Vave started as an algorithmic pricing engine incubated within Canopius Group, a leading global specialty (re)insurer, and has since been developed into a full E2E platform and launched as a standalone business.

The Role

We are currently recruiting an Product Manager, responsible for the underwriting performance and development of the US flood product and provide support to the underwriting management of other product lines.

Flood was the first Vave product to go to market and has been profitably writing business for five years through multiple distribution channels. The Vave approach is to use pioneering science to accurately understand flood risk at the location level.

From the outset, your work will have a direct impact on the profitability and growth of the flood portfolio. The role has responsibility for algorithmic pricing, risk selection, portfolio management and ultimately the profitability of the line of business. You will collaborate with other technical underwriters, work with data scientists to gain insights into our portfolio and be at the forefront of academic developments in flood modelling and their applications to Vave. Your understanding of the strengths of the product will be invaluable in discussions with prospective clients.

The role will be ideal for a technical and personable candidate with a good understanding of flood risk and a background in technical underwriting, Cat modelling or actuarial, looking to bring their skills to bear in a dynamic underwriting team. At Vave we prize an analytical mind and problem-solving ability over time served, so this role is open to those without prior underwriting experience. Communication is key, and you must be comfortable presenting your arguments clearly and intelligently to a range of stakeholders.

Responsibilities will include:

Responsibility for underwriting performance of product line
Analyse quote volumes, hit rates and performance of portfolio
Work with third party vendors and academia to bring in new sources of flood data
Develop and innovate around the product offering
Advocate product in business development discussions
Leverage claims and exposure data to improve pricing
Own and update the form set as appropriate

Skills and experience:

Experience in a data-focussed role in the insurance industry
Degree in an analytical discipline (Maths, Science, Engineering or Economics etc.)
Good understanding of Cat models and actuarial techniques
Excellent business and communication skills
Excellent SQL skills required
Programming and GIS skills advantageous
Experience of US E&S market preferred but not essential

Our benefits

We offer all employees a comprehensive benefits package that focuses on their whole wellbeing. This includes hybrid working, a competitive base salary, non-contributory pension, discretionary bonus, insurances including health (family) and dental cover, and many other benefits to enhance financial, physical, social and psychological health.

The Company

At Vave MGA we take the centuries old underwriting industry into the age of data and cloud computing by replacing traditional processes with frictionless real-time pricing, dynamic risk selection and portfolio optimization. We use the most up to date tech, leverage vast amounts of internal and external data and in-house developed algorithms. We are digital from the start and are not constrained by legacy systems and processes. We invest heavily in data science and new data sources to develop unique insights and algorithms powering our proprietary API-first trading platform.

Our product focus is US property, and natural catastrophe modelling is our home turf. Since beginning trading in May 2019 we delivered 3 products to market and are currently quoting on over 200,000 risks, representing $500m of premium, every month. We are continuously evolving and creating new opportunities to scale and innovate, and are now expanding our team to support the next round of growth. This is an amazing opportunity to join a dynamic fast-growing business.

About Canopius

Canopius is a global specialty lines (re)insurer. We are one of the leading insurers in the Lloyd’s of London insurance market with offices in the UK, US, Singapore, Australia and Bermuda.

At Canopius we foster a distinctive, positive culture which enables us to bring our whole selves to work to flourish as people, and build a business which delivers profitable, sustainable results.

Based in incredible new offices in the heart of the City of London, Canopius operates a flexible, hybrid working model and is committed to providing an environment that challenges employees to be their best and where everyone's unique contributions are recognised, valued and respected.

We are fully committed to equal employment opportunities for all applicants and providing employees with a work environment free of discrimination and harassment. All employment decisions are made regardless of age, sex, gender identity, ethnicity, disability, sexual orientation, socio-economic background, religion or beliefs, marital or caring status, or any other status protected by the laws or regulations in the locations where we operate. We encourage and welcome applicants from all diverse backgrounds.

We make reasonable adjustments throughout the recruitment process and during employment. Please let us know if you require any information in an alternate format or any other reasonable adjustments.

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