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NOVEMBER 2015 theactuary.com

Interview: Ben Page

The magazine of the actuarial profession

Takes poll position on big data and human behaviour



Opportunities and challenges for secondhand annuities

Pensions The changing nature of retirement

Reinsurance Insurance-linked securities in a megacity setting

What would a ‘Brexit’ mean for the UK’s financial sector?

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With an electoral vote still on the cards in 2017, Philip Booth and David Wilkie state their respective cases on a British exit from the EU






10 IFoA news

18 Interview: Ben Page

34 Puzzles

14 People/society news 16 SIAS events


The Ipsos MORI chief executive talks to Richard Purcell about polls and market research

22 Pensions: Freedom and choice Adam Michaels considers the opportunities and challenges in a


Editorial Kelvin Chamunorwa considers research and its importance in the advancement of actuarial science

Letters Actuaries respond to theories on smoking and longevity, and ageism


President’s comment Fiona Morrison says no profession is better placed to contribute to the debate on the risks of climate change


Soapbox Jon Spain lists some of the essential talents for actuaries in the future

MORE CONTENT ONLINE Additional content can be found at www.theactuary.com


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37 Student Jessica Elkin offers advice on the use and abuse of business diction

38 Actuary of the future Tom Ashmore of Mazars

second-hand annuity market

27 Pensions: Why retire?


Anne Sander and Alan Finch look at the changing nature of life after work, and


Try the latest cryptic crossword and Mensa puzzles, plus solutions

ask if traditional forms of retirement are breaking down

30 Reinsurance: Megacity John Butler suggests how big cities can use insurance-linked securities to protect against weather risks

33 Agony actuary Witty advice on the problem of mixing musicals and The Actuaries’ Code

The changing world of public-sector pensions Allan Martin highlights key changes made in public-sector defined benefit pensions bit.ly/1NXH14a

The rise of custom calibrations Custom calibrations of economic scenario models are becoming more common, says Matthew Lightwood bit.ly/1jDGsji

The Actuary e-newsletter To sign up, visit: www.theactuary.com/email-sign-up/

WRITER OF THE MONTH Jon Spain wins a £50 book token for his soapbox on extending actuarial skill sets, courtesy of SIAS

November 2015 • THE ACTUARY www.theactuary.com


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Opinion Editorial theactuary.com

Publisher Redactive Media Group 17-18 Britton Street, London EC1M 5TP +44 (0)20 7880 6200 Publishing director Joanna Marsh Sub-editors Kathryn Manning Caroline Taylor News editor Will Green +44 (0)20 7324 2742 will.green@redactive.co.uk News reporter Cintia Cheong +44 (0)20 7324 2743 cintia.cheong@theactuary.com Digital assistant Tania Forrester tania.forrester@redactive.co.uk Display sales executive Vlad Harmanescu +44 (0)20 7324 2726 vlad@redactive.co.uk Senior recruitment sales executive Emmanuel Nettey +44 (0)20 7880 6234 emmanuel.nettey@redactive.co.uk Senior designer Gene Cornelius Picture editor Akin Falope Production executive Rachel Young +44 (0)20 7880 6209 rachel.young@redactive.co.uk


Internet The Actuary: www.theactuary.com Staple Inn Actuarial Society: www.sias.org.uk Institute and Faculty of Actuaries: www.actuaries.org.uk Managing editor Sharon Maguire +44 (0)20 7880 6246 sharon.maguire@redactive.co.uk Editor Kelvin Chamunorwa editor@theactuary.com Features editors Contact: features@theactuary.com Jeremy Lee, pensions, investment, ERM, banking Richard Purcell, life, health and care Gemma Gregson, pensions, GI People/society news editor Yvonne Wan social@theactuary.com Student page editor Jessica Elkin student@theactuary.com Arts page arts@theactuary.com IFoA news editor Alison Jiggins +44 (0)20 7632 2172 alison.jiggins@actuaries.org.uk SIAS representative Rob Jarvis Editorial advisory panel Peter Tompkins (chairman), Naomi Burger, David Campbell, Matthew Edwards, Martin Lunnon, Sherdin Omar, Nick Silver, Andrew Smith

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Subscriptions For subscriptions from outside the actuarial profession, UK: £95 per annum. Europe: £125 per annum, rest of the world: £150 per annum. Contact: Alison Jiggins, The Institute and Faculty of Actuaries, 7th floor, Holborn Gate, 326-330 High Holborn, London WC1V 7PP. T +44 (0)20 7632 2100 E alison.jiggins@actuaries.org. uk. Students on actuarial science courses may join and they will receive The Actuary as part of their membership. Apply to: Membership Department, The Institute and Faculty of Actuaries, Level 2 Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA. T +44 (0)131 240 1325 E membership@actuaries.org. uk Changes of address should inform the membership department as above. For delivery queries, contact: Rachel Young E rachel.young@redactive.co.uk Published by the Staple Inn Actuarial Society The editor, The Institute and Faculty of Actuaries and Staple Inn Actuarial Society are not responsible for the opinions put forward in The Actuary. No part of this publication may be reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the copyright owners. While every effort is made to ensure the accuracy of the content, the publisher and its contributors accept no responsibility for any material contained herein. Important information for contributors to The Actuary By submitting content for publication you confirm that: (a) You (and/or other named contributors) are the sole author(s) of the content submitted; (b) The content you submit is original and has not previously been published (unless you specifically advise us to the contrary); (c) You haven’t previously licensed the use of the content you submit; (d) So far as you are aware, the content submitted will not infringe any third-party rights, be defamatory or in any way illegal. © SIAS November 2015 All rights reserved ISSN 0960-457X

