The Actuary August 2015

AUGUST 2015 theactuary.com

Interview: Fiona Matthews

The magazine of the actuarial profession

The SIAS chairman on broader career paths for actuaries

Life/Pensions Medical underwriting and ‘top-slicing’

Solvency II Strategic implications of the new regime

Soft skills How to influence the right people at the right time

A BEAUTIFUL MIND Modelling the mental state p01_august_cover•CT.indd 1

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AUGUST 2015

Contents

17

30

22 “What might an actuary do if offered the assignment to model the mental state of a human being?”

UP FRONT

FEATURES

AT THE BACK

10 IFoA news

17 Interview: Fiona Matthews

34 Puzzles

14 People/society news 16 SIAS events

The SIAS chairman believes strategic thinking is key in developing more diverse skills and roles for actuaries

22 Life/Pensions: Slicing and pricing

OPINION 5

Editorial Kelvin Chamunorwa considers changes in the financial world and actuaries’ response to them

6

Letters Actuaries discuss discipline, transparency and confidence

8

President’s comment Fiona Morrison sets out plans for an education review, and the importance of speaking out for the actuarial profession

9

Soapbox Icki Iqbal discusses the effects on pension provision in a deflationary environment

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

COVER: VINCE FRASER

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Costas Yiasoumi looks at medical underwriting to manage risk concentration through ‘top-slicing’

25 Spotlight on: Home alone too?

How many other actuaries have the luxury of working from home, asks Darryl Boulton

26 Solvency II: Leading the way Simon Woods explores the challenges and opportunities as attention turns to the strategic implications of the new regime

28 Modelling: Capital ideas Multiple approaches to capital allocation bring multifarious insights, says Paul Johnson

32 Soft skills: Tipped for the top Influence the right people at the right time to get what you want in business, says Andy Bounds

Try the latest cryptic crossword and Mensa puzzles, plus solutions

37 Student Jessica Elkin compares superhero sequel X2 to the APS X2 actuarial standard, and finds some surprising similarities in the process

38 Actuary of the future Jasmair Purewal of PwC

38 Appointments and moves

ONLINE Spreadsheet risk and Solvency II Ralph Baxter looks at the understated risks inherent within spreadsheets, and demonstrates how these might be tackled.

Game, set and match for Pillar 3 reporting A long neglected aspect of Solvency II, but now brought sharply back in focus.

Laura McMaster and Declan Lavelle look at the new reporting requirements, and the challenges faced by firms

WRITER OF THE MONTH Simon Woods wins a £50 book token for his feature on the strategic implications of Solvency II, courtesy of SIAS

August 2015 • THE ACTUARY www.theactuary.com

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Opinion Editorial theactuary.com

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Print William Gibbons

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Events in the financial industry last month were particularly tumultuous – it made catching up on daily news a gripping affair. Trading was suspended on the New York stock exchange for almost four hours after a technical glitch, Barclays’ chief executive hastily left his post after a clash with colleagues on strategy, and the Chinese government introduced unconventional measures to curb the free fall of its stock market, including banning some share sales. All this in just one day!

Concurrently, Greece was under the spotlight, having just held a referendum and eventually reaching a deal with Europe. It seems to me though that ‘Grexit’ – the possibility of Greece leaving the Eurozone – is seen more as an ideological issue, rather than a financial one. In a future edition of The Actuary, we plan to unpack the implications of the financial situation on actuaries there.

Turning to financial risk as it relates to defined benefit (DB) pension schemes, Costas Yiasoumi writes about medically underwritten annuities this month.

Previously the realm of smaller schemes, Yiasoumi describes the emerging prevalence of larger schemes taking advantage of this risk management technique through ‘top-slicing’ (p22).

The purchase of bulk annuities by the private sector to eliminate risk is leading to consolidation of DB schemes within the insurance industry.

This will continue, and might even accelerate.

The direction of travel is clear, as defined contribution (DC) arrangements replace DB schemes.

In an effort to understand how the industry is responding to these trends, The Actuary sat down with SIAS chair and managing director of Towers Watson’s DC master trust solution, Fiona Matthews.

In the interview, Matthews discusses why enhancing member engagement is key to improving member outcomes, given individuals’ greater autonomy in decision-making (p17).

While some of the recent events came as a surprise, the signs were clearer for others.

Similarly, there is a shift in our industry, led by the evolving economic and regulatory landscape. The articles I have touched on above show how actuaries are responding.

“The purchase of bulk annuities by the private sector to eliminate risk is leading to consolidation of DB schemes”

Kelvin Chamunorwa Editor

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August 2015 • THE ACTUARY www.theactuary.com

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Opinion Letters to the editor editor@theactuary.com

Have your say online

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

The well-disciplined actuaries Over the years, I have spoken to a number of actuaries who have been reported to the disciplinary committee of the IFoA, often not knowing exactly why but being told they have “not behaved in a manner an actuary should”, and then, eventually, finding they have no case to answer.

Being referred can be exceedingly traumatic for any actuary who feels they have been ethical throughout their lives and obeyed the rules. However, it seems there is no substantive guidance from the IFoA as to how the actuary should proceed, other than to obtain a lawyer.

At the end of last year, the IFoA produced a brochure titled ‘Information For Members Facing An Allegation’, which I was told about quite recently, but I cannot see how it would help a traumatised individual. In larger organisations there may be a senior actuary who can provide some guidance, but actuaries who work for smaller firms and individual interims may not have such support.

Historically, dining clubs were formed in order that actuaries could discuss matters of mutual interest.

Although their popularity has fallen away, I think here there is a clear need to create, if not a dining club, which implies some sort of regularity, a forum whereby individuals accused of wrongdoing, but not knowing exactly what they are alleged to have done, can have access to others who have been through the same process. For those reported, the disciplinary investigation can easily take some three years to conclude. During this period, the lives of those reported are often put on hold, particularly as involvement in such a process can inhibit the ability to change jobs or apply for any position using their professional qualification.

Also, as such accusations are not something the accused will usually want publicised or known widely, this must severely restrict their ability to get guidance.

Arising out of this forum, I would like to create a designated help centre. The centre will aim to help any accused actuaries make contact with other individuals who have been, or are going, through such an experience, or for some other reason have experience which would be helpful to pass on.

Would those interested in becoming involved, please contact me directly at gdkaye@gaaps.com.

Geraldine Kaye 12 June 2015

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

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THE ACTUARY • August 2015 www.theactuary.com

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The costs of transparency I disagree wholeheartedly with the conclusions made by Dr Garry Smith in his article ‘Current Accounts and Free Lunches’ (The Actuary, July, bit.ly/1eaMRPm).

In particular, I wish to challenge Dr Smith’s manifest conflation of transparency and fairness. Transparency in banking fees should not be an end in itself but rather a means of achieving better outcomes.

Dr Smith’s own assessment of the impact of introducing a fee-based system is increased costs for the poorest members of society via the removal of the cross-subsidy currently generated by wealthier account holders (among other reasons). I would question whether such a scenario truly represents a desirable or “fair” outcome for society.

Furthermore, in his thought experiment outlining the practicalities of a fee-based system, Dr Smith concludes that all banks would be forced to charge for banking services were one of them to do so, to avoid anti-selection from poorer (less profitable) customers. He suggests this could result in these poorer customers being driven out of the traditional banking arena altogether, in favour of alternative institutions such as credit unions.

Unfortunately, Dr Smith doesn’t explain why his anti-selection arguments wouldn’t apply equally to these alternative institutions, ultimately leading them towards charging for banking services. Nor does he consider whether the UK’s fledgling credit union industry is sufficiently developed to cater for the additional demand generated by the influx of new customers.

John Fitzgerald 7 July 2015

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 September issue is 20 August 2015.

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Youngest person in the world I was watching Countdown one morning (yes, I admit it), when Rachel Riley said that briefly she had been the youngest person in the world. Taking nothing at face value, at work we had a brief interlude to ponder on this. You could divide the number of seconds in a year by the number of births in a year to get the average time you would remain the youngest. But this assumes all are born evenly throughout the year without seasonal variation. Further, what is the probability of two, or more, being born at exactly the same time? And this assumes a universal time rather than Einstein variations. Then we went back to work.

Malcolm Slee 8 July 2015

#advicefail for less canny nannies At the most recent Professional Skills Training course, the ‘best’ answer for advising my grandmother on an insurer selection was given as: “You should do your research on the company and read the terms and conditions carefully, then make an informed decision.” This answer was in preference to four

IN THE HIGH COURT OF JUSTICE (CHANCERY DIVISION) COMPANIES COURT No. 4486 of 2015 IN THE MATTER OF EXCESS INSURANCE COMPANY LIMITED HARTFORD FIRE INSURANCE COMPANY, UK BRANCH AVIVA INSURANCE LIMITED HARTFORD FINANCIAL PRODUCTS INTERNATIONAL LIMITED AND IN THE MATTER OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 NOTICE NOTICE IS HEREBY GIVEN that on 30 June 2015 Excess Insurance Company Limited (“Excess”), Hartford Fire Insurance Company, UK branch (“Hart Re”) and Aviva Insurance Limited (“AIL”) (Excess, Hart Re and AIL, together, the “Transferors”) and Hartford Financial Products International Limited (“HFPI” or the “Transferee”) made an application (the “Application”) to the High Court of Justice (the “Court”) pursuant to section 107(1) of the Financial Services and Markets Act 2000 (“FSMA”) for an Order: (1) under section 111 of FSMA sanctioning an insurance business transfer scheme for the transfer of certain general insurance business of the Transferors, as outlined below to HFPI (the “Scheme”); and (2) making ancillary provisions in connection with the Scheme pursuant to section 112 of FSMA. The Scheme will result in the following business being carried on by HFPI: (a) the general insurance business carried on by Excess and Hart Re; and (b) the business assumed by AIL from London & Edinburgh Insurance Company Limited (formerly London & Edinburgh General Insurance Company Limited) (“L&E”) (now part of AIL), being: (i) business written by L&E in pooling arrangements through the following underwriting agents: (A) B. D. Cooke and Partners between 1948 and 1968; (B) H.S. Weavers (Underwriting) Agencies Limited between 1972 and 1976; (C) Tower Underwriting Management (also known as “Old Tower”) between 1967 and 1972; (D) Highlands Underwriting Agents (also known as “Tower X”) between 1973 and 1978; and (E) Westminster Marine Insurance Managers between 1960 and 1977; and (ii) business written by L&E in the London market in its own name before 1 January 1992, which generally relates to direct US and reinsurance business written from the 1940’s to the 1970’s, together, (the “L&E Business”).

others, including asking a financial adviser. While some actuaries undoubtedly have very canny nannies, we must consider this a whopping #advicefail for the average nan’s financial understanding. Speaking to a financial adviser is surely the most appropriate advice to most nannies and members of the public. I’d offer an 8/10 for the course’s focus on whistle-blowing, but a Eurovision nil-point to all the actuaries who didn’t mind the advice gap. Let’s be sure that our financial sense makes sense.

Nick Spencer 2 June 2015

A crisis of confidence Derek Cribb makes a most pertinent point when he says “the people who hold the most negative views of actuaries are actuaries themselves” (The Actuary, July, bit.ly/1gJMKMA).

Ironically, this is evidenced by our own chief executive (Derek Cribb), who comes from the accountancy profession.

While I intend no slight whatsoever on Mr Cribb, I think it says it all when we have not even had the confidence to appoint an actuary as our own chief executive. Can we expect the accountancy profession to appoint an actuary as their chief executive in the next one million years? I doubt it.

Darryl Boulton 6 July 2015

Copies of the Scheme, a report on the terms of the Scheme prepared pursuant to section 109 of FSMA (the “Independent Expert’s Report”) and a statement setting out the terms of the Scheme and a summary of the Independent Expert’s Report are available free of charge at www.downlandsliability.com. Supporting documents and any further news about the Scheme will be posted on this website so you may wish to check for updates.

You can also request free copies of any of these documents by writing to or telephoning Downlands Liability Management Limited (“DLM”) using the details set out below.

The Application will be heard on 13 October 2015 by a Judge of the Chancery Division of the High Court at The Rolls Building, Fetter Lane, London, EC4A 1NL, United Kingdom. If approved by the Court, it is currently proposed that the Scheme will take effect on 15 October 2015.

Any person who believes that he or she would be adversely affected by the carrying out of the Scheme is entitled to either make written representations or be heard (either in person or by a legal representative) at the hearing of the Application on 13 October 2015. Any person who intends to appear at the Court or make representations in writing is requested to notify his or her objections as soon as possible and ideally at least two business days before the hearing of the Application on 13 October 2015 to the solicitors named below or to DLM using the details set out below.

If the Scheme is sanctioned by the Court, it will result in the transfer to HFPI of all the contracts, property, assets and liabilities relating to the general insurance business of Excess and Hart Re and relating to the L&E Business (as defined above); notwithstanding that a person would otherwise be entitled to terminate, modify, acquire or claim an interest or right or to treat an interest or right as terminated or modified in respect thereof. Any such right will only be enforceable to the extent the Order of the Court makes provision to that effect.

Dated: 3 August 2015 Freshfields Bruckhaus Deringer LLP 65 Fleet Street London EC4Y 1HS United Kingdom Ref: 138865-0034/GHFS/NAG/LEH Solicitors for the Transferors and the Transferee Downlands Liability Management Limited DLM House Downlands Business Park Lyons Way Worthing West Sussex BN14 9RX United Kingdom Ref: Roland Jackson Email: HartfordPartVII@downlandsliability.com Phone: +44 (0) 1903 836822

August 2015 • THE ACTUARY www.theactuary.com

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Opinion President’s comment

Fiona Morrison is the president of the Institute and Faculty of Actuaries

FIONA MORRISON

Sporting chances I struggled to write this month’s article. It’s not that there isn’t much to write about as I embark on my presidential year. On the contrary, there is so much I want to share and seek your help and support with to promote this great profession of ours.

I have found myself distracted, not by the day job or my new responsibilities; though I am quickly finding out how Nick Salter must have felt trying to juggle a career and his presidential duties. No, the real problem has been all the sport that is currently jamming the airwaves.

As a keen sportswoman, I feel like a child in a sweet shop. Do I watch the rowing at Henley, the women’s World Cup in Canada, the tennis at Wimbledon or the Ashes?

Decisions, decisions...

But all these activities on TV reminded me of a couple of points I made in my presidential address, and that is the importance of teamwork and creating a lasting legacy for the profession.

The Lionesses became the first England football team of either gender to reach a World Cup semi-final since Sir Bobby Robson’s side reached the last four at Italia 90. While falling at the last hurdle to a cruel injury-time own-goal was a massive disappointment, I found the reaction of teammates rallying around their devastated colleague, Laura Bassett, and the supportive reaction on social media from the rest of the footballing fraternity praising the team for their phenomenal achievement quite inspiring. For me, that’s what the best teams do. Together they succeed and inspire, and in times of trouble and disappointment they are resilient and united.

Although the women’s team did not lift the World Cup this time around, for me they won a much bigger prize. What they achieved for the game back here in the UK is to have created a lasting legacy. Their captain, Steph Houghton, summed it up nicely in her post-match media interviews when she said that the team’s aim before heading out to the World Cup was to inspire a nation.

I think Steph and her team achieved their aim, and, in many ways, as I said in my

8

President of the IFoA Fiona Morrison sets out plans for an education review and talks about speaking out for the profession presidential address, that is what I want us to achieve as actuaries. In fact, I would go further and say that it is incumbent on us to create a lasting legacy that attracts the brightest and best talent to join our profession. But we can only do that if we ensure that we are delivering qualifications that give actuaries the skills and knowledge and expertise that industry wants.

To help us achieve this we have started an education review that will report during my presidency. I look forward to sharing with you the results of that review, along with the results of the wider strategy refresh we are undertaking.

Although making sure that we have robust and relevant foundations in place is critical to the long-term sustainability of our profession, that is just one part of the equation. We also need to raise our heads above the parapet about promoting actuaries and the actuarial skill set if we are going to maintain demand for what we do and branch out and seek new opportunities.

I am conscious that, for many of us, speaking out does not come naturally and takes us out of our comfort zone. But it is clear

to me that no matter how powerful our messages for our clients, employers, policymakers or the media, if we don’t present them well, we aren’t making the most of all our hard work. That is why the IFoA is putting me through the wringer with a round of media training so that I can, with confidence, stick my head above the parapet and give the IFoA a voice in the media, promoting our insight, research and thought leadership.

How we deliver our message is also important, so I was delighted to see the IFoA embracing innovation when, for the first time, we live-streamed over the internet the spring thought leadership lecture, opening it up to a much wider audience from around the globe.

I like to think the Royal Henley Regatta followed our lead when, for the first time, they live-streamed the event this year. The Regatta attracted over a quarter of a million viewers online – now there’s a challenge for the autumn lecture! a

“It is incumbent on us to create a lasting legacy that attracts the brightest and best talent to join our profession”

View Fiona’s presidential address online at: bit.ly/1O3ivuD

THE ACTUARY • August 2015 www.theactuary.com

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Opinion Soapbox

ICKI IQBAL

Deflation revelations The governor of the Bank of England is at pains to point out that Consumer Price Index (CPI) inflation being negative is a temporary phenomenon. Let us consider what would happen if it wasn’t.

When we had double-digit inflation in the 1970s, the savings ratio actually went up, as people were fearful for their jobs. When you have deflation, something similar might happen, but for a different reason; people would defer making non-essential purchases, because they would be able to buy them for less in a year or two. Left with unsold stock, businesses would slash prices. They would be forced to cut back production, and wages would fall, by much more than the fall in prices and jobs lost. Indeed, people might defer purchases for even longer, hoping that businesses would slash prices further.

Taking two years’ sales out of the economy would lead to disastrous consequences.

That is the position of people of working age. Retired people are different. They are guaranteed a state pension with a triple lock.

Their state pension will increase by at least 2.5% a year in nominal terms, more in real terms. Those with an occupational pension are guaranteed a non-reducing income for life; it will increase in value in real terms.

This is a substantial asset financed by the employer via the pension fund. Most such funds are in deficit, and the deficit would grow larger in these conditions. Holders of personal pensions that have been converted into an annuity would be in a similar position.

However, this situation would surely not last. Employers would not put in more money to shore up their pension fund when their business was in decline. Nor would the population tolerate it. Something would have to give. The triple lock on the state pension would be abolished, although I suspect that a ‘shall not decrease’ clause would be introduced, and either: ● occupational pensions (but not personal pensions) would be forced to give up the ‘shall not decrease’ clause so that their pension could fall in line with inflation; or ● the employer could walk away from its obligations to the pension fund; or ● some combination of the above.

Icki Iqbal discusses the effects on pension provision in a deflationary environment

Where should people invest their monies?

Equity prices contain a risk premium, but underpinning their valuation is the presumption that dividends will increase with inflation. Given deflation, with sales and profit likely to collapse, we would be back to an environment we haven’t seen for nearly 60 years; equities giving a higher running yield than gilts. The correction would involve a massive fall in share prices.

If at some stage the economy is weaned off quantitative easing, there may be a price correction in bonds.

Thus cash would be the best asset.

Unfortunately, there would be a lot of it about, not just because people would prefer liquidity but also because of purchases being deferred. Banks might ask you to pay them to hold cash.

The current method of valuation of pension fund deficiency will, of course, assume that none of these factors apply, but there is a more fundamental issue with it. It is based on bond yields and, as these have been driven down by quantitative easing, the deficit has ballooned.

Is that sensible? You are, in effect,

assuming that quantitative easing will last forever. That is entirely unreasonable.

But, if it were to last, then the last thing the trustees should do is to invest in bonds and gilts. If a valuation basis forces them to do that, then it is dangerous.

If, however, you expect quantitative easing to disappear sometime then you have to imagine what the investment environment would be like then.

Frankly, the prudent thing to do would be to take chancellor George Osborne and former pensions minister Steven Webb’s idea one stage further.

Wind up all pension schemes and apportion each member’s share on an equitable basis and let each member take care of himself. A deal would have to be struck, with The Pensions Regulator’s consent to deal with the deficiency in under-funded schemes. This would be on a case-by-case basis, but, in most cases, the employer would not be able to make good the whole deficiency.

“We would be back to an environment we haven’t seen for nearly 60 years; equities giving a higher running yield than gilts”

Icki Iqbal is a retired actuary

August 2015 • THE ACTUARY www.theactuary.com

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News IFoA NEWS UPDATES FROM THE ACTUARIAL PROFESSION

Upfront Opinion CEO’s comment Derek Cribb looks forward to welcoming the first round of fully qualified certified actuarial analysts

CAA launch: one year on Derek Cribb is the chief executive of the Institute and Faculty of Actuaries

It seems only yesterday that I was announcing the launch of the certified actuarial analyst (CAA) qualification. Now we are coming up to our one-year anniversary – and what a year it has been to celebrate. It only takes a quick Google search of certified actuarial analyst jobs to come up with a plethora of actuarial firms recruiting for this new role. As the first globally recognised membership qualification at the technical level for those working in wider roles within financial services, including IT and data analytics, the CAA is off to a very promising start.

In the space of one year, we have run three exam sessions and two Module 5 sessions. We have received applications from over 30 countries and the range of people signing up has been astounding – it has resulted in the CAA opening doors for a wider career field. This popularity has led the education team to allow the qualification to be permanently open for registration, which is great news.

During this exciting year, we have made great strides in promoting the CAA, securing meetings with the finance ministries and regulators in Uganda, Kenya, India and South-East Asia, all of whom have shown a great deal of interest. We have also been working with the World Bank, which has produced an invaluable document for insurance supervisors to inform them of the benefits of the CAA qualification.

The World Bank acknowledges the CAA as a potential solution to the shortage of actuarial resources in emerging markets. It has endorsed that it will help bring actuarial expertise to new areas and provide people working locally with the necessary skills and understanding to carry out calculations used to determine insurance premiums.

We have also begun finalising agreements with other professional bodies who will be giving exemptions for their exams to those students who have completed the CAA. This is an important step in bringing actuarial science to non-traditional areas.

One year on, we now have students who have all the CAA passes they need and are well on their way to becoming one of the IFoA’s first qualified CAAs once they complete their practical experience.

If someone in your organisation could benefit from the CAA, please email education.services@ actuaries.org.uk for more information on this qualification and how to apply.

