Chaucer Group
Senior Quantitative Risk Actuary
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Senior Quantitative Risk Actuary
Senior Quantitative Risk Actuary
About Us
Chaucer is a leading insurance group at Lloyd’s, the world’s specialist insurance market. We help protect industries around the world—major airlines, energy companies, shipping groups, global manufacturers, and property groups—from the risks they face.
Headquartered in London, with international hubs in Copenhagen, Dubai, Miami, Dublin, Singapore, Sydney, and Bermuda, we operate close to our clients. For more information, visit www.chaucergroup.com.
About the Role
The Senior Quantitative Risk Actuary is a key member of the 2nd Line risk management function, responsible for delivering quantitative oversight across:
- Validation
- Reserving
- Financial market and credit risk
- Broader capital and risk assessment processes
This role is central to maintaining strong regulatory compliance, supporting the ORSA (Own Risk and Solvency Assessment), and ensuring robust model governance aligned to Solvency II and Lloyd’s standards. Qualified candidates with experience in model validation and reserve risk assessment can expect to provide independent challenge across Capital Modelling, Reserving, Finance, and Risk stakeholders.
Main Duties
Internal Model Validation & Reporting
- Lead the end-to-end Internal Model validation process (S1084 and S1176) to ensure all methodology, assumptions, governance, and documentation meet Solvency II and Lloyd’s requirements.
- Support the Independent Actuarial Qualified Person (IAQP) in providing independent assurance over the internal model validation framework and process.
- Produce annual Validation Reports, highlighting findings, limitations, model improvements, and present these to risk and model governance committees.
Reserving Risk Oversight
- Provide 2nd Line oversight of reserving processes, including:
- Review of assumptions and methodologies
- Uncertainty analyses
- Reserve risk capital outputs
- Conduct independent reviews on key drivers:
- Inflation trends
- Claims emergence patterns
- Social/economic trends
- Operational influences
- Challenge Reserving Committee outputs, reserve movements, and reserve modelling distributions.
Financial Market & Credit Risk Oversight
- Conduct independent assessments of:
- Market risk exposures
- Investment strategies
- Sensitivity analyses
- Appropriateness of 1st Line methodologies
- Oversee credit risk reviews, including:
- Reinsurance counterparties
- Broker credit
- Investment credit exposures
- Concentrations and stress impacts
- Provide quantitative challenge to:
- Capital charges
- Risk appetite metrics
- Control effectiveness across market and credit risks
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Stress & Scenario Testing / ORSA Support
- Develop, review, and challenge quantitative stress and scenario tests for the ORSA and independent validation, covering:
- Macroeconomic stresses
- Geopolitical risks
- Reserve-related stresses
- Market-related stresses
- Collaborate with Risk, Underwriting, Capital Modelling, and Finance to ensure scenarios are severe but plausible, aligned to Lloyd’s expectations, and cover emerging risks.
- Produce ORSA inputs and analytical commentary to support forward-looking capital and solvency assessments.
Model Risk Management
- Develop the 2nd Line model risk framework.
- Review and challenge 1st line testing of models.
Ad-Hoc Quantitative Risk Assessments
- Support business plan and strategy assessments via quantitative analysis, including:
- Scenario testing
- Emerging risk consideration
- Risk profile changes
- Support investigations into:
- Risk events
- Near misses
- Unexpected model behaviours through quantitative risk analysis and challenge.
Stakeholder Engagement & Governance
- Present quantitative findings to:
- Risk & Capital Committees
- Reserving Committee
- Other governance forums
- Build cross-functional relationships across:
- Capital Modelling
- Reserving
- Finance
- Underwriting
- Senior management
- Provide clear, credible, and evidence-based challenge.
- Support broader Risk Management initiatives, including:
- Framework enhancements
- Policy updates
- Regulatory requests.
Regulatory Responsibilities
- Assist in producing Regulatory Reports (Validation, ORSA, and ad-hoc).
Our Requirements
Essential Experience & Qualifications
- Fully qualified actuary (FIA or equivalent) with post-qualification experience.
- Experience in Internal Model Validation within a Lloyd’s or Solvency II-regulated insurer.
- Strong technical understanding of reserve risk, including:
- Methodologies
- Assumptions
- Inflation analysis
- Uncertainty
- Hands-on experience reviewing and challenging:
- Capital model components (parameterisation, dependency structures, model change, model outputs).
- Good understanding of insurance to engage effectively with all business levels.
- Working knowledge of financial market risk and credit risk methodologies, including:
- Capital charges
- Stress/sensitivity analysis
- Involvement in ORSA processes, including stress and scenario testing.
- Advanced analytical and critical thinking skills.
- Ability to communicate complex quantitative outputs clearly to senior stakeholders and governance committees.
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Desirable Experience & Qualifications
- Experience working in a 2nd Line oversight role within the Lloyd’s market.
- Good understanding of Enterprise Risk Management methodologies.
- Exposure to model governance frameworks, model risk taxonomies, and documentation standards.
- Experience with internal models through build, maintenance, and/or validation.
- Understanding of:
- Investment strategy
- Asset-Liability Management (ALM) considerations
- Credit portfolio analytics
- Experience designing or improving:
- Stress Testing Frameworks (SST)
- Emerging risk quantification
- Strategic/business plan scenario analysis
- Prior involvement in regulatory interactions with Lloyd’s, PRA, and CBI.
- Familiarity with underwriting risk modelling concepts and capital attribution.
- Experience presenting findings at committees such as:
- Risk & Capital Committee (RCC)
- Reserving Committee
- Board-level forums.
Personal Skills
- Experience preparing and presenting highquality reports for internal and external stakeholders, demonstrating excellent attention to detail.
- Exceptional interpersonal skills—tailored communication for diverse stakeholders.
- Ability to manage and prioritise competing demands in a dynamic environment.
- Excellent planning and organisational skills.
- Advanced quantitative and analytical skills.
- Critical thinking to solve problems and justify decisions.
- Judgement and decision-making ability in challenging existing practices.
- Self-motivated with a professional outlook.
Why Join Chaucer?
Our Impact
Chaucer is a leading global insurer operating in both Lloyd’s and company markets, protecting industries such as:
- Nuclear
- Shipping
- Manufacturing
- Property
Our success is backed by strong teams, platforms, and client relationships, with Gross Written Premiums growing from $1.4bn in 2019 to $3.5bn in 2024, positioning us for continuous growth.
Our Offer
- Flexible hybrid work model to support individual and team needs.
- Diverse, inclusive culture that values people for who they are.
- Extensive, non-contributory benefits, including:
- Medical and life cover
- Pension provisions
- Flexible holidays
- Wellbeing support.
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