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At the forefront Kelvin Chamunorwa considers research and its importance for the advancement of actuarial science A few weeks ago, I was part of a panel discussing the future of actuarial research, chaired by IFoA president Fiona Morrison. Sitting alongside me were David Wilkie, Andrew Smith and Deborah Cooper, true thought leaders who have done a tremendous amount to advance actuarial science. In a fruitful discussion, the panel and audience proffered strategies for undertaking and disseminating actuarial research in the future. It was a fitting tribute to the 20th anniversary of the British Actuarial Journal, and also the 25th anniversary of The Actuary magazine. You can watch the video here (bit.ly/1W8tiGW). Coincidentally, fellow panellist David Wilkie is also co-author of our cover feature this month, along with Philip Booth. They debate ‘Brexit’ – Britain’s possible exit from the European Union. Each one offers a convincing argument for Britain staying in or leaving the EU, citing some of the implications for the financial industry (p24). The referendum on a Brexit is expected within the next couple of years. The British public currently appears divided on which way it will vote, according to the opinion polls. On the subject of polls, you will recall how the pollsters got it wrong on the results of the UK general election in May. In this issue, we interview Ben Page, chief executive of leading polling and market research firm Ipsos MORI, and ask him why they were so far off the mark. In a wide-ranging discussion, Page also shares fascinating insights on research for product design, an area in which many actuaries work (p18). More generally, actuaries have a long history in research, with many notable achievements. For example, they were pioneers in developing survival models in the form of life tables, and using these for financial analysis of life insurance. In recent times, actuaries have been complementing modern financial economic theory and stochastic processes with existing models. Through our research, and its effective dissemination, we can continue to push boundaries and advance actuarial science and its application for many years to come.

“Actuaries were pioneers in developing survival models in the form of life tables”

Kelvin Chamunorwa Editor

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November 2015 • THE ACTUARY 5 www.theactuary.com

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Opinion Letters to the editor editor@theactuary.com

Intertemporal equity

Have your say online

More comments are posted online about news stories published on www.theactuary.com.

Different take I read with interest Mark Paulson’s article A smoke screen (The Actuary, October, bit.ly/1YTFKyo), but I drew a different conclusion from his fascinating analysis. Mark wrote that “The relatively low current levels of smoking mean it is not possible for the magnitude of past reductions to be repeated in future” and that “This suggests that changes in smoking patterns will have a diminishing impact on mortality improvements in future, particularly for males”. That might turn out to be correct, particularly if most of the mortality benefit in giving up smoking is immediate (a ‘period’ effect) rather than occurring many years in the future. However, his analysis also pointed to a 40-year time lag between the peak of male smoking and falls in lung cancer incidence rates, which would suggest a ‘cohort’ effect where people might benefit many years in the future from giving up smoking earlier in life. The lifespans of today’s 45-year-olds, for example, will be far more determined by the mortality rates prevailing towards the end of their lives than the rates applying to them now in their 40s. The smoking prevalence chart in the article showed that the proportion of the adult population smoking has roughly halved in 40 years. That suggests that a large number of today’s 85-year-olds were smokers when they were 45. By contrast, far fewer of today’s 45-year-olds will have been smokers. As future 85-yearolds, they seem likely to benefit from having given up or never started smoking to a much greater extent than today’s 85-year-olds. The effect of this may be partially offset by changes in other risk factors, such as obesity and sedentary lifestyles. However, given the evidence for smoking’s pre-eminence as a risk factor, there seems to me at least the strong possibility that the 85-year-olds of tomorrow will be, on the whole, much more healthy cohorts than those of today. It would be foolish of me to suggest that people should necessarily prefer my argument over Mark’s, but it would seem prudent for those exposed to longevity risk, including defined benefit pension scheme trustees and annuity insurers, to take the wide range of possibilities into account, which might result in them assuming that significant mortality improvements are still to come. Glyn Bradley 12 October

MORE LETTERS ONLINE More letters are available online at www.theactuary.com/opinion


THE ACTUARY • November 2015 www.theactuary.com

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Recently, the chancellor of the exchequer, George Osborne, suggested that public finances should be re-engineered towards ‘intertemporal equity’. This is fatuous – although less so than his verdict on Ireland, delivered just before the Irish boom went belly up: “Ireland stands as a shining example of the art of the possible in long-term economic policymaking.” The New Statesman’s take on this was that: “Ireland boomed instead on a toxic mix of cheap credit, lax banking regulation and by becoming a borderline tax haven.” The rest of the article is well worth reading too (New Statesman, bit.ly/1GrXhb2). I trust Mr Osborne’s latest fantasy will have as little effect as his hymn to Ireland. If we listen to it, it seems to follow that offering government benefits and pensions to World War II veterans violated some sacred financial, as well as actuarial, principle since that war generation could hardly be expected to pick up their own tab: they were busy. One could make a similar case for introducing government pensions payable to all citizens working at scheme inception and reflecting past service in the benefit formula. Should not the actuarial profession tell the chancellor that the test for benefits provided by governments should be whether they are sustainable over the long term? Actuaries, unlike politicians, are supposed to think about the long term. Let’s do so. Brian A Jones 6 October

