $220k basic + bonus, Singapore

Exceptional opportunity to join the regional corporate team of this fast growing Â&#x192;Â?Â&#x2020; Â&#x160;Â&#x2039;Â&#x2030;Â&#x160;Â&#x17D;Â&#x203A; Â&#x2022;Â&#x2014;Â&#x2026;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2C6;Â&#x2014;Â&#x17D; Ǥ Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x160;Â&#x2021;Â&#x192;Â&#x2020;ÇĄ Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013;Â?Â&#x2021;Â&#x201D;Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2039;Â?Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2014;Â&#x192;Â&#x17D; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x2030;Â&#x2014;Â&#x2039;Â&#x2020;Â&#x2021;ÇĄ Â&#x192;Â&#x2020;Â&#x2DC;Â&#x2039;Â&#x2022;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x2039;Â&#x2022;Â&#x2021; Â&#x2018;Â? ÇĄ Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A; Í&#x161; Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x2018;Â&#x2014;Â?Â&#x2013;Â&#x201D;Â&#x203A; Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;ƤÂ&#x2026; Â&#x2DC;Â&#x192;Â&#x17D;Â&#x2014;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022;Ǥ Â&#x160;Â&#x2039;Â&#x2022; Â&#x2039;Â&#x2022; Â&#x192; Â&#x2C6;Â&#x192;Â?Â&#x2013;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2026; Â?Â&#x2018;Â&#x2DC;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; commercially minded actuary looking to accelerate their career.

For more information contact: graeme@hfg.com.sg REF: GB0201

Â? Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x201D;Â&#x2021;Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2021;Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2039;Â? Â&#x2039;Â?Â&#x2030;Â&#x192;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2021;Ǥ Â&#x160;Â&#x2039;Â&#x2022; Â&#x2039;Â&#x2022; Â&#x192; Â&#x2C6;Â&#x192;Â?Â&#x2013;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2026; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192;Â? Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x201E;Â&#x17D;Â&#x2021;Â? Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x201D; capital solutions for insurance companies in Asia. The role is challenging Â&#x192;Â?Â&#x2020; Â&#x2013;Â&#x201D;Â&#x192;Â?Â&#x2022;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x192;Â?Â&#x2020; Â?Â&#x2021;Â&#x2021;Â&#x2020;Â&#x2022; Â&#x192; Â&#x2026;Â&#x2018;Â?Â?Â&#x2021;Â&#x201D;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A; Â&#x192;Â&#x2022;Â&#x2013;Â&#x2014;Â&#x2013;Â&#x2021; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; ƤÂ&#x201D;Â&#x2022;Â&#x2013; Â&#x2026;Â&#x17D;Â&#x192;Â&#x2022;Â&#x2022; communication skills.

For more information contact: graeme@hfg.com.sg REF:GB0202

Regional Actuary (Prophet)

Manager / Assistant Manager

HKD $600k - $1m basic + bonus, Hong Kong

Â&#x161;Â&#x2026;Â&#x2039;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2018;ĆĽÂ&#x2026;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x192; Â?Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2039;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D;Ǥ Â&#x160;Â&#x2021; successful actuary will manage a small team of modelling specialists to support Â&#x17D;Â&#x2018;Â&#x2026;Â&#x192;Â&#x17D; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x17D;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D; Â&#x2C6;Â&#x2014;Â?Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022; Â&#x2039;Â?Â&#x2026;Â&#x17D;Â&#x2014;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â?Â&#x2021;Â?Â&#x2013; Â&#x2018;Â&#x2C6; Prophet and ALS models for Solvency II. The ideal person will have in-depth Â&#x201D;Â&#x2018;Â&#x2019;Â&#x160;Â&#x2021;Â&#x2013; Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2039;Â?Â&#x2030; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x2039;Â&#x2022;Â&#x2021; Â&#x2019;Â&#x201D;Â&#x2021;Â&#x2C6;Â&#x2021;Â&#x201D;Â&#x192;Â&#x201E;Â&#x17D;Â&#x203A; Â&#x2030;Â&#x192;Â&#x2039;Â?Â&#x2021;Â&#x2020; Â&#x2039;Â? Â&#x192; Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x192;Â&#x2019;Â&#x192;Â&#x2026;Â&#x2039;Â&#x2013;Â&#x203A;Ǥ For more information contact : tong@hfg.co.uk REF:TY0201

