Reinsurance Technical Specialist, General Insurance - London, United Kingdom - Bank of England

Bank of England

Verified Company

London, United Kingdom

2 weeks ago

Posted by:

Tom O´Connor

beBee Recruiter

Description

Reinsurance Technical Specialist, General Insurance Risk Specialists (GIRS) - Insurance Supervision Directorate
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(010409
)

Primary Location UK-ENG-London

Job Insurance

Organisation GI ACTUARIES

Job Posting 22-Feb-2024, 3:14:44 AM

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability.
We face a complex and ambitious task, one that presents numerous opportunities to protect policyholders and UK financial stability and one that delivers real and lasting benefits to society.
We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.
Department Overview
The General Insurance Risk Specialists (GIRS) department's principal function is to provide broad and deep understanding of the prudential risks posed to the Prudential Regulation Authority (PRA) by general insurers and reinsurers. Our principal aim is to help ensure that general insurance firms and groups are adequately controlled and capitalised. The department is composed of

qualified and part qualified actuaries and technical insurance risk specialists.

The department leads on general insurance risk monitoring and assessments associated with underwriting, reserving, catastrophe risk, exposure management, reinsurance, market risk and Part VII transfers.

The role requires working closely with other Risk Specialists / Subject Matter Experts, Supervision and Policy colleagues, building relationships with other areas of the Bank where appropriate, in the assessment of the risks that firms and their operation within the market present to our statutory objectives. The specialised knowledge and thoughtleadership of Risk Specialists is essential in arriving at suitable regulatory responses, whether that be technical reviews, approvals or research. Our work is broad and varied and there are opportunities to get involved in a wide range of activities.

Examples of the activities that the Reinsurance Risk Specialist would be involved in include:

Monitoring the trends and assessing the risks within the global reinsurance market.
Reviewing the effectiveness of outwards reinsurance risk management frameworks and governance.
Producing and disseminating reinsurance risk assessments, technical guidance and recommendations to support firm supervision.
Providing technical insight and guidance into how reinsurance protections are designed and expected to operate.
Reviewing the strength and contract clarity of outwards reinsurance contract wordings
Assessing the financial strength and stability of reinsurance counterparties and collateral arrangements.
Assessing the impact that outwards reinsurance has on underwriting performance, claim reserves, catastrophe loss estimates and regulatory capital requirements.
Review, validation and analysis of regulatory reporting.
Carrying out thematic reviews across a number of firms within a sector.
Working with the community of actuaries and technical networks to shape the regulatory approach to assessing interdependent and/or correlated insurance risks that impact multiple technical areas and aspects of firms' business models.
Potential to get involved with shaping emerging regulatory policy.
Engaging with individual firms specifically, or a number of firms at industry events.
Ad hoc projects such as reviewing Part VII Transfers, Actuarial Function Reports, stress testing and ORSA reports and other items that may arise.

Role Requirements

Minimum Criteria
Strong technical knowledge and experience across a range of reinsurance topics, such as reinsurance product coverages, reinsurance programme structure design and placement, risk management processes, contract wordings, counterparty assessments, credit risk modelling, reinsurance recovery processes, dispute resolution
Strong problemsolving and analytical skills.
Strong relationship and stakeholder management ability, including experience of regular interaction with senior executives.
Essential Criteria
Effective working autonomously and as part of crossfunctional teams.
Able to effectively multitask across projects.
Able to explain complex technical issues in a simple and acces