£70 from 80 I had a wry smile when I read the response from Anne Moore of the IFoA to Roy Colban’s letter (The Actuary, October, bit.ly/1kuLJKb). An implied reason for not allowing members who reach age 80 on or after 1 October 2014 to have life membership free of charge is to avoid age discrimination. Surely to base the criterion for that category of membership on date of birth is itself age discrimination? Mike Stoaling 1 October

The editor welcomes readers’ letters but reserves the right to edit them for publication. Please email editor@theactuary.com. The deadline for receiving letters for the December issue is 17 November 2015.


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23/10/2015 09:44

Opinion President’s comment

Fiona Morrison is the president of the Institute and Faculty of Actuaries


New green pastures Looking out of my kitchen window in search of inspiration for this month’s article, I couldn’t help but ponder the unseasonable weather we are currently enjoying here in the UK. The forecasters refer to it as an ‘Indian summer’. Whatever you call it, I can’t recall the last time I headed into mid-October without turning on the central heating. This got me thinking about climate change, and a recent conversation with one of our Fellows, who is putting his actuarial skillset to good use in the environment arena. He pointed out that the UN Climate Change Conference, COP21, to be held in Paris in December, will, for the first time in over 20 years of UN negotiations, aim to achieve a legally binding and universal agreement to keep global warming below 2°C. Will the agreement be secured? I don’t know, but I hope so. Climate change, and the broad range of risks it gives rise to, is now receiving both political and mainstream media exposure. Over the past five years, the failure to adapt to changing climate, rising greenhouse gas emissions and similar themes have featured heavily in the top five risks identified in the World Economic Forum’s annual Global Risks report. The science tells us that climate change is occurring and will do so over a long time horizon. There is a high level of uncertainty, but if we wait until these risks materialise, our options to deal with them will be reduced. Risk and finance lie at the heart of our profession’s capabilities, and no profession is better placed to work with long-term risks and to positively contribute to the climate change debate. But what has the IFoA been doing about it? Recognising the growing interest in this area from our members, we have set up the Resources and Environment Board and the Climate Change Working Party. These give us a prime focus for addressing climate change issues from an actuarial perspective. We have been helping policymakers understand climate change as a risk through events like our workshop with the UK’s Prudential Regulation Authority and the insurance industry, and through our contribution to the


No profession is better placed to tackle long-term risks and contribute to the climate change debate, says Fiona Morrison Foreign & Commonwealth Office’s recent report Climate Change: A Risk Assessment. The issue of stranded assets, such as fossil fuel energy and generation resources, which are no longer able to earn an economic return as a result of changes in the market and the transition to a low-carbon economy, has also featured in a number of our events, including at the plenary session of this year’s Risk and Investment Conference. In July, The Actuary webinar on carbon risk attracted over 250 participants. What this tells me is that there is a clear appetite for the IFoA and its members to engage in the climate change debate. What does this mean for the profession, and where might future opportunities lie? Many general insurance actuaries have been working with climate-related risk for years. Some asset owners around the world, mostly pension funds, are also beginning to manage this long-term risk. It’s a financial risk, not just an ethical issue, and investors are lobbying policymakers to develop a realistic carbon price. This is seen as a key step on the road to a low-carbon global economy.

Climate risk is a growing theme in the world of investment, where many of our members work. The United Nations-supported Principles for Responsible Investment promote the implications of sustainability for investors, and support signatories to incorporate these issues into their investment decision-making and ownership practices. There are 1,380 signatories to the principles, representing $59 trillion of assets. There has also been an explosion in voluntary climate risk disclosure initiatives. One UK pension scheme signatory has asked its actuarial team to look at how their scheme, deemed more resilient than average to environmental risks through its longstanding investment policy, might benefit from this resilience in its actuarial valuation. As we head towards COP21 in Paris, it is safe to say that climate change and carbon risk are now a mainstream part of risk and investment, an area many actuaries inhabit. I encourage my colleagues in the profession to see what opportunities arise to develop the services we offer to our clients. a

“There is a clear appetite for the IFoA and its members to engage in the climate change debate”

THE ACTUARY • November 2015 www.theactuary.com

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26/10/2015 09:38

Jon Spain is a pensions actuary at GAD, specialising in TUPE employment transfers

Opinion Soapbox


What are actuarial skills? Although Kirsty MacColl’s song title ‘What do pretty girls do?’ is probably more intriguing, that is not the question that has been troubling me. However, what actuaries do is something that puzzled me as far back as 30 years ago, when I wrote a brief piece for Fiasco, the predecessor publication to The Actuary. More recently, in her presidential address in June, Fiona Morrison used the phrase ‘actuarial skills’ several times, which I challenged privately. No claim to originality of my opinion is asserted as I understand that this theme of actuarial skills is already being explored, and ideas have been sought via Twitter. While my background has been in defined benefit (DB) pensions, I hope some of the following can be accepted as broadly applicable to other actuarial areas of work.