DEREK CRIBB

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IFoA comments on UK budget change to pension tax saving On the government’s plans to consult on changes to the system of tax relief for pensions, Fiona Morrison, president of the Institute and Faculty of Actuaries (IFoA), said: “We welcome the chancellor’s announcement to proceed gradually and consult on possible changes to the pensions tax relief system. It is important that any system is simple and develops an enthusiasm to save for older age, while avoiding unintended consequences.

“As people are living longer in retirement, it is important any changes do not discourage saving sufficient income to allow for adequacy of income in retirement. The system should also be transparent and help individuals understand how much they need to save to fund older age.

“The IFoA looks forward to working with government and industry on these very important issues.”

Outstanding contributions Section 7.2 of the IFoA’s Volunteer Induction Pack (VIP) says: “The work of the IFoA is a partnership between volunteers and executive staff. Sometimes, one individual goes the extra mile. We are looking to develop ways we can recognise our outstanding contributions. If you feel a fellow volunteer or a member of staff has provided outstanding support, or made an outstanding contribution to something, we would like to hear your feedback and to ‘celebrate success’.”

Using the ‘make a suggestion’ icon on the VIP website landing page (bit.ly/1nvfSWe), please give examples of things that have really impressed you. Alternatively, contact Memoria Lewis, membership director (memoria.lewis@ actuaries.org.uk).

THE ACTUARY • August 2015 www.theactuary.com

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Website launch

New IFoA Honorary Fellows installed at AGM The annual general meeting of the IFoA was held at Staple Inn Hall, London, on 29 June. This year, presidents, members, guests and IFoA Executive staff were joined by three of the four recently elected Honorary Fellows: Karel Goossens, Dave Pelletier and Andrew D Smith.

Thomas Béhar was sadly unable to attend the presentation and will be presented with his award at a later date. Goossens, Pelletier and Smith were presented with their certificates by the then IFoA president Nick Salter.

Karel Goossens (top left) is chief executive of the Institute of Actuaries in Belgium (IA|BE), having recently retired from Towers Watson. He is the former president of the IA|BE

and was chairman of the Actuarial Association of Europe (AAE, formerly Groupe Consultatif) from October 2012 to September 2013. He chaired the Insurance Committee of the AAE from May 2007 to October 2012.

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

Andrew D Smith (top right) is a partner at Deloitte and 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. He has served on numerous IFoA working parties, presented at conferences and events worldwide and produced a wide range of publications.

We are pleased to announce that the CERA Global Association (CGA) launched its new website on 17 July.

The website has a fresh new look, rewritten content and a new structure to make it easier to find what you are looking for. It also incorporates a responsive design, meaning it adapts automatically to your desktop, tablet and mobile, making it easier for you to access it on the go.

There are many reasons to visit: ● learn more about the chartered enterprise risk actuary (CERA) qualification and its value for you and your employer; ● become part of the CERA ‘community’; ● read about the actuarial member associations that are eligible to accredit the qualification; ● get to know the CGA and the actuaries who make up the Treaty Board; ● ‘find-a-CERA’ anywhere in the world; ● update your CERA record.

Visit the new website at www.ceraglobal.org

Honorary Fellows are individuals who are eminent in their fields and have an ongoing relationship with the IFoA. Nominations remain open throughout the year and can be made at bit.ly/15DgPI5.

Email research@actuaries. org.uk for further information.

Quality Assurance Scheme open for registration “The FRC welcomes the IFoA’s decision to introduce its Quality Assurance Scheme for businesses that employ actuaries. We firmly believe that excellence in the working environment is essential to maintain and improve actuarial quality in the public interest, leading to better outcomes for customers and businesses alike.

The FRC considers that the independent assessment of businesses that participate in the scheme will support the scheme’s effectiveness at achieving these outcomes. We would encourage businesses to join the scheme.”

Issued by the Financial Reporting Council (FRC), June 2015

The IFoA introduced the Quality Assurance Scheme (QAS) in recognition of the importance of working environment to a member’s ability to produce high-quality actuarial work.

Applying quality processes will lead to quality outputs.

The QAS launches on 1 September.

Here are a few things you should know:.

The review process is qualitative.

Your assessment report will make suggestions and recommendations that will be right for your organisation The assessment ensures the right policies and processes are in place. You

will benefit from having an independent assessment team spend time at your organisation to get a real sense of the culture and determine whether your processes are properly embedded.

Getting ready for the assessment is a valuable part of the process Organisations who took part in the pilot scheme found getting ready for their review was useful in itself.

“It might not be why people sign up in the first place as there is lots of value in going through the audit process. I would recommend the process to anyone.” said Paul Bunzl, BBS Consultants and Actuaries.

You can read more about people’s experiences of taking part in the scheme on the IFoA’s website at bit.ly/1RBfVCf

Further details ● QAS is a voluntary scheme. It is open

to any UK organisation, or identifiable part of an organisation, that employs IFoA members. ● The scheme is initially open to organisations based in the UK and once established, its geographical scope will be widened. ● Sign up from 1 September. ● All organisations who sign up by 1 November will have their assessment carried out by spring 2016. ● The first awards will be announced late in spring 2016. ● The scheme opens on 1 September.

For more information, or to register to take part, please visit the IFoA’s website at bit.ly/1GYgT6k

August 2015 • THE ACTUARY www.theactuary.com

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News IFoA NEWS UPDATES FROM THE IFOA

IFoA Spring Thought Leadership lecture The IFoA’s annual Spring Thought Leadership lecture was delivered by one of the leading thinkers on sustainable business, Dr Andrew Sentance CBE (pictured below), senior economic adviser to PwC. For the first time, the lecture was also streamed live to almost 200 participants, from 14 countries across Africa, Asia, Europe and North America, who were able to take part in the Q&A session via Twitter.

Taking as his theme the topic of sustainability in the 21st century, Sentance stated that the UK and a number of leading Western economies could be on the cusp of a new growth wave. He believes one of the drivers for growth will be investment in new sources of energy and environmentally friendly technologies. In addition, Sentance identified four other major economic forces that may support growth. ● The continued expansion of the world economy as the economies of Asia and Africa continue to develop to Western standards. ● Demographic changes surrounding the ageing population, and the opportunities for growth as society lives longer. ● Changes in consumer behaviour, the internet and new business models could spark a services sector revolution. ● The prospect of changes in the energy sector and the way businesses and consumers respond to major environmental challenges, especially climate change.

“The challenge for the new UK government is to build historic on Britain’s hi h storic strengths as a major trading economy, and to consolidate the improvements we have made in our economy over the past thirty years,” said Sentance.

“Three key pillars of growth should be: investment in an efficient

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transport system; making sure we have a well educated and skilled workforce; and ensuring we have good access to markets around the world. That should include being a full and committed participant in the EU market on our doorstep and supporting further global trade liberalisation, particularly focused on unlocking potential for increased trade in services.”

Nick Salter, immediate past president of the IFoA, who chaired the event and Q&A, commented: “It is heartening to hear that new environmentally friendly energy technologies may be one of the drivers contributing to economic growth, as recent IFoA research shows that factors such as climate change and resource constraints need to be addressed if we are to move to a more sustainable financial system. Indeed, the IFoA created a new Resource and Environment Board in 2014 to look at these very issues, to better understand the long-term nature of environmental risks and to encourage the profession to be forward looking in reflecting these risks in its work.”

The IFoA delivers two thought leadership lectures: the Spring Lecture in London and the Autumn Lecture in Edinburgh. The lectures are open to members of the public and are delivered by eminent individuals on science and a a topic of relevance to actuarial scienc academics, wider stakeholder audience of acad business professionals, government governm departments, third-sector organisations and members of the public. ● Dr Andrew Sentance CBE is senior sen nior economic adviser to PwC and a former external mem member of the Monetary Policy Committee Comm He is also of the Bank of England. H a part time professor at Warwick Wa Business Bus u iness School, visiting professor Holloway, p fessor at Royal Hollowa pro University of London, and vice-president of the Society of Business Economists.

View the Spring Thought Leadership Lecture online at onl bit.ly/1QRqWPu

Applying actuarial maths Predictive modelling, risk management, data science, criminal justice and unstructured data modelling are just some of the different career areas that require an actuarial skill set. To be a good actuary you need an enquiring mind that loves solving problems, whether Sudoku or a stochastic process. The scope for actuarial analysis is widening. The recent literature review on the link between environmental sustainability and the financial system found three key areas which needed addressing. If you are reading this, then you know that maths is everywhere: ● The Losada ratio in psychology was discredited when it was found that the calculation used was “self referential”. ● Unstructured data modelling at LinkedIn created the now familiar “you might know John” list of connections. ● Google predicts epidemics by looking at search trends in real time. ● Fish stock assessments rely on much biological data, including mortality rates for male and female fish.

The IFoA launched the actuarial analyst qualification to help provide a professional qualification for people who work with actuaries, and it is directly applicable to many more careers. If you know people in your organisation that would benefit from the Certified Actuarial Analyst qualification, then please get in touch. We’d love to hear your stories of how widely the application of actuarial skills go.

Please email your stories of novel applications of your or your colleagues’ skills to crispin.white@actuaries.org.uk

New Council members The results of the recent Council elections were announced at the IFoA AGM on 29 June, and the report and accounts were formally presented. The following members were elected to the General Constituency: Marjorie Ngwenya, Deborah Cooper, Louise Pryor, Kelvin Chamunorwa, Andrew Hitchcox, Haijing Wang and Elliot Varnell. Five members were elected to the Scottish Constituency: Martin Potter, Stephen Cunningham, Ellen Yang, Jules Constantinou and Keith Jennings.

View full details of the Council election at bit.ly/1DeGHo8 Read the 2014/2015 annual report at bit.ly/1GjgrsK

THE ACTUARY • August 2015 www.theactuary.com

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GIRO: a view from the chair James Armstrong, chair, GIRO 2015 Committee Advancement of knowledge and technique is critical to the success of our profession to serve the insurance industry and its stakeholders. In particular, recent developments in the commercial and operating environment are highlighting the need to engage with research professionally. From its original purpose of bringing together actuaries to grapple with pertinent challenges, the GIRO conference is now an established event in the calendar. This year’s GIRO will rediscover the spirit of the earlier GIRO – a collective effort to digest, scrutinise and develop new ideas for the industry. New to this year’s workshop programme is the introduction of round-table events to examine key issues in a collaborative format.

We will be encouraging delegates to actively participate in the conference to inspire new areas of research while hearing from industry y experts. Our six plenary sessions explore changes in key actuarial principles for the non-life on-life community and challenges in a changing market. We will look at delivering an ethical return for stakeholders with a focus on customer value and consider new disruptors to the non-life insurance market.

We also have the unique opportunity to hear directly from the UK regulator as the industry prepares to implement Solvency II. I hope you’ll be able to join us for the conference in Liverpool from 20-23 October..

Places can be booked online at bit.ly/1I02Dsq

Keeping up-to-date about your exam sitting S Sometimes, owing to local circumstances, c changes are made that may affect your exam s sitting.

We ensure these are kept to a minimum where possible, but from time to time the exam start times, centre addresses or the exam timetable could change.

It is important that your contact details are kept up to date to ensure we can communicate these changes to you.

In addition, it’s worth keeping an eye on the exam news and updates page on our website and to follow our student Twitter account @ActuaryStudents

Sponsorship and exhibition opportunities Sponsorship is about creating long term value for your company and we can help you to achieve your objectives and reach your target market.

Life Conference and Exhibition 2015

Please contact: waleed.soliman@actuaries.org.uk to discuss your options.

18-20 November, Convention Centre, Dublin The annual Life Conference brings together mid to senior level executives from the life insurance industry to discuss and analyse the current and future developments of the industry, examine potential new opportunities and analyse emerging trends. The programme features topical plenary sessions with eminent speakers and 70 workshop sessions addressing with-profits, annuities, interest rates, product development, Solvency II and changes to the regulatory landscape – to name a few. We are particularly delighted to welcome the Rt Hon Vince Cable as our keynote speaker.

A full and varied programme will be offered to delegates over the three days, providing fundamental insight into today’s insurance world. With such a detailed and jam packed agenda, make sure you don’t miss your preferred sessions by choosing your plenaries and workshops first in the conference programme which is available on the website.

You will have the opportunity to earn up to 11.5 valuable CPD hours throughout the conference by capturing and assessing the practical benefits of what you have learned.

Follow us on twitter: #IFoALife2015 PREMIER SPONSOR

Plenary speakers

Rt Hon Vince Cable

Jim Reid Deutsche Bank Economist

After dinner speaker

Sylvia Cronin

Ben Page

Rory Bremner

Director of Insurance Supervision, Central Bank of Ireland

Chief Executive, Ipsos MORI

Thursday 19 November

Book your place by 20 September to ensure that you receive the early bird ticket price.

To find out more information about the Conference and to book a place visit: http://bit.ly/1e1g2EP

August 2015 • THE ACTUARY www.theactuary.com

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

News People & Society

Skittle fun

By Emily Scrivener On 18 June, 14 teams battled it out to be crowned SIAS bowling champions 2015 at the annual SIAS bowling tournament held at Elephant and Castle Palace Superbowl. Each team was allocated a lane and bowling swiftly began with a practice game. There was some impressive bowling on show, with the winners ‘Easy Tiger’ from ‘MetLife’ scoring 639 over two games, followed

by ‘Strike ‘Strike-ers’, ‘MetLife’, and then ers’ also from ‘MetLife’ ‘Glorybowl’ from Willis following in third. At the other end of the spectrum, the wooden spoon was given to ‘Split happens’ for their score of 355 over two games. On the bright side, they also won best team name.

Many thanks to all the teams and Palace Superbowl for making the evening a success.

We look forward to you joining us next year.

Working for freedom

By Paul Grant Pensions actuary Paul Grant and work colleagues are out to make a difference to over 30 million people living as slaves in the world today, many of them children.

During the week ending 9 August, Paul and his team will give their own time in service to people in their lives. “The idea is to make someone in your life happy by choosing to be completely of service. In exchange, the beneficiary will donate in support of Anti-Slavery International,” says Paul.

He added: “You could serve someone at work or at home. Be the tea boy or girl, get a colleague their lunch for a week, do all the odd jobs that have been there for ages, or make your partner breakfast in bed. People with particular skills can donate too – teach a yoga class, give someone a massage or a makeover. Just make someone happy and make a difference in the process.” If you want to get involved, have the people you are serving make a contribution at bit.ly/1Kgr6cI. Anti-Slavery International (www.antislavery. org/english/) was founded in 1839 to end slavery in the British Empire. 176 years later, and it is still the only UK charity doing so. With partners around the globe, it lobbies governments and international collectives, rehabilitates victims, raises awareness and challenges the social, economic, political and commercial structures that allow slavery to propagate.

Fundraising in top gear

By Michael Tripp The Worshipful Company of Actuaries’ biennial bike ride at the end of May had a very damp start and finish, but that didn’t affect the spirits of those taking part. The guided bike ride weaved 30 miles through the capital, from Southwark to Richmond Park, criss-crossing many Thames bridges along the way, before returning via Wimbledon Common and Clapham. The Master, Martin Miles, led mainly from the front, although Richmond Park hills in top gear (the mechanism was stuck, honest) proved challenging. Our indefatigable guide was impressed – being heard to comment we were one of the faster groups he’d led and no moans! The ride raised some £6,000 for the Worshipful Company of Actuaries Charitable Trust, whose main focus is the support of mathematical education.

The three-pillar approach to stochastic reserving

By Cian O’Criodain On 24 March, the London Market Student Group (LMSG) played host to Alessandro Carrato, an actuary at Allianz Insurance Plc and a member of the Pragmatic Stochastic Reserving Working Party. He began his talk by discussing ‘The three-pillar approach’ under Solvency II and went on to explain that reserve risk is “at the end of the reserve run-off looking back and observing how wrong you were in estimating reserves at a certain valuation date”.

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It is now common practice to model reserve risk stochastically. The most popular models adopted are the ODP and Mack models, generally accepted by the Solvency II directive.

The focus of the talk then shifted from the quantification of the uncertainty attached to the calculation of the ‘ultimate view’ reserve risk to that of the ‘one-year view’ reserve risk calculation.

Carrato went on to explain how there have only been two main industry studies performed on this topic, resulting in an abundance of “open

issues to deepen”. He then discussed the ‘actuary in the box’ method, which is currently one of the most popular methods adopted in the market to calculate the ‘one-year view’ reserve risk. This process involves estimating the reserve at the start of the year, simulating future payments in the year and then using these results to estimate the reserve at the beginning of the following year.

If you are interested in learning more about the LMSG or attending our events, please email Cian at cian.ocriodain@xlcatlin.com

THE ACTUARY • August 2015 www.theactuary.com

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LIKE US ON FACEBOOK www.facebook.com/ TheActuaryMagazine

FOLLOW US ON TWITTER @TheActuaryMag @ActuaryEditor

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

Join the Chinese Actuarial Network UK

By Steven Yang Yu

The right way convention

By Sam L Mawoyo

● ‘Diversity in the actuarial profession’, by

The Actuarial Society of Zimbabwe (ASZ) held its inaugural convention on 12 June in Harare.

The theme was ‘Doing things right.’

Feedback for the event was positive, with attendees rating the convention an average of four stars out of five. The organising committee expected 150 attendees, but was pleasantly surprised that the event was oversubscribed.

The topics presented were: ● ‘Actuaries in micro insurance – is there a difference between not responsible and irresponsible?’ by David Kirk; ● ‘Governance in pension systems and the role actuaries play’, by Neil Fourie; ● A panel discussion on Solvency Assessment and Management in South Africa; ● ‘Treating customers fairly: implications for disclosure requirements’, by Rob Rusconi; ● ‘Medical scheme governance’, by Olabode Olajumoke;

Roseanne Da Silva; ● ‘Actuaries and banking’, by Michael

Over the past decade, the number of Chinese actuarial practitioners in the UK has been increasing rapidly. The Chinese Actuarial Network UK (CANUK) is an independent and non-profit organisation for Chinese actuaries in the UK. Its vision is to provide a networking platform and a communication channel to other Chinese actuarial associations and networks in the rest of the world.

It is also dedicated to advising and supporting Chinese students in the UK who are interested in the profession through educational as well as social events.

CANUK was founded by Feifei Zhang and his committee members in 2011. We also have subgroups in London and Edinburgh, as well as China.

Tichareva; and ● ‘The role of enterprise risk management in

business’, by Shepherd Fungura.

Videos of the presentations will be uploaded to

www.zimactuarialsociety.org.zw.

The convention is intended to be an annual event. Further details will be available in due course on our website and via emails.

The society also intends to host sessional events and other talks in the remainder of the year on issues which apply to the profession.

Volunteers who would like to participate in next year’s convention or present on a topical issue any time during a visit to Zimbabwe, please contact Tawanda Chituku on tchituku@atchison.co.zw or Sam L. Mawoyo on

smawoyo@aaczim.co.zw

Wedding bells We Co Congratulations to Ruth Edmunds and Mark Guiler (both Me Mercer) who were married on 13 June 2015 in St James the Less church, Iron Acton, South Gloucestershire.

Thomas Bond Sprague Prize The 2015 Thomas Bond Sprague Prize has been awarded jointly to P Gurican of Trinity College and A Q Wang of St John’s College, Cambridge, for distinguished performance in the 2015 Master of Mathematics/Master of Advanced Studies in Mathematics examinations, in the areas of actuarial science, mathematics of operational research, probability and statistics.

Full details of the award can be found at www.statslab.cam.ac.uk/Rollo/sprague.html

Recent events We hold regular events to help our members keep up to date with industry knowledge, as well as providing networking opportunities.

We had our fourth anniversary event earlier this year at Staple Inn, London, with almost 100 members in attendance.

We are about to hold a summer social event, which will enable members to share experiences from the IFoA Asia conference, which took place in Beijing in May. Last year, we also held joint events with other actuarial societies, such as Southern African Actuarial ConneXion (SAAX) and Knowledge Sharing Scotland (KSS). This provides exciting opportunities to broaden our social network and encourage cooperation. We look forward to similar initiatives in the near future.

How to join We have reached a milestone of 400 members and would like to thank everyone for their continuous support.

I’m sure we have the capacity and potential to grow to a much larger community.

Full details of our committee members can be found here:

chineseactuary.org/about-us If you would like to join us, please register at: chineseactuary.org/register

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

August 2015 • THE ACTUARY 15 www.theactuary.com

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TUESDAY 4 AUGUST

IFoA’s strategic review of the qualification process Members of the education team at the IFoA Staple Inn Hall High Holborn London WC1V 7QJ 5.30pm

PROGRAMME

The last major IFoA review was in 2005 and, although incremental changes have been made since then, the nature of the work of actuaries is changing and we need to reflect these changes to ensure that qualifying actuaries remain fit for purpose in 2025 and beyond.

Other actuarial associations are either planning or currently undergoing a strategic review of their qualification process. The International Actuarial Association (IAA) is introducing new learning objectives, and the IFoA must meet the IAA Core Syllabus standards.

Members of the education team at the IFoA will be coming to discuss the current strategic review, outline proposals and seek feedback from those attending.

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 #SIASAug15 during the talk – please do get involved with any comments and questions for the speakers.

SATURDAY 15 AUGUST

SIAS sports tournament 2015 PlayOn Sports 26-31 Raven Row Whitechapel London E1 2EG

SOCIAL

Join the SIAS sports tournament and compete against fellow actuaries and friends in five-a-side football, mixed netball and dodgeball all in one day.

The format of the tournament is as follows: ● 16 teams, split into two groups; ● for each sport, all eight teams in each group will play each other, then the top and second placed teams in both groups in each sport will progress to the finals; ● winners of each sport are to be presented with trophies and prizes.

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

When registering your team, please provide the following information: a) team captain name, SIAS membership status, mobile number and email address; b) names of players and SIAS membership status; c) team name.

If you do not have enough players to form a team, please email us and we will try to match people up.

Entry is £15 per person for SIAS members and £20 per person for non-SIAS members. Teams should have a minimum of five players and can be mixed – there are no rules on gender split.

Please note, no food or drink will be provided, but the venue has a bar and food options.

MONDAY 19 OCTOBER

Annual General Meeting and Jubilee Lecture Staple Inn Hall High Holborn London WC1V 7QJ

PROGRAMME

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 #SIASOct15 during the talk – please do get involved with any comments and questions for the speakers.

5.30pm FRIDAY 20 NOVEMBER

SOCIAL

SIAS Annual Ball 2015

Save the date for the legendary SIAS annual ball, for a night of glamour, good food and entertainment.

