Pricing Actuary

Rothesay is the UK’s largest pensions insurance specialist, purpose-built to protect pension schemes and their members’ pensions. With over £74 billion of assets under management, we secure the pensions of nearly one million people and pay out, on average, approximately £355 million in pension payments each month.

Rothesay is dedicated to providing excellence in customer service alongside prudent underwriting, a conservative investment strategy and the careful management of risk. We are trusted by the pension schemes of some of the UK’s best known companies to provide pension solutions, including British Airways, Cadbury’s, the Civil Aviation Authority, the Co‑Operative Group, National Grid, Nat West, Morrisons and Telent.

At Rothesay, we are striving to transform our industry. We believe deeply in creating real security for the future and our leadership in finding new and better ways to do that is the key to our success. To do that, we need the very brightest original thinkers to bring creativity as well as rigour. Rothesay is a rewarding place to work, where quality people can thrive and prosper.

We pride ourselves on the connections our people build, many of whom have been with us for over ten years.

Job Title : Pricing Actuary

Location:London, UK

Type of Position: Permanent

The Pricing Team is at the core of Rothesay’s business, playing a vital role in the business function. The team consists of a small group of like-minded, motivated individuals who work together to price, underwrite and execute new business opportunities – ranging from small BPA deals to the largest, most complex transactions in the industry.

Over the past ten years, Rothesay has successfully secured over 25% of market volumes, and 45% of all annuity transactions over £1bn since 2007. Thanks to the support of our long-term, institutional shareholders and significant surplus capital position, Rothesay’s new business appetite remains ambitious, building on our history of growth.

In light of our ambitions and the market opportunity, we are looking to make a new hire into the Pricing Team. The successful candidate will report through to the Head of New Business Pricing and will have exposure to Rothesay’s Executive Team and key decision makers. Rothesay’s unique culture emphasizes a joined‑up approach across the business, meaning the Pricing Team works closely with other teams including Business Development, Strats (quantitative analysts), Traders and Operations, among others.

Responsibilities:

The team is responsible for the pricing, underwriting and execution of all new business transactions.

• Modelling by-member scheme benefits in Rothesay‘sproprietary valuation system
• Underwriting and proposing demographic assumptions based on analysis of the socio-demographic profiles of pensions scheme populations
• Liaising with brokers throughout the pricing process, alongside Business Development
• Producing new deal economics
• Drafting materials for approvals, and presenting those materials at internal committees
• Calculation of premiums and preparation of proposal documentation
• Working closely with external legal counsel to analyse the legal benefit risks of pension schemes, and reviewing transaction contractual documentation
• Providing input on the overall underwriting policy and pricing levels, including consideration of new business opportunities
• Monitoring the risks to which Rothesay is exposed

Skills and Experience required:

• 2 years PQE, ideally including recent exposure to actuarial modelling within an EBC or life insurance company
• Application of experience and professional judgment to identify and underwrite risks to Rothesay, relating to new transactions
• Knowledge of the main features of DB pension benefits including GMP, Barber,…