EA Licence Number: 14C7034 44

Appointed Actuary

Calling all GI Actuaries! The market in APAC is gearing up for the New Year with opportunities across pricing, reserving, capital modelling and predictive analytics. Â&#x2018; ƤÂ?Â&#x2020; Â&#x2018;Â&#x2014;Â&#x2013; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x192;Â&#x201E;Â&#x2018;Â&#x2014;Â&#x2013; Â&#x2122;Â&#x160;Â&#x192;Â&#x2013; Â&#x2021;Â&#x192;Â&#x2026;Â&#x160; Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; Â&#x160;Â&#x192;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x2018;ĆĄÂ&#x2021;Â&#x201D; Č&#x2039; Â&#x160;Â&#x2039;Â?Â&#x192;ÇĄ Â&#x2018;Â?Â&#x2030; Â&#x2018;Â?Â&#x2030;ÇĄ Â&#x2039;Â?Â&#x2030;Â&#x192;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2021;ÇĄ Â&#x192;Â&#x17D;Â&#x192;Â&#x203A;Â&#x2022;Â&#x2039;Â&#x192;ÇĄ Â&#x160;Â&#x192;Â&#x2039;Â&#x17D;Â&#x192;Â?Â&#x2020;ÇĄ Â?Â&#x2020;Â&#x2018;Â?Â&#x2021;Â&#x2022;Â&#x2039;Â&#x192; Â&#x192;Â?Â&#x2020; Â&#x2014;Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x17D;Â&#x2039;Â&#x192;Č&#x152; Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â?Â&#x192;Â?Â&#x2021; Â&#x192; Â&#x2026;Â&#x2018;Â?ƤÂ&#x2020;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2021;Â?Â&#x201C;Â&#x2014;Â&#x2039;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2018;Â&#x2014;Â&#x201D; Â&#x2039;Â?Â&#x2030;Â&#x192;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2018;ĆĽÂ&#x2026;Â&#x2021;Ǥ For more information contact: jason@hfg.com.sg REF: JS0201

HKD $500k - $1m basic, Hong Kong

Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Â&#x2026;Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2026;Â&#x203A; Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2026;Â&#x160;Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2018;Â&#x201D; Â?Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A;Č&#x20AC;Â?Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; ĆŹ Â?Â&#x2018;Â?ÇŚÂ&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x192;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2021;Â&#x203A; Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2122; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2039;Â? Â&#x2022;Â&#x2039;Â&#x192;Ǥ Â&#x2C6; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2021;Â&#x2022;Â&#x2013;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x160;Â&#x2021;Â&#x2020; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2039;Â? valuation, modelling, S2, economic capital or pricing and would like to develop your commercial consulting skills to enhance your career prospects in the future, please do not hesitate to contact us.

For more information contact: tong@hfg.co.uk REF:TY0202

www.hfg.com.sg | +65 6829 7153

THE ACTUARY â&#x20AC;˘ March 2015 www.theactuary.com

Recruitment March15.indd 44

24/02/2015 08:47

Mansion

www.theactuaryjobs.com

Ground Floor Pellipar House, 9 Cloak Lane, London EC4R 2RU | 0207 332 5870 | actuarial@mansionhouse.co.uk www.mansionhouse.co.uk

NON - LIFE PRICING MANAGER

SENIOR RISK AND CAPITAL ANALYST

One of the UK’s most trusted Personal Lines Insurers seeks a qualiƂed Actuary to take responsibility for pricing decisions across all business lines. Managing a small team, you will be tasked with improving analytical techniques and pricing structures alongside the analysis of customer purchasing behaviour and competitor pricing. The successful candidate will have a demonstrable track record within the Personal Lines Pricing sphere and be technically astute. You will possess outstanding communication skills and be conƂdent building relationships with all other divisions across the Group.

Global reinsurer seeking an individual with speciƂc responsibility for overall delivery of Lloyd’s Solvency II regulatory capital reporting while working with members of the Risk, Finance, Actuarial, Underwriting and Compliance teams.

The successful candidate will gain a detailed understanding of this organisation risk and capital systems, particularly within the context of Solvency II and will ultimately play a key role in model validation as well as proposing improvements to underlying systems and processes.

HEAD OF CAPITAL

ACTUARIAL MANAGER – NON-LIFE

Growing retail insurer seeks experienced actuarial capital modelling expert to lead a small team. Reporting to the Chief Actuary you will be responsible for the full remit of capital work.

The successful candidate will be an outstanding communicator and possess a demonstrable track record within a capital modelling role in the non-life Ƃeld. Familiarity with Remetrica beneƂcial.

Fantastic opportunity to transition into a managerial role.

My client, a boutique consultancy, are seeking candidates across multi-disciplines of work. The role will involve developing client relationships and technical work across Capital, Reserving, or Pricing. The ideal candidate will be from nearly qualiƂed level up to 5 years PQE (salaries will be negotiable on experience), and have non-life experience ideally from a consultancy, the London market, or a large insurance group. The client is willing to offer visa sponsorship.

SURREY Up to £85,000 + Bonus + BeneƓts

NON-LIFE Samantha Yee yees@mansionhouse.co.uk

Ref: 22773/sy

SURREY Up to £90,000 + bonus +beneƓts

Ref: 22918/sy

LIFE Martin Press pressm@mansionhouse.co.uk

LONDON £80,000-£120,000 + bonus & beneƓts

Ref: 22084/sy

LIFE REPORTING ACTUARY

LIFE REPORTING ACTUARY

We are pleased to announce that Mansion House is recruiting for a global life and health insurer in need of nearly qualiƂed actuaries for its UK headquarters in Scotland. The client is currently seeking to recruit reporting analysts skilled in Prophet and Crystal reporting, ideally the successful candidate will have had around 3 years in industry and be nearly qualiƂed with a view to Ƃnish this year.

A major UK life insurer is seeking a senior life reporting actuary to join their growing team. The candidate must have previous experience within this role preferably at management level. A high level of analytical competence is necessary as well as expert understanding of Prophet. This role is an excellent opportunity for someone looking to progress to senior management in the next 3 years.

