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Lloyd’s are seeking to recruit a Credit Specialist (Capital Oversight). Within this role you will need to demonstrate technical expertise and management of work areas within the Capital Oversight team. The role will focus on oversight in relation to current and prospective Lloyd’s syndicates with material exposures to Credit classes. The role will also require more general Capital oversight, across non-credit syndicates and all capital risk-types, depending on team resourcing.
Principal Accountabilities
Syndicate Capital Reviews - General
Independently conduct reviews of syndicate-level capital, including:
Assessing capital requirements across key risk areas such as premium, reserve, market, credit, and operational risks, as well as diversification and dependency assumptions.
Evaluating key metrics (e.g., movement metrics and benchmarks) and critically reviewing syndicates’ justifications, which may involve analysis of validation results including quantitative testing performed such as sensitivity testing, back-testing and stress and scenario testing.
Reviews will include annual reviews of syndicate capital, major model change reviews, deep dive reviews, governance reviews and reviews of internal model applications (IMAPs). In addition, they will include capital reviews of new entrants to the Lloyd's market, for example for syndicates setting capital using the Lloyd's Standard Model. There may also be the opportunity to contribute to thematic reviews.
Syndicate Capital Reviews – Credit
The Credit Specialist will also be required to perform capital oversight for other non-credit syndicates as required.
Notwithstanding the above, owing to the nature of credit insurance risk exposures, reviews
would typically be focused on premium risk (for credit classes), market risk, and the
dependency between premium and market risks.
Evaluating key metrics (e.g., movement metrics and benchmarks) and critically reviewing syndicates’ justifications, which may involve analysis of validation results including quantitative testing performed such as sensitivity testing, back-testing and stress and scenario testing.
Reviewing and challenging the appropriateness of key methods, assumptions and expert judgements in syndicate scenario submissions.
Reviewing syndicates against the Capital Principle of the Principles of Doing Business at Lloyd’s and support Class of Business Review and Assurance (COBRA) reviews of systemically relevant syndicates writing Credit risk products and specifically, Significant Risk Transfers (SRTs) and Credit risk Transfers (CRTs).
Assist the Lloyd’s Internal Model team in how to aggregate credit exposures across
syndicates to capture risk to the Lloyd’s Central Fund.
Partner with Underwriting Performance to share insights from syndicate model validations, supporting their wider activities to model volatility
Communications
Interact with external stakeholders, including being a designated point of contact for
managing agents, which includes interaction with managing agent actuarial teams matters arising as part of capital oversight.
Present findings and recommendations to the Actuarial Oversight Review Group (AORG) and other senior stakeholders, articulating conclusions on capital model assessments and syndicate capital adequacy, and effectively responding to challenges.
Liaise with the Head of Specialty and with internal teams as required as part of capital review or other oversight activity. This would include collaboration with Syndicate Performance, Exposure Management, Treasury & Investment Management and Outwards Reinsurance to ensure consistent and co-ordinated approaches .
Be the Capital Oversight representative for Credit internal and external working parties helping to influencing Lloyd’s oversight approaches in this area.
Contribute to communications and/or briefings with the market and the regulator.
Wider actuarial team involvement
Assume project leads responsibilities, managing these projects to successful delivery
As required, manage work areas within the wider actuarial team including those in relation to the Lloyd’s Internal Model
Skills/Knowledge/Experience
Expertise in modelling risk arising from credit products including Contract Frustration, Single Situation Credit, Whole Turnover Trade Credit, Financial Guarantee, Mortgage Indemnity, Surety Bond Reinsurance and Significant Risk Transfers.
Experience in the methodologies, assumptions and validation of Economic Scenario Generators
Familiarity with the approaches and techniques used for the modelling and validation of Credit Risk using Internal Models under the Basel regulatory framework.
Significant experience in non-life insurance and capital modelling is preferable.
Knowledge of actuarial techniques and regulatory frameworks relevant to capital oversight.
Experience in delivering complex work output, including supervising work, and communicating this to an audience.
Ability to design and implements analytical approaches to address specific questions and suggests solutions to any practical barriers to the completion of analysis, drawing on experience from related work areas.
Ability to design and implements analytical approaches to address specific questions and suggests solutions to any practical barriers to the completion of analysis, drawing on experience from related work areas.
Project management skills with experience in delivering complex initiatives.
Excellent communication and stakeholder management skills, able to influence and collaborate effectively.
Familiarity with IT tools (Excel, SharePoint etc.)
Qualified actuary with capital experience (Desirable not essential)
Diversity and inclusion are a focus for us – Lloyd’s aim is to build a diverse, inclusive environment that reflects the global markets we work in. One where everyone is treated with dignity and respect to achieve their full potential. In practice, this means we are positive and inclusive about making workplace adjustments, we offer regular health and wellbeing programmes, diversity and inclusion training, employee networks, mentoring and volunteering opportunities as well as investment into your professional development. You can read more about diversity and inclusion on our website.
We understand that our work/life balance is important to us all and that a hybrid of working from the office and home can offer a great level of flexibility. Flexible working forms part of a total reward approach which offers a host of other benefits over and above the standard offering (generous pension, healthcare, wellbeing etc). These include financial support for training, education & development, a benefit allowance (to spend on our flexible benefits such as gym membership, dental insurance, extra holiday or to partake in our cycle to work scheme), employee recognition scheme and various employee discount schemes.
By choosing Lloyd's, you'll be part of a team that brings together the best minds in the industry, and together with our underwriters and brokers, we create innovative, responsive solutions allowing us to share risk and solve complex problems.
Should you require any additional support with your application, or any adjustments, please click the following link;
https://cleartalents.com/apply/lloyds-msa1645695881