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

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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

THE ACTUARY • August 2015 www.theactuary.com

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On my agenda features@theactuary.com

Aforvision variety Fiona Matthews, chairman of the Staple Inn Actuarial Society, and managing director of LifeSight, Towers Watson’s master trust solution, talks to Gemma Gregson about opportunities for actuaries, engaging with pension scheme members and diversity in the profession Fiona Matthews began her career at Legal & General, working with insured final salary pension schemes. Upon qualifying in 1991, she quickly moved on to hold broader management roles at a number of insurance companies in the areas of life, product development, marketing and operations. In 2008, ready for a fresh challenge, she returned to pensions and joined Towers Watson, where she is currently managing director of the company’s master trust programme across Europe, the Middle East and Africa.

Alongside her daily work commitments, Matthews also plays an active role at the Staple Inn Actuarial Society (SIAS), chairing the committee that governs it. Her involvement with the society began early in her career, when The Actuary was something more akin to a student magazine. Owned and published by SIAS, in collaboration with the Institute and Faculty of Actuaries (IFoA), The Actuary was reinvented during Matthews’ initial term on the committee. SIAS

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“There is the need to be more strategic in thinking rather than specialising in a narrow field, and the actuarial qualification allows you to do that” appointed editors and a publisher, paving the way for the publication that we know today. It therefore seemed fitting that the role of SIAS would be the starting point for our discussion.

Founded in 1910, the organisation acts as the London Regional Society and supports younger members of the IFoA, particularly students and those with up to five years of post-qualification experience. In addition to arranging social gatherings, it organises professional events, where members can present papers and discuss topics of interest.

These are designed to provide opportunities for networking as well as professional development. As Matthews says, “SIAS is a safe ground for younger members to develop broader, non-technical skills. It is also a good introduction to how the IFoA works, with a number of council members starting their professional lives with SIAS.” Supporting the ethos of developing the professional interests of younger members, the governing committee is made up primarily of members who are under 35 when elected. Commenting on her involvement, Matthews is clear on her responsibilities. “As a previous committee member, my role as chairman is to bring experience and to assist with commercial decision making. However, it is also important to learn from the committee and maintain relevance to today. It is about recognising that times have changed since I was on the committee and taking on board new ideas to bring alive the objectives of SIAS.” It is a role she obviously enjoys: “I love mentoring, so it is a privilege to get involved with SIAS and see the younger people of the profession coming through.”

Broad career paths We talk about the challenges facing younger actuaries today and how they have changed over the years. “The pace of working life has increased and so the important skills are delegation and learning to prioritise, which need to be learned much earlier in careers.” She adds: “Graduates have longer working lives to look forward to than previous generations and, with continued changes in social, economic and regulatory environments, there is a fantastic opportunity for younger actuaries to be involved in a broader range of career paths and to follow more than one.

There is the need to be more strategic in thinking rather than specialising in a narrow field, and the actuarial qualification allows you to do that.”

For Matthews, the actuarial qualification was a stepping stone to a management position, which led to further senior roles. She confesses to falling into actuarial work after an inspirational physics teacher persuaded her to study maths at university, and arranged some actuarial work experience for her. The pensions landscape has changed dramatically

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since those early work experience days and, as managing director of Towers Watson’s LifeSight, she knows only too well the issues that some of those changes have created.

Changing face of pensions In an environment where DC provision is increasingly costly and complex, many employers are looking to reduce the governance, investment, communication and administration burdens of running a scheme. “LifeSight is Towers Watson’s DC multi-employer pension trust,” says Matthews. “With an independent governance board, chaired by Donald Brydon CBE, it has been set up for employers who want a high-quality, low-risk alternative to running a scheme in-house. It offers all the best things you can do in a trust-based scheme. Under the remit of The Pensions Regulator rather than the Financial Conduct Authority, it has member interests at heart and can really engage with employees.”

Matthews is passionate about member engagement, believing that it is the key to improving outcomes for members. With the closure of defined benefit (DB) schemes, the number of people with only DC pension provision is set to increase, which has led to an increased focus on DC outcomes. “Engagement is about helping employees to understand the value of the pension they have, it is about getting people to make pro-active decisions about their retirement plans and be conscious that they need to save early enough and invest in the right way,” she says.

Many changes to the pensions landscape have occurred over recent years and we discuss the impact of those changes on actuaries. In keeping with the theme of member engagement, Matthews is keen to talk about the role actuaries could play in communicating complex pensions matters and the use of mobile technology to “help people become more in tune with pensions”. She predicts actuaries will continue to have a role in DB schemes and also develop roles in areas such as product development and education.

She also mentions that there are opportunities to help raise awareness of scams, and to educate school children about personal finance and planning for retirement.

“Scheme actuaries will be needed for a long time, and there is a broader strategy role for actuaries, whether in total reward or advising schemes on de-risking. The pensions flexibilities announced in the 2014 Budget provide a lot of opportunity for innovation that actuaries can be at the heart of.”

A further key area for actuaries in the future will be modelling. “We are really good at modelling,” she states, and imagines a scenario where the workforce ages as employees cannot afford to retire, which in turn could have a knock-on effect on younger workers, affecting the course of their career paths. She sees actuaries helping HR consultants with

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On my agenda features@theactuary.com

“It would be great for the profession to think about how to train actuaries to apply the skills they already have in a broader, more commercial, almost policy-making way” workforce planning, and supporting the government by using economic and commercial modelling to think about the implications for the wider economy of a changing workforce, particularly with regard to members of DC schemes and the way they invest their pensions. “It would be great for the profession to think about how to train and support actuaries to apply the skills they already have in a broader, more commercial, almost policy-making way.”

No stranger to applying her actuarial skills more broadly, Matthews talks about her tenure as a non-executive director for Warrington and Halton NHS hospitals, when they secured ‘foundation trust’ status. She reflects on the risk management work they had to do as part of the process: “It was about thinking about the issues with an actuarial mindset, challenging and asking questions and looking at how to present and analyse the information. It was powerful recognising how transferable actuarial skills are.”

The diversity challenge Moving away from her actuarial work, Matthews was a mentee on the FTSE100 Mentoring Foundation Programme after being nominated by Clive Cowdery, founder of The Resolution Group, and recently had the honour of attending a reception at Buckingham Palace for participants of the programme. The Mentoring Foundation is a cross-company initiative, where FTSE100 chairmen and chief executives mentor aspiring females who have been nominated from

20

THE ACTUARY • August 2015 www.theactuary.com

p17_20_aug_interview_matthews•CT.indd 20

other companies. “It is a fascinating professional mentoring programme that can help mentees solve business challenges, identify their strengths and develop a network.

The foundation is run by Peninah Thomson OBE, who is passionate about diversity and believes it is a cultural shift rather than a quota that is needed to create an environment that allows women to break through glass ceilings.”

We talk about diversity within the profession and Matthews thinks that although there is a good gender balance at graduate level, she would like to see more female representation on some of the working parties and committees. “While gender is an obvious diversity issue,” she says, “there are others, and having a diverse group of individuals with a spread of backgrounds, skills and personality traits can really make a difference to decision-making.” However, drawing on her experiences of being on the Diversity and Inclusion Council at Towers Watson, she acknowledges that it is not something that can be achieved overnight.

“A diverse working group is far more powerful than a group of people with similar skills and experiences, but it takes commitment and perseverance to make it happen.

What is needed is passion and a vision of where to get to and a plan for small changes, and it is those small changes that together can really achieve cultural shift.”

Matthew’s career has taken a varied course with roles in both the pensions and insurance sectors. She has played an active part in the actuarial community with her work for SIAS, as well as the non-actuarial community as a nonexecutive director on an NHS board. She has been both mentor and mentee, and so to wrap up our discussion, I ask what advice she would give to others.

“My advice is to take a risk, work outside your comfort zone and challenge yourself. If you take a risk, it is amazing what comes of it, you find out what you can achieve and it inspires you to do more.” a

TOM CAMPBELL

27/07/2015 14:26

6

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Due to demographic changes and constantly increasing life expectancy, exposure to longevity becomes a major issue for insurance companies and pension providers worldwide. We provide specialist expertise and innovative reinsurance solutions to support our clients in facing their challenges.

* hours per day is the average worldwide increase in life expectancy of newborns since 1990

www.hannover-re.com

ACT.08.15.021.indd 21

27/07/2015 14:42

Life L ife aand nd p pensions ensions Medical underwriting underwriiting features@theactuary.com

Medical M edical underwriting underwriting is is not not new new to to tthe he bbulk ulk aannuity nnuity ttransfer r a n s fe r m market, arket , hhaving aving bbeen een used used by by life life insurers insurers iinn rrecent ecent years years to to pprice rice ttypically ypically ssmaller maller sschemes. cheme s.

IItt ccan an aalso lso be be used, used, though, though, to to manage manage risk risk cconcentration oncentration iinn llarger arger sschemes chemes tthrough hrough ‘‘top-slicing’, top-slicing’, ssays ays C Costas ostas Yiasoumi Yiasoumi

22 22

THE A THE TH AC ACTUARY CTUARY TU TUA U RY RY • Aug August uggust u 201 us 22015 0115 www www ww ww.th thheac eac actua tuu ry. tua y com y. ccoom om www.theactuary.com

p22_24_jun_medical•CT.indd 22

27/07/2015 14:27

“Before medically underwritten innovation arrived, ‘top-slicing’ – insuring the pensioners with the largest pensions – was unattractive.

Medical underwriting changes this” Chart 1 Illustrative distribution of medically underwritten vs traditional pricing

annuity pricing – medical and lifestyle factors can be more important to life expectancy than gender and postcode.

Likelihood

On average cheaper

Distribution of traditional pricing

What does this mean for pricing?

Distribution of medically underwritten pricing

There are two key consequences. ● The theory says that, as for all insurance, the more usable rating information an insurer has on risks it is writing, the more confident it can be in pricing, meaning less prudence. More data means lower pricing on average. ● Pension plans with poorer medical or lifestyle characteristics attain lower pricing than a traditional bulk annuity, and those with better characteristics obtain higher (albeit arguably fairer) pricing. Cross-subsidies between pension plans are reduced, but this means a wider variation of pricing between pension plans.

The net impact of these factors is that pricing should, on average, be lower under a MUBA than on a traditional bulk annuity.

However, some pension plans could end up paying more – namely, the ones whose members are healthier than a traditional pricing approach would suggest.

Of course, life expectancy is only one of various components to bulk annuity pricing.

Others include asset return, cost of capital and different views on future mortality trends.

Therefore, these other factors create ‘noise’ around what the theory says. Market experience, however, is that MUBA pricing has been coming out around 5%-10% lower than traditional bulk annuity pricing. This is consistent with a paper from Cass Business School and the Pensions De-Risk,, February Institute ((A Healthier Way to De-Risk 2013), which suggested that medical underwriting can offer savings of up to 10%, compared with traditional pricing. This can have a marked impact on the shortfall, as illustrated in Chart 1 (above left).

Wider variation

Premium reduction

0%

Premium increase

Premium outcome

Illustrative chart - not actual pricing distributions

The article ‘Evolution or Revolution?’

(The Actuary, June 2014, bit.ly/1MfGtnU) introduced the innovation of medically underwritten bulk annuities (MUBAs).

It explained that two medically underwritten annuity specialists in the retail market had launched MUBA propositions for de-risking defined benefit pension plans, which, along with two incumbent bulk annuity insurers also quoting for MUBAs, offered a credible insurer pool from which to seek competitive quotations. At that time, 14 MUBAs had been completed, the largest being in excess of £35m. The prediction was that the use of MUBAs would grow.

Expectations exceeded The actual take up of MUBAs over 2014 exceeded many expectations. ● By the end of 2014, 43 MUBAs had been completed, representing nearly £800m of bulk annuity premiums (Hymans Robertson, March 2015). ● This represented circa 10% of all bulk annuities transactions under £100m during 2014, up from 3% during 2013. ● The largest single MUBA was a £206m ‘top-slice’ for Taylor Wimpey (see p24).

JASON BENNION

p22_24_jun_medical•CT.indd 23

So what is a medically underwritten bulk annuity?

A MUBA is no different to a traditional bulk annuity, other than the way pricing is undertaken. MUBA specialists utilise medical and lifestyle information at individual member level to estimate life expectancy, with up to 250 medical and lifestyle rating factors taken into account. They do not rely on only traditional rating factors such as age, gender, postcode and pension amount. This pricing approach is profoundly different to traditional bulk

Why top-slice? ●

●

●

●

Concentration of benefits drives risk within a scheme => tackles a primary risk.

The benefits of underwriting are more pronounced => big potential upside with more limited downside.

Scheme technical provision assumptions can be prudent for these members => releases reserves.

High response rates can be expected for medical data collection as these should be highly engaged members.

Cream of the crop Medical underwriting has less effect on larger pension schemes – a consequence of the ‘law of large numbers’. Where the number of pensioners is very large, a postcode pricing model supplemented with credible experience analysis is sufficient to gain a good grasp of life expectancy. However, even for the largest pension plans, there is the potential to apply MUBAs to de-risk and unlock value.

Most pension plans have a skewed profile of pensioners – a small number of pensioners

August 2015 • THE ACTUARY 23 www.theactuary.com

27/07/2015 14:27

Life and pensionss Medical underwriting features@theactuary.com

Figure 1 Simplified data collection tree

70% Answer ‘Y’ to at least one question 40% by member 80% by liability

Larger pension

Simple Y/N questionnaire

GP report or phone interview

30% Answer ‘N’ to all questions

Underwritten not impaired 19% by liability

c20% of members do not respond 60% by member 20% by liability

Underwritten impaired 45% by liability

Small pension: limited project

Insured on traditional nonunderwritten terms 36% by liability

Source: Data based on Partnership's analysis

with large pensions, representing material concentration risk. The ex-chief executive in a £5m pension plan could represent 20% of the liabilities, or the 100 largest pensioners in a £1bn pension plan could represent 10% of the liabilities.

Traditional rating factors such as postcodes are of little use for rating such large liability lives in a way that can differentiate between the actual likely variations of life expectancies between members. The expectation would therefore be that they would be priced more cautiously for bulk annuity purposes. Before medically underwritten innovation arrived, ‘top-slicing’ (insuring the pensioners with the largest pensions) was unattractive.

Medical underwriting changes this. Having lifestyle and medical information for those pensioners means that a far more refined life expectancy can be calculated. In all types of insurance, more data implies less uncertainty, which can lead to sharper pricing. Top-slicing is now attractive, and there have already been several top-slicing transactions over the past year.

A common approach Data collection from pensioners is straightforward. Over the past 24 months, there has been a sufficiently large number of data collection exercises to result in an accepted common approach for MUBAs. 1. The trustees appoint a third-party specialist to collect the data – they act as a hub, receiving

24

data from pensioners and passing it securely to the insurers.

2. Agreement is reached on which pensioners will be contacted for medical and lifestyle data – usually pensioners with the smallest pensions are not approached.

3. A short form questionnaire is sent to the pensioners – around a dozen simple “yes/no” type questions such as “Have you ever had a heart attack?”.

4. For those respondents indicating a medical or lifestyle factor, additional information is obtained – usually in the form of a GP report or a telephone interview. Proportionality applies, so, for example, GP reports are not sought for members with smaller pensions and/or minor medical ailments.

5. A cut-off date is typically agreed for data collation, avoiding uncertain timescales – four weeks is normally sufficient to capture the vast majority of likely responses.

6. Insurers process the data to produce medically underwritten bulk annuity pricing.

Case study: Taylor Wimpey The largest MUBA to date was the December 2014 transaction by Taylor Wimpey’s pension scheme.

This is a £2bn defined benefit pension scheme with around 20,000 members. The 100 or so pensioners covered by the MUBA represented around 20% of the pensioner (10% of total) liabilities.

Various insurers agreed to quote, and

lifestyle/medical data was obtained by a specialist third party and passed to those insurers for pricing. The pensioners did not have an atypical distribution of health conditions for a top-end socio-economic group of members.

The end result was the completion of a MUBA with a premium of £206m, which the scheme trustees reported was £9.4m (5%) below their technical provisions.

The future Medical underwriting is likely to become increasingly prevalent in the bulk annuity market for de-risking smaller and medium-size pension plans alongside traditional pricing approaches. I also expect that pension plans of all sizes will increasingly take advantage of top-slicing for their largest pensioners.

The outlook is therefore greater choice in how pension plans can de-risk, which can only be of benefit to trustees, corporate sponsors and pension scheme members. This offers actuaries the opportunity to advise trustees on new ways to de-risk. a

COSTAS YIASOUMI is director of defined benefit solutions at Partnership Assurance

THE ACTUARY • August 2015 www.theactuary.com

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27/07/2015 14:27

Spotlight on... features@theactuary.com

HOME ALONE TOO? “As I negotiated the traffic between my bedroom and my study this morning, I wondered how many other actuaries have the luxury of working from home? Indeed, how many would consider it a benefit?” asks Darryl Boulton How many hours a week do you spend commuting? How much does it cost you?

How much do you see of your children or significant others?

The benefits of a home base are colossal.

If work-life balance is your thing, then avoiding the time, expense, stress (and carbon, of course) of the daily commute is liberating.

I am particularly lucky in that most tasks I get involved in do not involve immediate deadlines and therefore I can pick and choose my hours too. My brain seems to be at its sharpest at about six in the morning, so I am often up early and working then. Being a bit of a sports nut, this leaves me free time later in the day to watch tennis, cricket or golf if I so wish. I am also popular with the neighbours as a parcel reception point, but that is another point entirely.

Twenty or so years ago, there were bold claims that great numbers of the population would be working from home in the coming years. Advances in IT combined with ever-increasing commuter traffic suggested this was possible and desirable.

If anything, the advance in IT has been greater than expected, yet there has been a trickle, at best, of people employed with this set-up. Why is this?

Reasons against It’s not for everyone. The nature of your job may simply mean it is not feasible. Your home circumstances may not be ideal – for example, a lack of suitable work space or small children thinking they have an extra

play-mate during the day. Some people may simply not want to work from home, preferring to keep a separation between home and work life.

I suspect most people would choose to work from home at least some of the time though if they could. I suggest that the two main reasons so few people work from home come from the employer: ● concerns over IT and data security; ● a lack of trust in their employees.

While I am a happy user of IT (my iPad changed my life) I am far from being any sort of expert on IT security. But, although I am happy to be corrected, I would venture the opinion that there must be sensible and appropriate measures that could be taken to ensure data security.

So that leaves us with the trust issue.

‘Working from home’ still seems to be a euphemism for ‘just doing a couple of hours today’.

How many hours do you work on average each day at the office? Not how long are you physically at the office, but how many hours you effectively work. If the honest answer is five or more, then you are way above the average office worker. Of course, actuaries are not average workers and, although I have no stats to hand, I am happy with the heroic assumption that for us the honest answer is probably five or six hours.

Some, of course, are more gregarious than others and so there will be considerable variation between individuals. And, with reference to my previous article (The Actuary, March, bit.ly/1CLg932) on bonuses, it is

ultimately output that is important, not hours, or even effective hours, at the office.

Employer’s view As long as you are available on the phone, and your total output for the day is at least as good as average, then does it matter if you take time out to watch Deal or No Deal or pop out to pick your children up from school?

I suggest not.

As an employer, I would want to gauge the level of output of a homeworker, but with a little ingenuity this is often not as difficult as it may first appear. For example, there may be certain defined tasks that can be saved for specific home working days during the week.

Work-life balance Although there are distractions at home, you may be able to produce more in five good hours at home than eight in the office.

Factor in zero commuting time and it can almost feel like a day off.

We are all different, but most people (and companies) would benefit from homeworking for at least part of the week, and I can highly recommend it. a

DARRYL BOULTON

is an independent actuarial consultant

August 2015 • THE ACTUARY www.theactuary.com

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27/07/2015 14:27

Solvency II Strategy features@theactuary.com

Leading the way As many overworked Solvency II project teams will attest, the focus of the past six-plus months has been getting over the line: whether it’s IMAP, matching adjustment, Pillar 3 reporting or any other complications arising from detailed interpretation and application of Solvency II in practice.

However, management and investors are increasingly asking what Solvency II means strategically, and, to date, the answers have been less than compelling. Very few companies know where their base balance sheet will land, let alone how the balance sheet will evolve over time.

While we anticipate a continued period of uncertainty as Solvency II beds down, the direction of travel is clear. The winners from Solvency II will anticipate not just the balance sheet implications but also how best to communicate performance in a more volatile regulatory environment.

What are the key strategic effects of Solvency II? While Solvency II will affect many areas of insurance businesses, including costs, governance and reporting, we highlight three key effects.

Changes to product return profiles The implementation of risk-sensitive capital, whether regulator-led, such as individual capital assessments in the UK, or management-led economic capital models, has already resulted in a reappraisal of products in a number of jurisdictions.

This has led to a move from capitalheavy products, often with guarantees and high equity allocations, into capital-light products, such as unit-linked savings/ corporate pensions. This trend has been exacerbated by the current low interest rate environment.

However, Solvency II is leading a further iteration, as the detail of the rules has material economic effects (at least before transitional measures are factored in).

In a UK context, annuities appear far less

26

With Solvency II model applications now in, attention is turning to the strategic implications of the new regime.

Simon Woods explores the challenges and opportunities

attractive given the operational restrictions regarding the matching adjustment and the calibration of fundamental spreads relative to the existing liquidity premium approach; this is exacerbated by the cost of the risk margin driven by low interest rates and prudent longevity stresses.

On the flip side, unit-linked and protection business look more attractive, given the allowance for negative reserves created by future expected profits.

Diversification and risk management are rewarded As a risk-sensitive regime, Solvency II embeds a number of key assumptions as to how overall capital requirements are calculated (Chart 1): ● diversification is rewarded at every level, assuming capital is fungible; ● asset liability management, and matching in particular, has a marked impact on the solvency capital requirement and also on overall balance sheet volatility; ● consolidation versus legal entity drives the supervisory view, and reducing complexity has clear advantages.

We are starting to see these factors drive activity, including: ● emphasis on Pillar 2, and the use test; ● legal entity consolidation, especially within country; ● risk consolidation, often through intra-group reinsurance, where there are diverse international groups.

Internal models do provide an advantage, but not as anticipated Ask an informed external observer about internal models and, more often than not, their assumption is that internal models will lead to lower overall capital requirements.

