DB Reinsurance Actuary

DB Reinsurance Actuary

Location: London

Job Type: Full time

Who are Just? We’re a FTSE 250 Financial Services company who specialise in retirement solutions. With the defined benefit buy in / buy out space growing each year, Just continues to grow its business by over £4bn of assets. We help people achieve a better later life by providing competitive and innovative products, services, financial advice, and guidance to help our customers achieve security and peace of mind in retirement.

Purpose Develop Just’s reinsurance capabilities for the DB business. Work across the DB team to analyse reinsurance pricing and implement reinsurance terms from multiple counterparties into the DB Pricing framework.

Job Role Accountabilities

• Be a key member of the DB Reinsurance Development Team, leading key reinsurance development projects.
• Support the embedding of new reinsurance counterparties into BAU pricing.
• Work closely with the DB Pricing leads to ensure reinsurance terms are appropriately allowed for in pricing metrics.
• Manage development projects, proactively driving them forward.
• Develop a deep technical and operational knowledge of all systems and tools used in DB.
• Continuously look for areas to improve and integrate technology into daily tasks.
• Prepare and present written reports to relevant internal committees.
• Carry out detailed pricing analyses to understand different reinsurers’ bases.
• Develop strong technical skills, including learning new coding languages.
• Work collaboratively with colleagues in Finance, Reporting, and DB Operations.
• Proactively improve processes and efficiencies within the DB Reinsurance Development team.
• Promote a culture of collaboration and engagement within the DB team.
• Be open to line management responsibility if required.

Examples of Key Activities

• Analysing live pricing received from reinsurers and calculating relevant pricing metrics.
• Ensuring reinsurance terms are accurately built into pricing models.
• Analysing pricing and operational impact of new reinsurance terms.
• Presenting analysis to internal committees via written reports.
• Preparing and presenting pricing feedback to reinsurers.
• Supporting cashflow reconciliation and mutual understanding of terms.
• Negotiating contracts for new reinsurance deals.
• Supporting the development of a pricing database comparing terms from multiple reinsurers.
• Ensuring accurate and timely delivery of collateral calculations.
• Checking and reviewing work carried out by other team members.

Skills and Knowledge

• Problem analysis and resolution skills.
• Ability to work without close supervision.
• Capable of working collaboratively and effectively.
• Strong IT skills including Excel and programming languages.
• Excellent verbal, written communication, and interpersonal skills.
• High degree of understanding of the products and services provided by the Group.
• Knowledge of the DB de-risking market and pricing of DB liabilities.
• Understanding of Solvency II capital requirements and reinsurance arrangements.

Experience

• Experience in the Life Insurance industry, including reinsurance experience.
• Experience in the bulk annuity market.
• Defined benefit experience is desirable.
• Coding experience is desirable, for example Julia, Python, and/or VBA.

Why Just? We are committed to building a more sustainable business and have publicly committed to reduce our scope 3 emissions to Net Zero by 2050 and our scope 1 and 2 emissions to Net Zero by 2025. Diversity, Equity, and Inclusion (DE&I) is a key priority for Just. We care about our customers, our purpose, our environment, inclusivity, wellbeing, and each other.