Actuary and Senior Actuary – Insurance

Insurance Directorate

The PRA’s Insurance Supervision Directorate supervises over 500 UK Insurance companies and branches of international insurers. Its six divisions work together in pursuit of the PRA’s primaryobjectivesfor safety and soundness and policyholder protection; and to support our secondary objectives for competition,competitiveness and growth.

This is an exciting time to work in Insurance. The UK is the third-largest insurance market globally, with a large domestic life and general insurance market and a significant international dimension through the specialist London Market. The availability and provision of insurance protection is crucial to the functioning of the economy by providing financial protection and security to individuals,householdsand businesses in good times and bad.

Across both life and general insurance, the sector is evolving to meet new risks and opportunities, and our work is evolving to reflect this.

We are committed to the Insurance Directorate beinga great placeto work, with a high-performance culture that values development, wellbeing, and inclusion, and where people are empowered to learn and to build fulfilling and enduring careers. 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 diversitytoreflect the society we serve.

We are recruiting for a Senior Actuaryin LIPRD.The senioractuarywould leadand contribute tomixed experience teamsoflife actuaries, pensions risk and other specialists.

LIPRD is a hub of technical excellence providing, specialist support to deliver high-quality firm-specific and horizontal supervision, insights in key risk areas, and targeted thought leadership. It works together with wider Supervision and Policy divisions to support achievement of the PRA’s objectives as they apply to insurers.

The Senior Actuary will report to a Senior Manager, who isa member of the divisional management team, whichis responsible for ensuring high-quality specialist delivery across the division’s work as well as ensuring that specialist insights are appropriately embedded in wider decision-making. The Senior Actuary will also work closely with LIPRD’s Senior Technical Specialists, who are the division’s technical leaders, driving our priorities and ensuring ongoing technical excellence.

The role holder will be expected to role-modelthe Bank’s behaviours, supporting a positive feedback culture and helping to foster an inclusive,supportive and high-performing environment to support strong and consistent delivery.

• Perform, and develop others to perform, proportionate risk-based assessments and oversight
  (e.g. Solvency UK reviews)
  and apply well-reasoned judgement
  toidentifyrisks to the PRA’s statutoryobjectivesand toidentifypotential mitigations for these risks.
• Develop the knowledge,skillsand experience of others
  in specialist areas.
• Perform in-depth research
  in key risk areas (e.g. credit risk, longevity, dependencies) to develop PRA views of best practice.
• Conduct thematic projects
  by carrying out quantitative analysis, and producing conclusions and recommendations, highlighting key issues and emerging risks.
• Support the division and wider Insurance directorate
  in the delivery of effective, risk-based prudential supervision of firms.
• Create, andtakepart in, initiatives across the Division,Directorateand wider Bank.
• Contribute positively to the overall tone and standards
  of the division – role-modelling Bank behaviours, promoting a respectful, high-performing culture; and setting an expectation of similarlyhigh standardsfrom others.
• Support a positive feedback culture
  giving clear feedback to help colleagues develop and address any areas of underperformance, and role-modelling positive behaviours when receiving such feedback in return.
• Ensure high-quality judgments and outputs
  on work for which they are accountable, including that there is rigorous,evidenced-based and data-driven analysis aligned to PRA frameworks.
• Support the Bank’s DEI strategy
  by creating or taking part in initiatives across the Division,…