However, for many mainstream assets and liabilities, internal models are often giving rise to a higher capital requirement for specific risks than the standard formula does. On the other hand, there are many instances where the standard formula simply disallows material

THE ACTUARY • August 2015 www.theactuary.com

p26_27_aug_solvencyllV2•CT.indd 26

27/07/2015 14:28

SIMON WOODS is a partner at EY, and leads its EMEIA insurance optimisation business, focusing on the strategic financial effects of Solvency II

items, such as diversification between a matching adjustment portfolio and other business of an insurer.

Another area in which internal models have an advantage is in the flexibility they give companies to apply risk-appropriate capital charges for non-standard risks. This is most evident on the asset side, especially for long-dated liabilities such as annuities, where insurance companies have been moving into new, less liquid asset classes in search of yield and diversification. Standard formula charges, in particular for securitisations, or quasisecuritisations such as infrastructure debt, are often crude and overly conservative. These differences are best illustrated in Chart 2 below.

This disparity is particularly evident in the construction of matching adjustment portfolios. The clearest divide between internal model ‘haves’ and standard formula ‘have nots’ is the treatment of equity release mortgages.

The Prudential Regulation Authority has said these need to be restructured via an internal special purpose vehicle to create the fixed cashflows required for matching adjustment eligibility, yet the restructuring is treated as a type 2 securitisation under the standard formula, often attracting a 100% spread charge in the spread stress owing to their duration.

a marginal cost/return basis. Within this, the stronger players (whether from capital, cost or distribution) will look to capitalise on their strengths to capture market share.

Squeeze of the mid-market and monolines Solvency II bestows three significant advantages on larger groups: ● scale to cover increased fixed costs of Solvency II compliance, including Pillar 2 infrastructure and Pillar 3 reporting requirements; ● the sustained ability to take credit for diversification benefits across multiple business lines and geographies, leading to a lower marginal cost of capital for incremental business; ● access to hybrid debt financing, lowering the overall cost of capital.

Chart 1 Comparison of product capital requirements under different regimes Unit-linked

Annuities

Surplus Solvency capital requirement Risk margin Insurance liabilities Assets

Implications of the changes The full strategic implications of Solvency II will likely become clear only in retrospect, not least owing to the feedback loop between industry action and regulatory reaction. That said, we can attempt to peer into our crystal ball and anticipate the following shifts over the next three to five years.

Accelerated shifts in new business, compressed margins As a result of a number of factors including: ● scarce capital in the sector; ● altered product return profiles as a result of Solvency II; ● the low interest environment making traditional guaranteed products unattractive to consumer and to provider; ● changes to distribution (for example, the retail distribution review), tax and legislation (for example, the changes to the annuity market following last year’s Budget).

We anticipate an accelerated shift in new products from capital-intensive business into capital-light business.

This is likely to lead to a repricing of the more attractive business, as insurers look to reposition their books, and as pricing moves to

GETTY

p26_27_aug_solvencyllV2•CT.indd 27

Unit-linked Solvency assets l

ICA

Solvency Annuity Solvency ll assets l

ICA

Solvency ll

Vertical axis compressed for illustrative purposes. Schematic comparison of liability profile and capital requirements across unit-linked products and annuities.

Relationship between regulatory bases will vary as a result of market movements.

Assumes 200% Solvency I coverage initially. Solvency II figures are before transitional measures. Approximate figures based on EY analysis.

Chart 2 Asset SCR (standard formula capital charges relative to internal model charges) Equity release mortgages, 10 year (best estimate expected term), unrated Commercial mortgages, 10 year, BBB, 65% LTV Secured commercial loan, 10 year unrated, 90% LTV Equity (OCED) Standard residential mortgage, 10 year, 85% LTV Non-financial services debt, 5 year term, BBB rated Gilt, 10 year, A rated Financial services debt, 5 year BB rated BBB rated, 10 year sovereign -20% 0%

20%

40%

60%

80% 100%

Standard formula capital charges based on latest Solvency II Delegated Acts, released December 2014; all figures excluding allowance for the matching adjustment (where relevant). Internal Model capital charges based on EY analysis.

Weighing against this is the greater complexity and drag of legacy systems and products.

The mid-market and monoline specialists will increasingly be under pressure in mainstream markets, and will need to carve out successful niches defined by one or all of the following attributes: product design and pricing, customer service, differentiated distribution.

Capital and in-force management will become a core competency The ‘do-nothing’ expected return on the back-book cannot be relied on as much in the Solvency II framework, as much of the expected return is already captured in the economic balance sheet. In this environment, the main drivers of performance will be new business contribution and value extraction from the back-book. The latter will predominate in a mature market such as the UK, and focus on operations and capital management will increase in importance as a driver of shareholder value.

Extraction of value from back-books will require significant changes in the sector in order to be executed effectively: ● an increased willingness to hedge or offload unwanted or peak risks, as well as an increased range of techniques and counterparties; ● better data and analytics to understand sources of earnings and returns, and quick identification of the likely impact of strategic options across the range of metrics; ● organisational changes to pull together the necessary strands from strategy, finance and risk, and to empower delivery of the strategic agenda.

While the scale of change implied by Solvency II may appear both overwhelming and inherently uncertain, doing nothing is unlikely to address the issues or satisfy investors that there is a clear value proposition on a forward-looking basis.

Laying the groundwork for a cogent analysis and the ability to deliver required changes are critical first steps, and these usually involve: ● a clear articulation of key metrics, key performance indicators and risk appetite to assess strategic options; ● forward-looking financial analysis for the key metrics, including the sources of Solvency II surplus generation, and of the drivers of the Solvency II balance sheet; ● the right operating model, which consolidates information from finance, actuarial and risk, and empowers capitaldriven commercial and strategic decisions. a

August 2015 • THE ACTUARY www.theactuary.com

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27/07/2015 14:28

Capital ideas

Multiple approaches to capital allocation bring multifarious insights, says Paul Johnson

p28_29_aug_capital•CT.indd 28

Modelling Capital allocation features@theactuary.com

For years, the primary use of capital models has been to produce regulatory capital figures. There are many secondary uses, however, such as economic capital, reinsurance optimisation, investment optimisation, strategic planning and capital allocation. Some firms might argue this primary/secondary split is not so clear-cut, and their capital models are so well embedded within the risk management system that several uses of the model could be considered as primary. This is particularly true if capital allocation to business lines or risks drives performance measurement, product pricing, and so on. It is interesting to consider the evolution of capital allocation that has occurred alongside the development of capital models.

Before today’s complex and complete stochastic models, typically, regulatory capital figures were derived by combining 1-in-200 (or 99.5th percentile) stresses for different risk categories (typically, underwriting, market, credit, reserving, operational and group risks) using a correlation matrix. The ensuing capital allocation often followed a simplistic pro-rata approach, whereby diversified capital was allocated to risks, products or entities within a group, based on their undiversified 1-in-200 stress.

Given the computing power and models available at the time, this approach to calculating regulatory capital (and its allocation) was entirely reasonable, but the problem was this approach did not give much insight into the drivers of capital, or the scenarios that caused the business

27/07/2015 14:29

PAUL JOHNSON is

director of Everlong Actuarial Services and has vast experience of the London market

to fail. We can draw a parallel here with producing scenarios for reverse stress tests.

Furthermore, the allocation depended, as it does today, on the time horizon that was considered, with a run-off approach being common within Lloyds, compared with the one-year horizon required under Solvency II. In simple terms, this year’s problems might be different from the problems that could arise in five to 10 years’ time.

Irrespective of the details of time horizon or the breakdown of risk that we choose, the issue of looking at the problems of the business as a whole is at the crux of the matter. Management teams in some cases are used to the older approach, and feel comfortable with a pro-rata approach to capital allocation. This is consistent with a view that the primary use of the model is to produce regulatory capital.

Managers intuitively understand the results of individual risk categories and the concept of an overall capital figure, but it is harder to have an intuitive feel for the allocation of capital to different business lines or risk drivers, and, related, the level of correlations between some risk pairings.

Today’s challenges There are many useful analytic capital allocation methods that exist in today’s world of fully stochastic models. Typically, we need the loss for each business line or risk and the aggregate loss as a starting point for each simulation of the model. There are a number of decisions that need to be made. ● At what level of granularity do we want to allocate capital, in order to be able to support effective management of the business? ● What is the ‘fairest’ method of allocation, given that the performance of different products, or indeed the assessment of risk appetite, may depend on this? ● Included in the above, do we want to allocate capital based on a value at risk (VaR) measure of capital, or some other measure? ● What percentile of the distribution should we focus on – that is, how far into the tail do we want to look when determining an allocation of capital to business lines or risks?

It is important to highlight the conceptual difference between the risk measure underlying the regulatory capital result, and that being used for the purpose of allocation of this overall capital. The regulatory capital under Solvency II is the 99.5th percentile VaR measured over a one-year time horizon.

For capital allocation purposes, an alternative to the pro-rata method would consider a ‘smoothed biting scenario’, in which

SHUTTERSTOCK

p28_29_aug_capital•CT.indd 29

Table 1: Illustrative allocation of required capital to risks based on different risk measures Risk Measure 98% TVaR

Underwriting 73%

Reserving

Market

Credit

17%

0%

3%

Operational

Total Capital Allocation

8%

100%

90% TVaR

78%

19%

-6%

2%

7%

100%

75% TVaR

63%

29%

-7%

3%

12%

100%

50-75% SVaR

162%

-56%

12%

0%

-18%

100%

we take some average of the scenarios around the 99.5th percentile biting scenario to provide a single scenario from which a reasonably stable allocation of capital to business lines can be determined. Another method would consider the tail value at risk (TVaR), defined as the expected value of the loss, given that it exceeds a defined point in the loss distribution, as the starting point for allocation. If we use, say, the 98th percentile TVaR (the expected loss given that the loss exceeds the 98th percentile loss) as the base, we may end up with a very different allocation.

We could also consider a slice of simulations between, for example, the 75th and 95th percentiles. This is the spread value at risk (SVaR) approach.

From this description, we can infer there are many different possible results for capital allocation, and each approach tells us something. Different allocation methods tell us “what is going wrong” in different parts of the distribution. If we were to take only one approach, we would get a skewed view and almost certainly make sub-optimal decisions.

Another key question that arises relates to embedding of the model in decision-making.

Should we focus on the 1-in-200 measure for capital allocation, and therefore decisionmaking, or some other level? The risk appetite of the firm may dictate that a more extreme tail is appropriate as a driver for decision-making.

But, on the other hand, it is also helpful to know what is most likely to cause us to miss our business plan by, say, 50% to 100% of the planned profit. We could put strategic measures in place to mitigate all areas of the loss distribution in which we are interested, but the measures might be different and might even be in conflict with one another. For example, purchasing expensive high-level reinsurance cover could reduce the capital allocated to peak risks, but it might jeopardise the profitability of the business plan at the mean and push the whole distribution further into loss. In fact, the profitability and return on capital on the business plan could well be improved by buying less, rather than more, reinsurance cover.

The more quality management information that we have, the better our strategic decisions have a chance of being.

Table 1 above is an example of the output that might be produced on a regular basis.

Material differences in allocation between risk measures should be fully explored. The risk categories may be subdivided further based on the level at which risks are modelled and managed. There are many different possible allocations that can be illustrated in addition to the five in the above table. The most appropriate sub-set for the business should be decided by management, taking into account their risk appetite, and this selection could be reviewed annually.

Where does this leave us?

While there is a prescribed risk measure for calculating regulatory capital, there are lots of acceptable ways to allocate this capital and we can learn different things from different approaches. The simplistic pro-rata approach over-allocates capital to minor risks that actually ‘diversify away’. Unless a minor risk is very strongly correlated to a major risk, it does not seem ‘fair’ to allocate a significant amount of capital to it. This overstatement of risk could lead to taking less risk in one area than is optimal for the return on capital.

A more sophisticated method may be better, but does not necessarily provide enough insight or lead to the right decisions when considered in isolation.

Having said all that, it is important to recognise that boards will want to select a single capital allocation that can be used for performance measurement. This selection should take into account a range of allocation options, possibly blended, and should also consider the risk appetite and strategic aims of the business. Developing an improved understanding of the drivers of capital across different sections of the profit and loss distribution should help management better understand the drivers of risk to the business as a whole. This should lead to more informed decision-making around capital and strategy. a

August 2015 • THE ACTUARY www.theactuary.com

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28/07/2015 11:44

Mathematics Mental modelling features@theactuary.com

Dr Rajat K Sinha attempts to conceptualise the hidden mathematics of non-financial sectors through a hypothetical illustration, and argues that the mathematics visualised is more complex than that of the financial sector

Math happy Financial mathematics is the cornerstone of all actuarial techniques. The time-value of money is at the crux of this, enabling us to compute the present value (PV) of a series of future cashflows.

The computation requires information about the cashflows with respect to their amounts, timings and probability of occurrences together with information about the yield curve in order to discount them to the present.

The actuarial profession is well known for handling complex PV functions, particularly for its life and retirement benefit products, which deal with contingent cashflows dependent upon the survival status of the policyholder.

A profession of innovation The role of actuaries, once traditionally confined to the insurance industry, is becoming redefined and broadened.

Unsurprisingly, actuarial principles are now more widely used in other financial sectors than ever before, especially in the banking domain, mainly because of the increasing complexity of banking products, and the unanswered financial shocks of recent years.

Although it is quite encouraging to see the widening roles and recognition of skills sets of actuaries in financial markets, it is currently believed that they have little to do within non-financial sectors.

A simple reason for this is based on the fact that actuarial theories and techniques are workable with quantitative data only. But I

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would argue that the actuarial profession, being one of the most innovative professions, has the potential to provide valuable insights into many non-financial areas.

Modelling the mental state What might an actuary do if offered an assignment to model the mental state of a human being? At the outset, we need to acknowledge that the brain is the most complicated organ in the human body.

The human mind is reactive to events, which generate emotions. The state of mind can be regarded as the outcome of a collection of inputs of happiness and sadness. These could be ongoing (present) or may occur sometime in the future, for which one has some expectations as of now. Indeed, these input variables themselves are outcomes of thoughts, which can be classified into two groups: ‘positive thoughts’ and ‘negative thoughts’. For example, negative thoughts may lead to anxieties, worry, stress or mental tensions.

The input variables could be ongoing, currently occurring or expected to occur sometime in the future. Accordingly, these are like cashflows, which have severity in terms of amount, scale and timing of occurrence.

Given that these could be measured on some scale – a challenging task – then these must have a present value.

The complexity of their identification and quantification is a separate issue, and is beyond the scope of this article. However, given that

THE ACTUARY • August 2015 www.theactuary.com

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these are identified and quantified, further insights into their present value are given below.

It is interesting to recognise that a bad event that is likely to occur in the near future is more worrying than if the same has to occur far in the future. Just to illustrate, the millennium bug Y2K appeared to be of huge concern across the globe in the 1990s, regarding the abilities of YY-formatted computer systems at midnight on 31 December 1999. The issue became more aggravated with time and was at its peak by the end of 1999.

Furthermore, a bad event expected to occur far off in the future, but that is severe enough, can also disturb the mind in the present.

It is interesting to note that the world has begun showing serious concern on the issue of global warming. Although troubling to us, it is much more so to future generations.

Nevertheless, the present value of this anxiety, which has emerged owing to climate change, is still huge because of its severity.

Evidently, the present value of an anxiety owing to likely occurrence in the future is a function of the severity of this news, its likely timing and its probability of occurrence.

If one could give some time to considering one’s own concerns, it would not be difficult to identify eight to 10 biggest concerns, a few ongoing and few future ones. Let Si (i = 1 to n) be the severity of n major concerns of bad events one has, which are going to occur in ti time units respectively in the future, with respective probability of occurrences piS. Then, the PV of this series of sadness owing to bad news or events can be expressed as:

PVS = ∑ vti * piS * Si

i = 1 to n

where ‘v’ is the discounting factor.

Similarly, the PV of happiness owing to good news or events can be defined as:

PVH = ∑ vtj * pjH * Hj

j = 1 to m

Hj is the quantity of happiness one is expecting owing to related positive news happening in the future at time tj, with respective probability of occurrence pjH. It is interesting to recognise these probabilities (piS and pjH).

The indicator of Mental State (MS) at a point of time can be modelled through the relationship:

For a very cheerful person one can expect an IMS >> 0. ● IMS

< 0: Similarly, this shows a negative mental state, if the present value of sadness outweighs the present value of happiness. This shows the person is in distress. We should expect an IMS << 0 for a person who is in acute distress. ● IMS

= 0: If the present value of happiness and sadness is equal or nearly equal, a neutral mind could be expected.

The above model is a simple one, which is valid for a newborn baby, who has started its life with a present value of zero, as there is no initial emotion attached to it at the time of birth. As the human mind ages, its state would also be a function of its past emotions.

It is interesting to argue that its accumulative value will again be derived by discounting (not accumulating as is the case in financial mathematics), with a suitable discounting factor. This is because of the very fact that while the monetary value of cashflows grows with time, emotions, positive or negative, would subside, not aggravate, over time.

Accordingly, a more realistic model for computing the present value of the human mind is the sum of three components – namely, emotions from the past, present and future. It is similar to the models of retirement benefits valuations by pensions actuaries.

It is also interesting to think about the discounting factor, ‘v’. This must vary from person to person, and possibly from emotion to emotion. There is a group of people who live in the present and do not worry about the future.

They have a very low discounting factor, close to 0. In contrast, we have another group of people who worry too much about the future. They have a very high discounting factor, close to 1.

To conclude, there is an existence of non-financial mathematics in sync with financial mathematics. To illustrate, it can be argued that a human mind has a balance sheet, at any point in time carrying a collection of positive thoughts as ‘assets’ and a collection of negative thoughts as ‘liabilities’.

Certainly, this non-financial statement is much more complex than the balance sheet of insurance companies. Nevertheless, actuaries can be the natural choice to provide interesting insights into the underlying hidden mathematics of this non-financial statement. a

IMS = PVH - PVS = ∑ vtj Hj - ∑ vti Si

DR RAJAT K SINHA is

One could think of the possibilities now as:

working with the Reserve Bank of India as assistant adviser

● IMS > 0: This is a positive mental state, if the present value of happiness is outweighing the present value of sadness. This shows the person is happy and positive at the moment.

VINCE FRASER

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August 2015 • THE ACTUARY www.theactuary.com

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27/07/2015 14:30

Soft skills Business development features@theactuary.com

Tipped for the

top

Influence the right people at the right time to get what you want in business, says Andy Bounds

When you have a meeting with a prospect, how do you prepare? Pull some materials together? Create a new slide deck? Prepare your opening line? Perhaps: “Thanks for sparing your time”?

People do things like this all the time. You see it every day. But just because it’s everywhere doesn’t mean it’s the best way. For example, when you turn up with pre-prepared material that they haven’t asked for, they’ll probably assume you intend to talk at them; not with them.

And phrases like ‘thanks for sparing your time’ can come across as deferential – ‘your time’s more important than mine’ – and not equal. The other person picks up on this and – without doing a thing – they are now in charge.

This means your conversation usually ends with what they want, not what you want. This could mean you don’t get the business you want. Or you might… but you’ll lose the price negotiation. When this happens, you have effectively ‘lost’ before you even start talking.

Important people are impressive, not subservient If this situation sounds depressingly familiar, don’t worry, you aren’t alone. When pushed, most actuaries would admit their approach doesn’t differentiate them from anyone else. They also know that, unless they can establish peer-level relationships and credibility, they’ll always lose to the ‘top dog’.

But the important people you meet don’t want you to be like this – they want you to impress them. To help them. To add value to them. That’s why they’re seeing you. Since many of your competitors struggle with this, it’s a huge opportunity for you. Here are three simple ways to surge ahead of the rest.

Step 1: Get the meeting super-fast The people you want to meet are busy. They’re often besieged by desperate salespeople under pressure to meet targets, and focused on their own agenda. So, to get a meeting – and for it to be successful – you must differentiate yourself from that lot. But getting meetings with these execs is hard. And doing so when they haven’t heard of you can be virtually impossible.

Fortunately, there are a few ways you can trigger these meetings without trying very hard. The simplest is to find which is best for you by listing all your possible approaches – cold calling, networking, and others – and grading each one for its (1) likelihood to work and (2) pleasantness to do. After all, there’s no point doing something that isn’t likely to work. And you won’t find the time to do something you hate.

Have a look at the table on the right. Yours would look different, of course – different activities and gradings.

But my rationale for putting these where they are is: ● referrals are often best – they’re likely to work and are pretty pleasant to do; ● coffee with friends is obviously pleasant, but if they never give you any business… well, as a business development (BD) exercise, it isn’t working;

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ANDY BOUNDS is co-author of Top Dog: Impress And Influence Everyone You Meet and an award-winning business development consultant

Table 1: Business development approaches Marketing activity

Likely to work

Pleasant to do

Referrals

√

√

Coffee with friends

X

√

Networking

?

?

Stalking

√

X

Cold calling

X

X

networking often works quite well, though lots of people don’t like it much; ● stalking will definitely get you a meeting, but it probably won’t be too pleasant; ● many people hate cold-calling – both the caller and callee.

Once you know that, say, referrals are your best bet… well, go for referrals. Speak to your existing contacts, and ask them to introduce you to named people you want to connect with.

And/or search on LinkedIn for your target prospects.

Click on their profile and find the names of mutual contacts. Then ask one of these mutual contacts to introduce you… believe me, this is much more likely to work than cold-calling strangers, or sitting by your desk saying you’ve ‘no time’ to do BD. ●

Step 2: Hit the ground running and keep impressing Once you’ve got the meeting, you must impress them when you’re there – or there is no point in going. But meeting strangers isn’t easy. And, if you’re like many actuaries, you’ll fall into one of two camps: ● you do what everyone else does – give your business card, shake hands, and politely ask “how’s business?”; ● you don’t really know what to do, so don’t do anything.

Neither is good. One doesn’t make much impression.

The other doesn’t make – well, anything. So, here are some simple ways to impress at meetings.

Start well. Pre-prepare a personalised icebreaker, to kick things off. If the introduction has come about by referrals, you have a shared interest in the person who referred you. So talk about them. Or do a bit of research beforehand and find a mutual interest, and talk about that. Anything that breaks down the barriers and helps build rapport quickly.

Also, prepare good questions to ask. Most people don’t do this. If they do any preparation, it’s normally about what they’re going to say rather than what they’re going to ask. So, they spend ages knocking a slide-set together that the other person hasn’t asked for, but haven’t spent any time prepping how they’re going to ensure the other person does most of the talking. And of course, if you don’t prepare good questions, you won’t ask good questions. So you won’t uncover the information you need.