Basic requirements are not enough Mathematical ability and statistical ability are certainly necessary but insufficient ingredients. In practice, I suspect that very few pensions actuaries have needed to solve true mathematical problems. I’ve seen two cases in the past 40 years. We also need good modelling ability, with attention being paid to benchmarking and thorough testing. Numeracy is more important than mathematics. A well founded perception about the actuarial profession is that professionalism is embedded through our code of conduct, making us a profession rather than a mere trade. We owe a duty of care to our client and to others who may be adversely affected. We also understand that lowering standards has behavioural effects, which could lead to, say, a worse claims experience, potentially bankrupting a client. Finally, we are able to identify options (the ‘O’ in COBIMET – contingencies, options, bonus loading, interest rate, mortality, expenses and taxation) and then try designing apt responses. Pretty much all actuarial problems can be so

Jon Spain believes actuaries must extend their skill sets to ensure they, and the profession, can thrive classified. But, despite all this being good stuff, it is simply not enough to justify patting ourselves on our backs. Indeed, I believe there has been too much ‘groupthink’ for too long. Rather than mathematics, we desperately need critical thinking, which is still far too rare, to be rooted within all kinds of actuarial firms and expected at all levels. Being challenged is a great way of being forced to review what one is doing and why. We need to accept that real-world financial statistics do not have a normal distribution, and some of us need to enhance our general statistical knowledge. We also need to restore a sense of balance over time, which I believe has been missing for at least 15 years (in DB pension space, at least). This could enable us to restore more balance between risk and reward, the latter being an essential element of institutional finance.

“Rather than mathematics, we desperately need critical thinking, which is still far too rare, to be rooted within actuarial firms”

Lead the way While I used to think a long-term approach was an essential actuarial ingredient, I have changed my mind. Rather, it is vital that the relevant time horizon is chosen in any particular situation, differing radically between DB pension space and

general insurance. As it happens, the covenant requirements for DB pension schemes are a valuable feature because they enable pension fund trustees to gauge their likely support better than used to be the case. We need to retain and reinforce our ability, generally not offered by other financial professionals, to look beyond the horizon. For example, asserting that the overall deficit is many trillions of pounds can only, loosely at best, be supported by projecting short-term conditions over a long period. That, however, cannot possibly be described as a long-term approach, because we can be pretty certain that things will be different. Reverting to models, we need to remember that they can only be a guide and that results need to be tempered by common sense. If, say, the probability of rain is 80% and it has been raining for four days, looking out of the window on day five would be a good move. Actuaries are accustomed to thinking in collectivist terms, which used to make more sense. However, especially with the new pension freedoms, we need to recognise that others think binary and we need to communicate better with them. Lastly, apart from bringing us immunisation theory in 1952, Frank Redington also coined the phrase “the actuary who is only an actuary is not an actuary” (1968). Both were huge contributions to the profession, which we should recall with gratitude. When, and how, are we going to reform our skills? a

November 2015 • THE ACTUARY www.theactuary.com

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26/10/2015 09:39


Upfront Opinion CEO’s comment Derek Cribb looks at the achievements of the Research and Thought Leadership Committee

Spotlight on research Derek Cribb is the chief executive of the Institute and Faculty of Actuaries

At this time of year, we are once again celebrating our two largest conferences. Life Conference will enjoy its 30th anniversary, with over 1,000 attendees, and GIRO this year is putting “Research” firmly back at the centre of the agenda. As ever, these conferences give us the opportunity to showcase the great research done by our members through our working parties. While ours are business qualifications, we have always said that research is the lifeblood of the profession, allowing our members to ever improve their unique position as business-focused professionals. With the Research and Thought Leadership Committee (RTLC), under the chairmanship of Professor Mark Cross, celebrating its first birthday and its first ‘call for research’, there is much to look forward to. The RTLC has rejuvenated our approach to commissioned research, and I am delighted to report that our call for research has generated significant interest from around the world. As I write, we have received 25 proposals from 103 institutions, covering 21 countries. This is the beginning of a diverse, multidisciplinary and international research programme that will allow for learning and research both within and outside traditional actuarial practice areas, supporting our charter objective to promote actuarial science and opening new opportunities for our members. Research commissioned through RTLC will complement and enhance member research undertaken by our working parties, which will continue to play a vital role in our research agenda. These certainly are exciting times for RTLC and the wider profession. With our first call for research under our belt, I am looking forward to seeing proposals commissioned and the outputs disseminated as widely as possible. This will not only help promote the value that actuaries add to society but will also play a crucial role in furthering the development of actuarial science for the benefit of the whole profession. If you or anyone you know are interested in feeding into our research programme, please contact Sarah Mathieson, head of research and knowledge, at sarah.mathieson@actuaries.org.uk Or if you’d like to get involved in one of the IFoA’s working parties, visit the volunteer vacancies areas of our website (bit.ly/1oaKuJZ) or contact Debbie Atkins at debbie.atkins@actuaries.org.uk



