PoloWorks
Reserving Manager
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Reserving Manager
Department
Managing Agency
Employment Type
Permanent
Location
London
Compensation
£100,000 - £120,000 / year
Description
Polo Managing Agency (PMA) is seeking an experienced Reserving Manager to play a key role in the oversight and delivery of reserving activities across our managed Lloyd’s syndicates. Reporting to the Head of Reserving, this is a high-profile position with regular exposure to the Deputy Actuary, Chief Actuary and CFO.
You will provide expert actuarial insight, challenge and oversight across reserving processes, helping to ensure the accuracy, robustness and regulatory compliance of actuarial best estimate reserves and Solvency UK Technical Provisions (SUK TPs). Working closely with a broad range of stakeholders, you will contribute to critical business decisions and support the continued growth and development of PMA’s syndicate management business.
Key Responsibilities
- Support the Head of Reserving in overseeing the reserves for PMA’s managed syndicates, including the actuarial best estimate reserves and Solvency UK Technical Provisions (SUK TPs).
- Liaise with Underwriting, Claims, Finance, Risk Management and PMA’s 3rd Party clients to understand business developments and support the setting and challenge of key reserving assumptions.
- Provide robust day-to-day challenge and review of reserving results where reliance is placed on PMA’s 3rd Party clients, outsourced service providers or other external resources, escalating concerns to the Head of Reserving as needed.
- Support the production of committee papers relating to reserving and SUK TPs, including papers for syndicate reserving committees and PMA’s Audit, Risk and Board committees as required.
- Help ensure reserving deliverables are met in accordance with all internal and external deadlines.
- Support the reserving aspects of PMA’s internal projects, including process/system transformations or enhancements, and the on-boarding of new syndicates or clients.
- Support the handover of reserving results to PMA’s finance function across GAAP, Solvency UK and US SITUS bases, and assist the Finance team in fulfilling Lloyd’s reporting requirements.
- Assist with liaison with Regulators, and internal and external auditors, on matters relating to reserving and SUK TPs, helping ensure Lloyd’s feedback is addressed appropriately and on time.
- Help ensure the reserving process meets all relevant Lloyd’s, PRA and IFoA requirements and guidance, including Actuarial Function Guidance, Lloyd’s Solvency UK Technical Provisions Guidance, the Lloyd’s Valuation of Liabilities Rules, Technical Actuarial Standards (“TAS”) and Actuarial Professional Standards (“APS”).
- Contribute to the reserving and SUK TP sections of syndicate ORSAs and Actuarial Function Reports, and ensure reserving processes are appropriately documented in line with Lloyd’s and Solvency UK requirements.
- Support a robust risk management and control environment across day-to-day reserving activities.
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Skills, Knowledge and Expertise
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- Non-Life actuarial experience within Lloyd’s or the London Market
- Qualified actuary (or no longer progressing with exams)
- Knowledge of Solvency UK and GAAP requirements for Technical Provisions
- Knowledge of London Market reserving methods, processes and practices
- Experience reviewing or challenging actuarial reserving results
- Strong technical knowledge of reserving and Solvency UK Technical Provisions
- The ability to work effectively across a variety of disciplines outside of the reserving team
- Good communication and presentation skills
Benefits
As well as a competitive salary, discretionary annual bonus, and a minimum 26 days of annual leave (with the option to buy more), you will also get an excellent benefits package, including flexible, hybrid working, private health insurance, life assurance, income protection, enhanced pension contributions, and occupational maternity and paternity pay.
You will also have access to company volunteering days, an Electric Vehicle (EV) leasing scheme, an employee assistance programme with retail discounts and savings, a generous employee referral scheme, regular sports and social events, and free Cheltenham bus travel.
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