Ref: 22871/MP

Zainab Ali aliz@mansionhouse.co.uk

Ref: 22868/sy

LIF E SCOTLAND Up to £45,000 + Bonus + BeneƓts

GERMANY

LONDON £75,000 - £90,000 + bonus + beneƓts

LIFE ACTUARIAL CONSULTANT EDINBURGH £60,000 + Bonus + BeneƓts

Our client is a leading consultancy currently seeking new talent to join their UK operation. The role will be consistently varied and will encompass all aspects of the life market. The successful candidate will have a high degree of commercial awareness and business acumen, strong people management skills and be self-motivated and career minded. Working knowledge of Ƃnancial reporting, risk and capital, and Solvency II is vital.

Ref: 22873/MP

SOUTH ENGLAND Up to £80,000 + Bonus +BeneƓts

Ref: 22760/MP

MANAGING CONSULTANT LONDON Market leading Package

A highly regarded global consultancy are looking to grow the life team further. Forward thinking, commercially aware actuaries with previous consultancy experience are needed to assist with the transition of this period of growth. Superb communication skills and proven people management skills are highly desirable. Details of the role will depend on previous experience.

Ref: 21666/MP

P E NSIONS & I N V ES T MEN T S FRANCE Stephen Roisier roisiers@mansionhouse.co.uk

HEAD OF INVESTMENT CONSULTING LONGEVITY ACTUARY

LONDON up to £120,000 + bonus & beneƓts This role will work closely with an industry respected leader, in the formation of a new consulting practice.

The successful candidate will have detailed longevity knowledge, and will enjoy working with a wide range of stakeholders, bringing their expertise to bear in a wide variety of commercial contexts.

Genuine opportunity for fast track to partner, prior consulting experience is not essential.

Ref: 22693/bw

INVESTMENT CONSULTANT

LONDON Up to £120,000 + bonus & beneƓts

PENSION & INVESTMENTS Ben Whalley whalleyb@mansionhouse.co.uk

Client facing investment consultant sought for challenging role in market leading team. The successful candidate will have a ƃair for identifying and implementing strategies associated with investment risk , and the optimum use of capital to fund pension liabilities. Credibility with board level stakeholders within global corporates is essential.

Ref 22669/bw

Recruitment March15.indd Mansion House Jane.indd 145

LONDON Up to £160,000 + beneƓts + bonus & long term incentives Unique opportunity for highly experienced investment consultant to take on a leadership role with an established vibrant investment consultancy practice. The successful candidate will be an inspirational leader, able to clearly articulate and implement the next stage of strategic growth for this business.

Ref: 21272/bw

NEWLY QUALIFIED PENSIONS ACTUARY LONDON Up to £70,000 + bonus & beneƓts

My client is an expanding consultancy working in the corporate sector. The team is multi-disciplinary team providing specialist advice predominantly to sponsoring employers. The work is varied and project based ranging from long-term pensions strategy, liability management exercises, assistance with scheme funding negotiations, asset backed contribution strategies, corporate transaction support and automatic enrolment strategy and implementation support. Excellent opportunity to develop transferable commercial skills in the DBMarch and DC pensions 2015 • THE arena.

ACTUARY Ref 22125/bw

45

www.theactuary.com

24/02/2015 23/02/2015 08:47 10:11

Appointments

So long, siloed working.

Hello, open doors and minds Working as an actuary at LV= Bournemouth, you’ll find all of our Life and General Insurance actuaries together in one building, alongside our risk and investment teams. It’s not rocket science but it has made an astronomical difference.

It’s helped our actuaries to work better together.

It’s made it easier to share ideas, insight and expertise, which makes it easier to tackle complex problems.

For you, that means access to a diverse and expansive spectrum of intellectually-challenging work, now and in the future.

Following a year of significant growth and internal promotion we have a number of Senior Actuarial Analyst and Qualified Actuarial opportunities within our Bournemouth team. If you’d like to talk through any of the opportunities, feel free to email chelsea.bain@LV.com Find out more about what we can offer you and your career, visit jobs.lv.com/actuarial

PLAN YOUR NEXT MOVE

ON THE MOVE

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Go to www.theactuaryjobs.com 46

THE ACTUARY • March 2015 www.theactuary.com

Recruitment March15.indd 46

24/02/2015 08:47

www.theactuaryjobs.com ADVERTISEMENT FEATURE

Mercer builds its pension team in Woking

M

ercer, one of the world’s largest consultancies, specialising in providing talent, health, retirement and investments services and advice, has opened a new office in the town – a move that is bringing actuaries and investment professionals together to deliver innovative risk management solutions right across the South East.

“With the pensions industry very much at a crossroads and our clients needing strategic direction to help them address the many challenges and risks they face, our new team is focused on providing a holistic and innovative approach using the significant breadth of expertise that Mercer has to offer. To help us achieve this for our clients, we are looking for talented and ambitious people from a variety of backgrounds and with different skill sets to help expand our team in Woking” says Andy Cook, Partner and Leader of the Retirement team in Woking.

