Surety Pricing Actuary

Surety Pricing Actuary

Company: Munich Re Risk Solutions Ireland

Location: Madrid, Spain

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products, and industry leaders working in a supportive environment.

At the heart of our success is a strong culture where people are encouraged to be present, bold, and curious, allowing them to achieve their individual goals.

We are currently looking for a Surety Pricing Actuary to be based in Madrid on a full-time basis, reporting into the Head of MGA Performance.

This individual will provide full provision of actuarial pricing and performance management support to our newly launched Surety business under MRS-GM.

In addition to the day-to-day tasks, the successful candidate will contribute to activities linked to the development and implementation of the strategy of Surety primary insurance.

This role will work closely with the underwriting team supporting the Chief Underwriting Officer, Surety, as well as Heads of, Underwriters, and both the London and Munich Finance teams.

Responsibilities:

• Responsible for designing and developing a world-class pricing tool for Surety business working closely with the European underwriting team.
• Support the development and enhancement of technical and commercial pricing capabilities for the Surety products in Europe, with initial focus in Spain.
• Assist underwriting teams with product design ensuring any changes are correctly priced.
• Track price adequacy and performance and lead profitability exercises using modelling and reserving techniques, as required.
• Conduct technical analyses, investigations (e.g. inflation), and independent deep dive reviews.
• Stay current on market dynamics and actuarial developments, including frequency, severity, and exposure accumulation trends.
• Present results to a variety of stakeholders to provide insight and recommendations on pricing and performance related results for the financial lines product.
• Engage proactively and collaborate with relevant stakeholders, focusing on pricing and performance.
• Conduct actuarial analysis to support the onboarding of additional territories or new MGAs for Surety business.
• Participate in Munich Re Specialty projects and initiatives to improve modelling capabilities and streamline pricing processes.
• Contribute to expanding the breadth of actuarial, modelling, and statistical techniques used across the team.

Knowledge and Skills:

• Expertise in pricing Surety insurance, ideally with pricing knowledge of a range of financial lines.
• Experience in working independently and managing senior stakeholders.
• Proven experience with modelling and data used in credit-related products.
• Good understanding of standard reserving methods for Surety.
• Strong analytical skills and attention to detail, with a proven ability to work collaboratively with underwriters.
• Foundational knowledge and understanding of global macroeconomics and financial markets.
• Excellent written and verbal communication skills, including report writing and presentations.
• Fluency in English is a must; other European languages are also an advantage.
• Strong proficiency in Excel, actuarial pricing software, databases, and tools is indispensable.

If you are excited about this role but your experience does not align perfectly with everything outlined, we encourage you to apply anyway.

Diversity, Equity & Inclusion:

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience. We recognize diversity can be multi-dimensional, intersectional, and complex, and we want to build a diverse workforce that includes a wide range of identities and backgrounds.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process.

Learning and innovating today, striving for sustainable societies and business tomorrow.

At Munich Re Specialty – Global Markets, our approach to ESG is underpinned by our desire to seize business opportunities and nurture a stimulating and inclusive work environment.

Apply now!