GETTY

p32_33_aug_top dog•CT.indd 33

They will, however, want to know some things about you. So, there are two important things to prepare. ● Stories of work you’ve done with similar organisations.

People like stories, they’re engaging and they stimulate conversation. They’re also a great way of providing evidence that your stuff works. ● Teaching. In this first meeting, you want to ensure that – at least once – the prospect says: “Well I never knew that before. That is useful”. When that happens, you’ve immediately differentiated yourself from every other actuary out there. And, if you can teach them something valuable this early, surely it’s worth them seeing you again.

Step 3: Ensure there are agreed next steps You’re in a great place now. You’ve captured their interest. You’ve established personal and professional credibility. You’ve gained some insight into their most important challenges. You’ve told them impressive stories. You’ve taught them useful stuff. You might even have started to explore how your services could help.

So, what else could there be? Well, only the most important thing. To arrange a second meeting. Without it, your first meeting becomes a total waste of time.

So, bring the meeting to a close – and by the way, always finish on/before time. Execs will never thank you for making them late for their next appointment, no matter how well you thought your meeting was going.

One script that works well: “I’m conscious of time.

I suggest we meet again to continue our dialogue.

In the meantime, I will ask my colleagues for some relevant examples based on the content we’ve discussed.

Can I suggest you think about the specific areas you’d like us to focus on next time, to ensure we have a very useful second meeting?”

Assuming agreement, just say you’ll arrange something in the near future. Shake hands. Then get out.

Notice that the best way to end a meeting is not to thank the executive for her time – or worse, for sparing it to meet with you. This is subservient language. ‘Top dog’ stance – the language of equals – requires you only to say “I enjoyed our meeting and will be in touch soon”.

‘But I’m too busy to do BD’ Let’s end with the most frequent objection actuaries have to doing BD – that of not having the time.

Well, the thing about time is that it’s never about time.

It’s about priority. There’s always time to do the things you prioritise. It’s like when people say: “We moved house six months ago. We haven’t had time to unpack all our boxes yet. But I did manage to play Call Of Duty for six hours this weekend.”

There’s always time to do the suggestions in this article. None take very long. Even better, there’s a whole host of potential clients out there who are itching for an actuary to get in touch with – and impress – them. Someone’s going to. It might as well be you. a

August 2015 • THE ACTUARY www.theactuary.com

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27/07/2015 14:31

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

WINNING WAYS

1 4 9 10

Commemorating an author, coach and commentator and one of his works

1

2

3

4

9

5

6

7

8

10

11

12

13

17

19

21

5 6 7 8

20

22

12

23

25

© Nylfia

1 2 3

16

18

27

Skin trouble (6) Correct colour of boy’s nursery for Royalist (4,4) County in short is nought down for ten runs back inside? (6) College drinking game contains hint of a former student in retrospect? (4,4) 11 By far the smallest adolescents wreck ties (9) 13 Weapons held back in small room in public house (4) 15 Harmful concoction with herbs twice cooked (7,4) 16/ Coach Israeli actor from original tribe appearing 27 on glider (3,8) 17 Gather component of article that’s definite (3) 19 Rich sponge off cause involving German paramilitaries and Central America? (7,4) 21 Crow deposits guts on top of fine castle (4) 22 Spooner’s scoundrel in place of fish (9) 25 Indian City provides Indian money to Scotsman involved in farming (8) 26 Greek character standing at the head of small rising (6) 27 See 16 28 Irishman taken to Institution when session with spirits involved (6)

Down

14

15

24

14

26

28

For a chance to win a £25 Amazon voucher, please email your crossword solution to: puzzles@theactuary.com by Monday 17 August

15 18 20 23 24

Up north, man heading off from race-course (4) Deliberate display (7) Bulk provided by pachyderm shot with an absent Duke (10) Internal delivery space enough for tennis shot (4,7) Things to put away when tidying up teas? (4) Mastered one of three Rs when inclined to bottle (7) E-mail header leading to hesitant information on Church for Advent (9) Position of advantage, perhaps, for Royal Automobile Club, initially? (6,5) Drunkard drinks wheat concoction in place of purification (5,5) A few start crash diet (5,4) Personal boost causes Doctor to gripe (3,4) A bargain made for horse, no force applied? (7) Spoken alternative to a letter from the top (4) Stay in bed, alternatively, to present flower (4)

Can you spot the patterns influencing your business?

We help you identify emerging trends among complex business dynamics.

Our innovative and unique approaches to enterprise risk, strategy and capital management will help you make better strategic business decisions and see more clearly than the competition.

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

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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 635 to: puzzles@theactuary.com by Monday 17 August

PRIZE PUZZLTE TO H BROUGU BY YO AN MILLIM

Emmental challenge Mensa puzzle 635

If [ % X @ @ # $ is the code for CHEDDAR, what are the following cheeses? a)

X@#+

b)

&$£X

c)

{XO#

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.

Fun run Mensa puzzle 636

Bird brain teaser Mensa puzzle 637

What number is missing in this sequence?

A log of bird numbers visiting a garden is as follows. How many robins visited?

Magpie – 8 Pigeon – 2 Thrush – 12 Seagull – 7 Robin – ?

Search for a saying Mensa puzzle 638

Bridge puzzle 55 Two’s company

A well-known proverb has been split up into groups. Rearrange the groups to form the proverb. What is it?

♠ 864 ♥ QJ104 ♦ AK7 ♣ QJ2

As South you open 1NT. Partner bids 3NT and West leads ♠3. (NB with a 4-3-3-3 distribution, it is better not to bid Stayman) 1 Plan the play.

ERE ION LAT STF

HES IMI OFF TAT

INC IST ORM TERY

N W

E

2 Should you ask any questions? If so, of whom and when?

S ♠ A10 ♥ K52 ♦ QJ62 ♣ A1097

Bridge puzzle provided by David Lampert

These puzzles are sponsored by:

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August 2015 • THE ACTUARY www.theactuary.com

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27/07/2015 14:31

1

9

puzzles@theactuary.com

11

SOLUTIONS FOR JULY 2015

13

17

PRIZE PUZZLTE TO H BROUGU BY YO AN L MIL IM

Score on the door Mensa puzzle 631

What was the average score given by the guests on their second visit?

ANSWER 8.75

ME __ TALE __ INERT __ MAN __

Congratulations to this month’s winner: Jolien Bullock of Allied World Assurance Company

Missing link Mensa puzzle 633

ANSWER Santiago

On each row place two letters that can be attached to the end of the word to the left to give a longer word. When completed the name of a capital city will be read downwards. What is it?

Here are two defensive problems where, if you use the evidence, you can defeat the contract.

In each case, Dummy is North. In the first, you are West, and, in the second, you are East.

On Hand 1, you lead ♣A and Partner plays ♣J. Is it a singleton? How should you continue?

21

24

25 people rated a hotel and gave it an average of only 2 out of 10. After improvements, 20 of them returned to stay again and the hotel’s average score rose to 5 out of 10.

Bridge puzzle 54 You have the evidence!

E M P A T H E T I C

1 The bidding W N E 1♠ 2♦ Pass 3♣ Pass Pass Pass Pass Pass

27

On Hand 2, Partner leads ♣3 and you win with ♣A. How should you continue?

Line of questioning Mensa puzzle 634

N W

E S

3

4

P I A S T E R T R U R E I A I O A R S E T A S E R E A O M P L E I B E L L Y A I L A R A O U L O N E

5

I P F U L F I I M A G E N R T R L M A Y E X S U I W C H E A E L E P T I S 14

15

18

19

22

25

28

On each row place a word beginning with ‘D’ to fit the clue given. When completed, a food item will be read down the red shaded column. What is it?

ANSWER Rhubarb. The words are

2 The bidding S N 1♠ 2♦ 2♥ 3♦ 3NT

♠ Q942 ♥ J102 ♦ 72 ♣ Q1083

N W

E S

♠ 104 ♥ K863 ♦ 1096 ♣ A765

15

20

23

26

16

S P E Y C E R E M O N I A L

The following words all have something in common. What is it?

ANSWER They all give another word when read in reverse – trams, drawer, snub, parts, swap and mined.

STRAP

PAWS

A TROPICAL GRAIN A DUKEDOM FIRST APPEARANCE UNCERTAINTY BAN WEDDING ENDOWMENT A RACE

D D D D D D D

UR UC E B OU E B OW E R

R H U B A R B

A Y T T R Y Y

The evidence is in the bidding. You bid spades and then clubs but Partner did not give preference to spades. Therefore, he has more clubs than spades.

Playing the ♣J would only be right with a doubleton, so he must have one spade.

Cash ♠A and play ♠3 - a suit preference signal for a diamond switch, giving the defence two black suit aces and two ruffs.

On Hand 2:

♠ AKJ86 ♥ Q974 ♦A ♣ KJ4

♠ K1086 ♥ AQJ1097 ♦ K4 ♣7

BUNS

8

On Hand 1:

♠ 73 ♥ A5 ♦ KQJ8543 ♣ 62

SMART REWARD

7

L U O W N U C L I N A R W A F F I B U E U L E R R F B U A O T U R I I Z O D O R N I

10

12

Food for thought Mensa puzzle 632

S 2♥ 4♥

♠5 ♥ 86532 ♦ 76532 ♣ J10

6

Congratulations to this month’s winner: Paul Gilbert of Zurich Insurance Group

♠ J2 ♥K ♦ AQJ1098 ♣ Q943 ♠ AQ9743 ♥4 ♦♣ AK8652

2

© Nylfia

At the back Coffee break

DENIM

Here the evidence is in Declarer’s shape. South has bid spades then hearts, so has at least 5 spades and 4 hearts. Partner has exactly 4 clubs (the ♣3 is the lowest club you can see) leaving South with 3 clubs and therefore 1 diamond. In case it is ♦A, you must remove Dummy’s entry immediately by playing ♥K before the ♦A is unblocked.

Bridge puzzle provided by David Lampert

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THE ACTUARY • August 2015 www.theactuary.com

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At the back Student student@theactuary.com

Student Jessica Elkin compares superhero sequel X2 to the APS X2 actuarial standard, and finds some surprising similarities in the process

EVOLUTION CONTINUES Although in theory most Hollywood sequels

The review revue

are vastly inferior to their earlier counterparts, I must confess that I very much enjoyed X2 when I saw it in the cinema at the tender age of 16. My enjoyment could be attributed in part to the involvement of Hugh Jackman, of course, and I probably didn’t have superb taste at the time in any case, but the IMDb score of 7.5 suggests that many others agreed with me. The X-Men franchise has continued to flourish ever since.

Last month the actuarial profession brought out its very own X2. This one differs from the cinematic version in that it totally obliterated its predecessor (APS P2) when it came into effect on 1 July, instead of existing and complementing it as the X-Men films did each other. More accurately, APS X2 has made APS P2 redundant, but ‘obliterated’ sounds much more exciting in the context of superhero films.

Perhaps unsurprisingly, there are other differences between the two X2s. The Hollywood blockbuster exists to entertain people who enjoy profound and moving art with lots of excellent fight scenes, whereas APS X2 sets out the responsibilities of members concerning the review of actuarial work.

The film is optional but the actuarial standard is not. It also applies to all members of the profession, including students, and all actuarial work. I’m sure all members of the profession could enjoy and relate to X2 the movie, but they are not technically required to.

Under the new standard, it is for those responsible for a given piece of actuarial endeavor to decide whether it requires a ‘work review’ or an ‘independent peer review’ or neither. Details of which kinds of assignment may need which kinds of review are not given, as it is expected that the members involved are able to exercise some decent judgment on this.

Generally the work review requires at least two people to have looked at it. Both can have been involved in its production, so reviews

PHIL WRIGGLESWORTH

p37_aug_student•CT.indd 37

will typically be commonplace in actuarial assignments already. Essentially, work reviews are the equivalent of non-mutants in the X-Men world. They do the job, but sometimes you want a little something extra if you’re looking at carrying out any unusual, complex, or significant work.

The actuarial standard does not seem to feature Hugh Jackman at all (alas!), but it does have its own heroes of sorts. For an independent peer review, an added, extraspecial pair of eyes needs to be involved. A bit like Cyclops, but less burny. The independent reviewer must not be otherwise involved in the production of the piece of work, and the requirement is for the reviewer to be someone with the appropriate experience and expertise to issue the work themselves.

All members of the IFoA must be able to justify any decisions they have made in relation to the level of review given to a piece of work. As students, this may seem a little daunting, but I would imagine that this decision is made by an experienced actuary rather than a junior member of staff. You wouldn’t get Rogue to do Professor X’s job, am I right? As kick-ass as she obviously is.

Unravelling the mystique You might be interested to know that some of the taglines from the X2 film are relevant to APS X2, particularly if you are from the upper echelons of the profession and have been trying to work out how to make the standard seem more exciting.

When carrying out an independent peer review, you might argue that “The time has come for those who are different to stand united,” as in the film, although technically, the two reviewers needn’t agree with each other so long as there is a note to that effect added to the work. My favourite, though, is: “The ones we fear most will be all that can save us.” Some of those top actuaries are a bit scary.

While naturally educational, as usual, this student page does not tell you everything you need to know about APS X2. There’s plenty of guidance available on the IFoA website and the professional standard itself is very short and accessible. It’s the duty of all members of the profession to read it, and why wouldn’t you want to? I hear it has something to do with Sir Ian McKellen. a

August 2015 • THE ACTUARY www.theactuary.com

37

27/07/2015 14:33

At the back Appointments

SPONSORED BY

peoplemoves@theactuary.com

Moves Insight Risk Consulting has appointed Matthew Evans (above) as a director. He will be responsible for growing the firm’s pricing offering. He joins from Amlin, where he held actuarial pricing manager roles for both the syndicate and, latterly, the wider property and casualty business unit. Before Amlin, he was head of pricing for Chaucer Syndicates, having started his career at consultants EMB.

Alan Swallow (below) has joined actuarial and pensions firm Cartwright Group as senior actuary. He was previously at Capita, and qualified 17 years ago.

Swallow will report to Robert Sweet, director of Cartwright Group and its actuarial business, and will be based at the firm’s Farnborough office. Swallow was pivotal to growing SBJ’s employee benefits proposition in the Midlands, which was latterly subsumed into

Capita Employee Benefits. He chaired their Economic Assumptions Group and has been involved with the IFoA, chairing a number of pension seminars for actuaries.

He brings a wealth of experience in providing integrated investment, funding and risk management solutions to clients.

Cronje & Yiannas Actuaries and Consultants has expanded its consulting team by recruiting Stephanos Hadjistyllis

the group chief actuary.

Roberts was previously a director at Towers Watson, where he had been for nearly 21 years.

(above). He previously worked for P-Solve and Punter Southall in London, where he trained as a consulting actuary, advising pension funds on actuarial valuations and investment matters.

Phil Roberts (right) has joined Old Mutual as

Mercer has announced the appointment of Simon O’Regan (right) to president, North America. O’Regan was previously president of the Mercer EuroPac

www.hfg.co.uk

JASMAIR PUREWAL Employer and area of work PwC, pay, performance and risk.

How would your best friend describe you?

A Chandler Bing level of sarcasm, mixed with a Ross Geller level of nerdiness, sprinkled with a Joey Tribiani fondness of food.

What motivates you?

The people I work with – family, and life credos are always important motivations – but you spend most of your day working with your team.

What would be your personal motto?

As Shaggy said: ‘It wasn’t me’.

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

Captain Jack Sparrow (an

38

region, which includes Europe as well as Australia and New Zealand. He is a 27-year Mercer veteran, with a career spanning multiple financial areas and business segments, including life and health insurance, pensions, investments, retirement, risk and finance.

ACTUARY OF THE FUTURE expert in this field), Sir Alex Ferguson (an extremely wise man), Novak Djokovic (for beach tennis), Beyoncé (for campfire songs)… and Wilson, from the film Cast Away.

What’s your most ‘actuarial’ habit?

Modelling my revision plans on a spreadsheet.

Favourite Excel function?

IndexMatch – my life’s never been the same.

How do you relax away from the office?

What song best describes your work ethic?

Kanye West – Touch The Sky.

Greatest risk you have ever taken?

I’m not fond of taking risks – which explains why I’m going to be an actuary.

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

Steve Jobs – for having the foresight to see what people needed in the future.

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

Tom Hardy – because he’s awesome.

Music, exercise and movies.

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

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

007.

Losing to my 10-year-old cousin at Monopoly – I saw the funny side eventually.

Alternative career choice?

The next Paul Scholes.

Do you know an actuary destined for greatness?

You can nominate an Actuary of the Future by emailing

aotf@theactuary.com

THE ACTUARY • August 2015 www.theactuary.com

p38_Aug_AOTF•CT.indd 38

27/07/2015 14:33

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

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General Insurance - Permanent roles Â&#x2022;Â&#x2013;Â&#x192;Â&#x201D;Â&#x2013; Â&#x2014;Â&#x2019; Â&#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&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â&#x160;Â&#x2039;Â&#x2021;Â&#x2C6; Â&#x2039;Â&#x2022;Â? ĆĽÂ&#x2026;Â&#x2021;Â&#x201D; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x201E;Â&#x2018;Â&#x192;Â&#x201D;Â&#x2020;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&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x192;Â?Â&#x2020; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020; Â&#x192;Â?Â&#x2020; Â&#x201E;Â&#x2021; happy getting their hands dirty with the technical work. With growth plans to grow the Actuarial, Risk and Audit functions, this role will be Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x2030;Â&#x201D;Â&#x192;Â&#x17D; Â&#x2039;Â? Â&#x201E;Â&#x2014;Â&#x2039;Â&#x17D;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2018;Â&#x2014;Â&#x2013; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;Ǥ Â&#x2018; ƤÂ?Â&#x2020; Â&#x2018;Â&#x2014;Â&#x2013; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2030;Â&#x2021;Â&#x2013; Â&#x2039;Â? Â&#x2013;Â&#x2018;Â&#x2014;Â&#x2026;Â&#x160; with william@hfg.co.uk REF: WG0701

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

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CRO

Í&#x2039;Í&#x2122;Í?Í&#x2DC;Â? ÇŚ Í&#x2039;Í&#x2122;Í&#x;Í&#x2DC;Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026; Â&#x2122;Č&#x20AC; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2019;Â&#x192;Â&#x2026;Â?Â&#x192;Â&#x2030;Â&#x2021;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Í&#x2039;Í&#x2122;Í&#x2122;Í&#x2DC;Â? ÇŚ Í&#x2039;Í&#x2122;Í&#x153;Í&#x2DC;Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x2C6;Â&#x2013;Â&#x2021;Â&#x201D; Â&#x192;Â? Â&#x192;Â&#x2030;Â&#x2030;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2122;Â&#x2013;Â&#x160; Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2020; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2021; ƤÂ&#x201D;Â?ÇĄ Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x2021;Â&#x161;Â&#x2019;Â&#x192;Â?Â&#x2020;Â&#x2039;Â?Â&#x2030; insurer is looking for a capital actuary to lead their capital team. With a variety of experience in the team, this person will be integral in bringing the team together and ensuring they operate to a high standard.

Experience across igloo or remetrica is required.

For more information please contact: david@hfg.co.uk REF: DC0701

Capital Analyst

Í&#x2039;Í&#x17E;Í&#x2DC;Â? ÇŚ Í&#x17E;Í?Â? Â&#x201E;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2026;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

A unique opportunity has arisen within a medium sized syndicateâ&#x20AC;&#x2122;s capital modelling team. Working closely with the Â&#x2021;Â&#x192;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x192;Â?Â&#x2020; ÇĄ Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x2039;Â&#x2022; Â&#x192; Â?Â&#x2021;Â&#x203A; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2022;Â&#x2039;Â&#x2030;Â?Â&#x2039;ƤÂ&#x2026;Â&#x192;Â?Â&#x2013; Â&#x2039;Â?ĆŞÂ&#x2014;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2018;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2013; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;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; Í&#x161;ÎŽ Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2022;ÇŻ 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&#x192;Â?Â&#x2020; Â&#x201E;Â&#x2021; Â?Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020;Ǥ For more information please contact: ben@hfg.co.uk REF:BH0701

Pricing and Reserving Manager

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Reserving Actuary

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A global insurance company has a vacancy within their commercial Â&#x17D;Â&#x2039;Â?Â&#x2021;Â&#x2022; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x2021;Â&#x192;Â?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? Â&#x192;Â?Â&#x201E;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022;ÇĄ Â&#x2021;Â?Â&#x2013;Â&#x160;Â&#x2014;Â&#x2022;Â&#x2039;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2026;ÇĄ Â&#x2019;Â&#x192;Â&#x201D;Â&#x2013; 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&#x2122;Â&#x160;Â&#x2018; Â&#x2026;Â&#x192;Â? Â&#x2021;Â&#x161;Â&#x2019;Â&#x192;Â?Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2018;Â&#x2014;Â&#x2013;Â&#x2022;Â&#x2039;Â&#x2020;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2C6;Â&#x2014;Â?Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x192;Â?Â&#x2020; Â&#x17D;Â&#x2039;Â&#x192;Â&#x2039;Â&#x2022;Â&#x2021; 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&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2021;ÇŚ Â&#x160;Â&#x2018;Â&#x17D;Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2022;Ǥ Â&#x160;Â&#x2039;Â&#x2022; Â&#x2039;Â&#x2022; Â&#x192; Â&#x2014;Â?Â&#x2039;Â&#x201C;Â&#x2014;Â&#x2021; 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?Â&#x192;Â?Â&#x2021; Â&#x192;Â? Â&#x2039;Â?Â&#x2019;Â&#x192;Â&#x2026;Â&#x2013; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; general insurance market and qualify with a fantastic actuarial team.

For more information please contact: ben@hfg.co.uk REF: BH0702

General Insurance - Contract roles Pricing Contractors

Í&#x2039;Í Í&#x2DC;Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x2DC; Â&#x2019;Â&#x2021;Â&#x201D; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x160;Â&#x2039;Â&#x2030;Â&#x160;Â&#x17D;Â&#x203A; Â&#x201D;Â&#x2021;Â?Â&#x2018;Â&#x2122;Â?Â&#x2021;Â&#x2020; 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&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2018;Â&#x201D;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; involved with large account pricing within the property division hence Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; 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&#x2014;Â?Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2122;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2022;Ǥ Â&#x2018; Â&#x201E;Â&#x2021; Â&#x2022;Â&#x2014;Â&#x2026;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2C6;Â&#x2014;Â&#x17D; Â&#x203A;Â&#x2018;Â&#x2014; Â?Â&#x2014;Â&#x2022;Â&#x2013; have strong soft skills as well as high level VBA and excel experience.

