Surety Pricing Actuary
hace 2 semanas
Surety Pricing Actuary
**Company**
Munich Re Risk Solutions Ireland
**Location**
Madrid, Spain
About us
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 to achieve this.
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.
Please see our website for more information.
Surety, Pricing Actuary
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.
Munich Re Specialty was formed as a stand-alone division in 2023, and brings together the wider Munich Re group’s primary specialty business units. Complementing an already strong presence in the UK and the US, Munich Re Specialty - Global Markets (MRSGM) has been tasked with executing a wider plan to build a broader European footprint. This work will start in Spain, expanding on Munich Re Specialty’s existing business in the UK, Ireland and Germany.
This individual will provide full provision of actuarial pricing and performance management support to our the newly launched Surety business under MRS-GM, a stand-alone division of Munich Re.
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, and determine how such trends should be accounted for in pricing.
- Present results to a variety of stakeholders to provide insight and recommendations on pricing and performance related results for the financial lines product (currently Surety only).
- Engage proactively and collaborate with relevant stakeholders, with a focus on pricing and performance. Be able to explain and justify your point of view.
- Conduct actuarial analysis to support the onboarding additional territories or new MGAs for Surety business and any new financial lines product related to Surety.
- 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, engaging and collaborating across the wider Munich Re Speciality pricing and underwriting teams to bring innovation to pricing and underwriting.
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, presentations and ability to present complex analyses to senior management.
- 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.
Diversity, Equity & Inclusion
At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.
Learning and innovating today, striving for sustainable societies and business tom
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