Bulk annuities and longevity swaps MIG: register your interest This proposed member interest group (MIG) will appeal to actuaries interested in the fastgrowing area of de-risking pensions plans through bulk annuities or longevity swaps. This would include actuaries at consultancies, insurers, reinsurers, banks or asset managers. This topic now touches most UK pension schemes and is a growing area of specialism. Related areas might also be touched upon by the group to the extent that they affect, say, a bulk annuity transaction exercise. However, these areas will not be a primary focus. Examples include trivial commutation and transfer value exercises, asset strategies/ transition, benefit changes etc. Key objectives would be: ● education/continuing professional development; ● sharing case studies/best practices; ● communicating new and developing ideas in the market; and ● networking. To get involved, email migs@actuaries.org.uk

Group-think and herd-like mentality The IFoA Regulation Board is working with other UK regulators (the Financial Reporting Council, Prudential Regulation Authority, Pensions Regulator and Financial Conduct Authority) to conduct a series of thematic reviews following a recent consultation exercise to identify a collection of risks that affect the actuarial profession; the Risk Perspective (bit.ly/1NBFmkJ) and output of the Risk Perspective (bit.ly/1ZuXYqp). A number of risks were identified during that exercise, and one raised frequently was ‘group think’. We are looking at this risk in more detail and would be interested in your views. For the purpose of the review, we define the risk as the tendency for one’s judgment to be influenced by the apparent consensus view of assumptions, methods, processes or approaches. If you are interested, please email suzie. lyons@actuaries.org.uk by 20 November

THE ACTUARY • November 2015 www.theactuary.com

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Misconduct charge: it could happen to you In the second part of our series on the IFoA’s Disciplinary Scheme, we explore how you should proceed if an allegation is made about you, and take a closer look at case reports and the adjudication panel

It’s a grey Monday evening and you come home to find a letter from the disciplinary investigations team at the IFoA – someone has made an allegation of professional misconduct against you. What happens now? All allegations have to be fully investigated, as the IFoA does not operate a preliminary filter. A case manager and an investigation actuary, experienced in the relevant practice area, will be appointed as the investigation team. They will receive support from an external lawyer. You will receive a copy of the allegation and all supporting papers and will be invited to comment. The investigation team may ask for relevant papers from you and may invite you to meet them to take a statement. The case will then be submitted to an adjudication panel. What should I do? The most important thing to do is to keep a cool head and cooperate. It is in your interests that the investigation team fully understand your side of the story. That way they can properly reflect your version of events in the case report. There is also a requirement

in the disciplinary scheme rules that you cooperate – if not, there may be a further allegation of misconduct. You may wish to seek advice from a senior colleague or another actuary, and also seek legal advice. What is a case report? It is a factual report that clearly sets out what has happened. It sets out the allegation from the complainant and your response. The case report allows the adjudication panel to determine whether or not there has been prima facie misconduct. The investigation team do not make any recommendations in the case report. Once the case report has been sent to you, there is a final opportunity for you to submit comments directly to the adjudication panel. How long is this investigation going to take? It depends on how complex the case is. At the outset, the investigation team will estimate whether they consider the case to be simple, medium or complex to investigate. The Disciplinary Board’s target timescales for completing the investigation stage

range from six to 24 months depending on the complexity. Can the investigation team add additional allegations beyond the original complaint? Yes. If in the course of the investigation they come across possible additional misconduct, this can be added to the case report. As with the original complaint, you will always have a full opportunity to comment on any additional matters. Why do investigations take so long? An allegation of professional misconduct can be very stressful, so the investigation team do their utmost to conclude an investigation as quickly as possible. However, there are often many files to go through and issues that may be complex and require external expert opinion. It is important for all concerned that the allegations are properly investigated and that the case report is clear so that the adjudication panel can make a fully informed decision. What is an adjudication panel? An adjudication panel meets in private to consider each case

report. It usually comprises one lay member and two actuary members. There are three courses of action it can take. ● It can determine that there is no prima facie evidence of misconduct and dismiss the allegation. If so, there is no publicity, and the respondent and the person who made the allegation get a determination explaining the reasons. ● It can make a finding of misconduct and impose a sanction that can be accepted by the respondent. If the respondent does not accept this finding, they can have their case referred to a disciplinary tribunal. ● It can decide that the matter is so serious that its powers of sanction are not sufficient and refer the matter to a disciplinary tribunal panel. An adjudication panel has powers to reprimand, order retraining and/or impose a fine of up to £7,500. Adjudication panel findings of misconduct are published in The Actuary and on the IFoA website. If you have any queries or would like to get in contact, email disciplinaryenquiries@ actuaries.org.uk

Top billing: see the QAS in action at a screen near you The IFoA’s Quality Assurance Scheme was launched in September. The accreditation scheme recognises the important role that the working environment plays in a member’s ability to produce high-quality actuarial work. Three short videos have been created to help explain why companies should get involved and how to apply to become part of the accredited scheme. Applications to apply are now open and will remain so. To find out more and to apply, register at www.actuaries.org.uk/qas

