Head of Valuations and Actuarial Function

5 days ago

Cape Town, Western Cape, South Africa Gen Re Full time
About the Role

The Head of Valuations and Actuarial Function will be responsible for leading the actuarial function and managing the Gen Re South Africa valuation team. This role will involve collaborating closely with other Gen Re South Africa teams and international colleagues to ensure effective stakeholder engagement across multiple levels within Gen Re and with members of the Board of Directors and the regulator.

Key Responsibilities
  • Ensure compliance with legal requirements, including the fulfilment of the requirements of the Actuarial Function as set out in Prudential Standard GOI 3.
  • Prepare reports and documentation for regulatory submissions.
  • Participate in peer reviews and external and internal audits as needed.
  • Issue annual reserve opinions based on actuarial calculations, considering assets, liabilities, and risk exposure.
  • Evaluate the adequacy of reserves for insurance policies.
  • Collaborate with finance and risk management teams to ensure accurate reporting for published, regulatory and tax purposes.
  • Review and enhance actuarial models used for valuation purposes.
  • Conduct annual assumption updates.
  • Issue annual capital adequacy opinion on the solvency position of the company.
  • Provide input into the ORSA process.
  • Provide input and opinion on annual dividend declarations.
  • Assess risk exposure related to insurance products and retrocession arrangements.
  • Develop and recommend retrocession strategies to optimise risk transfer and capital management.
  • Analyse reinsurance treaties, pricing, and terms to enhance profitability.
  • Provide insights to senior management on actuarial matters, including profitability, financial projections and risk mitigation.
  • Collaborate with business development team and client managers to ensure client results are understood.
  • Stay informed about industry trends and changes in regulations affecting insurance business.
  • Provide required input and feedback across Gen Re South Africa executive team as well as wider Gen Re regional and global executive teams.
  • Providing assurance to the Gen Re South Africa board of directors with regards to the actuarial reserves and capital adequacy.
  • Involvement and feedback in interactions with regulators.
Requirements
  • Qualified actuary with at least five years post qualification experience in life insurance or reinsurance roles.
  • Holding a practicing certificate, or being in the process of obtaining one, is advantageous. Requirement to work towards one if not a current practicing certificate holder.
  • Ability to lead a high-performance team, driving results and fostering innovation.
  • Expertise in actuarial modeling, reserving, and financial reporting.
  • Knowledge of regulatory reporting under SAM and Solvency II will be advantageous.
  • Knowledge of financial reporting under IFRS17 and USGAAP/ LDTI will be advantageous.
  • Familiarity with South African regulatory requirements (GOI and FSI).
  • Excellent IT skills (MS Office, SQL Server, working with large datasets).
  • Excellent skills in actuarial modelling, data and statistical analysis (Knowledge of R, Python and GGY AXIS will be advantageous).
  • Strong problem-solving abilities and attention to detail.
  • Excellent numerical and analytical skills.
  • Excellent verbal and written communication skills including the ability to convey complex concepts to non-actuarial stakeholders.
  • Strong interpersonal skills with an ability to work effectively as part of a team, deal with people at all levels and in all areas of the business and engage with clients.
  • Consistent pursuit of excellence in execution and delivery.
  • Self-motivated with a flexible attitude and enthusiasm for the role.
  • Able to work under pressure in meeting internal and external deadlines.

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