Woking’s excellent connections to London and the rest of the South East make it the ideal base for Mercer to service its 400-plus clients across the region. It also offers staff a first-class working environment, in Mercer’s new offices located in the centre of the town, close to the train station and local amenities.

The local benefits are only part of the appeal, however. Professionals who join Mercer will also belong to one of the industry’s most respected and influential teams – and this is reflected in the quality of the clients they deal with.

“Our people get to work with large and sophisticated organisations that have the resources and ambition to try new things, as well as smaller clients,” says Sarah Elwine, Business Manager for Mercer’s Retirement business in the region. “There’s tremendous scope to think creatively and deliver solutions that have a strategic impact on our clients.”

Mercer invests heavily in ongoing professional development and combines a competitive rewards package with the kind of career prospects you might expect from a 20,000-strong company based in more than 40 countries. “The size and scope of Mercer mean that you are continually developing and growing,” says Sarah Elwine.

“It’s a chance to develop your career as part of a highly successful and innovative team recognised for its market-leading ideas and the consistency of its performance.”

GEOFF BAUER, CONSULTANT

QUALIFIED AND PART-QUALIFIED ACTUARIES

Woking, Surrey

Why join our new office in Woking? Simple. You get to combine an excellent location and working environment with the chance to work with some of biggest and best organisations in the South East.

You will also benefit from the kind of professional development and prospects you would expect from a global consulting leader in talent, health, retirement and investments.

So do what you do best. Analyse the facts and draw your own conclusions by visiting: careers.uk.mercer.com for more information about the opportunities in Woking and across the UK.

TALENT. HEALTH. RETIREMENT. INVESTMENTS.

March 2015 • THE ACTUARY 47 www.theactuary.com

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Appointments N ON -L IF E RIS K

N O N - L I F E L IFE R IS K P E N S IO NS I NVESTM ENT REINSURANCE PRICING ACTUARY

NON-LIFE ANALYTICS LEADER

£ very attractive package NON-LIFE LONDON

CAPITAL ACTUARIAL MANAGER

£ excellent + bonus + benefits STAR2299

NON-LIFE LONDON

up to £95k + bonus + benefits STAR2253

NON-LIFE SOUTH EAST

STAR2371

Our client is seeking a modelling expert with deep technical knowledge, and non-life reinsurance pricing experience. Catastrophe risk experience would be an advantage.

Our client is looking for a qualified actuary with a strong track record in the non-life industry. In this highly visible role you will lead a team of insurance experts, collaborating and building relationships with multiple stakeholders.

Our client seeks a qualified non-life actuary with capital modelling experience to take up a key role reporting to the Chief Actuary. You will have strong technical and communication skills and a proven track record of success.

NON-LIFE CATASTROPHE RISK SPECIALIST

REINSURANCE PRICING ACTUARY

TECHNICAL PRICING MANAGER

£ competitive package plus excellent benefits

up to £120k + bonus + benefits

up to £100k + bonus + benefits

NON-LIFE LONDON

NON-LIFE LONDON

STAR2296

STAR2358

NON-LIFE SOUTH EAST

STAR2306

Our client is looking for a risk specialist to provide technical leadership in a highly complex and sophisticated role that has a particular focus on catastrophe risk.

Our client seeks a non-life reinsurance pricing actuary with specialty lines pricing experience.

The successful candidate will be a creative thinker with strong communication skills who can work well independently and as part of a team.

Non-life insurer seeks a Technical Pricing Manager to lead a team in defining and developing its pricing strategy. Working alongside the Head of Pricing you will deliver risk models across multiple lines of business.

CATASTROPHE MODELLING LEAD

MODEL RISK MANAGER

PRICING ACTUARY - PROPERTY & CASUALTY

£ excellent + bonus + benefits

£ excellent package

up to £80k + bonus + benefits

NON-LIFE NORTH

STAR2363

NON-LIFE MANCHESTER

STAR2320

NON-LIFE SOUTH WEST

STAR2072

This role represents a unique opportunity for a catastrophe modelling expert to take up a key position leading a new team in a marketleading organisation. Excellent communication and influencing skills essential.

Take this opportunity to join a highly-regarded risk function to take ownership for the Internal Model, whilst agreeing appropriate controls around reserving, pricing, reporting and key financial planning models.

Our client is seeking a qualified actuary with commercial pricing experience to strengthen its actuarial pricing team, deriving appropriate technical premiums and underwriting analytics to support the UK business.

RESERVING ACTUARY

HEAD OF PRICING

PRICING & RESERVING ACTUARY

£ excellent + bonus + benefits

£ excellent package

up to £80k + bonus + benefits

NON-LIFE MIDLANDS

STAR2188

NON-LIFE SOUTH EAST

STAR2227

NON-LIFE SOUTH EAST

STAR2187

An excellent opportunity for a qualified non-life actuary to take the lead on a range of reserving projects for a leading GI business.

We have an excellent opportunity for a qualified non-life actuary to take a major role within the innovative pricing department of a leading insurance group. Contact us now for more information.

High-calibre actuary sought to join a global leader in the non-life market. You will lead a team in the provision of technical pricing and reserving advice across the home and motor portfolio.