November 2015 • THE ACTUARY 11 www.theactuary.com

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Life Conference evolves over 30 years Nick Taylor takes us back to 1985 and the roots of an event that continues to go from strength to strength

Thirty years ago, the Institute of Actuaries held its first Life Convention, or Life Conference as it is known today, at the Albany Hotel in Birmingham. The idea arose on one of the many train journeys that David Purchase and I made between Bristol and London to attend meetings of the Institute Council. uncil. Having moved from London some 10 years ears earlier, I felt that many members found und it difficult to attend London meetings etings or contribute to discussions ssions on matters of the day. We had seen the small number of general insurance ce actuaries holding regular get-togethers t-togethers outside London and d noted that north American actuaries tuaries moved around their continent nent to meet, so we suggested holding ng a Life Convention. The idea was putt to the Sessional Meetings Committee, of which we were

Adjudication panel reports: Ms Margaret De Valois; Mr Adam Stanley On 19 August 2015, the adjudication panel considered two unrelated cases of misconduct following two separately self-reported criminal convictions for drink-driving. After due consideration, the panel determined that, in both cases, the nature of the offence of which the respective respondents had been convicted was such that the respondents had breached Principle 1 of the Actuaries’ Code concerning integrity and that the respondents’ behaviour and


both members. The chairman, Edward Johnston (later Sir Edward Johnston), asked us to develop our ideas further. These were accepted and a recommendation was made to Council, who gave us the go-ahead. An organisation committee was set up, chaired by Johnston and helped by Margaret Gerry of the Institute staff. We chose Birmingham as it had good transport connections and the Albany Hotel had good room facilities. It was soon clear that we would have no problem in asking delegates and authors to write papers for the convention. We had 335 actuary actua delegates and five non-members. We held non-memb two plenaries, the first being the opening speech by b the then president, Peter Moore, and the M second being a paper entitled p ‘Reasonable Expectations’ by Expe Stewart Lyon and Richard Wales. There were 23 workshops involving 41 speake speakers, and this was almost certainly the first time tim that the institute had run inst concurrent co meetings. For m comparison, we expect

integrity had fallen below the standards defined in Rule 1.6 of the Disciplinary Scheme. In each case, the following sanction was imposed: ● a reprimand. In recognition of his failure to abide by rule 1.19 of the Disciplinary Scheme, requiring disclosure of any conviction to the IFoA promptly, the following sanction was imposed against Mr Stanley: ● a fine of £100. The panel noted the reasons provided by the respondent for the delay. However, it considered the period was far too long and that it was in the public interest that the matter ought to have been reported promptly. A copy of the panel’s full determination, including

around three times this number of delegates in Dublin with five plenaries and 70 workshops involving more than 150 speakers. The convention was an undoubted success. One particular workshop will always stand out in my mind. It was the contribution by Charles Cannon of the Government Actuary’s Department on their interpretation of the valuation requirements as regards the mismatching reserve. This attracted considerable criticism. The report in the Journal of the Institute of Actuaries as well as the proceedings illustrate the shape of the profession 30 years ago. With diversity being of major interest to the profession at present, it is noticeable that there were no female actuaries presenting a paper, chairing a meeting or acting as a rapporteur, and all bar one of the speakers was a white male. In addition, no-one thought of sponsorship or an exhibition, which would have been regarded as wholly unprofessional, as would mentioning an employer by name. Over the years, I have benefited professionally by attending many of the Life Conventions, now known as the Life Conference, and look forward to attending again this year. ● Nick Taylor was a member of the Institute Council from 1982 until 2000, honorary secretary from 1985-1987 and vice-president from 1990-1992.

reasons for its decision, can be found on the IFoA’s website at bit.ly/1OwzKaa

Adjudication panel report: Mr Ian Conlon On 19 August 2015, the respondent, Mr Ian Conlon, faced allegations of misconduct relating to the untimely manner in which he produced a report on pensions advice and communicated with those instructing him during divorce proceedings. Based upon the evidence presented, including an admission by the respondent that the service he had provided had fallen below the standard expected, the panel found that

the case report disclosed a prima facie case of misconduct. It imposed the following sanctions: ● a reprimand; and, ● a fine of £7,000. The panel considered that the respondent ought to be given the opportunity to demonstrate that he had benefited from a period of supervised practice, which had been accepted by him as a sanction for a previous finding under the Disciplinary Scheme and which had commenced after the date on which the above complaint had been made. A copy of the panel’s full determination, including reasons for its decision, can be found on the IFoA’s website at bit.ly/1PawnHp

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EVENTS AND CONFERENCES CURRENT HIGHLIGHTS IN PENSIONS SEMINARS November The CHIPs seminars provide a forum for qualiďŹ ed, newly qualiďŹ ed and non actuaries to discuss a wide variety of topics and issues, covering highlights from this year’s Pensions Conference as well as current issues in the pensions sector. With a mix of technical, topical and business opportunities combined, these seminars will inform and also encourage discussions and thoughts, through plenary and breakout sessions. View the upcoming dates and locations at bit.ly/1PLiuyF

AUTUMN LECTURE 2015 9 November Edinburgh Lady Susan Rice CBE will deliver the 2015 Autumn Lecture. The event will be live streamed for those who are unable to attend in person. Register your place at bit.ly/1JJDF1S