For more information please contact: rupa@hfg.co.uk REF: RP0701

Reserving TP Contractors

Í&#x2039;Í Í&#x2DC;Í&#x2DC; ÇŚ Í&#x2039;ÍĄÍ&#x2DC;Í&#x2DC; Â&#x2019;Â&#x2021;Â&#x201D; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

With the recent changes within this Lloydâ&#x20AC;&#x2122;s entity, my client is looking for a Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021; for S2 across the business as well as ad-hoc help with indirect reports.

For more information please contact: rupa@hfg.co.uk REF:RP0703

+44 (0) 207 337 8800

Capital Contractors

Í&#x2039;Í&#x;Í&#x2DC;Í&#x2DC; ÇŚ Í&#x2039;ÍĄÍ&#x2DC;Í&#x2DC; Â&#x2019;Â&#x2021;Â&#x201D; Â&#x2020;Â&#x192;Â&#x203A; Č&#x2039;Í&#x17E; Â?Â&#x2018;Â?Â&#x2013;Â&#x160;Â&#x2022;Č&#x152;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Â&#x160;Â&#x2039;Â&#x2022; Â&#x2021;Â&#x2022;Â&#x2013;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x160;Â&#x2021;Â&#x2020; 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&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2018;Â&#x201D;ÇĄ Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192;Â? Â&#x2039;Â?Â&#x2039;Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D; Í&#x17E; Â?Â&#x2018;Â?Â&#x2013;Â&#x160; Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2020; Â&#x2022;Â&#x2014;Â&#x201E;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013; Â&#x2013;Â&#x2018; Â&#x2021;Â&#x161;Â&#x2013;Â&#x2021;Â?Â&#x2022;Â&#x2039;Â&#x2018;Â? Â&#x2013;Â&#x2018; Â&#x2122;Â&#x2018;Â&#x201D;Â? Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; involved across the business predominantly within capital modelling and be Â&#x2039;Â?Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â&#x2020; Â&#x2039;Â? Â&#x2DC;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x192;Â?Â&#x2020; Â&#x2019;Â&#x192;Â&#x201D;Â&#x192;Â?Â&#x2021;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2022;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2122;Â&#x2018;Â&#x201D;Â?Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x192;Â&#x17D;Â&#x2022;Â&#x2018; Â&#x201E;Â&#x2021; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2021;Â&#x2020; Â&#x2013;Â&#x2018; 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: RP0702

Í&#x2039;Í&#x;Í?Í&#x2DC; ÇŚ Í&#x2039;Í&#x2122;Í&#x161;Í&#x2DC;Í&#x2DC; Â&#x2019;Â&#x2021;Â&#x201D; Â&#x2020;Â&#x192;Â&#x203A;ÇĄ Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?

Solvency II Actuary

Â&#x160;Â&#x2039;Â&#x2022; Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; 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&#x2013;Â&#x2018; Â&#x201D;Â&#x2021;Â&#x2026;Â&#x201D;Â&#x2014;Â&#x2039;Â&#x2013; Â&#x192; Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x17D; Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D; Â&#x192;Â?Â&#x2020; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2014;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x203A; Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2019;Â&#x201D;Â&#x2021;Â&#x2013;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Ǥ Â&#x2018; Â&#x201E;Â&#x2021; Â&#x2022;Â&#x2014;Â&#x2026;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2C6;Â&#x2014;Â&#x17D; Â&#x203A;Â&#x2018;Â&#x2014; Â?Â&#x2014;Â&#x2022;Â&#x2013; 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 please contact: rupa@hfg.co.uk REF: RP0704

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

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

ACT Rec Aug15.indd 39

28/07/2015 09:19

Appointments

40

THE ACTUARY • August 2015 www.theactuary.com

ACT Rec Aug15.indd 40

28/07/2015 09:19

London : Chicago : Hong Kong : Singapore : Shanghai : Zurich

www.theactuaryjobs.com

Senior Manager, Capital Management Actuary - Hong Kong sĞƌLJ ŽŵƉĞƟƟǀĞ ^ĂůĂƌLJ н ŽŶƵƐ Θ ĞŶĞĮƚƐ

KƵƌ ĐůŝĞŶƚ ŝƐ ŽŶĞ ŽĨ ƚŚĞ ǁŽƌůĚ͛Ɛ ůĂƌŐĞƐƚ ŝŶƐƵƌĂŶĐĞ ƉƌŽǀŝĚĞƌƐ ǁŝƚŚ ŽƉĞƌĂƟŽŶƐ ƐƉĂŶŶŝŶŐ ŽǀĞƌ ϲϬ ĐŽƵŶƚƌŝĞƐ ŝƐ ĐƵƌƌĞŶƚůLJ ůŽŽŬŝŶŐ ƚŽ ƌĞĐƌƵŝƚ Ă ^ĞŶŝŽƌ DĂŶĂŐĞƌ͕ ĂƉŝƚĂů DĂŶĂŐĞŵĞŶƚ ĐƚƵĂƌLJ ŝŶ ƚŚĞŝƌ ,ŽŶŐ <ŽŶŐ ŽĸĐĞ͘ dŚŝƐ ŵƵůƟŶĂƟŽŶĂů ůĞĂĚŝŶŐ ďƵƐŝŶĞƐƐ ŝƐ ůŽŽŬŝŶŐ ĨŽƌ ƐŽŵĞŽŶĞ ƚŽ ŵĂŶĂŐĞ Ăůů ĂƐƉĞĐƚƐ ŽĨ ^ŽůǀĞŶĐLJ // ĂŶĚ ĐŽŶŽŵŝĐ ĂƉŝƚĂů ƌĞƉŽƌƟŶŐ ƚŽ ďŽƚŚ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ƐƚĂŬĞŚŽůĚĞƌƐ͘ ŶƐƵƌĞ ĐŽŵƉůŝĂŶĐĞ ƚŽ ƚŚĞ ĂĐƚƵĂƌŝĂů ĨƌĂŵĞǁŽƌŬ ĂƐ ǁĞůů ĂƐ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ŝŶƚĞƌŶĂů ĂŶĚ ĞdžƚĞƌŶĂů ŐŽǀĞƌŶĂŶĐĞ ĐŽŶƚƌŽůƐ͘ Ɛ ǁĞůů ĂƐ ƚĂŬŝŶŐ ĂŶ ĂĐƟǀĞ ƌŽůĞ ŝŶ ůĞĂĚŝŶŐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ ^// ƌĞƉŽƌƟŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ŝŶƚŽ h ĂĐƟǀŝƟĞƐ ĂŶĚ ŝŶ ƚŚĞ ŽŶͲŐŽŝŶŐ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĂƉ ƌĞƉŽƌƟŶŐ ĐĂƉĂďŝůŝƟĞƐ͘ ŶŽƚŚĞƌ ĂƐƉĞĐƚ ŽĨ ƚŚĞ ũŽď ŝƐ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ƋƵĂůŝƚLJ ĂŶĚ ƟŵĞůŝŶĞƐƐ ŽĨ ǁŽƌŬ ƉƌŽĚƵĐĞĚ ďLJ ƚŚĞ ƚĞĂŵ ƚŚƌŽƵŐŚ ƐƵƉĞƌǀŝƐŝŽŶ͕ ŐƵŝĚĂŶĐĞ ĂŶĚ ĐŽĂĐŚŝŶŐ ŽĨ ƐƵďŽƌĚŝŶĂƚĞƐ ŽŶ ĂĐƚƵĂƌŝĂů ͬ ƉƌŽĚƵĐƚ ͬ ŝŶƐƵƌĂŶĐĞ ŬŶŽǁůĞĚŐĞ͘ DĂŶĂŐĞ ĐŽŶŇŝĐƚƐ ŝŶ ƐƚĂī ĂŶĚ ǁŽƌŬ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŽ ĞŶƐƵƌĞ ĞīĞĐƟǀĞ ĂŶĚ ĞĸĐŝĞŶƚ ƉůĂŶŶŝŶŐ ŽĨ ƌĞƐŽƵƌĐĞƐ ƚŽ ŵĞĞƚ ƐĞŶŝŽƌ ƐƚĂŬĞŚŽůĚĞƌ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚŝƐ ĐĂŶĚŝĚĂƚĞ ƌĞƋƵŝƌĞƐ ϴͲϭϬ LJĞĂƌƐ ǁŽƌŬŝŶŐ ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚ Ăƚ ůĞĂƐƚ ϱ LJĞĂƌƐ ŝŶ ŵĂŶĂŐĞƌŝĂů͘ ĂŶƚŽŶĞƐĞ ƐƉĞĂŬĞƌƐ ĂƌĞ ƉƌĞĨĞƌƌĞĚ͘ ŽŶƚĂĐƚ ǁŝŶŐ͘ůŝΛŝƉƐŐƌŽƵƉĂƐŝĂ͘ĐŽŵ

WĞŶƐŝŽŶ ĐƚƵĂƌŝĂů ^ƚƵĚĞŶƚƐ Ͳ DĂŶĐŚĞƐƚĞƌ dŽ ĐάϰϬ͕ϬϬϬ ĚĞƉĞŶĚĞŶƚ ŽŶ ĞdžƉĞƌŝĞŶĐĞ н ĞŶĞĮƚƐ

tĞ ĐƵƌƌĞŶƚůLJ ŚĂǀĞ Ϯ ĞdžĐĞůůĞŶƚ ŽƉƉŽƌƚƵŶŝƟĞƐ ĨŽƌ WĞŶƐŝŽŶ ĐƚƵĂƌŝĂů ^ƚƵĚĞŶƚƐ ǁŚŽ ŚĂǀĞ ŐĂŝŶĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϮͲϰ LJĞĂƌƐ ĞdžƉĞƌŝĞŶĐĞ ŽĨ ǁŽƌŬŝŶŐ ŝŶ Ă ƉĞŶƐŝŽŶƐ ĐŽŶƐƵůƟŶŐ ĞŶǀŝƌŽŶŵĞŶƚ͘ ŽƚŚ ŽƉƉŽƌƚƵŶŝƟĞƐ ĂƌĞ ǁŝƚŚ ŚŝŐŚ ƋƵĂůŝƚLJ ĮƌŵƐ͕ ŽŶĞ ŽīĞƌŝŶŐ ĂŶ ĞƋƵĂů ƐƉůŝƚ ŽĨ ƚƌƵƐƚĞĞ ĂŶĚ ĐŽƌƉŽƌĂƚĞ ǁŽƌŬ͕ ƚŚĞ ŽƚŚĞƌ ŽīĞƌŝŶŐ Ă ƐƚƌŽŶŐ ĨŽĐƵƐ ŽŶ ĐŽƌƉŽƌĂƚĞ ĐůŝĞŶƚ ǁŽƌŬ͘ ĂŶĚŝĚĂƚĞƐ ĂƌĞ ůŝŬĞůLJ ƚŽ ŚĂǀĞ ŐĂŝŶĞĚ ďĞƚǁĞĞŶ Ϯ ĂŶĚ ϱ ĞdžĂŵŝŶĂƟŽŶ ƉĂƐƐĞƐ ƐŽ ĨĂƌ ĂŶĚ ǁŝůů ƉŽƐƐĞƐƐ Ă ŐŽŽĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ h< ƉĞŶƐŝŽŶƐ ůĂŶĚƐĐĂƉĞ͘ ŽŶƚĂĐƚ ĚĂŶ͘ŚĂLJŶĞƐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

ĐƚƵĂƌŝĂů ŶĂůLJƐƚ Ͳ >ŽŶĚŽŶ ƩƌĂĐƟǀĞ ^ĂůĂƌLJ н ŽŶƵƐ Θ ĞŶĞĮƚƐ

KƵƌ ĐůŝĞŶƚ͕ Ă ůĞĂĚŝŶŐ ŐůŽďĂů ŝŶƐƵƌĞƌ͕ ŝƐ ůŽŽŬŝŶŐ ƚŽ ŚŝƌĞ ĂŶ ĂĐƚƵĂƌŝĂů ĂŶĂůLJƐƚ ĨŽƌ ƚŚĞ ƌĞƐĞƌǀŝŶŐ ƚĞĂŵ͘ dŚĞ ŵĂŝŶ ƌĞŵŝƚ ŝƐ ƚŽ ĂƐƐŝƐƚ ŝŶ ƚŚĞ ƌĞƉŽƌƟŶŐ ĂŶĚ ƌĞƐĞƌǀŝŶŐ ƉƌŽĐĞƐƐ͘ ŶŽƚŚĞƌ ĂƐƉĞĐƚ ŽĨ ƚŚĞ ƌŽůĞ ŝƐ ƚŽ ƉƌŽǀŝĚĞ ƐƵƉƉŽƌƚ ŝŶ ƉůĂŶŶŝŶŐ͕ ƉŽƌƞŽůŝŽ ĂŶĂůLJƐŝƐ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ͘ dŚĞ ŝĚĞĂů ĐĂŶĚŝĚĂƚĞ ǁŝůů ďĞ Ă ƉĂƌƚͲ ͬ ŶĞĂƌůLJ ƋƵĂůŝĮĞĚ ĂĐƚƵĂƌLJ ǁŝƚŚ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ŐĞŶĞƌĂů ŝŶƐƵƌĂŶĐĞ ĂŶĚ ƌĞƐĞƌǀŝŶŐ ĂŶĚ ƚŚĞ ĐůŝĞŶƚ ǁŝůů ƉƌŽǀŝĚĞ ĨƵůů ƐƚƵĚLJ ƐƵƉƉŽƌƚ ĂŶĚ ŐŽŽĚ ĐĂƌĞĞƌ ĚĞǀĞůŽƉŵĞŶƚ͘ dŚŝƐ ƌŽůĞ ǁŽƵůĚ ƐƵŝƚ Ă ƚĞĂŵ ƉůĂLJĞƌ ǁŝƚŚ ŐŽŽĚ ĐŽŵŵƵŶŝĐĂƟŽŶ ĂŶĚ ƚĞĐŚŶŝĐĂů ƐŬŝůůƐ͘ ŽŶƚĂĐƚ ƉŚƵ͘ŶŐŽĐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

,ĞĂĚ ŽĨ DŽƚŽƌ WƌŝĐŝŶŐ Ͳ >ĞĞĚƐ dŽ άϴϬ͕ϬϬϬ н ĞŶĞĮƚƐ WĂĐŬĂŐĞ

ůĞĂĚŝŶŐ ŽŵŵĞƌĐŝĂů /ŶƐƵƌĞƌ ŝƐ ůŽŽŬŝŶŐ ĨŽƌ ĂŶ ĞdžƉĞƌŝĞŶĐĞĚ /ŶƐƵƌĂŶĐĞ WƌŝĐŝŶŐ DĂŶĂŐĞƌ ƚŽ ũŽŝŶ ƚŚĞ ĂĐƚƵĂƌŝĂů ƚĞĂŵ͘ dŚĞ successful candidate will be responsible for leading an experienced team that is tasked to deliver pricing on motor ƉƌŽĚƵĐƚƐ ĨŽƌ ƉĂƌƚŶĞƌ ďƌĂŶĚƐ͘ ƉƉůŝĐĂŶƚƐ ƐŚŽƵůĚ ŚĂǀĞ ĞdžƚĞŶƐŝǀĞ ĚĞŵŽŶƐƚƌĂďůĞ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ƚĞĐŚŶŝĐĂů ŝŶƐƵƌĂŶĐĞ ƉƌŝĐŝŶŐ Ăƚ Ă ŵĂŶĂŐĞŵĞŶƚ ůĞǀĞů ĂŶĚ ǁŝůů ŵŽƐƚ ůŝŬĞůLJ ďĞ Ă ƋƵĂůŝĮĞĚ Žƌ ƉĂƌƚ ƋƵĂůŝĮĞĚ ĐƚƵĂƌLJ͘ ĂŶĚŝĚĂƚĞƐ ŵƵƐƚ ďĞ ǁŝůůŝŶŐ ƚŽ ďĞ ďĂƐĞĚ ĨƌŽŵ >ĞĞĚƐ Ăƚ ůĞĂƐƚ ϯ ĚĂLJƐ ĞĂĐŚ ǁĞĞŬ͘ ŽŶƚĂĐƚ ƐƚĂĐĞLJ͘ƌŝĐŚĂƌĚƐΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ

>ŽŶĚŽŶ KĸĐĞ͗ /W^ 'ƌŽƵƉ͕ ĞǀŝƐ DĂƌŬƐ ,ŽƵƐĞ͕ Ϯϰ ĞǀŝƐ DĂƌŬƐ͕ >ŽŶĚŽŶ ϯ ϳ: dĞůĞƉŚŽŶĞ͗ нϰϰ ϮϬϳ ϰϴϭ ϴϲϴϲ

ŵĂŝů͗ ĂĐƚƵĂƌŝĂůΛŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ tĞďƐŝƚĞ͗ ŚƩƉ͗ͬ​ͬǁǁǁ͘ŝƉƐŐƌŽƵƉ͘ĐŽ͘ƵŬ dǁŝƩĞƌ ͗ Λ/W^'ƌŽƵƉh< >ŝŶŬĞĚŝŶ͗ /W^ 'ƌŽƵƉ ACT Rec Aug15.indd 41

August 2015 • THE ACTUARY 41 www.theactuary.com

28/07/2015 09:19

Appointments

TO RECRUIT GREAT PEOPLE, YOU NEED INSIDE KNOWLEDGE Backed by practising actuaries, we’re the true General Insurance recruitment specialists.

OUR EXPERIENCE, YOUR ASSET

CAPITAL ANALYST X2

SENIOR CAPITAL ACTUARY

CAPITAL CONTRACTOR

A Lloyd’s syndicate is looking for 2 Capital Analysts to join it’s growing business. You will be involved in model development, maintenance and documentation of the syndicate model whilst supporting the team with analysis and strategy.

A large insurer seeks a Senior Igloo Capital Actuary to assist with maintenance, development, ORSA, regulation, delivery of results to the board and working closely with underwriters. You’ll have 6 years + Capital experience and be an FIA.

6 month to start asap. Capital Modeller ideally with +5 year experience, ReMetrica, Lloyd’s market experience preferable Lloyd’s capital return, Validation, Capital Report writing, Reverse stress testing etc

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London £40,000 - £55,000 PERMANENT

London £100,000 - £130,000 PERMANENT

London £900 per day CONTRACT

WWW.FENASSOCIATES.COM

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

Capital Modelling Actuary

Acctu tuar aria iall An ia A alyst

Nearly / Newly Advisory Ri R sk Consulting g

London, £95,000 PA

Glasgow, Glasgo w £30 w, 0,00 ,000 0 - £35,000 PA

London, From £55,0 000 PA A

World leading General Insurance firm is looking for a Capital Modelling Actuary. The right person will join a dynamic and successful team and will play a key role in supporting the European Economic Capital Model. To be successful you should be a Qualified Actuary with some capital exposure.

Rare op Rare opportu pportunit nityy to to experience e life and non-life actuar act uarial iall wo work rkk in n a small newly formed team with ful fu u l study support.

Looking to enhance your car ca eer e?

For a confidential discussion please contact Bradley Doyle on 0207 929 7667 or email b.doyle@darwinrhodes.com

Are you a high perforrmer mer??

You wi willll bee wor w kin k g with calculations and reports as well as a wide range of projects.

Well known consultancy seeking g am a bitious, technical, results driven, people maanag gers to become future leaders of tomor orrow or w.

For a con nfident en ial di d scu cussion please contact Raphae Rap hael el Yadg dgaro dg a ff on 020 aro 02 7 929 7667 or ema em mail il r.y .y yadg dgaro dg arr fff @da arwi rwinrh nrhodes.com

For a confidential discussi sion on ple lease ase e co conta nta ntact tact Clinton Poore on 0207 207 62 21 3774 74 or email c.poore@d e@darw arwinr inr n hod nr hodes.com om m

Actuarial Analyst

Reserving Analyst

London & Bristol, £35,000 - £45,000 PA

London, £50,000 PA

Our client is an renowned Consulting Firm and we are recruiting for two Actuarial Analysts, one in London, the other in Bristol.

An opportunity for a recent graduate with 6 months to 2 years experience working within retirement/pensions experience and in the process of studying / becoming qualified and progressing their career.

Our client is an internationally renowned insurer and we are currently looking for a Reserving Analyst to work within the central Actuarial team. The department has significant involvement with reserving, business planning, portfolio analysis, commutations pricing and collaboration with pricing actuaries. The Actuarial department maintains close working relationships with the Underwriting divisions, and Claims, Reinsurance and Finance in order gain a thorough understanding of the portfolios and their drivers of profitability.