MOVE TO CAPITAL

CAPITAL ANALYST - LONDON MARKET

MARKET PRICING MANAGER

up to £60k plus bonus and benefits

up to £54k plus bonus and benefits

£ excellent + bonus + benefits

NON-LIFE GREATER LONDON/SOUTH EAST

STAR2342

We are currently recruiting on behalf of a leading general insurer. They have two vacancies for part-qualified actuaries within their capital team. Successful candidates will have strong modelling and communication skills.

STAR2380

NON-LIFE LONDON

NON-LIFE SOUTH EAST

STAR2324

Leading international financial services group has an exciting opportunity for a part-qualified non-life actuary to contribute to the development and enhancement of capital models using stochastic and DFA modelling techniques.

Leading insurer requires a Pricing Manager to take responsibility for pricing decisions across multiple lines of business with the aim of improving pricing structures, risk and operational costs, and customer purchasing behaviour.

SYSTEMS ACTUARY

SOLVENCY II ACTUARY - LIFE

LIFE REPORTING

£ excellent + bonus + benefits

£ excellent + bonus + benefits

£ excellent + bonus + benefits

STARVACANCIES LIFE LONDON

STAR2203

Our client would like to hire a qualified life actuary with Moses development experience and a proven track record in managing teams.

Excellent analytical, technical and IT skills are required.

48

LIFE LONDON

STAR2251

Leading client seeks qualified life actuary to take up a key role within its Solvency II workstream.

The successful candidate will review and interpret the Solvency II Directive and produce valuation modelling methodology papers.

LIFE LONDON

STAR2257

Major life insurance company seeks a qualified life actuary to provide support in the delivery of reporting requirements and risk capital metrics, including relevant aspects of business planning and actuarial management information.

Antony Buxton FIA Anto

LLouis Manson

Joanne Young Jo

Irene Paterson FFA Iren

MANAGING DIRECTOR MAN

MANAGING DIRECTOR M

OPERATIONS DIRECTOR OP

PARTNER PAR

THE ACTUARY • March 2015 www.theactuary.com M +44 7766 414 560 E antony.buxton@staractuarial.com

Recruitment March15.indd 48

M +44 7595 023 983 E louis.manson@staractuarial.com

M +44 7739 345 946 E joanne.young@staractuarial.com

M +44 7545 424 206 E irene.paterson@staractuarial.com

24/02/2015 08:47

LI FE www.theactuaryjobs.com

RI SK PENSI ONS I NVESTM ENT "$56"3*"- 1045 3&$36*5&3 0' 5)& :&"3 t t FINANCIAL RISK MANAGER - LIFE

CAPITAL ACTUARY - LIFE

PRICING ACTUARY - LIFE

up to £90k + bonus + benefits

£ excellent + bonus + benefits

up to £80k + bonus + benefits

STAR2373

LIFE LONDON

STAR2359

LIFE LONDON

STAR2328

Leading insurer seeks qualified life actuary to contribute to the development of the ERM Framework for all risks. You will lead and support the successful implementation of the ERM Framework in respect of financial risk.

Major life company seeks a qualified actuary with strong technical skills to join its capital team. You will develop and maintain tools to assess, monitor and manage the capital position of the group.

Leading insurer is seeking a qualified life actuary to manage its pricing strategy and performance, develop price-elasticity models, and assimilate pricing with capital requirements.

DEMOGRAPHIC RISK ACTUARY

MODELLING & SYSTEMS

LIFE ACTUARIAL OPPORTUNITIES

up to £70k + bonus + benefits

£ excellent + bonus + benefits

£ excellent + bonus + benefits

LIFE LONDON

STAR2381

LIFE SOUTH COAST

STAR2323

LIFE NATIONWIDE

STAR2199

Our client has an exciting opportunity for a qualified life actuary to oversee the development of demographic risk assumptions, ensuring that they are accurate, relevant and innovative.

Our client seeks actuarial analysts to deliver recommendations and solutions to business problems and to play a leading role in the identification and proposal of possible improvements to new systems and procedures.

Leading professional services company has a number of exciting opportunities for life actuaries of all levels to join its offices across the UK. Contact us now for more information regarding these fantastic roles.

LIFE CONSULTANT - CAPITAL MARKETS

RISK SPECIALIST - LIFE COMPANY

PLANNING & FINANCIAL SOLUTIONS

up to £60k plus bonus and benefits

£ depends on experience + bonus + benefits

£ excellent + bonus + benefits

LIFE RISK EDINBURGH

LIFE SOUTH COAST

LIFE LONDON

STAR2345

STAR2337

STAR2321

Global professional services firm has an exciting opportunity for a talented individual to provide consulting advice within its capital markets team. The successful candidate will have strong modelling and coding experience.

Leading financial services group has a new opportunity for an actuarial specialist to take up a Senior Management role. Solvency II experience is desirable. Contact us now for more information regarding this challenging role.

Leading insurer has a number of exciting opportunities for part-qualified actuaries to take responsibility for establishing and then maintaining an understanding of systems used within the actuarial team.

