About the Role :
This role sits within the LMIE Actuarial team with predominant responsibility to support Legal Entity reporting, with oversight and reporting of matters related to reserving for LMIE (Luxembourg Company). The role includes exposure to the Luxembourg regulators, external auditors, and Board committee presentations.
You will have dual reporting lines into the London based Senior Actuary – Legal Entities, who has oversight of the technical provisions process across entities, and the LMIE Chief Actuary , who is located in Luxembourg.
LMIE had over $3.2bn of premium income in and $4.2bn of reserves as at year end .
About the Department & Team :
The Actuarial Function evaluates business performance and provides management with a clear, risk-based view for making decisions on business strategy and risk mitigation. The department covers all aspects of actuarial work including pricing, reserving, business planning, and capital, and supporting exposure management and reinsurance purchasing. The team operates on a global basis with a team of around ninety actuaries, of which around sixty are based in the UK. The Actuarial Function currently comprises the following core teams :
- Pillar Teams : business partners to Underwriting and aligned business functions, responsible for class-level pricing, business planning and capital premium risk parameterisation. Multi-functional teams and roles managing, strongly supported with a core centralised data, analytics, modelling, reporting and risk governance infrastructure provided by the other Actuarial teams outlined below.
- Pricing and Analytics Team : a broad and varied remit supporting delivery on key strategic priorities, including delivering new pricing models on leading-edge platforms as part of the wider underwriting transformation. Developing new predictive models and delivering consistent and scalable Actuarial pricing and portfolio analytics MI (Management Information) and standards across LII and LMRe, working closely with Pillar Actuaries and Underwriting.
- Reserving Team : responsible for actuarial reserving analysis across LII Commercial & Specialty and LMRe businesses providing transparent and independent view of business performance through consistently applied reserving best practice. Acting as independent trusted advisors to the business, the team is responsible for objectively communicating the quarterly reserve analyses with insight and confidence
- Actuarial Modelling Team : Maintains and develops the Internal Model for capital assessment and solvency reporting requirements of the legal entities. Working closely with the Actuarial teams above and other LII and LMRe Enterprise Risk Management and Finance business functions in parameterisation, validation and modelling infrastructure; supporting risk and return on equity-based decision making across the business.
The Luxembourg office has 28 permanent staff. The Luxembourg Actuarial team includes seven actuaries or actuarial analysts. All LMIE key function holders (Actuarial, Compliance, Risk, Internal Audit) and LMIE’s CUO are based in Luxembourg.
Key Responsibilities :
Perform the quarterly and annual Solvency II Technical Provisions for LMIE and manage the SII regulatory reporting submissionsContribution to the successful delivery of other regulatory returns for LMIE including the actuarial input into the NAIC return (Trust Funds).Support the completion of other regulatory reporting including quarterly memos to the CAA and UK branch reporting.Coordinating and drafting the Actuarial Function Reports for the Estimate of Solvency II Technical ProvisionsContribution to ORSA process with projection of reserves and technical provisions and analysis of scenarios over multi-year time horizonCoordinating responses to ad-hoc data requests from the regulator(s) (CAA, PRA or FINMA), completion of EIOPA surveys, contribution to industry studiesMaintain up-to-date regulatory knowledge and identify any required changes to methodology, models and documentationCross Function collaboration with other teams within LSM, including the Central Reserving team for reserve developments, the Actuarial Modelling Team and Risk Management for contribution to the ORSA and projected reserves, Finance for Legal Entity Reporting and the Investments Team for Asset Liability MatchingSeek opportunities to develop existing and new processes, to ensure processes are up-to-date and in line with regulatory requirements, to ensure that the deliverables of the Actuarial Function are timely, accurate and fit for purpose.Adherence to all relevant regulatory requirements forms part of your role, and the demonstration of behaviours as set out in the Conduct Risk Policy, as they relate to your role, is core to Liberty Mutual’s commitment to our Liberty Values, placing customers at the centre of our business and behaving with integrity. We expect you to understand your responsibilities relating to all regulatory and internal requirements, and to proactively demonstrate compliance with these requirements and behaviours at all times. These requirements include the Senior Managers and Certification Regime Conduct Rules, Solvency II, fair treatment of customers, Financial Crime, Data Protection, Conflicts of Interest, and WhistleblowingSkills and ExperienceA professional qualification such as the Fellowship of the Institute and Faculty of Actuaries or equivalent body alongside relevant experience. Candidates who are not qualified actuaries but have suitable qualifications and experience would also be considered.Requires educational attainments master’s level in a numerate / scientific degreeLondon Market reserving experience with broad knowledge of specialty (re)insurance portfolios and Solvency II. Relevant experience from consulting, commercial or personal lines also welcomedStrong IT skills – advanced knowledge of MS Excel and the standard MS Office suite is essential. Other experience of working with other big data manipulation and visualisation software such as SQL and Power BI or similar would also be an advantage (although not a starting pre-requisite) for the role, as would analytics coding experience in packages such as R, Python, Psicle or similar.Analytical problem solver with outstanding English verbal and written skills, communicating with a range of internal and external clients of varying experience, expertise and appreciation of actuarial techniques.Ability to both work independently with limited day-to-day technical supervision and as part of a wider team in international locations.About Liberty International Insurance (LII)
Liberty International Insurance and LMRe are part of Global Risk Solutions and the broader Liberty Mutual Insurance Group, which is a leading global insurer. We offer a breadth of world-class insurance and reinsurance services to brokers and insureds in all major markets.
Our people are key to our success. That is why "Put People First" is one of the five Liberty values which unite us as a global organisation. We bring this to life for our colleagues through :
Offering a vibrant and inclusive environment and committing to their career development.Promoting diversity, equity and inclusion (DEI). Our Inclusion Matters framework and employee-led networks strengthen the diversity of our workforce and our inclusive environment.Reinforcing that collaborating together to share our unique perspectives help us make better decisions, deliver innovative solutions and pursue our ambitious goals.A supportive culture, which includes promoting a healthy work-life balance and working flexibly.