For a confidential discussion please contact Bruno Marqeshi on 0207 929 7667 or email b.marqeshi@darwinrhodes.com

For a confidential discussion please contact Bradley Doyle on 0207 929 7667 or email b.doyle@darwinrhodes.com

Want some interview tips? Have a read of our Newsletters: www.darwinrhodes.com/eu/news 42

THE ACTUARY • August 2015 www.theactuary.com

ACT Rec Aug15.indd 42

28/07/2015 09:19

Abby Tempest Life Perm +44 (0) 207 337 8810 abby@hfg.co.uk

George Bird Life Interim +44 (0) 207 337 8806 georgeb@hfg.co.uk

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

Life insurance roles Reporting Manager

ÂŁ65k - ÂŁ75k basic, London

Strategy Consultant

ÂŁ60k - ÂŁ80k basic, London

Â&#x192;Â&#x201D;Â&#x2021; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x192; Â&#x201D;Â&#x2021;ÇŚÂ&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2122;Â&#x160;Â&#x2018; Â&#x192;Â&#x201D;Â&#x2021; 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&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? their team. The role focusses primarily on the reporting of Protection products so the ideal candidate will come from a protection background. You need to have strong technical ability coupled with good interpersonal skills and be a 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&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x192; Â&#x2039;Â&#x2C6;Â&#x2021; Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020;Ǥ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? about this role please contact: abby@hfg.co.uk REF: AT0701

I am working with a growing consultancy who are looking for a nearly/newly 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&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â? Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x203A; Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013;Â&#x2022; Â&#x192;Â&#x201D;Â&#x2021; Â&#x2022;Â&#x2018;Â?Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â?Â&#x192;Â&#x152;Â&#x2018;Â&#x201D; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2039;Â?Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2013;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2013;Â&#x192;Â?Â&#x2021; Â&#x192; Â&#x2026;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2039;Â? Â&#x192;Â&#x2020;Â&#x2DC;Â&#x2039;Â&#x2022;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021;Â?Ǥ This role requires someone who is a currently working as an actuary and looking for a non-traditional position. For more information please contact: abby@hfg.co.uk REF: AT0702

Student Actuary

Reporting Analyst

ÂŁ35k - ÂŁ45k basic, London

I am working with a boutique consultancy who are looking for a Â&#x2013;Â&#x2014;Â&#x2020;Â&#x2021;Â?Â&#x2013; 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&#x2039;Â&#x201D; Â&#x2018;Â?Â&#x2020;Â&#x2018;Â? Â&#x2018;ĆĽÂ&#x2026;Â&#x2021; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; team. To apply for this role you must have at least a yearâ&#x20AC;&#x2122;s experience Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2039;Â? Â&#x192;Â? Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021;ÇĄ Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2018;Â&#x2014;Â&#x2013;Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2026;Â&#x192;Â&#x2020;Â&#x2021;Â?Â&#x2039;Â&#x2026;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x201E;Â&#x2021; Â&#x192; Â&#x2026;Â&#x2018;Â?ƤÂ&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2039;Â?Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2014;Â&#x192;Â&#x17D; Â&#x2122;Â&#x160;Â&#x2018; Â&#x2039;Â&#x2022; Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x17D;Â&#x2039;Â&#x192;Â&#x2039;Â&#x2022;Â&#x2021; Â&#x2122;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&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2021;Â&#x160;Â&#x2018;Â&#x17D;Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2022;Ǥ For more information please contact: abby@hfg.co.uk REF: AT0703

Product Governance Actuary (Interim)

ÂŁ250 - ÂŁ450 / day, York

A FTSE 100 composite insurer are looking for a Product Governance Actuary to join their actuarial department. The successful candidate will Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D; Â&#x192;Â?Â&#x2020; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022;ÇĄ Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; life insurance products and good progression through the actuarial Â&#x2021;Â&#x161;Â&#x192;Â?Â&#x2022;Ǥ Â&#x2039;Â&#x2013;Â&#x160;ÇŚ Â&#x201D;Â&#x2018;ƤÂ&#x2013;Â&#x2022; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; Â&#x2039;Â&#x2022; Â&#x192;Â&#x2020;Â&#x2DC;Â&#x192;Â?Â&#x2013;Â&#x192;Â&#x2030;Â&#x2021;Â&#x2018;Â&#x2014;Â&#x2022;ÇĄ Â&#x201E;Â&#x2014;Â&#x2013; Â&#x2039;Â&#x2022; Â?Â&#x2018;Â&#x2013; Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D;Ǥ For more information please contact: georgeb@hfg.co.uk REF: GBI0701

ÂŁ450 - ÂŁ650 / day, Midlands

Senior Actuarial Technician

A FTSE 250 life insurer is looking for a Senior Actuarial Technician to join their life actuarial department. The role will involve working across the various reporting Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;ÇĄ Â&#x192;Â?Â&#x2020; Â&#x2021;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2039;Â&#x2022; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x17D;Â&#x2039;Â&#x192;Â?Â&#x2013; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; the Solvency II regulatory framework in the run up to its deadline. For more information please contact: georgeb@hfg.co.uk REF: GBI0703

ÂŁ35k - ÂŁ45k basic, Southampton

An International Life Insurer are looking for a Student Actuary with 2 yearsâ&#x20AC;&#x2122; experience working within insurance to join their team. The role involves Â&#x192;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2019;Â&#x17D;Â&#x192;Â?Â?Â&#x2039;Â?Â&#x2030;ÇĄ Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030;ÇĄ Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D; Â&#x2013;Â&#x2021;Â&#x192;Â?Â&#x2022; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x2019;Â&#x201D;Â&#x2021;Â&#x2019;Â&#x192;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2018;Â&#x2C6; Â&#x192;Â&#x17D;Â&#x17D; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2022;Ǥ Â&#x2018; Â&#x192;Â&#x2019;Â&#x2019;Â&#x17D;Â&#x203A; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x203A;Â&#x2018;Â&#x2014; Â?Â&#x2021;Â&#x2021;Â&#x2020; Â&#x192;Â&#x2013; least 5 Actuarial exam passes and have previous experience in reporting.

For more information please contact: abby@hfg.co.uk REF: AT0704

ÂŁ450 - ÂŁ650 / day, London

Actuarial Systems Developer

A leading life insurer based in the heart of the city are looking for an Actuarial Systems Developer to join their team. The ideal candidate will have extensive Â&#x2021;Â&#x161;Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2022;Â&#x203A;Â&#x2022;Â&#x2013;Â&#x2021;Â?Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2022;Â&#x2018;Â&#x2C6;Â&#x2013;Â&#x2122;Â&#x192;Â&#x201D;Â&#x2021;Ǥ Â? Â&#x192;Â&#x2020;Â&#x2020;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2018;Â?ÇĄ Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; the Solvency II directive and the reporting process under framework will Â&#x201E;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x201E;Â&#x2021;Â?Â&#x2021;ƤÂ&#x2013;Ǥ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2030;Â&#x2021;Â&#x2018;Â&#x201D;Â&#x2030;Â&#x2021;Â&#x201E;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;ǤÂ&#x2014;Â?

REF: GBI0702

ÂŁ550 - ÂŁ650 / day, North England

Actuarial Advisor

Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;ÇŚÂ&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2039;Â&#x2013;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&#x2019;Â&#x192;Â&#x201D;Â&#x2013;ÇŚÂ&#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; join their life insurance team. The ideal candidate will have economic capital Â&#x2021;Â&#x161;Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;ÇĄ Â?Â?Â&#x2018;Â&#x2122;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2021;Â?Â&#x2020;ÇŚÂ&#x2013;Â&#x2018;ÇŚÂ&#x2021;Â?Â&#x2020; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x17D;Â&#x2039;Â&#x2C6;Â&#x2021;Â&#x2026;Â&#x203A;Â&#x2026;Â&#x17D;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021; Â&#x2018;Â&#x2C6; the Solvency II directive. Good progression through the actuarial exams will Â&#x192;Â&#x17D;Â&#x2022;Â&#x2018; Â&#x201E;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x201E;Â&#x2021;Â?Â&#x2021;ƤÂ&#x2013;Ǥ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2030;Â&#x2021;Â&#x2018;Â&#x201D;Â&#x2030;Â&#x2021;Â&#x201E;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;ǤÂ&#x2014;Â?

REF: GBIo704

Risk roles Syndicate Risk Manager (Lloyd's)

ÂŁ60k - ÂŁ90k basic, London

Financial Risk Analyst

ÂŁ30k - ÂŁ60k basic, London

This leading insurer is looking for a contractor for an initial 6 month period subject to extension with reserving experience. You will be required to Â&#x160;Â&#x2021;Â&#x17D;Â&#x2019; Â&#x201E;Â&#x192;Â&#x2026;Â?ƤÂ&#x17D;Â&#x17D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2020;Â&#x192;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2020;Â&#x192;Â&#x203A; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2018;Â&#x201D;Â?ÇĄ Â&#x192;Â&#x2022; Â&#x2122;Â&#x2021;Â&#x17D;Â&#x17D; Â&#x192;Â&#x2022; Â&#x160;Â&#x2021;Â&#x17D;Â&#x2019; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201C;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x17D;Â&#x203A; GAAP/technical provisions under Solvency II and reserve risk parameters.

In order to be successful you must have relevant GI Reserving and ResQ experience. For more information please contact: erin@hfg.co.uk REF: EO0701

An opportunity to join a boutique insurer in a newly created position. Joining Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2039;Â&#x2020;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x2C6;Â&#x203A;Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021;Â? Â&#x2026;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2013;Â&#x2039;Â?Â&#x2030; a limit structure for all the credit risks that the business faces. Ideally you will Â&#x2026;Â&#x2018;Â?Â&#x2021; Â&#x2C6;Â&#x201D;Â&#x2018;Â? Â&#x192; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â&#x2026;Â&#x2021;Â&#x2022; Â&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020; Â&#x192;Â?Â&#x2020; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2021;Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021; in measuring credit risk for banks and insurers. For more information please contact: erin@hfg.co.uk REF: EO0702

Risk Actuary

Quantitative Risk Manager

ÂŁ40k - ÂŁ90k basic, London

One of the smaller consultancies is looking for a number of Risk actuaries to join their growing team. You will be involved in a range of projects across a number of clients which will provide varied experience. The ideal candidate will be technically strong and able to liaise with stakeholders across the business.

For more information please contact: erin@hfg.co.uk REF: EO0703

ÂŁ80 - ÂŁ100k basic, London

A senior vacancy has been creased in a large Life insurer within their Investment Â&#x201D;Â&#x2039;Â&#x2022;Â? Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x160;Â&#x2021; Â&#x2026;Â&#x160;Â&#x2018;Â&#x2022;Â&#x2021;Â? 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&#x2018;Â&#x17D;Â&#x2020; Â&#x2021;Â&#x2039;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2018;Â&#x201D; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x192;Â?Â&#x2020; Â&#x201E;Â&#x2021; Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2013;Â&#x2018; Â&#x192;Â?Â&#x192;Â&#x17D;Â&#x203A;Â&#x2022;Â&#x2021; Â&#x2013;Â&#x160;Â&#x2021; ƤÂ?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2039;Â&#x2022;Â?Â&#x2022; Â&#x2013;Â&#x160;Â&#x192;Â&#x2013; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2C6;Â&#x192;Â&#x2026;Â&#x2021;Â&#x2022;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; experience in a range of asset classes and have a background in Market and Credit risk. For more information please contact: erin@hfg.co.uk REF: EO0704

August 2015 â&#x20AC;˘ THE ACTUARY 43 www.theactuary.com

+44 (0) 207 337 8800 ACT Rec Aug15.indd 43

www.hfg.co.uk 28/07/2015 09:19

Appointments

Global A&H Actuary London ÂŁ90k - ÂŁ100k A leading international insurer is seeking a qualiďŹ ed actuary to join their A&H business.

London Zurich

Providing pricing, portfolio analysis and product development; this role will support senior management and underwriters across several international regions.

Hong Kong

This is a signiďŹ cant class of business for this organisation and applicants will need experience of providing pricing solutions to underwriters as well as be able to defend their results.

Singapore

Contact: Anthony Hill, Principal Consultant anthony.hill@eamesconsulting.com | +44 (0)20 7092 3287

Â&#x192;Â&#x2022;Â&#x2018;Â? Â&#x203A;Â?Â&#x2021;Â&#x2022; Managing Director Â&#x2021;Â&#x2030;ÇŁ Í&#x2122;Í&#x203A;Í&#x203A;Í&#x203A;Í&#x2122;ÍĄÍ&#x203A; ÎŽÍ&#x17E;Í? Í&#x17E;Í Í&#x161;ÍĄ Í&#x;Í&#x2122;Í?Í&#x203A; jason@hfg.com.sg

in

Â&#x201D;Â&#x192;Â&#x2021;Â?Â&#x2021; Â&#x201D;Â&#x192;Â&#x2039;Â&#x2020;Â&#x2122;Â&#x2018;Â&#x2018;Â&#x2020; Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x2018;Â?Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x192;Â?Â&#x2013; Â&#x2021;Â&#x2030;ÇŁ Í&#x2122;Í&#x153;Í&#x203A;Í&#x153;Í?Í&#x17E;Í ÎŽÍ&#x17E;Í? Í&#x17E;Í Í&#x161;ÍĄ Í&#x;Í&#x2122;Í?Í&#x203A; graeme@hfg.com.sg

Â&#x2018;Â?Â&#x2030; Â&#x2014; 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 Calling all Actuaries in Thailand

THB 2.5m per year base salary, Thailand

I am seeking several experienced Life Actuaries to join a well-known Life insurer in Thailand. The ideal candidate will come from local market or overseas market with either Pricing/Valuation/Reporting/Modelling/Risk background 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&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; ƤÂ&#x2021;Â&#x17D;Â&#x2020; Â&#x2018;Â&#x2C6; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x2039;Â&#x2022;Â&#x2021;Ǥ Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â?Â&#x2030;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x160; communication skills are essential. People management skills are also preferable. Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2013;Â&#x2018;Â?Â&#x2030;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;ǤÂ&#x2014;Â? ÇŁ Í&#x2DC;Í&#x;Í&#x2DC;Í&#x2122;

Commercial Director

Í&#x2020;Í&#x2122;ǤÍ?Â? ÇŚ Í&#x2020;Í&#x2122;Ç¤Í Â? ÎŽ Â&#x201E;Â&#x2021;Â?Â&#x2021;ƤÂ&#x2013;Â&#x2022;ÇĄ Hong Kong

Â&#x160;Â&#x2039;Â&#x2030;Â&#x160;Â&#x17D;Â&#x203A; Â&#x2026;Â&#x2018;Â?Â?Â&#x2021;Â&#x201D;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2018;Â&#x2014;Â&#x2030;Â&#x160;Â&#x2013; Â&#x201E;Â&#x203A; Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; ƤÂ&#x201D;Â? Â&#x2013;Â&#x2018; Â&#x160;Â&#x2021;Â&#x17D;Â&#x2019; Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x2039;Â?Â&#x2014;Â&#x2021; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x203A; Â&#x2039;Â?Â&#x2019;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2122;Â&#x2013;Â&#x160; Â&#x192;Â?Â&#x2020; Â&#x2020;Â&#x2018;Â?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Ǥ Â&#x160;Â&#x2021; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2039;Â&#x2022; Â&#x2026;Â&#x160;Â&#x192;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2030;Â&#x2039;Â?Â&#x2030;ÇĄ Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x192;Â?Â&#x2020; Â&#x192;Â&#x2013; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2021;Â&#x2C6;Â&#x201D;Â&#x2018;Â?Â&#x2013; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;ÇĄ Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â?Â&#x2021;Â&#x203A; Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2021;Â&#x160;Â&#x2018;Â&#x17D;Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x2018;Â? Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x2030;Â&#x201D;Â&#x192;Â&#x17D; Â&#x2013;Â&#x201D;Â&#x192;Â?Â&#x2022;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2026; Â&#x2020;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x2013; Â&#x2039;Â&#x2022; Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2013;Â&#x160;Â&#x192;Â&#x2013; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x192;Â&#x201D;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A; Â&#x192;Â&#x2022;Â&#x2013;Â&#x2014;Â&#x2013;Â&#x2021;ÇĄ Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013; Â&#x2022;Â&#x192;Â&#x2DC;Â&#x2DC;Â&#x203A; Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x2018;Â?ƤÂ&#x2020;Â&#x2021;Â?Â&#x2013; Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x161;Â&#x2021;Â&#x2026;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021;Ǥ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2030;Â&#x201D;Â&#x192;Â&#x2021;Â?Â&#x2021;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2DC;Í&#x;Í&#x2DC;Í&#x2122;

Head of Capital Modelling

HKD $Competitive + bonus, Hong Kong

Â&#x160;Â&#x2039;Â&#x2030;Â&#x160; Â&#x2026;Â&#x192;Â&#x17D;Â&#x2039;Â&#x201E;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x192;Â?Â&#x203A; 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&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; capital modeller to join its growing actuarial function. The ideal candidate will Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2039;Â&#x17D;Â&#x17D;Â&#x192;Â&#x201D; Í&#x2122; Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D; Â&#x201E;Â&#x2014;Â&#x2039;Â&#x17D;Â&#x2020; 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&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2013;Â&#x160;Â&#x2021; Â&#x192;Â&#x201E;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x2021;Â?Â&#x201E;Â&#x2021;Â&#x2020; Â&#x2039;Â&#x2013; Â&#x2039;Â?Â&#x2013;Â&#x2018; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x192;Â&#x2039;Â&#x2020; Â&#x2026;Â&#x2018;Â?Â?Â&#x2021;Â&#x201D;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2020;Â&#x2021;Â&#x2026;Â&#x2039;Â&#x2022;Â&#x2039;Â&#x2018;Â? Â?Â&#x192;Â?Â&#x2039;Â?Â&#x2030;Ǥ Â&#x161;Â&#x2026;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x2021;Â?Â&#x2013; Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2021;Â&#x160;Â&#x2018;Â&#x17D;Â&#x2020;Â&#x2021;Â&#x201D; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022; Â&#x192;Â&#x201D;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2020; Â&#x192;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x17D;Â&#x2039;Â&#x192;Â&#x2039;Â&#x2022;Â&#x2021; Â&#x201D;Â&#x2039;Â&#x2030;Â&#x160;Â&#x2013; Â&#x192;Â&#x2026;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2021; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x152;Â&#x192;Â&#x2022;Â&#x2018;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2DC;Í&#x;Í&#x2DC;Í&#x2122;

EA Licence Number: 14C7034

44

HKD $400k - $750k, Hong Kong

Regional Life Actuary

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&#x2018;Â?Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x17D;Â&#x192;Â&#x201D;Â&#x2030;Â&#x2021;Â&#x2022;Â&#x2013; Â?Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2039;ÇŚÂ?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;Â&#x2022; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2018;ĆĽÂ&#x2026;Â&#x2021;Ǥ Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x201E;Â&#x17D;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2DC;Â&#x2039;Â&#x2021;Â&#x2122; Â&#x2018;Â&#x2C6; Â&#x2018;Â&#x2026;Â&#x192;Â&#x17D; Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â?Â&#x2039;Â&#x2013;Â&#x2022;ÇŻ ÇĄ Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

Â&#x192;Â?Â&#x2020; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2022;ÇĄ Â&#x192;Â&#x2022; Â&#x2122;Â&#x2021;Â&#x17D;Â&#x17D; Â&#x192;Â&#x2022; Â&#x2019;Â&#x17D;Â&#x192;Â&#x203A;Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x2026;Â&#x201D;Â&#x2014;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x192;Â?Â&#x203A;ÇŻÂ&#x2022; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2019;Â&#x17D;Â&#x192;Â?Â?Â&#x2039;Â?Â&#x2030; Â&#x192;Â?Â&#x2020; Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2039;Â?Â&#x2030;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?Â&#x2014;Â&#x2022;Â&#x2013; Â&#x201E;Â&#x2021; 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&#x2039;Â&#x2C6;Â&#x2021; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x17D;Â&#x2021;Â&#x2DC;Â&#x192;Â?Â&#x2013; Â&#x2022;Â?Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2022;Â&#x2021;Â&#x2013;Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Ǥ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2013;Â&#x2018;Â?Â&#x2030;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;ǤÂ&#x2014;Â? ÇŁ Í&#x2DC;Í&#x;Í&#x2DC;Í&#x161;

Director of Insurance Risk

Í&#x2020;Í&#x2122;ǤÍ&#x17E;ÇŚ Í&#x2020;Í&#x2122;ǤͥÂ? ÎŽ Â&#x201E;Â&#x2021;Â?Â&#x2021;ƤÂ&#x2013;Â&#x2022;ÇĄ Hong Kong

Â&#x160;Â&#x2039;Â&#x2022; Â&#x2039;Â&#x2022; Â&#x192; Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x203A; Â&#x2014;Â?Â&#x2039;Â&#x201C;Â&#x2014;Â&#x2021; 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&#x192; Â&#x2019;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2030;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2018;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x2014;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2022;Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x201D;Â&#x2039;Â&#x2022;Â? Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x2013;Â&#x2021;Â&#x192;Â?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; Â&#x201E;Â&#x2021; Â&#x192; Â&#x2026;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â?Â&#x2021;Â?Â&#x201E;Â&#x2021;Â&#x201D; of the Regional Product Approval Committee. The role includes the review and Â&#x2022;Â&#x2014;Â&#x201E;Â&#x2022;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2021;Â?Â&#x2013; Â&#x192;Â&#x2019;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2DC;Â&#x192;Â&#x17D; Â&#x2018;Â&#x2C6; Â?Â&#x2021;Â&#x2122; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2020;Â&#x2014;Â&#x2026;Â&#x2013; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2019;Â&#x2018;Â&#x2022;Â&#x192;Â&#x17D;Â&#x2022; Â&#x2C6;Â&#x201D;Â&#x2018;Â? Â&#x192;Â&#x17D;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;Ǥ Â&#x2018;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x201D;Â&#x2018;Â? Â&#x192; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2020;Â&#x2014;Â&#x2026;Â&#x2013; Â&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x201E;Â&#x2021; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2022;Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Asia market experience as well as excellent communication skills. Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x2030;Â&#x201D;Â&#x192;Â&#x2021;Â?Â&#x2021;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2DC;Í&#x;Í&#x2DC;Í&#x161;

Senior Actuary

up to SG $200,000 plus bonus, Singapore

Â&#x2C6; Â&#x203A;Â&#x2018;Â&#x2014; Â&#x192;Â&#x201D;Â&#x2021; Â&#x192; Â&#x2026;Â&#x2018;Â?Â?Â&#x2021;Â&#x201D;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2020; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2122;Â&#x160;Â&#x2039;Â&#x2026;Â&#x160; Â&#x2039;Â?Â&#x2026;Â&#x17D;Â&#x2014;Â&#x2020;Â&#x2021;Â&#x2022; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2019;Â&#x17D;Â&#x192;Â?Â?Â&#x2039;Â?Â&#x2030;ÇĄ Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2C6;Â&#x2018;Â&#x17D;Â&#x2039;Â&#x2018; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013; Â&#x192;Â?Â&#x2020; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2026; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2013;Â&#x160;Â&#x2021;Â? Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; Â&#x2026;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020; Â&#x201E;Â&#x2021; Â&#x192;Â? Â&#x2039;Â&#x2020;Â&#x2021;Â&#x192;Â&#x17D; Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x203A;Â&#x2018;Â&#x2014;Ǥ Â&#x160;Â&#x2039;Â&#x2022; Â&#x201D;Â&#x192;Â&#x201D;Â&#x2021; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2014;Â&#x2039;Â&#x2013;Â&#x2021;Â&#x2020; Â&#x2013;Â&#x2018; Â&#x192; 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&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2021; 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&#x2022;Â&#x2013;Â&#x201D;Â&#x2018;Â?Â&#x2030; Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D; Â&#x192;Â&#x201E;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x203A;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&#x2013;Â&#x201D;Â&#x192;Â&#x2DC;Â&#x2021;Â&#x17D; Â&#x192;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â? Â&#x2022;Â&#x2018; ĆŞÂ&#x2021;Â&#x161;Â&#x2039;Â&#x201E;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2039;Â&#x2022; Â&#x192;Â&#x17D;Â&#x2022;Â&#x2018; Â&#x192; Â?Â&#x2021;Â&#x203A; Â&#x2039;Â?Â&#x2030;Â&#x201D;Â&#x2021;Â&#x2020;Â&#x2039;Â&#x2021;Â?Â&#x2013; Â&#x2013;Â&#x2018; Â&#x2022;Â&#x2014;Â&#x2026;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Ǥ Â&#x2018;Â&#x201D; Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁ Â&#x152;Â&#x192;Â&#x2022;Â&#x2018;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2DC;Í&#x;Í&#x2DC;Í&#x161;

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

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

ACT Rec Aug15.indd 44

28/07/2015 09:19

www.theactuaryjobs.com

theactuaryjobs.com is the official job board for SIAS and the Institute and Faculty of Actuaries.