PROTECTION REPORTING TEAM

CAPITAL MANAGEMENT ANALYST - LIFE

INVESTMENT IN INSURANCE

£ excellent + bonus + benefits

£ excellent + bonus + benefits

£ depends on experience + bonus + benefits

LIFE SOUTH COAST

STAR2322

LIFE LONDON

STAR2360

LIFE INVESTMENT LONDON

STAR2367

Seeking part-qualified life actuaries to be responsible for delivering reporting and analysis on a wide range of reporting metrics (ICA, Solvency II, IFRS, Peak 1, Peak 2) for all Protection business.

Take this opportunity to join the capital management team of a major life insurer. The successful candidate will be a part-qualified actuary who understands asset-liability modelling.

A superb career opportunity for a professional with investment experience gained in an insurance context. Together with a leading team, you will build propositions, develop the business pipeline, and deliver on projects.

INVESTMENT RISK SOLUTIONS

MANAGEMENT CONSULTANCY - PENSIONS

SUPERSTAR PENSIONS

£ excellent + bonus + benefits

£ excellent + bonus + benefits

£ excellent career path

INVESTMENT LONDON

STAR2185

Global consultancy seeks a high-calibre qualified actuary with investment consulting experience to join its market leading team.

Please contact us for more information on this role.

PENSIONS MIDLANDS

STAR2089

Leading financial services firm has a number of excellent opportunities for high-calibre part-qualified and qualified actuaries to join its growing team.

PENSIONS LONDON

STAR2355

Market-leading pensions consultancy seeks exceptional part-qualified and qualified actuaries to join its growing team delivering cutting-edge solutions to flagship clients.

Please contact us for more details.

Star Actuarial Futures Ltd is an employment agency and employment business

LIFE RISK LONDON/SOUTH EAST

www.staractuarial.com PENSIONS LEADERSHIP - EXCLUSIVE

SCHEME ACTUARY

ACTUARIAL MANAGER - PENSIONS

up to £250k package

£ attractive package

£ excellent + benefits

PENSIONS LONDON

STAR2369

Leading pensions consultancy seeks accomplished pensions actuary with strong client and project management skills to take up a leadership role within its growing business.

PENSIONS SOUTH EAST

STAR2284

A growing pensions consultancy seeks a Scheme Actuary with strong business development skills to contribute to its success in 2015. Contact us now for more information.

PENSIONS LONDON

STAR2266

Leading financial services company has an exciting opportunity for an experienced pensions professional who can contribute to growth plans.

Lance Randles MBA La BA

Peter Baker

Paul C Cook

Clare Roberts C

Jan Sparks FIA

ASSOCIATE DIRECTOR AS

ASSOCIATE A ASS OC DIRECTOR

ASSOCIATE DIRECTOR ASSOCI OR

SENIOR CONSULTANT S

SENIOR CONSULTANT

M +44 7889 007 861 E lance.randles@staractuarial.com

Recruitment March15.indd 49

M +44 7860 602 586 E peter.baker@staractuarial.com

M +44 7740 285 139 E paul.cook@staractuarial.com

M +44 7714 490 922 E clare.roberts@staractuarial.com

March 2015 • THE ACTUARY 49 www.theactuary.com M +44 7477 757 151 E jan.sparks@staractuarial.com

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Appointments GENERAL INSURANCE - UK Pricing Actuaries Paul Francis

London Up to £140,000 + Bonus + Benefits

Senior Actuary Rob Bentham

London £120,000 + Bonus + Benefits

A number of London market insurers are looking for qualified (or equivalent experience) Pricing Actuaries. These range from standalone roles in new ventures, to established teams in the London market; they are all Departmental Head / Senior Management opportunities.

A growing London market business is seeking a qualified Senior Actuary to join their dynamic team. Duties will include a mix of reserving and pricing, as well as having mentoring and project management responsibilities. Lloyd’s experience is highly desirable.

Capital Actuary Robert Gormley

Reserving Analyst Rachel Kelly

Surrey £90,000 + Bonus + Benefits

London £70,000 + Bonus + Benefits

A large retail insurer is seeking a Capital Actuary to report to the chief actuary. This high profile, broad positon, within a lean actuarial team includes some management duties. The role includes delivery of SII compliance and ties in with a large number of senior internal and external stakeholders.

This varied role for a part/nearly qualified actuary has responsibility for managing the reserving process for a new syndicate in the London market. Other duties include pricing analysis, capital assessments and other ad hoc actuarial support where required.

Commercial Actuarial Analyst London Ross Anderson £60,000 + Bonus + Benefits

G.I. Pricing Opportunities South East Sarah Robins Up to £75,000 + Bonus + Benefits

I am representing a market leading reinsurer on an exclusive assignment to add a Commercial Actuarial Analyst to their team.

This business facing opportunity will offer the successful candidate daily exposure to underwriters and will provide a holistic view of both insurance and reinsurance.

A large retail insurer is seeking nearly/newly qualified actuaries to join their pricing team. You must be commercially minded and demonstrate strong pricing skills. These positions would suit adept senior students or qualified actuaries seeking more responsibility.

These are great opportunities for anyone looking to join an established and successful business.

CONTRACTS - GENERAL INSURANCE - UK Chief Actuary Elise Ogden

North of England £1000 - £1,500/day

Our client, a large retail insurer is seeking an interim Chief Actuary to head up a new reserving, capital and risk team. The suitable candidate will have experience of personal lines insurance and reinsurance.

