Deal Pricing Actuary, Savings and Retirement

Job Title

Job Description

The Team

The Savings & Retirement Deal Pricing team are responsible for producing the fees & premiums to send to clients in our global markets. The team covers a range of products across the bulk annuity market in Europe & North America, individual retirement products and a range of savings & protection benefits. The transactions will be across different structures including funded, longevity swaps and new business flow deals.

Key Responsibilities:

• The team focusses on the cashflow & capital modelling, ensuring the specific products & risks are appropriately captured in pricing. We will produce the deal metrics to ensure these meet all pricing hurdles & governance requirements.
• Working with the client solutions team we have a strong focus on optimising deal structures to provide clients with a strong commercial package whilst ensuring an efficient capital structure for PL Re.
• For deals with a funded element, we will work closely with the S&R ALM team & the Pacific Life Investments team to set an investment strategy to appropriately match the liabilities & client needs.
• The team is responsible for the pricing activities related to treaty execution, and ensure the required information is handed over to the S&R inforce management team for implementation.

The Role

We have an exciting opportunity for an individual with strong technical actuarial / investment background to join the S&R Deal pricing team delivering on the team’s responsibilities.

Some of the responsibilities of the role include:

• Take ownership of the existing pricing tools (Tyche models and Excel models). Being responsible for the process of producing pricing quotes and making any upgrades and changes to the tools as required.
• Identify inefficiencies in pricing processes & controls and implement improvements to address these as part of PL Re’s drive for process enhancements.
• Understanding of macroeconomic assumptions (interest rates, credit spreads, FX) impact on pricing. Being able to obtain and interpret required investment data from Bloomberg and from investment teams.
• Understand the drivers of capital requirements for S&R products and how these vary under different reinsurance structures. This includes across economic capital, Bermuda Monetary Authority and NAIC RBC regimes.
• Working with the insurance pricing team on understanding benefit structures and developing the insurance basis for S&R transactions
• Following the investment markets and being able to translate and explain changes in the market conditions into changes to pricing. Work with the asset management team to agree investment assumptions for pricing.
• Work with the client solutions team to continually develop our proposition and look for and build strategies that manage and mitigate risks such as currency, inflation etc.

Qualifications & Experience

Core skills and experience:

• Strong technical skills necessary to build and run actuarial models, including pricing tools. Prior experience in Pricing is not necessarily required, but broad understanding of modelling mortality and/or market risks will be an advantage.
• Ideally, recently qualified actuary and a member of the IFoA or SOA
• Ability to work independently on reviewing critically numbers coming out of the model, understanding what drives changes, sense-checking results (at the level appropriate for an analyst).
• Being able to work in a flexible, dynamic team environment with occasional high-pressure deadlines based around transaction process. Able to build relationships with colleagues in different teams and office locations.
• Experience of transactions and/or pricing work is beneficial but not essential.
• Strong experience of Excel and actuarial modelling software (Tyche or similar)
• Good general understanding of market risks (interest rates, FX, credit spread, liquidity) and how they impact insurance capitalization.
• Strong communication skills. Able to communicate complex actuarial concepts to a range of audiences both verbally and written.

Non-essential but useful skills and experience:

• Understanding of Pension Risk Transfer markets
• Understanding of life insurance company balance sheets and capital and profit reporting regimes (IFRS, Solvency II, US GAAP, BMA).
• Programming experience including VBA & Tyche

Working For Pacific Life Re

Every person in our global team is valued for the unique qualities they bring to our business and we seek to build their expertise and support their individual ambitions at every step. Of course, we take our work seriously and we know our team can operate under great pressure. We work hard and thrive on achievement, but we also know how to have fun and relax too. We regularly host a range of team building days to strengthen our team's connection with each other and reflect on their successes.

Providing employees with a healthy work-life balance is very important to our culture. We have a wide range of employee benefits and we host regular social activities and well being initiatives. We are also committed to supporting our employee's involvement in their communities, by actively fundraising, hosting charity events and overseeing volunteering opportunities.

Benefits (Only for Permanent and Fixed Term Employees)

Leave

• 25 days of annual leave with option to buy/sell more days 

• Adoption and fertility leave 

• Generous enhanced parental leave 

Healthcare

• Comprehensive private insurance coverage for employee and dependents

• Group Life Insurance coverage of 9x basic annual salary and Group Income Protection up to 75% of basic annual salary 

• Optical benefits 

Savings & Retirement

• 15% combined employee/employer contributions 

Wellness

• Subsidized gym membership 

• Access to Employee Assistance Program 

• Cycle to Work and Electric Car Salary Sacrifice Scheme 

• Time off for volunteering 

• Charitable matching of employee donations 

You Can Be Who You Are

We are committed to a culture of diversity and inclusion that embraces the authenticity of all employees, partners and communities. We support all employees to thrive and achieve their fullest potential.

As part of our commitment to diversity and inclusion, we will provide reasonable adjustments during the recruitment process to ensure equal access to applicants with disabilities. Please contact us about your needs so that we can discuss these with you to make sure that suitable adjustments are made, where possible.

Pacific Life Re Values

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