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.
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 Skills:Expertise 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.
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