Munich Re Specialty - Global Markets, UK
Head of Capital
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Head of Capital
Head of Capital
At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products, and industry leaders working in a supportive environment to achieve this.
At the heart of our success is a strong culture where people are encouraged to be present, bold, and curious, allowing them to achieve their individual goals.
About the Role
You will support the activities of Munich Re Specialty – Global Markets (MRS-GM), specifically MRSL and MRSG, including:
- Managing the Capital Team and internal capital operations -千米术素 duties of the Internal Model (IM) (code, documentation, parameterisation, and validation support)
- Providing actuarial insights across key business processes—such as business planning, reinsurance strategy, and wider risk & capital management
The Head of Capital will act as the primary liaison on all capital-related matters, maintaining strong relationships with:
- Chair of the Risk & Capital Committee (R&CC)
- Risk, Reserving, Underwriting, Reinsurance, Business Planning, and Finance teams
Responsibilities
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Team Leadership & Development
- Lead the Capital Team, providing oversight, leadership, and management of all capital-related functions
- Set resource and work planning and facilitate staff training & development
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Stakeholder Engagement
- Thread with MRSL management, Munich Re Group, INED Chair of R&CC, CRO, CEO, and MR IRM
- Strengthen relationships with Underwriting & Underwriting Strategy, Exposure Management, Reinsurance, Risk Management, Reserving, Pricing, and Finance
- Present clear position papers, seeking buy-in from executive stakeholders
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Internal Model (IM) Management
- Maintain, develop, and parameterise the actuarial components of the IM
- Produce and distribute required reporting (e.g., regulator submission timelines such as SCR, ORSA, PRA information, AoC, SBF, LCM, 1/30 AEPs etc.)
- Ensure five-day notice for R&CC reports and three-day notice for R&CC SG/internal actuarial reviews
- Liaise with business functions (Underwriting, Claims, Reinsurance, Pricing, Reserving) on model inputs and outputs, clarifying assumptions and driving approval
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Regulatory & Compliance Reporting
- Generate outputs for reinsurance cost allocation, reserve ranges, risk distributions, and Alignment Framework Reporting (AFR)
- Maintain comprehensive model documentation, change logs, and all outputs
- Participate in R&CC, R&CC SG, and RISG meetings; attend one of CALM or LMAG sessions
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Model Extension (Optional Management Responsibility)
- If resources expand, oversee the Unit-Variable Model (UVM), extending its application across GSI entities under Mike Kerner’s guidance
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Capital Market Standards & Qualifications
- Conduct annual peer review of best estimate reserves for reasonableness and model alignment
- Ensure consistency with Lloyd’s regulatory requirements
Knowledge and Skills
- Strong expertise in Lloyd’s market capital processes and requirements
- Minimum three years in a senior actuarial role, with hands-on capital modelling experience (particularly Tyche-based models)
- Proven ability to manage three or more staff
- Fluency in direct executive communication (board presentations, advocacy)
- Eye-sight reviewed/qualifications: University degree and/or relevant actuarial body registration
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If not all criteria apply, we encourage applications—you may still be our perfect fit!
Diversity, Equity & Inclusion
At Munich Re, Diversity, Equity, and Inclusion are foundational. We celebrate a broad spectrum:
- Racial/ethnic, sexual/gender identities
- Formal disability, economic/geographic background
- Age, life/community experience
- Intellectual perspective, political, and religious views
All questioned individuals are entitled to request adjustments during our recruitment process (e.g., accommodation). Speak to your Talent Acquisition contact to arrange this.
Why Work at MRS-GM?
Learning, ESG & Tomorrow’s Growth
We blend sustainability, innovation, and community. Our strategy supports:
- Environmental stewardship
- Social impact
- ESG programmes and colleague-led local philanthropic initiatives
Benefits & Perks
- 25 days annual leave + bank holidays
- 10% non-contributory pension
- Performance-based bonus eligibility
- Comprehensive insurance coverage (critical illness, life assurance, full medical/dental protection)
- Wellbeing and EAP support (emotional assistance programme)
- Health assessments
- Electric vehicle salary sacrifice scheme
- Professional development subsidy
- Hybrid working + IT home office support
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