Position Summary
Responsible for ensuring completeness of the natural catastrophe risk portfolio across the all CNA Hardy lines of business. This includes working closely with underwriting teams to optimise return on capacity as well as ensuring our models are sufficiently robust and appropriately validated.
This role is responsible for the day to day work of the team of natural catastrophe modellers, encompassing pre and post-bind modelling, portfolio production and all elements of reporting.
Key Responsibilities
- Manage a team of catastrophe modellers in their day to day activities, including pre and post-bind modelling and monthly portfolio production, both gross and net of reinsurance.
- Work closely with various underwriting teams to optimise the use of catastrophe aggregate on a risk versus return basis.
- Report on the natural catastrophe portfolio results, including monitoring versus catastrophe risk appetites, including RDSs.
- Support the Reinsurance team with reinsurance placement.
- Support the capital team with capital modelling and standard formula requirements.
- Identify and address non-modelled natural catastrophe perils through review of new models and adjustments for model limitations
- Manage modelling system upgrade testing process as required to ensure new releases comply with functionality and operational requirements, as well as to maximise efficiency of reporting processes.
- Manage catastrophe model validation and evaluation of model vendors including undertaking sensitivity analysis, adjusting modelled results to ensure model completeness and appropriateness to the CNA Hardy portfolio.
- Complete various regulatory returns as required, including RDS and LCM5 as well as contributing to Standard Formula and other returns.
- Support and manage the relationships with outsourcers, specifically in relation to the AIR outsourcing agreement, but also any others that may exist. This is to include managing costs effectively against agreed budget.
- Liaise with Lloyd’s, brokers and other third parties regarding technical and scientific developments in modelled peril-regions, as well as industry practice.
- Ensure Underwriting teams have a good working knowledge of natural catastrophe models, are able to correctly interpret results and use them to optimise their portfolio.
- Contribute towards catastrophe response, including working with claims and actuarial to monitor losses experienced v modelled estimates
- Work with Group to ensure full reporting metrics are provided to allow group roll up as well as collaborate on the development of tools, model validation etc.
- Assist management with ad hoc ECM management projects
- Actively participate at various internal and external meetings and committees ensuring that
CNA Hardy is suitably represented
- Comply with all applicable legal and regulatory requirements and ensure, at a level appropriate to the position, that appropriate measures are in place to ensure this compliance
- May perform additional duties as assigned.
Catastrophe Modelling
- Oversee the day to day work of the Natural Catastrophe Modelling team, including preforming Cat modelling analyses, prioritising requests in a logical manner and communicating expected delivery of results.
- Produce Cat Modelling packs representing all modelled classes of business, providing all relevant metrics to allow for quantification of levels of natural catastrophe exposure in the portfolio.
- Review reasonableness of modelled results and discuss with all relevant parties
- Co-ordinate and manage the outwards reinsurance process for modelled classes of business, ensuring that the relevant data is provided in a timely manner to all relevant parties and that any changes in the data year to year are clearly explained.
- Ensure workflow systems are maintained including keeping modelling registers up to date
- Maintain all catastrophe modelling records accurately and efficiently, ensuring that all appropriate data deficiencies and expert judgments are recorded and signed off by the business
- Develop metrics and tools to monitor exposure data quality
- Ensure that marginal pricing is carried out and developed in order to assist with the optimisation of the portfolio
- Convey results, explain movements and challenge underwriting as appropriate in relation to available risk appetite.
Exposure Management:
- Identify, develop and produce management information covering changes in exposures, catastrophe modelling results, RDS’s and other deterministic events as required
- Support the production of biannual Lloyds RDS, quarterly LCM, internal RDS regular internal
reporting and other ad hoc reports as required
- Assist in the production of gross and net estimates for actual large natural catastrophe events and report thereon
- Review data quality in all natural catastrophe modelling and exposure management software, both in-house and third party.
- Generate and review reports both for underwriter and management information, with inputs into areas including capital modelling, risk appetite, reinsurance and reserving
- Ensure sign-off of all reports from ECM team produced for the business
- Establish and maintain appropriate peer review and quality control checks on exposure data and modelling performed whether internally or externally to the ECM team
- Adhere to CNA Hardy's model change processes and documentation, ensuring adequate challenge of the chosen models and suitable representation at the committees.
Skills, Knowledge & Experience
- Experience with lines of business exposed to natural catastrophe, including D&F, Binders, Power, Energy and Marine Cargo.
- In depth knowledge of catastrophe models is essential, experience with AIR preferred.
- Ability to use appropriate systems to the technical level required, including SQL
- Good knowledge of atmospheric and geological phenomenon, damageability of structures and respective risks
- Demonstrated ability to effectively apply structures of risk within CAT models
- Sound understanding of the application of reinsurance / net terms
- Ability to interpret, analyse, & communicate output of models to key stakeholders
- Experience of relationship management
- Advanced understanding and management of aggregating risks
- Effective people management
- Demonstrated sound judgment and business acumen
- Effective planning and organisational skills
- Mathematical and statistical ability
- Strong understanding of risk management & governance framework and how own role fits into it.
- Practical understanding of underwriting risk, disciplines and processes
- Appropriate knowledge of all relevant regulatory and legal requirements applicable to the position
- Ability to promote own profile and that of CNA Hardy
- Ability to provide innovative solutions to complex problems
- Effective communication and relationship management skills
- Advanced influencing and negotiating skills
- Ability to interpret, analyse, & communicate output of models to key stakeholders
- Completion of ALMI, ACII, or equivalent
The Company
CNA Hardy is a leading specialist commercial insurance provider for clients within the Lloyd’s and company markets. We offer a highly specialised and comprehensive portfolio of innovative and market leading products. Coverage is available to businesses of all sizes for domestic, international and global exposures.
