Together, we engage with everything we have and are, to help humankind act braver and better.
About UK Life Branch:
With the office in London, it forms the Life 1 division of Munich Re. The UK life market is one of the, if not the, most competitive life markets in the world. We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. So we need a smart strategy and structure in order to succeed.
At UK & Ireland Life we have three pillars to our business strategy, protection, longevity and reinsurance structuring. All three are key to the success of our business so it’s important to look at the big picture.
In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise and sharp pricing so that they are both competitive and profitable.
About the role:
The Risk Review Actuary works alongside the UK CRO, UK Risk Management team and Munich central functions in strengthening the UK Branch’s Actuarial and Enterprise Risk Management capabilities, striking the correct balance between risk and commercial considerations.
In addition to this they will support the ongoing production of Regulatory Reports required to the PRA and FCA with the UK Branch as a Third Country Branch post-Brexit.
The UK Branch consists of two internal branches. The UK Life Branch (UKLB) which encompasses all Protection, Longevity, Health and Structured Re reinsurance markets in the UK & Ireland. The UK General Branch (UKGB) which encompasses Non-Life run-off business.
Key Responsibilities
Actuarial Risk Management
- Review large and complex transactions for financial, operational, legal, and reputational risks, ensuring alignment with risk appetite.
- Assess changes to pricing bases, product designs, and pricing tools.
- Collaborate with other LH1 Risk Management units on projects and reviews.
Enterprise Risk Management
- Deliver risk reporting to the UK CRO, UK Branch ExCo, and Munich central functions.
- Support internal business governance activities within the UK Branch.
- Implement and manage the operational risk management framework.
- Review and assess various risk types, including market, credit, reputation, concentration, and liquidity risks.
- Monitor and report on the run-off Non-Life book of business.
General Risk Management
- Partner with the business to maintain profitable commercial operations and innovation initiatives aligned with the business strategy and risk appetite.
- Promote risk management principles, develop the UK Branch risk strategy, and enhance risk awareness.
- Maintain and improve the UK Branch risk management framework, policies, and processes.
- Define the UK Branch risk appetite, including product limits, balancing risk and commercial demands.
- Represent Risk Management in special initiatives, such as product developments and business improvements.
- Act as a point of reference for guidelines and control processes.
Competencies:
Strategic mindset (we think big) – you look, plan and move into the future with clear intentions and purposeful actions, seeking regular feedback, that allows you to make decisions today that will lead the business towards its future commitments.
Ensures accountability (we lead the ‘we’) – you hold yourself and others accountable to take responsibility and meet commitments, creating a culture where people own their decisions and actions and appreciate how they contribute to the team/organisation commitments.
Managing complexity (we grow with our clients) – you make sense of complex and sometimes contradictory information to effectively solve problems, learning and sharing along the way.
Sponsors work (we care and dare) – you know when to lead and when to let others lead, providing direction and delegating to others, empowering and trusting them to achieve their commitments.
Develops talent (we care and dare) – you develop the team to meet their career ambitions, building capability at an individual and organisational level, preparing them for future opportunities. You discuss feedback and development regularly and promote a diverse and inclusive workforce.
Being resilient (we are clear and authentic) – setbacks are unavoidable; however, you recover quickly, seek feedback, learn and unlearn and move forward with courage and commitment.
Key Skills & Experience
Essential
Applicants should demonstrate at least basic knowledge and experience in the following areas:
- Actuarial Risk Management.
- Life pricing, particularly in Protection, Longevity, and Reinsurance Structuring.
- Confidence and diplomacy to effectively challenge ideas and provide constructive feedback.
- Engaging effectively with senior stakeholders.
- Building an understanding of internal and external client strategies and needs.
- Enterprise Risk Management methodologies and frameworks.
- Managing and delivering projects successfully.
Desirable
- Extensive experience in the UK insurance market, preferably in reinsurance, risk management, pricing, or consulting.
- Strong knowledge of key products and features within the UK protection or longevity market.
- Familiarity with a range of Reinsurance Structuring solutions.
Qualifications and Educational Requirements
Essential
- A university degree or equivalent.
- Qualified actuary.
Desirable
- Postgraduate qualification in insurance or risk management (e.g., CERA).
You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others.
You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.
You will treat your colleagues and sales and business partners fairly and with respect.
Regulatory & Conduct Requirements:
In addition to the responsibilities set out above, the risk management function is also responsible for:
- Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship
- Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules
Benefits
You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%
We are one of the few employers to offer fully paid 6months family leave for times when you need it the most.
At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. 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.
If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!
All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.
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