Divisional Actuary Elise Ogden

London £800 - £1,200/day

We are seeking qualified actuaries with London market and reinsurance experience. Pricing and reserving experience is essential with previous underwriter engagement and planning experience being an advantage.

LIFE INSURANCE - UK Head of Pricing & Structuring Clare Nash

London (City) £150,000 + Package

Senior Manager - Consultancy Hugo Chambers

London (City) £120,000 + Package

EXCLUSIVE APPOINTMENT: My city based client seeks a qualified actuary to play a key role in structuring bespoke solutions for their top tier clients. You will have a proven track record in pricing, ideally within a ‘deals’ focused environment.

Outstanding opportunity for a senior actuary to join a specialist consultancy with a focus on longevity, annuities pricing, credit and market risk. Exceptional technical ability and communication skills are required. Existing consultancy experience is preferred.

Capital Actuary Natalie Lightfoot

Surrey £100,000 - £120,000 + Package + Car

Capital Management - Nearly/Newly Qualified London Richard Howard £75,000 + Bonus + Benefits

This is a fantastic opportunity for a senior Capital Actuary to join the actuarial leadership team. Successful candidates will become the owner of the ICA and Solvency II process. Candidates must have a minimum of 5 years’ PQE and previous management experience.

My client in London is looking to recruit a nearly or newly qualified actuary into their capital management team. The role is focused on capital optimisation but will involve varied project work across the team. Must have relevant capital markets experience.

Risk and Capital Manager Hugo Chambers

Assistant Model Developer Natalie Lightfoot

South West Up to £75,000 + Package

Excellent opportunity to join a global life insurer based in the South West. My client is seeking multiple nearly qualified or experienced actuaries to be given exposure to all areas of risk, capital, Solvency II and modelling within a new team.

South West £35,000 - £52,000 + Package

My client is looking for an experienced Model Developer to join their team. Candidates must have a minimum of 24 months’ prophet or Moses developing experience (including coding, testing and documenting). There is flexibility on exam progress.

CONTRACTS - LIFE INSURANCE - UK Actuarial Developers - Prophet/Moses Kaylash Kukadia

50

London/SW £800 - £950/day

I have exclusive assignments with multiple clients for stochastic Prophet Developers and Moses Developers. All vacancies are part of long-term projects or work planned until Q4 2016. PQ or qualified actuaries with a minimum of three years experience. Please contact THE ACTUARY • March 2015 me directly for further information. www.theactuary.com

AM M h i dd 1 Recruitment March15.indd 50

EV Project Actuary Benjamin Moses

London £600 - £900/day

I am currently working with one of the world’s leading life insurers to help them establish a project team to implement EV into their business reporting structures. This is an exciting global project and one which requires PQ - Qualified actuaries with a variety of skills.

Please contact me for more details on the project.

20/02/2015 14 32 24/02/2015 08:47

www.theactuaryjobs.com General Insurance – UK

ASIA Head of Research and Development Gary Rushton

Singapore SGD400,000 + Benefits

We are looking for a critical illness specialist to lead and develop my clients research and development team covering the APAC region. The role encompasses both technical and strategic leadership and requires strong stakeholder management.

Head of Capital Management Hamza Mush

Singapore Up to SGD200,000

One of the leading life insurers in Asia seeks a qualified actuary to head up their capital management team in Singapore. Candidates must have at least 10 years’ experience, with a strong capital management and actuarial reporting background. Excellent communications and leadership skills a must.

Products Director Philip Chau

Hong Kong Up to HKD2.8 million

Leading multinational insurer seeks a Products Director to spearhead their operations.

This is a critical role as you will be highly visible within the business hence you must have at least 13 years’ experience in products/pricing and must have a solid track record in managing teams. Strong communication skills required.

Regional Business Actuary - Asia Pacific Rhoda Rivera

Hong Kong Up to HKD2.5 million

Top global life insurer seeks a qualified actuary to be part of their Asia Pacific senior management. Candidates must have at least 15 years’ experience in products, capital management and various reporting metrics including MCEV. Must have strong strategic mindset and leadership skills.

Property Pricing Actuary Toby Weston

Singapore Up to £100,000

0207 649 9469

Rob Bentham

0207 649 9351

Sarah Robins

0207 310 8552

Rachel Kelly

0207 310 8579

Ross Anderson

0207 649 9357

Robert Gormley

0207 310 8546

Contracts - G.I. - UK Elise Ogden

0207 649 9355

Life Insurance - UK Clare Nash

0207 649 9350

Richard Howard

0207 649 9356

Natalie Lightfoot

0207 310 8547

Hugo Chambers

0207 310 8642

Contracts - Life Insurance - UK/Europe Benjamin Moses

0207 310 8793

Kaylash Kukadia

0207 310 8581

Ani Pannell

+353 144 75975

Dermott Bradley

+353 144 75159

My client is one of the world’s largest P&C insurers and they are looking for a Property Pricing Actuary to lead a small team out of Singapore supporting underwriters on a multi-billion dollar book of commercial and SME property business across Asia Pacific.

