Head of Actuarial Function Canada Life Reinsurance, Permanent

Role Overview

Canada Life Re Ireland dac (CLReI) is a Dublin based Solvency II entity regulated by the Central Bank of Ireland (CBI). It is a composite reinsurer and a corner stone of CL Re’s client offering. it has liabilities of approximately £2,200m and has a solvency coverage ratio of approximately 260%. It was incorporated over 30 years ago and is a wholly owned subsidiary of Lifeco.

The Actuarial Function is one of CLReI’s critical functions. The primary objective of the Actuarial Function is to establish and monitor sound actuarial processes, practices and the application of professional judgment for CLReI. This includes ensuring compliance with all related internal policies, professional standards, and regulatory guidelines. In particular, the Actuarial Function is responsible for reserving and capital management to ensure that CLReI can meet its obligations to its clients. In addition, the Actuarial Function collaborates with the Risk and Finance Functions to provide insights, oversight and advice to the Management team and Board of Directors on key business, financial and strategic decisions.

CLReI is recruiting for the role of Head of Actuarial Function (PCF-48). The role jointly reports to: 

•    The CEO, CLReI.
•    The Audit Committee of the CLReI Board.
•    The Head of Actuarial, CL Re (Dublin).

What you will help us to achieve

In this role the successful candidate will have both general management responsibilities and specific Head of Actuarial Function responsibilities.

General management:
•    Manage, develop and motivate a team of actuaries and trainee actuaries.
•    Review and assess significant business decisions, ensuring that any impacts of an actuarial or risk nature are fully considered before decisions are made.
•    Monitor and contribute to ongoing discussions, across both CL Re and Lifeco, in respect of developments in Solvency II and IFRS. Lead the implementation of any Solvency II updates.
•    Support product development, pricing and other strategic initiatives as required as the Solvency II subject matter expert.
•    Promote a strong culture of professionalism, integrity and effective actuarial risk management across the actuarial communities in CL Re. Ensure best practice actuarial frameworks are in place that are in line with both legal and regulatory obligations and with the Group’s best practices and policies.
•    Participate actively at management committees, providing constructive challenge and influencing outcomes. The HoAF is a key member of the CLReI Management Committee, the CLReI Investment Committee, the CLReI Risk Management Committee, the CLReI Financial Reporting Governance Committee and the CL Re Actuarial Senior Management Group. The HoAF attends and presents at the CLReI Audit Committee and CLReI Board meetings.
•    Contribute significantly to the recently commissioned ‘Actuarial Process and Systems’ project to ensure that the process and systems relied upon by the CLReI Actuarial Function are optimally designed and calibrated to support the team effectively and efficiently deliver their mandate. Support and oversee the implementation of process and systems changes in the CLReI Actuarial Function.
•    Keep up to date with emerging experience and best practice through engagement with colleagues across Lifeco, the relevant professional bodies (e.g., Society of Actuaries in Ireland) and individual research.

Head of Actuarial Function, CLReI:
•    Coordinate the calculation of the Solvency II Technical Provisions and provide an annual Actuarial Opinion on Technical Provisions and supporting Actuarial Report on Technical Provisions to the CLReI Board.
•    Provide oversight and subject matter expertise on actuarial assumption reviews and present an overview of the basis underpinning actuarial liabilities to the CLReI Board. 
•    Review the appropriateness of the IFRS liabilities. 
•    Produce the Actuarial Function inputs for the Solvency and Financial Condition Report (SFCR), the Regular Supervisory Report (RSR), the Financial Statements and the Quantitative Reporting Templates (QRTs).
•    Contribute to the effective implementation of CLReI’s risk-management system. This includes:
•    Calculation of the Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR).
•    Support the risk modelling for the CLReI ORSA process (calculation of the projected TPs, SCR and the MCR under various stresses and scenarios).
•    Input into and support Recovery and Resolution Plans.
•    Input to the wider Group (i.e., CLIHC and CLG’s) ORSA processes.
•    Provide an Opinion on the Actuarial Function’s contribution to Risk Management (including the ORSA) to the CLReI Board.
•    Provide general oversight of new product development and changes to existing business where relevant. Provide an Opinion on Underwriting to the CLReI Board.
•    Provide general oversight of ceded reinsurance activities and provide an Opinion on the Adequacy of the Reinsurance Arrangements to the CLReI Board.
•    Ensure compliance with any requirements issued by the Central Bank of Ireland for the Head of Actuarial Function, including the requirements under the ‘Domestic Actuarial Regime and Related Governance Requirements’ and the ‘Guidance for (Re)insurance Undertakings on the Head of Actuarial Function role’.
•    Provide any CLReI Actuarial Function input required by Group companies and work closely and align with the actuarial functions of other European Lifeco entities (ILA, ILH, CLAE, CLIAI, CLIHC, ILH, CLL and CLG).
 

What you will need to be successful in the role

The ideal candidate will have:

•    An actuarial qualification and at least eight years post qualification experience as a Fellow of the Society of Actuaries in Ireland.
•    Significant experience in a senior actuarial role managing a team in a fast-paced complex environment and a strong track record of delivery at senior management level.
•    Some experience engaging with regulators and presenting to boards and management committees.
•    Demonstrated experience across the following:
    Technical actuarial work undertaking complex actuarial analysis.
    The Irish and European regulatory environment with extensive knowledge of Solvency II, regulations and risk management frameworks.
    Working in an oversight role with governance responsibilities. Ideally working in, or closely alongside, a control function role.
    Working with a variety of risks across the life, non-life and P&C spectrum.
    Reinsurance.

•    A demonstrated ability to:
    Manage teams.
    Interpret and understand the Business’ perspective and capture it appropriately in the actuarial reporting.
    Influence other role holders and teams where there is a material dependency without a reporting line.
    Contribute constructively to Senior Management discourse while actively supporting group decisions and promoting strong team spirit. 
    Build an inclusive and diverse work environment that promotes collaboration, recognition, mutual respect and employee satisfaction.

•    Well-developed professional judgement and be at ease balancing urgency and importance.
•    A credible voice speaking to senior decision makers within the Division and the Group.
•    A demonstrated capacity to build relationships, gain trust and command respect at all levels.
•    An appetite to work effectively in partnership with senior management across the Dublin office, the Division and the Group.
•    Highly refined verbal and written communication skills and in particular, an ability to effectively communicate complex concepts to different audiences and educate others to ensure optimal outcomes.
•    A strong work ethic, a willingness to work to a flexible schedule and to travel occasionally.
 

Key Competencies