Lloyd's Reserving Lead

Who we are:

Africa Specialty Risks Ltd (ASR) is a specialty (re)insurer focusing on risks located primarily in Africa, Middle East and developing markets, across all specialty lines of business. ASR also has a syndicate at Lloyd's in London and South Africa as well as Lloyd’s service companies in the UK, DIFC, Mauritius and Casablanca. 

Africa Specialty Risks (ASR) is enabling sustainable economic development by fulfilling unmet insurance needs. Our platform provides local underwriting expertise, an unparalleled distribution network and access to global capacity.

Founded in the heart of Africa and with offices across the continent and the Middle East, we provide regional market knowledge, data insights, and technical proficiency for capital partners who are looking to increase their presence in growth markets.

We also participate on each and every risk we underwrite with balance sheets in Bermuda, Mauritius and through Syndicate 2454 at Lloyd’s. ASR is committed to accelerating business growth by providing customised service and innovative insurance products to enable development.

Role Purpose:

Working with the Head of Actuarial, your role will be to support ASR with their ambition to transition to independent Managing Agency status. This will involve bringing the Lloyds reserving function in-house; building and overseeing the quarterly Reserving Process and the Production of the Technical Provisions. 

In addition, you would have the opportunity to oversee the Company Market Reserving Function, which has already been developed and is used to produce Q2/Q3 estimates for Management Accounts, and Year End estimates for audited year end filings in multiple jurisdictions. The focus would initially be on Lloyds, with Company Market responsibilities flexible in terms of timing.

Together with the Head of Actuarial, you would be responsible for the communication of results to the Executive Committee and FAL providers, including but not limited to; Early Close and Final Close results; Impact of FX changes and the movements in Technical Provisions.

Role Responsibilities:

• Build a Lloyds Reserving Function


• Produce Quarterly EC and FC Reserve Estimates


• Produce Quarterly Technical Provisions


• Analysis of Change


• Produce Policy Documentation


• Communicate Results to senior stakeholders


• Regulatory Interactions and Ongoing Compliance with Solvency UK and Lloyd’s Byelaws and Guidance and any other relevant requirements.


• Collaborate with the Risk Function to inform risk appetite, ORSA and stress & scenario testing


• Representing the Reserving function at appropriate committees and forums.


• Assist with any other actuarial activities as necessary

Skills & Experience:

Essential:

• Strong Reserving experience for Lloyd’s Syndicates.


• Strong understanding of the Lloyds Technical Provisions.


• Understanding of Lloyd’s and London Market General Insurance


• Strong communication skills.


• Qualified Actuary with strong mathematical and statistical background


• Strong Excel, Word and PowerPoint capabilities


• Minimum of 5 years of non-life Lloyd’s experience

Desirable:

• Understanding of a wide range of reserving techniques for reinsurance markets


• Experience reserving Property, Liability, PVT and PRTC lines of business


• Basic use of Databases