Shape Your Future With UsGeneral Re Corporation, a subsidiary of Berkshire Hathaway Inc., is a holding company for global reinsurance and related operations, with more than 2,000 employees worldwide. It owns General Reinsurance Corporation and General Reinsurance AG, which conducts business as Gen Re.Gen Re delivers reinsurance solutions to the Life/Health and Property/Casualty insurance industries. Represented in all major reinsurance markets through a network of 38 offices, we have earned superior financial strength ratings from each of the major rating agencies. We value diversity, equality, and inclusion and promote a culture that supports professional and personal growth.
General Reinsurance, Cape Town Branch (a subsidiary of General Reinsurance AG) is offering an opportunity for Head of Actuarial Function in our Life Australia, UK, SA, Canada division.
The Role The role is the Head of the Actuarial Function as set out in the Long-Term Insurance Act. An important aspect of the role is the management of the Gen Re South Africa valuation team and their delivery. The role also involves collaborating closely with other Gen Re South Africa teams in fulfilling the necessary duties as well as with international colleagues. Effective stakeholder engagement across multiple levels within Gen Re and with members of the Board of Directors and the regulator is an important aspect of the role.
Key Responsibilities Regulatory Compliance:
Ensure compliance with legal requirements, including the fulfillment of the requirements of the Actuarial Function as set out in Prudential Standard GOI 3.Prepare reports and documentation for regulatory submissions.Participate in peer reviews and external and internal audits as needed.Valuations and Reserving:
Issue annual reserve opinions based on actuarial calculations, considering assets, liabilities, and risk exposure.Evaluate the adequacy of reserves for insurance policies.Collaborate with finance and risk management teams to ensure accurate reporting for published, regulatory, and tax purposes.Review and enhance actuarial models used for valuation purposes.Conduct annual assumption updates.Capital Adequacy:
Issue annual capital adequacy opinion on the solvency position of the company.Provide input into the ORSA process.Provide input and opinion on annual dividend declarations.Risk Assessment and Strategy:
Assess risk exposure related to insurance products and retrocession arrangements.Develop and recommend retrocession strategies to optimize risk transfer and capital management.Analyze reinsurance treaties, pricing, and terms to enhance profitability.Strategic Decision-Making:
Provide insights to senior management on actuarial matters, including profitability, financial projections, and risk mitigation.Collaborate with business development team and client managers to ensure client results are understood.Stay informed about industry trends and changes in regulations affecting the insurance business.Stakeholder engagement:
Provide required input and feedback across Gen Re South Africa executive team as well as wider Gen Re regional and global executive teams.Providing assurance to the Gen Re South Africa board of directors with regards to the actuarial reserves and capital adequacy.Involvement and feedback in interactions with regulators.Qualifications & Experience We are looking for applicants that offer the following skills and experience:
Qualified actuary with at least five years post-qualification experience in life insurance or reinsurance roles.Holding a practicing certificate for reinsurance business or being in the process of obtaining one is advantageous.Ability to lead a high-performance team, driving results, and fostering innovation.Expertise in actuarial modeling, reserving, and financial reporting.Knowledge of regulatory reporting under SAM and Solvency II will be advantageous.Knowledge of financial reporting under IFRS17 and USGAAP/LDTI will be advantageous.Familiarity with South African regulatory requirements (GOI and FSI).Excellent IT skills (MS Office, SQL Server, working with large datasets).Excellent skills in actuarial modeling, data, and statistical analysis (Knowledge of R, Python, and GGY AXIS will be advantageous).Strong problem-solving abilities and attention to detail.Excellent numerical and analytical skills.Excellent verbal and written communication skills including the ability to convey complex concepts to non-actuarial stakeholders.Strong interpersonal skills with an ability to work effectively as part of a team, deal with people at all levels and in all areas of the business, and engage with clients.Consistent pursuit of excellence in execution and delivery.Self-motivated with a flexible attitude and enthusiasm for the role.Able to work under pressure in meeting internal and external deadlines.Contact
Human Resources
Our Address General Reinsurance Africa Ltd. (Reinsurer licensed to conduct composite insurance business)
2nd Floor, Waterway House North, V&A Waterfront, Cape Town, 8002 (South Africa)
Preference will be given, but not limited to, candidates from designated groups in terms of the Employment Equity Act and our employment equity policy.
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