MOMENTUM 2015 2-4 December

Bristol Are you a recently qualiďŹ ed or almost qualiďŹ ed actuary? Momentum 2015 will provide you with a wealth of cross-practice sessions, topics covering behavioural economics, pension and investment decision making, THE LIFE CONFERENCE 2015 the impact of resource shortages, climate change, Solvency II and 18-20 November longevity risk. Attend Dublin masterclasses, get involved in Last chance to book your place topical discussions and network for the 30th anniversary Life with delegates from dierent Conference. With over 1,000 specialisms and practice areas. delegates registered to attend, Places can be booked at don’t miss out on what is set to be bit.ly/1EYGohS a record event. bit.ly/1NWqJEV

IFOA ASIA CONFERENCE 2016: BOOKINGS OPEN 3-4 March 2016 Hilton Kuala Lumpur The cross-practice conference is back for a second year, bringing together actuaries at all levels of experience, stakeholders, recruiters and all those with an interest in actuarial science. Oering a diverse selection of plenary sessions, workshops and invaluable business development opportunities, the IFoA Asia Conference 2016 is the essential date for your diary. For further programme and booking information, see bit.ly/1Ol89sr


To express your interest in attending or sponsoring, please contact Hannah Watson, Event Manager: hannah.watson@actuaries.org.uk



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News People & Society

Boules and bull markets

If you have any newsworthy items for these pages please email social@theactuary.com

By Richard Cohen With the temperature at 33 degrees and an almost tropical humidity, the scene was set for an evening of networking and pétanque (boules). Only the view of the Gherkin and the Walkie Talkie buildings acted as a reminder that the setting was London, not Provençe. Hay’s Galleria was an idyllic location for The Southern African Actuarial ConneXions (SAAX) Group event. Our members were joined by Gideon Nell, global head of business development at Sanlam Global Investment Solutions, who shared his insights into next-generation solutions to help diversify balanced, multi-asset and diversified growth fund manager risk. The strategy is managed with a systematic investment process, driven by a mathematical rule-based programme that removes human emotion from

investing, and has gathered a US$150 billion following. Gideon gave a captivating presentation on the potential of the strategy to help the conundrum of investment portfolios in a post 30-year fixed income bull market. A round robin pétanque tournament ensued, with strong competition for the number one spot, and ultimate glory going to Leith Raw. The SAAX Group is a member interest group of the IFoA that meets in London to network, challenge and engage each other. For more information on how to join or upcoming events, email contact@saaxgroup.org

Marathon charity challenge By Bobby Riddaway On 13 September as part two of my marathon charity challenge, I ran the Great North Run, completing the course in 1 hour 28 mins 45 seconds. I then continued on to the MBNA Chester Marathon on 4 October, running a time of 3:12:49 – a time that qualifies me to run the London Marathon in 2017. I am delighted to have so far raised £2,284 of

my target of £3,500 and am now looking forward to a three-month training break. In January 2016, I will start training for my third and final run – aiming to break three hours again, in the Shakespeare Marathon in Stratford on 24 April 2016. If you would like to sponsor me, my JustGiving page is here: www.justgiving.com/ bobby-riddaway1 Thanks for all the support.

Amazing technicolour coat By Scott McGruther Each year, Capita’s actuarial team based in Cheltenham takes part in a volunteering challenge, in partnership with a client’s community trust. It involves a summer of fundraising and fun charity events, culminating in a full day supporting a worthy cause in the local community. This year, the £1,300 raised went towards painting and decorating a local infant school’s fence and play area. The day was a great success, with most of the team coming along and getting their hands dirty, or at least covered in paint. Head of actuarial, Scott Ferris, said: “These events are great for boosting morale as well as teambuilding. They provide an opportunity for everyone to make a positive impact in the community where they are working, while also having time to chat and have some fun. A lot of people have joined the team in the last year, so it gave everyone the chance to get to know each other better outside the office environment. The community challenge events are always a big hit. Being able to step back after a full day of hard work and see the impact you have had as a team is very satisfying. The school’s head teacher said that the finished result was “magnificent” and that the children would be “over the moon!” The team hopes to do something similar again next year.

Peak of fitness By Jessica Elkin I’m not someone who is given to doing Big Exercise, so I think it surprised friends and colleagues all round when I signed up to take part in the Peak District Challenge on 18 September. For the uninitiated, that’s an ultra-marathon of 75 kilometres in 24 hours, starting at 9pm and forgoing sleep to trek through the night over the Peak District. It was a beautiful day without rain, and there were many stunning sights. But it was also gruelling. The lowest point morale-wise was at 5am, when temperatures dropped to six degrees and we couldn’t see anything. Close second goes to the last 10 miles climbing up two tors. However, I must have been enjoying myself, as our team accidentally walked an extra 10km! Or that was something to do with map-reading. That made our total distance 52 miles – a double marathon – in 21 hours and 39 minutes. A huge thank you must go to our well-wishers and generous donors. We were supporting Challenge 30: a year-long campaign to raise £30,000 for S.A.L.V.E International, a Ugandan and UK-run charity working with children living on the streets of Uganda. The money raised will be used to build a new home for the children. If you would like to donate, please visit


