Head of Actuarial - CL Reinsurance
Dublin, IE
Full Time Permanent position
Hybrid role based in our City Centre offices
What we offer
We have embraced a hybrid working model for most of our positions, which means that you can enjoy a balanced approach of working from the office for part of the week (3 days) and working from home for the remainder of the week.
We offer a comprehensive benefits package including competitive salaries and bonuses, robust Learning and Development support, excellent Defined Contribution pension and comprehensive Wellbeing initiatives and support to name but a few.
Further details on our benefits package can be accessed here Benefits (life-careers.com)
Role Overview
We are seeking an experienced and strategic Head of Actuarial to lead and manage our large team of actuarial professionals in Dublin.
This role has a dual reporting line to the Chief Actuary and CRO, Reinsurance for functional responsibilities, and the CEO CLReI and Head of Reinsurance Operations, Europe for local management, The Head of Actuarial will have responsibility for strategic leadership, driving innovation in actuarial processes, and embedding a culture of continuous improvement and operational agility of the actuarial function in Dublin.
As a member of the CLRe actuarial senior leadership team, the Head of Actuarial Dublin will lead a high-performance operating environment through the coordination of functional and business activities to ensure delivery of CLRe’s ambitions for growth, operational effectiveness and talent management. They will champion a future-ready actuarial environment through process optimisation, automation and strategic simplification.
This role requires a combination of strong leadership, business acumen and excellent technical and analytical skills. The individual will have a growth mindset and strong emotional intelligence with the ability to adapt to changing priorities as they arise. They will have the ability to lead, collaborate with and influence cross-functional teams across the organisation.
This is a permanent role is based in Dublin and will require a commitment to travel on occasion.
Role Responsibilities
Lead the Dublin Actuarial Team
• Lead, develop and motivate a large team of actuarial professionals with ongoing two-way feedback, fostering a culture of accountability, consistency, openness, collaboration and respect where all employees feel valued
• Lead the Head of Actuarial function of CLReI
• Play an active part in the leadership of the Dublin office as part of the relevant leadership and management forums
• As part of the actuarial leadership team, support the Chief Actuary to deliver their mandate and set the actuarial function in Dublin up for sustainable, long-term success by taking a strategic approach
• Promote and develop actuarial skills in the Dublin office supporting the professional development of actuaries across all teams in CLRe Dublin
• Develop and enhance the operational effectiveness and capabilities of the Dublin actuarial team
Process Innovation and Efficiency
• Identify and implement opportunities to simplify actuarial workflows and reduce manual effort
• Leverage technology and data analytics to enhance scalability and responsiveness
• Foster a mindset of experimentation and iterative improvement across the team
Through the function sub-heads in the Dublin actuarial team, lead and influence the following areas:
Actuarial Liabilities and Financial Reporting
• Lead the execution of the actuarial liabilities and financial reporting processes to ensure that they are managed effectively and in line with CLRe operational plans and strategy
• Oversee the calculation of IFRS liabilities for the consolidated published financial accounts of the Dublin-administered CLRe business
• Supply the associated inputs for the Appointed Actuary's Corporate Actuarial function
• Ensure reporting is completed in accordance with relevant legislation, guidance, and internal controls, and is appropriate for the underlying business and is clearly communicated to key stakeholders
• Inform the CLRe Chief Actuary and the CLRe CFO of forecast earnings and convey the level and sources of uncertainty with forecasts
• Responsible for reporting on transaction performance versus expected results
• Recommend and/or certify the actuarial liabilities to legal entity Actuaries and the CLRe Chief Actuary for certification
• Continually review and update the financial reporting processes and actuarial models to ensure operating efficiency and scalability
Capital Reporting (LICAT)
• Oversee the calculation of LICAT for the Dublin-administered CLRe portfolios and support the ongoing monitoring of the Group's solvency position
• Lead the annual Financial Condition Testing
• Support the CLRe HoAF and Risk Function as required including but not limited to Risk Budget and ORSA
• Recommend and/or certify the LICAT certificates for the portfolio to legal entity Actuaries and the CLRe Chief Actuary for certification
Experience Studies and Basis Review
• Produce and review the experience studies for existing business
• Review, develop and recommend economic and demographic bases
• Recommend and/or sub-certify the basis certificates for the portfolio
ALM Reporting
• Monitor the asset liability matching position and advise on the effectiveness of the strategy
• Measure, monitor and report investment and credit risk
• Ensure asset-side information flows in a timely and accurate manner to facilitate financial reporting on asset-intensive transactions
• Oversee first line ALM activity
Financial Condition Testing Budgeting and Planning
• Responsible for the annual business plan including cash flows, earnings and capital and financial condition testing
• Consider the earnings, capital and collateral implications of new strategies
• Agree liability basis, actuarial modelling and techniques, earnings projections and LICAT for new business
• Implement new transactions into BAU processes
Other Actuarial Reporting
• Oversee quarterly collateral calculations for transactions with complex collateral arrangements (where not carried out by Dublin Operations Teams)
• Manage annual collateral basis reviews and get support from client(s) for such
• Oversee capital reporting on other international basis as required by the legal entities supported by the Dublin actuarial team
