Head of Capital Management (New Ireland Assurance)
Description of business unit
The Wealth and Insurance division of Bank of Ireland is a market leading life, pension and general insurance provider in the Irish market. The Life Company (New Ireland Assurance Company) was established over 100 years ago and provides a range of protection, investment and pension products offering customers access to a wide range of investment markets and fund managers across its fund platform. New Ireland distributes across three core channels made up of the Group's distribution channels, independent financial brokers and its own tied financial advisor network. It is the only Bancassurer in the Irish market.
The Actuarial Function is a key control function with responsibility for overseeing the calculation of the technical provisions, providing opinions on the underwriting policy and reinsurance arrangements and contributing to the effective implementation of the risk management system. The Actuarial Function also plays an integral role as part of the wider Finance team with responsibility for financial reporting, strategic planning and analysis, supporting the development of customer propositions, and developing the capital management and reinsurance strategies for New Ireland.
Purpose of the Role
The Head of Capital Management reports to the Chief Actuary of New Ireland and forms part of the senior actuarial leadership team. The role has responsibility for setting the strategy for capital management and reinsurance to ensure New Ireland manages its capital efficiently and within risk appetite to support strategic aims of pricing, profitability and return on capital.
- Responsible for implementing the Capital Management and Reinsurance strategies of the Company
- Management of the Asset Liability Matching (ALM) approach for New Ireland, ensuring that the approach remains within agreed risk limits.
- Develop investment strategies for the main fund (matching portfolio and shareholder funds) with the Investment Markets team to optimise return on capital and support new business pricing.
- Provide actuarial input into the risk appetite measures relating to capital and reinsurance, working closely with eth Head of Financial Risk.
- Assessment and development of capital efficiency initiatives with Chief Actuary, CFO and Group Capital in order to optimise the return on capital from a New Ireland and Group perspective.
- Oversight and sign-off of calculation and analysis of the reinsurance premiums and claims recoveries of New Ireland on a quarterly basis.
- Management of relationship with reinsurance partners including negotiation on rates, dispute resolution and ensuring the administration is working efficiently.
- Oversight of the reinsurance partners in relation to financial strength, credit exposure, collateral management and operational
- Build, develop and maintain a strong business control environment with a focus on risk management, particularly regarding capital modelling and reinsurance administration.
- Lead the actuarial input to the Own Risk and Solvency Assessment (ORSA) process, working closely with the Risk Management function, by inputting to the scenario selection, performing the financial modelling, stress and scenario testing and writing report.
- Manage the annual dividend process with the Chief Actuary, CFO and stakeholders in Group Finance and Capital.
- Annual review the reinsurance strategy to optimising across key dimensions of pricing, profitability, capital usage and risk appetite.
- Support Chief Actuary (and HoAF) in writing key reports on ORSA, dividend, capital management, main fund initiatives and reinsurance strategy.
- Support the Head of Regulatory and Reserving in aspects of the role relating to the key tasks of the Actuarial Function under Solvency II and DAR.
- Monitor developments and guidelines with respect to capital management and reinsurance as issued by EIOPA, the CBI and the Society of Actuaries in Ireland (SAI). Active participation in industry and professional working groups and committees will be encouraged to ensure that the Company is well placed to monitor and react to developments.
- Management of key management committees such as Financial Risks Committee and Reinsurance Committee, ensuring all required aspects are addressed and actions are completed within agreed timelines.
- Build strong relationships with key New Ireland stakeholders in Finance, Risk, Commercial Claims and Underwriting functions and stakeholders in Group Finance, Capital and Risk.
- Lead, develop and motivate a team of trainee and qualified actuaries responsible for reserving and regulatory reporting. Assist the Chief Actuary in building succession plans for the Actuarial Function.
What is the opportunity?
You will play a lead role in designing and implementing the capital and reinsurance strategy for New Ireland. You will have the opportunity to work closely with the Chief Actuary, the W&I Senior Management team, and senior stakeholders in Group Finance, Capital and Risk. The role provides a unique opportunity for you to develop people leadership skills, technical experience and to directly influence at a senior level.
Working at Bank of Ireland doesn't have to mean working in an office to have an impact. Our commitment to enabling colleagues to thrive means that depending on role type you can have choice and flexibility in where you work and live, subject to your role, customer needs and our requirements. We have a hybrid working model, with home, agile hub and office based options available. We will always list a primary location which can be where you go for in person collaboration, and a location where you can best perform your role.
Please note you must live in the jurisdiction for the business to which you are contracted.
This job can be done anywhere in ROI with the primary office location as Baggot Plaza to which travel will be required for in person collaboration. Exact frequency to be agreed with manager.
- Qualified Actuary with significant post qualification experience
Essential Skills & Experience
- Extensive knowledge of the regulatory landscape, particularly Solvency II and the Domestic Actuarial Regime
- Significant experience of the life and pensions business
- Financial reporting experience including MCEV, IFRS, local GAAP
- Strong analytical, problem solving and modelling skills
- Proven track record in delivery with a demonstrated ability in managing multiple tasks
- Ability to effectively lead, develop and motivate your team to ensure delivery against objectives and maximising potential
- A proven ability to work effectively with, and constructively challenge and influence the actions of stakeholders up to and including senior management level.
- Excellent communication skills (verbal and written)
Desirable Qualifications, Skills & Experience
- A developed understanding of the Company's financials and product range
- Experience and knowledge of IFRS17
- Customer Focused - Leader
- Agile - Leader
- Accountable - Leader
- Manage Risk - Leader
- Amplify Capability - Leader
Where Agency assistance is required Bank of Ireland Recruitment Team will engage directly with suppliers. Unsolicited CVs / profiles supplied to Bank of Ireland by Recruitment Agencies will not be accepted for this role.
Bank of Ireland Group is an equal opportunities employer and is committed to fostering an inclusive workplace which values and benefits from the diversity of our workforce.
Closing date: Jun 23, 2021.
For further information, and to apply, please visit our website via the “Apply” button below.