To register for our Jobs by email service simply go to theactuaryjobs.com August 2015 • THE ACTUARY 45 www.theactuary.com

ACT Rec Aug15.indd 45

28/07/2015 09:19

Appointments

Pensions Strategist, Manchester MC20 Group, which includes 2020 Trustees Limited and Mitchell Consulting Actuaries Limited, is looking for an energetic and entrepreneurial nearly/newly qualiwed actuary to join our dynamic organisation.

You will be expected to actively contribute to strategic discussions aimed at growing the existing business lines and expanding into new areas.

MC20 has a proven track record, having more than quadrupled in size over the last 5 years and aims to continue this upward trend. You will have a strong understanding of the pension framework in the UK and the issues facing employers and schemes, alongside a background in trustee consulting together with experience of corporate consulting.

You will not only have demonstrated relevant technical skills and experience, but also have the potential to move on to lead on key client

accounts and new product areas, using your strong relationship and people management skills. The MC20 team is involved in a whole range of bespoke projects and you will be expected to have a yexible approach as well as proven project management skills.

In return we will provide you with strong remuneration (including performance incentives) and excellent career progression. This represents a unique opportunity to contribute to, and share in, the future growth of our market-leading Independent Trustee and Actuarial businesses.

If you are interested in an informal discussion please contact Nigel Jones (nigel.jones@2020trustees.co.uk or 0161 236 1330).

HEAD OF MANAGER SELECTION London £ Excellent + Bonus A unique opportunity to join this asset management firm. In this role you will be responsible for researching and recommending external investment managers across all asset classes for use in the portfolios. You will work with senior management in a very entrepreneurial and rewarding environment. Reporting directly to the CEO/CIO your duties will include: •

•

• •

Finding managers that are expected to deliver superior investment returns.

- Designing and implementing the best of breed quantitative screening tools.

- Conducting quantitative and qualitative investment due diligence, including interviewing third-party, senior investment professionals to assess their suitability for inclusion in the portfolio.

Proactively monitoring managers that are currently invested with.

- Working closely with the Chief Risk Officer and Head of Operations to develop position based risk analysis tools.

Developing the Operational Due Diligence process and performing Operational Due Diligence on investment management firms & funds.

Developing both internal and client reporting related to Manager Selection.

Parvinder Matharu Newton Recruitment t +44(0)1689 862937 e parvinder@newtonrecruitment.com w www.newtonrecruitment.com Contact

46

PLAN YOUR NEXT MOVE

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Go to www.theactuaryjobs.com

THE ACTUARY • August 2015 www.theactuary.com

ACT Rec Aug15.indd 46

28/07/2015 09:20

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

P E NSIONS A N D I N V ES T MEN T S

PENSION & INVESTMENTS

Ben Whalley whalleyb@mansionhouse.co.uk

INVESTMENT ACTUARY LONDON Up to £80,000 + bonus + beneƓts

SENIOR TRUSTEE REPRESENTATIVE LONDON £ Highly competitive salary

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

EXPERIENCED MANAGER – CORPORATE PENSIONS LONDON Up to £80,000 + bonus + beneƓts

A growing consultancy business, achieving impressive year on year growth in the UK Pensions and Investments market, is now seeking an Investment Actuary to take on an existing Client Portfolio in their London ofƂce. You will have a real ƃair for delivering advice to a range of DB clients of varying sizes, and will have the necessary skillset and experience to become a trusted advisor to their client base. CFA or FIA candidates will be considered - technical expertise, practical experience and in depth market knowledge are essential. This is an excellent opportunity to join a growing, close knit team with a global reach, and a clear plan for sustained growth. Ref: bw23462

Niche consultancy is now seeking a recently qualiƂed Pensions Actuary for a wide ranging role covering key areas relating to Funding, BeneƂts, Covenant Advisory, and Investment issues for an impressive corporate client base. The successful candidate will be able to work in a fast paced and entrepreneurial environment, keen to work on bespoke and varied projects, in a team where individual input and results are encouraged and rewarded.

Ref: bw23184

Specialists in managing and providing bespoke advice to DC and DB pension schemes are now seeking a qualiƂed Actuary to enhance their trusteeship business. Your technical knowledge and communication skills will be Ƃrst rate with the ability to relay technical concepts to a non-technical audience with precision and clarity. Highly regarded and well-connected within the pensions market you will possess the gravitas and experience to inƃuence senior decisions makers, including Board, as required. The successful candidate is likely to hail from a trusteeship background, those from an Actuarial/Pensions/Investment consulting Ƃrm will also be considered. Ref: bw23638

Multi-disciplinary corporate Pensions team is seeking an accomplished Pensions Actuary to join the group. The successful candidate will have excellent technical ability, combined with extensive client facing experience. All areas of corporate work are covered from M&A, to de-risking strategies, scheme funding, and a host of innovative solutions. You will get the opportunity to build on your impressive commercial skills alongside some of the very best in the market. On offer is an excellent package, and a clearly deƂned route through to partnership. Ref: bw20819

NON-LIFE

Samantha Yee yees@mansionhouse.co.uk

NON - LIFE CAPITAL ACTUARY LONDON Up to £85,000 + bonus +beneƓts

FRANCE/BELGIUM/LUXEMBOURG Dior Musombo musombod@mansionhouse.co.uk

Prominent Lloyd’s insurer is now seeking an experienced Capital Actuary to join their team. This cutting edge team enjoys a high proƂle within the organisation and increasing demands from the business now require the team to grow in order to further develop modelling capability and processes. To be considered for this role, you will possess around 5 years’ experience within the Capital sphere, with a solid working knowledge of Remetrica (or similar platform) and strong VBA skills. Working closely with key stakeholders both internal and external, Ƃrst rate communication skills are of the utmost importance for this role.

Ref: sy23188

PERSONAL LINES ACTUARY APAC £ Remuneration to be discussed upon application

Exciting start-up in APAC region is now seeking an ambitious and entrepreneurial GI Actuary to join their growing team. With the potential to evolve into a Senior/Head of role, candidates must have a strong business and technical mind set. You will already have gained good exposure to pricing personal motor business and be adept at model build and development with any experience of Radar Live extremely advantageous. In return you will gain a once in a lifetime career opportunity in a country of outstanding natural beauty with a fantastic work/life balance. At this stage, applications are welcome from those who are still progressing through their exams alongside those who have already qualiƂed.

Ref: sy23657

SENIOR PRICING ACTUARY LONDON c£130,000 + bonus + beneƓts

Global Specialty risks insurer is now seeking an experienced Pricing Actuary to join their team. You will be responsible for technical pricing across the business and will provide pricing analyses for key internal stakeholders to assist in portfolio steering. You will have a minimum of 2 years PQE, be conƂdent managing more junior members of staff and be adept at inƃuencing business decisions using your Actuarial expertise. Financial lines experience is of particular interest as is a demonstrable track record of model development and strong IT skills (Excel, VBA and SQL). Ref: sy23668

HEAD OF ACTUARIAL LONDON Salary to be discussed on application

Rare opportunity for an experienced Actuary to shape and build the Actuarial function of this new Managing Agent. Working closely with senior stakeholders, you will be expected to build a small team around you whilst taking overall responsibility for actuarial analysis, reserve adequacy, product design and pricing, RI optimisation and ALM. You will hail from a Reserving/Capital background with a sound knowledge of solvency, liquidity and risk exposures. Unique opportunity to take your career to the next level. Ref: syHoA

FRANCE

Emmanuel Frossard frossarde@mansiohouse.co.uk

E UROP E AN O PPO RT U N I T I ES SENIOR RISK MODELLING ANALYST BRUSSELS Up to €85,000 + bonus + beneƓts

GERMANY

Zainab Ali aliz@mansionhouse.co.uk

ACT Rec Aug15.indd 47

High proƂle Insurer based in Belgium are now recruiting for a senior Ƃnancial risk modeller with knowledge of Solvency 2 to join their team. You will work with key internal stakeholders to ensure model appropriateness through calibration, development and data validation and cleansing. You will hold a PhD in a quantitative Ƃeld and will have minimum of 5 years modelling experience gained within insurance. Strong programming skills (Matlab, C++) are pre-requisites as is ƃuency in English and French/Dutch.

Ref: dmSRMA

SENIOR PRICING ACTUARY PARIS Up to €80,000 + bonus + beneƓts

Our client is a well-established player in the reinsurance market growing their P&C pricing team in the North Africa and Middle East Region. You will coordinate the entire pricing activity, providing technical and methodological support, accompanying the studies and the development of new products. You are a qualiƂed Actuaries with at least 6 years’ experience in Insurance/ Reinsurance Pricing for P&C lines. You are a technical expert and can work well together with other Actuarial and Underwriting teams. Ref: ef23596

August 2015 • THE ACTUARY 47 www.theactuary.com

28/07/2015 09:20

Appointments N ON - LI FE RI S K

N O N - L I F E L IFE R IS K P E N S IO NS I NVESTM ENT HEALTH PRICING LEADERSHIP ROLE - NON-LIFE

RESERVING ACTUARY - NON-LIFE

£ excellent + bonus + benefits

£ dependent upon experience

NON-LIFE NORTH

STAR2635

NON-LIFE LOCATION UPON APPLICATION

MOVE TO WIDER FIELDS £ excellent + bonus + benefits STAR2618

NON-LIFE LIFE LONDON

STAR2621

An excellent opportunity to manage a team with responsibility for delivery of street pricing to brand partners. You will combine strong technical expertise with well-honed influencing and negotiation skills.

We are currently working on an exclusive opportunity for a qualified non-life actuary to take up a key role with a leading insurer. The ideal candidate will have experience of reserving for motor business.

This is a fantastic opportunity for a qualified actuary to take up a challenging role, encompassing both traditional areas and wider fields, with a leading organisation.

COMMERCIAL LINES PRICING

PRICING INNOVATION

CAPITAL AND RESERVING ACTUARY

up to £70k + bonus + benefits

£ competitive + bonus + benefits

up to £85k + bonus + benefits

NON-LIFE SOUTH EAST

STAR2616

NON-LIFE HEALTH SOUTH COAST

STAR2615

NON-LIFE LONDON

STAR2633

Our client is looking to add to its Commercial Lines Pricing team. You must have existing GI pricing experience (not necessarily commercial lines), strong interpersonal skills, and developed stakeholder management skills.

You will apply your technical pricing expertise in this analytical role, providing insight and identifying opportunities for the business, whilst working closely with colleagues across multiple teams.

We are working closely with a leading global insurance business that is looking to hire a high calibre qualified actuary to its team. The role offers exposure to capital modelling, reserving and strategic projects

COMMERCIAL LINES PRICING

RESERVE YOUR PLACE

SENIOR MANAGER - CAPITAL OPTIMISATION

£ dependent upon experience

£ dependent upon experience

£ excellent + benefits

NON-LIFE SOUTH EAST

STAR2540

NON-LIFE SOUTH WEST

STAR2575

NON-LIFE LONDON

STAR2460

We are working with a major insurer on a number of opportunities for part-qualified and qualified actuaries with existing general insurance experience as well as outstanding candidates from a life or pensions background.

In this exciting role within a growing business, you will work closely with colleagues, utilising your reserving experience and providing support and insight. Strong communication skills are required.

Global financial services firm seeks a qualified non-life actuary with strong experience in capital management to work closely with M&A specialists on a wide range of strategic projects.

NON-LIFE RESERVING ACTUARIES

FINANCIAL RISK - NON-LIFE

PRICING, RESERVING OR CAPITAL

£ excellent + bonus + benefits

up to £94k, dependent upon experience

£ dependent upon experience

NON-LIFE NORTH

NON-LIFE NORTH

NON-LIFE SOUTH COAST

STAR2544

STAR2617

STAR2588/2589/2590

Leading insurer has a number of excellent opportunities for qualified non-life actuaries to provide support for the reserving function, leading the quarterly IFRS reserving process.

Leading insurance group seeks a qualified, non-life, risk actuary with a proven ability to deliver change, influence senior management and to analyse and review risk portfolios.

Leading insurer seeks part-qualified and qualified actuaries with pricing, reserving or capital experience. Take this opportunity to join a growing team with innovative ideas and an exciting future.

CAPITAL ANALYST - NON-LIFE

PRICING ANALYSTS

NON-LIFE PRICING - MIDLANDS

up to £45k + bonus + benefits

up to £45k, dependent upon experience

£ excellent + bonus + benefits

NON-LIFE MIDLANDS

NON-LIFE MIDLANDS

NON-LIFE SOUTH WEST

STAR2556

STAR2555

STAR2623

Two vacancies have arisen within our client’s non-life pricing team. The ideal candidate will have existing GI experience and be making good progress with the actuarial exams.

This is an excellent chance for a part-qualified or qualified actuary to take a challenging role, with management opportunities, within a leading Commercial Lines Pricing team.

HEDGE FUND ACTUARY

PRICING AND RESERVING ACTUARY

CAPITAL MODELLING LEAD

£ up to director level

up to £80k + bonus + benefits

£ highly competitive package

Our client seeks a part-qualified actuary to join its capital team. GI experience is essential, but not necessarily within capital. You will provide support in the development, testing and use of the Internal Model.

STARVACANCIES NON-LIFE LONDON

STAR2539

Our client is seeking a catastrophe pricing actuary to take up a key role in the development of its ILS offering. You will join a deal team focusing on risk analysis and model development.

48

Antony Buxton FIA THE ACTUARY • August 2015 MANAGING DIRECTOR www.theactuary.com +44 7766 414 560 antony.buxton@staractuarial.com

ACT Rec Aug15.indd 48

NON-LIFE LONDON

STAR2187

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.

NON-LIFE SOUTH EAST

STAR2476

Our client has an exciting opportunity for a qualified non-life actuary with capital experience to lead the development of its general insurance modelling capability.

Louis Manson

Joanne O’Connor

Irene Paterson FFA

Lance Randles MBA

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

ASSOCIATE DIRECTOR +44 7889 007 861 lance.randles@staractuarial.com

28/07/2015 09:20

LI FE www.theactuaryjobs.com

RI SK PENSI ONS I NVESTM ENT "$56"3*"- 1045 3&$36*5&3 0' 5)& :&"3 t t EXCLUSIVE - MARKETING ACTUARY

EXCLUSIVE - CHIEF ACTUARY

£ to attract the very best

£ excellent package STAR2565

£ to attract the very best STAR2491

LIFE LOCATION UPON APPLICATION

STAR2566

LIFE LONDON

Our client is seeking a qualified life reinsurance actuary to take the lead in the research, development and implementation of pricing structures and methodologies.

Leading global life insurer seeks qualified actuary with strong influencing skills and an entrepreneurial approach to take up the position of Chief Actuary responsible for reporting, pricing and capital.

Our client is seeking a qualified life actuary to take up a position on its management committee and provide leadership on all aspects of its reinsurance business.

REINSURANCE ACTUARY

CLIENT-FACING RISK ADVISOR

SYSTEMS DEVELOPMENT - SOUTH COAST

£ excellent + bonus + benefits

£ excellent + bonus + benefits

up to circa £90k + bonus + benefits

LIFE LONDON

STAR2607

LIFE LONDON

STAR2648

LIFE SOUTH COAST

STAR2628

Award-winning life insurer seeks a qualified life actuary to manage its reinsurance operation. This is a great chance to utilise your exceptional relationship management and technical skills.

Global professional services firm has an exciting opportunity for a part-qualified or qualified life actuary to take the lead in the delivery of client engagements across the insurance sector.

Large insurer seeks Actuarial Systems Development Manager to provide technical expertise, advice and development support to actuarial modelling initiatives.

PRICING AND RESEARCH ACTUARY - LIFE

PRICING ANALYTICS ACTUARY

ACTUARIAL REPORTING MANAGER - LIFE

£ excellent package

£ excellent + bonus + benefits

£ excellent package

LIFE LONDON WITH TRAVEL

STAR2613

LIFE LONDON

STAR2521

LIFE BRISTOL

STAR2639

Global reinsurer has a unique and diverse opportunity for a qualified life actuary to provide strategic solutions for its life business.

You will have exceptional communication and interpersonal skills.

Seeking a part-qualified or qualified life actuary to make an impact within our client's pricing analytics team, providing insight into the market that will help to shape pricing decisions.

Global financial services Group has a new opportunity for a qualified life actuary to be responsible for the management of many different statutory reporting deliverables.

COMMERCIAL DEVELOPMENT - LIFE

ASSET LIABILITY MANAGER

PRICING ANALYST - BULK ANNUITIES

£ excellent + bonus + benefits

£ excellent + bonus + benefits

up to £44k + bonus + benefits

LIFE SOUTH COAST

STAR2611

LIFE INVESTMENT LONDON

STAR2651

LIFE PENSIONS SOUTH EAST

STAR2643

Our client is seeking to hire a qualified life actuary to join its commercial development team. Strong technical skills and longevity experience are essential, with management experience and the ability to think creatively.

Global professional services firm seeks a talented individual with ALM experience to manage and deliver a wide range of concurrent asset, capital markets, actuarial and multidisciplinary assignments.

An excellent opportunity within a leading insurer for a part-qualified actuary to assist in accurately pricing pension scheme liabilities, undertaking technical investigations that arise.

PARTNER LEVEL INVESTMENT

PENSIONS DIRECTOR

PENSIONS SUPERSTARS

£ to attract the best

£ to attract the best

up to £80k + bonus + benefits

INVESTMENT LOCATION UPON APPLICATION STAR2429

PENSIONS LOCATION UPON APPLICATION

Our market-leading client seeks an investment expert to take up a leadership role within its growing practice. Please contact us for further information on this career-defining opportunity.

Leading firm seeks qualified actuary with proven business development experience to take up a leadership role within its pensions practice.

Please contact us to take your pensions career to the next level.

FOR MORE VACANCIES VISIT

STAR2474

PENSIONS LONDON

STAR2650

Seeking qualified pensions actuaries to advise companies on the management of their pensions costs and risks. An excellent opportunity to develop your career within a genuine market-leader.

www.staractuarial.com

PENSIONS DE-RISKING ACTUARY

PRICING ACTUARY

INSURER SEEKS PENSIONS ACTUARY

£ dependent upon experience

£ excellent + bonus + benefits

£ dependent upon experience

PENSIONS LOCATION UPON APPLICATION

STAR2578

Leading pensions consultancy seeks accomplished Pensions Actuary with de-risking experience to work in its leadership team and contribute to thought leadership.

LIFE PENSIONS LONDON

STAR2606

Our client is seeking a qualified actuary with life or pensions experience to join its new business team as a pricing actuary. The successful candidate will be a self-starter with strong people management skills.

LIFE PENSIONS LONDON

STAR2608

Leading insurer seeks a qualified pensions actuary to contribute to the development of its defined benefit proposition. You will lead the delivery of quotations and support the enhancement of the pricing approach.

Peter Baker

Paul Cook

Jo Frankham

Jan Sparks FIA

Clare Roberts

ASSOCIATE DIRECTOR +44 7860 602 586 peter.baker@staractuarial.com

ASSOCIATE DIRECTOR +44 7740 285 139 paul.cook@staractuarial.com

ASSOCIATE DIRECTOR +44 7950 419 115 jo.frankham@staractuarial.com

ASSOCIATE DIRECTOR +44 7477 757 151 jan.sparks@staractuarial.com

SENIOR CONSULTANT +44 7714 490 922 clare.roberts@staractuarial.com

ACT Rec Aug15.indd 49

Star Actuarial Futures Ltd is an employment agency and employment business

LIFE LONDON

EXCLUSIVE - CHIEF ACTUARY

Carolina Emmanuel August 2015 • THE ACTUARY 49 SENIOR CONSULTANT www.theactuary.com +44 7495 564 958 carolina.emmanuel@staractuarial.com

28/07/2015 09:20

Appointments

50

THE ACTUARY • August 2015 www.theactuary.com

ACT Rec Aug15.indd 50

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www.theactuaryjobs.com

August 2015 • THE ACTUARY 51 www.theactuary.com

ACT Rec Aug15.indd 51

28/07/2015 09:20

Appointments www.the-arc.co.uk

The Actuarial Recruitment Company

A fresh approach

Chief Pricing Actuary General Insurance London Circa £200K base plus benefits

Risk Management Actuary London

Our London Market client is seeking an experienced pricing actuary for a board level position and working closely with product group CUO’s.

The roleholder will provide a broad range of actuarial and strategic advice for the business. Significant insurance and reinsurance pricing experience will be expected with knowledge of developing pricing frameworks, benchmark pricing, transactional pricing and reinsurance optimisation. Candidates will require first class communication skills as well as a strategic and commercial outlook. Ref: ARC26288

A nearly or newly qualified actuary, ideally with a Remetrica background is needed by this global insurer to develop and maintain portfolio models, provide R&D, support risk processes and risk framework development, model outwards reinsurance and support business development opportunities. The role will work closely with pricing actuaries, underwriters and other risk management actuaries. Our client is looking for a motivated individual with a very strong academic record and London Market or other commercial lines experience. Ref: ARC26291

Chief Actuary London

Senior Consultant London

General Insurance To £150K

This developing London Market company is looking for a qualified actuary to lead the actuarial and risk management functions within the business. Prospective candidates should have extensive experience in capital modelling, Solvency II and reserving from ideally a Lloyd’s background. The role will require hands on ability in developing capital models and managing reserving processes through to high level stakeholder and project management. Ref: ARC26280

General Insurance To £90K

General Insurance Circa £150K

A qualified actuary from an insurance company, investment bank or ratings agency background is needed for an M&A consultancy role.

Prospective candidates will need extensive knowledge of capital management including the assessment and measurement of capital requirements and of balance sheets under different regulatory regimes. Candidates will need to be effective communicators who are comfortable in a client facing role and who are competent with project and people management. Ref: ARC26292

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

52

THE ACTUARY • August 2015 www.theactuary.com

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