Company
Munich Re Risk Solutions Ireland
Location
Madrid, Spain
About us At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.
At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.
We are currently looking for a Surety, Pricing Actuary to be based in Madrid on a full-time basis, reporting into the Head of MGA Performance.
This individual will provide full provision of actuarial pricing and performance management support to our newly launched Surety business under MRS-GM, a stand-alone division of Munich Re.
In addition to the day-to-day tasks, the successful candidate will contribute to activities linked to the development and implementation of the strategy of Surety primary insurance.
This role will work closely with the underwriting team supporting the Chief Underwriting Officer, Surety as well as Heads of, Underwriters and both the London and Munich Finance teams.
Responsibilities:Responsible for designing and developing a world-class pricing tool for Surety business working closely with the European underwriting team.Support the development and enhancement of technical and commercial pricing capabilities for the Surety products in Europe, with initial focus in Spain.Assist underwriting teams with product design ensuring any changes are correctly priced.Track price adequacy and performance and lead profitability exercises using modelling and reserving techniques, as required.Conduct technical analyses, investigations (e.g. inflation) and independent deep dive reviews.Stay current on market dynamics and actuarial developments, including frequency, severity and exposure accumulation trends, and determine how such trends should be accounted for in pricing.Present results to a variety of stakeholders to provide insight and recommendations on pricing and performance related results for the financial lines product (currently Surety only).Engage proactively and collaborate with relevant stakeholders, with a focus on pricing and performance. Be able to explain and justify your point of view.Conduct actuarial analysis to support the onboarding of additional territories or new MGAs for Surety business and any new financial lines product related to Surety.Participate in Munich Re Specialty projects and initiatives to improve modelling capabilities and streamline pricing processes.Contribute to expanding the breadth of actuarial, modelling and statistical techniques used across the team, engaging and collaborating across the wider Munich Re Specialty pricing and underwriting teams to bring innovation to pricing and underwriting.Knowledge and SkillsExpertise in pricing Surety insurance, ideally with pricing knowledge of a range of financial lines.Experience in working independently and managing senior stakeholders.Proven experience with modelling and data used in credit related products.Good understanding of standard reserving methods for Surety.Strong analytical skills and attention to detail, with a proven ability to work collaboratively with underwriters.Foundational knowledge and understanding of global macroeconomics and financial markets.Excellent written and verbal communication skills, including report writing, presentations and ability to present complex analyses to senior management.Fluency in English is a must, other European languages are also an advantage.Strong proficiency in Excel, actuarial pricing software, databases and tools is indispensable.If you are excited about this role but your experience does not align perfectly with everything outlined, or you don't meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!
Diversity, Equity & InclusionAt Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.
All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.
Learning and InnovatingAt Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.
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