Asia

Data Analysis Wynlim Wong

Gary Rushton

+852 5804 9223

Toby Weston

+852 5804 9042

Philip Chau

+852 5804 9287

Hamza Mush

+852 5804 9048

Rhoda Rivera

+852 5804 9225

Wynlim Wong

+852 5804 9090

Singapore Up to £60,000

One of the world’s largest general insurers are going through a large-scale digital transformation of their business and are looking to improve their data analysis capabilities. They want a PQ actuary to provide the techniques; SAS, SQL or R. Cantonese or Mandarin needed.

EUROPE Life Reinsurance Actuary - French Speaker Emérique Opou

Paris €120,000 - €130,000 + Bonus

France Emérique Opou

+33 1 76 77 46 30

My client is an international life reinsurance company currently expanding their team in France. They are looking to recruit a Life Reinsurance Senior Actuary with Solvency II experience and commercial acumen. Fluent French and English is required.

Agathe Ibazizen

+33 1 76 77 46 31

Audrey Arrighi

+33 1 76 77 46 02

EMEA Pricing Actuary Patrick McMahon

Ireland

Dublin €80,000 - €120,000 + Package

My client, one of the world’s largest insurance groups, are looking to recruit an experienced actuary with extensive personal and commercial lines experience to provide pricing expertise to 13 business units within the region.

Senior Pricing Manager - Reinsurance Agathe Ibazizen

Paris €75,000 - €90,000

Patrick McMahon

+353 1 437 0625

Jack Lynch

+353 1 695 0001

Benelux Niels van Nieuwkerk

My client is a reinsurance company looking for a Pricing Manager to be based in Paris.

You will be in charge of the Italian market (Property and Casualty). English and French are required for the role.

Germany

Investment Risk Analyst Emina Biscevic

Italy

Germany €85,000 - €95,000

I am currently recruiting for an Investment Risk Analyst to join the risk function at a head office in Germany. You will be responsible for developing risk models and monitoring portfolio risks. Furthermore you will manage risk data and produce regular reports for senior management.

Senior ERM Specialist Alessio Montaruli

Italy €50,000 +

Our client, an international life Insurer, is looking for a Senior ERM Specialist to support the head of ERM in coordinating the implementation of corporate risk management practices in order to identify, assess and mitigate significant risks to the Italian BU.

Life Actuary - Global Projects Audrey Dadon

Zurich CHF110,000 - CHF140,000

Excellent opportunity for a consultant who wants to move in-house. Role is part of a global life team, covering projects around internal capital model, IFRS, Solvency II/SST, MCEV. Actuaries with experience in projects and/or corporate life will also be considered.

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Paul Francis

AM M h i dd 2 Recruitment March15.indd 51

Emina Biscevic

+31 20 29 000 33

+49 89 3803 8965

Alessio Montaruli

+39 02 3600 6810

Switzerland Audrey Dadon

+41 43 508 0444

Please contact one of the team for further information on any of the opportunities above or visit www.ojassociates.com/jobs

General Contact Details:

E

actuary@ojassociates.com

W

www.ojassociates.com March 2015 • THE ACTUARY 51 www.theactuary.com

@OJAssociates

oliver-james-associates 20/02/2015 14 32 24/02/2015 08:48

Appointments www.the-arc.co.uk

The Actuarial Recruitment Company

A fresh approach

Chief Actuary Switzerland

General Insurance CHF Excellent

Pricing Actuary London

General Insurance Circa £130K

Excellent opportunity for an experienced actuary to further develop their career within an international environment. This role within a division of a major reinsurer leads and steers the actuarial responsibilities with a focus on reserving, reporting and economic valuation for Swiss Solvency Test and Solvency II. The roleholder will lead a team of actuaries and coordinate the interactions with the main interfaces, stakeholders and internal clients. The position also supports the division’s growth strategy in emerging markets. Ref: ARC26273

This role within a Lloyd’s managing agency will work directly with the

Junior Consultant London

Capital & Reserving London

General Insurance Circa £40K

This developing non-life consultancy has a new opening for a part qualified actuary with a year or more experience of capital modelling work. The ideal candidate will have a very good academic record together with strong project management ability and excellent client facing skills. Unlike other consultancies, this role will spend alot of time working directly with clients at their own offices.

Ref: ARC26275

underwriting team and be involved in pricing across a range of lines of business. The scope of the work will include individual risk pricing, pricing model development, rate monitoring, underwriting risk assessment and input to the business planning. Pricing experience from a London Market background is essential as well strong interpersonal and managerial skills. Ref: ARC26274

General Insurance To £100K

Our client, a Lloyd’s Managing Agency, is looking for a qualified actuary to support the business across reserving and capital modelling work. Prospective candidates should have very good communication, project management and technical skills and our client would be particularly interested in candidates who have a consultancy background. The business allows for plenty of scope for development and career progression. Remetrica knowledge would be beneficial. Ref: ARC26271

Call us anytime including evenings and weekends on 020 7717 9705 or email enquiries@the-arc.co.uk Andy Clark BSc FIA Roger Massey BSc MBA FIA

0781 333 7891 0781 398 9016

andy@the-arc.co.uk roger@the-arc.co.uk The Actuarial Recruitment Company is an employment agency

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