Projects
• Lead the Dublin actuarial team to deliver key projects as required. Recent examples include IFRS17, new versions of the LICAT guideline, and systems and process development
• As leader of the Dublin actuarial team, recommend and proactively lead strategic initiatives focused on digitisation, automation, and simplification of actuarial processes to enhance resilience, reduce cycle times, and improve stakeholder experience
Other
• Discharge such other duties consistent with the position of Head of Actuarial as may be vested in you from time to time
• Prepare and present insightful, concise management reporting to enable the Chief Actuary to discharge their responsibilities effectively
• Represent CLRe Dublin at industry meetings and with other relevant third parties as required
Knowledge
• Knowledge of insurance and reinsurance market and trends
• Operational knowledge and awareness of drivers of success (including technology and process improvement)
• Financial knowledge and drivers of cashflow, profit and capital
• Product knowledge
• Knowledge and understanding of requirements of different stakeholders
• Awareness of markets and trends
• A well-rounded understanding of the drivers of sustainable growth and success
Skills
• Strong leadership skills with a growth and agile mindset
• Strategic thinker with critical judgement
• Excellent communication skills (verbal and written)
• Strong organisational and planning capability
• Disciplined and focused on accountability and delivery of results
• Strong interpersonal skills with a high level of emotional intelligence
• Proactive approach to problem solving
• Proven ability to lead transformation and change management initiatives
• Strong aptitude for process redesign and operational streamlining
• Ability to lead, motivate and organise the team in a matrix environment
• Ability to manage competing stakeholders and tasks concurrently
Experience
• Experience in life assurance, pensions or reinsurance market, ideally international experience (reinsurance experience preferred)
• Experience in a leadership role
• Experience dealing with key stakeholders and senior leadership
• Experience dealing with complex financial statements and / or risk management on complex business
• Experience of presenting at committee and Board level
• Financial reporting expertise
Technical Competency
• Actuarial background essential (10+ years post-qualification experience)
• High technical proficiency with an innovative mindset
Personal Characteristics
• Strong emotional intelligence and a high level of self-awareness
• Understands the business environment and internal/external customer needs and identifies business opportunities that create a competitive advantage
• Creates an environment that encourages new approaches, challenges the status quo and inspires creativity and risk-taking while protecting the core
• Inspires a vision that adapts to new realities, articulating meaningful expectations and creating clear pathways to desired outcomes
• Drives results and contributes to change processes that improve organisational performance and creates a culture of accountability
• Champions simplification and efficiency, continuously seeking ways to improve processes and outcomes
• Navigates ambiguity and leads the team through transformation with clarity and confidence
• Attracts, motivates and develops talent to build the right team to meet strategic direction and tomorrow’s needs
• Able to foster collaborative relationships across functions and business to facilitate cooperation and information exchanges that improve customer and business outcomes
Key Competencies
About us
Canada Life Reinsurance (CLRe) is a division of Great-West Lifeco Inc. (Lifeco) and a leading provider of client focused reinsurance solutions in the United States, Europe and, more recently, Asia. CLRe offers a range of innovative risk and capital management solutions covering mortality, longevity, health, lapse and investment risk for insurers, reinsurers, and pension funds. CLRe is continuing to expand the reinsurance solutions it offers to new and existing clients in many global markets.
CLRe has offices in Dublin, Toronto, Philadelphia, Bermuda, Barbados, and Regina. The Dublin office is the base for CLRe’s European and Asian operations as well as the Irish reinsurance entity, Canada Life Re Ireland dac (CLReI). CLReI is comprised of approximately 160 reinsurance professionals, including 110 actuaries and trainee actuaries. We offer a collaborative, open and friendly environment where high performance and hard work are recognised and rewarded.
We are proud to be an Equal Opportunities employer. We have created an environment where diversity of thought and perspective is embraced and where everyone can bring their full selves to work and feel valued, respected and supported to reach their full potential.
Lifeco and its companies have approximately $2.8 trillion in consolidated assets under administration.
As a Company we are committed to a diverse and inclusive workplace where employees can thrive and reach their full potential.
The company reserves the right to draw up a shortlist as part of the selection process. Where Agency assistance is required the Canada Life Recruitment Team will engage directly with suppliers. Unsolicited CVs / profiles supplied to Canada Life Reinsurance by Recruitment Agencies will not be accepted for this role.
Canada Life Group Services is proud to be an Equal Opportunities employer. We have created an environment of inclusion and growth to help people achieve their potential, to ensure they can bring their whole selves to work and to feel valued. We celebrate diversity of thought and perspective and want all of our employees to feel valued, respected and supported. We have built a culture that promotes equality and inclusion for all of our current and future employees and strive to ensure that our behaviours, processes and practices are aligned to this culture.
If you require any accommodations during the recruitment process please contact Lifecareers@irishlife.ie and we will be delighted to ensure you are fully supported to be your best.
CLGS supports Equal Opportunity and is regulated by the Central Bank of Ireland.