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Purpose of the role
Athora Life Re is a specialist reinsurance solutions provider for European life insurers, and is part of the Athora Group of companies. Athora Life Re has been successfully operating in Bermuda since the end of 2017 and works closely with the wider Athora Group to develop, execute and manage asset intensive reinsurance business in Europe. Athora Life Re is seeking a highly proactive individual with a hands-on approach to contribute to the ongoing development of its Risk function.
Executive Summary
Role Title: Investment Risk Actuary
Function: Reinsurance
Location: Dublin, Hybrid working
Purpose of the role
Athora Life Re is a specialist reinsurance solutions provider for European life insurers, and is part of the Athora Group of companies. Athora Life Re has been successfully operating in Bermuda since the end of 2017 and works closely with the wider Athora Group to develop, execute and manage asset intensive reinsurance business in Europe. Athora Life Re is seeking a highly proactive individual with a hands-on approach to contribute to the ongoing development of its Risk function.
The Investment Risk Actuary will report to Athora Life Re’s Chief Risk and Compliance Officer (“CRCO”). The role will work collaboratively with the Finance, Investment, and Actuarial teams both within Athora Life Re and across the wider Athora Group to ensure a coordinated approach to the management of risk on Athora Life Re’s balance sheet.
Key Contribution Areas
* Stress testing: lead the delivery of regular stress and scenario testing, working with cross-border teams to develop, challenge and take ownership of the modelling methodology employed. Work closely with first line teams across finance, actuarial and investments to apply insights gained from stress testing and translate these into practical solutions for the management of risk on Athora Life Re’s balance sheet.
* Economic capital: lead on the regular preparation of the internally calibrated measure of Athora Life Re’s capital requirements, providing appropriate review and challenge to ensure appropriateness of the methodology for Athora Life Re’s balance sheet. Provide suggestions to management for further development and refinement of the methodology in response to business needs and/or risk profile.
* Financial risk Management: provide second line oversight and challenge of key financial risks on ARE’s balance sheet, including:
o ALM: provide input into the design, implementation, and ongoing assessment of the effectiveness of ARE’s hedging programme. Oversee the implementation of the framework on a day-to-day basis, ensuring adherence to policy limits, working with first line teams to ensure ALM considerations are firmly embedded in decision making, including setting of investment strategy.
o Liquidity risk: work closely with teams across Finance, Actuarial and Investments to ensure ARE’s liquidity framework is embedded and remains appropriate. Perform forward-looking assessment of liquidity needs under stressed conditions to inform appropriate liquidity management actions.
o Investment risk: lead day-to-day second line challenge of Athora Life Re’s investment activity to ensure compliance with the requirements of Athora Life Re’s internal policy framework and relevant regulation, including the “Prudent Person Principle” requirements. Assist in the continuing development of Athora Life Re’s investment risk framework, strengthening controls and the monitoring framework, where necessary, to mitigate risk arising from changes in the internal or external environment.
* Risk framework: ongoing monitoring of ARE’s policy and limits framework, including regular review to ensure policy framework remains relevant and appropriate to the changing needs of ARE’s risk profile and the external regulatory framework. Prepare ongoing assessments of compliance with the Company’s risk policy framework, overseeing the implementation of remedial actions where required.
* CISSA report: provide key inputs and drafting for the Company’s annual Commercial Insurer’s Solvency Self-Assessment (“CISSA”) report.
* Preparation of Board materials: support the leadership team in the preparation of materials for regular Committee and Board meetings, summarising key insights in an easily digestible and actionable manner.
Key Skills And Experience
The successful candidate will meet the following requirements:
* Obtained an actuarial, CFA or other internationally recognised equivalent quantitative designation.
* Minimum of 5 years’ life (re)insurance experience either obtained directly within a life (re)insurer or consulting environment.
* Knowledge and familiarity with non-vanilla investments, including private assets and structured assets, and their use in the efficient management of a (re)insurance balance sheet.
* Hands-on experience with the use of derivatives for the management of key ALM risks on a (re)insurance balance sheet, including interest rate, credit spread and foreign exchange risk.
* Attention to detail along with strong written and verbal communication skills, and the ability to summarise complex financial information to stakeholders.
* High levels of adaptability and willingness to engage and provide thought leadership on unfamiliar topics to support the development of risk / balance sheet management solutions.
* An ability to take a holistic and forward-looking view of risk drivers in ARE’s internal and external environment, integrating this with a strong understanding of the balance sheet to develop effective solutions.
The Following Characteristics Are Desirable From The Successful Candidate
* Knowledge of the Bermuda EBS regulatory regime.
* Understanding of the dynamics of a reinsurance balance sheet, including collateral structures and their implications for the management of capital and liquidity.
* Practical experience and knowledge of (re)insurer internal capital models, including development and/or validation.
* Ability to employ a high degree of self-management and organization in undertaking projects, to ensure multiple deliverables can be progressed in the most efficient manner within tight timeframes.
Apply By
30-06-2025
Seniority level
* Seniority level
Mid-Senior level
Employment type
* Employment type
Full-time
Job function
* Job function
Finance and Accounting/Auditing
* Industries
Insurance and Financial Services
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