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50 cols for 50 years As birthday celebrations go, this is one of the more eccentric. Or should that be energetic? Conventional wisdom has it that 50 is the age to join a golf club. However, Douglas Anderson, a partner at Hymans Robertson, is no follower of convention. He is attempting to cycle up 50 mountain passes during 2015. So far, he has bagged 43, some of them in his native Scotland but most in the Alps. As his sole qualifying criterion seems to be that they must be new to him, he could have selected a gentle portfolio. Instead, he has opted for some big beasts, clocking up 70,000 metres of altitude – roughly eight Everests. Anderson’s 43 include a binge of 20 cols in one amazing week in September. He cycled from Geneva to Venice, as part of seven-day race called the Haute Route, over monster passes like the Stelvio, Furkapass and the Gavia. He explains: “There were really two races, lots of finely honed bodies chasing for glory at the front, and a merry gang at the rear trying to stay just ahead of the broom wagon. I was happy at the back!”. He still has seven to go. “I’ve looked out my thermals and am heading back to the Alps to cycle around Mont Blanc.” Anderson is the founder of Club Vita. He is raising money for Alzheimer’s Research UK. Follow his progress at


PwC reclaims five-a-side title By Oliver Smith The 2015 annual North West Actuarial Society (NWAS) five-a-side tournament took place in August at the Powerleague’s Manchester city-centre venue. This year’s event saw five teams from all the region’s major consultancies compete for the prized trophy and prestige. The tournament took the format of a round robin, with the top two teams facing off in a final. The tournament’s strugglers were Towers Watson, who claimed to be unable to field a full-strength team. Their opening match saw them receive a resounding 7-3 beating from PwC, and things didn’t get much better for them. First Actuarial occupied fourth place. After a heavy loss to KPMG in their opening fixture, “There’s only one FA” grew into the tournament and produced solid football throughout. The solid approach nearly paid dividends against PwC, who only just managed to draw the match thanks to a last-minute equaliser. Buck Consultants were playing in their first tournament after years of absence. They took a game to settle but quickly became an effective outfit, largely built around their suspiciously talented striker, who was able to walk the ball into the net on a number

of occasions. The team were within touching distance of the final in their last group match, only to be denied by Towers Watson, who in a last-ditch effort to reclaim some pride produced the shock of the tournament to win 3-2. The reigning NWAS champions, KPMG had plenty of firepower throughout the tournament; however, on too many occasions, this was matched by their leaky defence. The holders scraped through to the final, thanks to the aforementioned meltdown of Buck Consultants. A number of new (and some old) faces provided PwC with an improved team aiming to reclaim the title lost in 2013. With the exception of a small wobble against First Actuarial, PwC were impressive, winning the group stage by a four-point margin. The final saw PwC take on a tiring KPMG side, who struggled to keep up with PwC’s high level of intensity. PwC took the final with a comfortable 3-1 victory. See highlights at: on.fb.me/1MTo8hl

Two NMG prizes for Cass student By Adam Butt Cass MSc actuarial management student Ree (Yongqing) Chen has been announced as the winner of the 2014/15 NMG Consulting Actuarial Risk Management Prizes. This is the second time NMG, a specialist multinational insurance, reinsurance and wealth management consultancy, has sponsored two £1,000 prizes for students undertaking a masters in actuarial science at Cass Business School, City University, London. Ree, who picked up both prizes at an awards breakfast on 22 September, said: “I feel humbled but proud to have won the NMG Consulting prizes and very delighted to have accepted NMG’s offer as an analyst in their strategy consulting team in London. “It takes great luck for someone to like and enjoy their studies, and I am the really fortunate one, as actuarial management is exactly my thing. “Cass has been a really rewarding year for me and I gained a lot of valuable knowledge from this masters degree, so I would genuinely recommend those with an actuarial science background to join the programme if they are up for the challenge.”

Births Ellen and Mark Gorman, both of EY, are delighted to announce that their son, Theodore Peter Gorman, was born 17 October 2015

Deaths Mr Frans Vergeest died recently, aged 48. He was an Associate. Mrs Gomathy Ranganathan died recently, aged 47. She was a Student. Mr Dominic Scally died recently, aged 48. He was a Fellow. We would be delighted to hear from you if you have any newsworthy items for these pages. Please contact Yvonne Wan at social@theactuary.com

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TICKETS ARE ON SALE NOW Prices are £85 for SIAS members and £100 for non-members Please see the website www.sias.org.uk for more details


The elephant in the ground: managing oil and sovereign wealth 5.30pm Staple Inn Hall Sam Wills, economist at Oxford University


December’s talk 5.30pm Staple Inn Hall TBC

MORE EVENTS ONLINE For details of events, visit www.sias.org.uk



Refreshments will be served from 5.30pm and the lecture will start promptly at 6pm. There is no need to register in advance for this meeting, and non-members are welcome. There will also be live tweeting available via #SIASNov15 during the talk – please do get involved with any comments and questions for the speakers.


Refreshments will be served from 5.30pm and the lecture will start promptly at 6pm. There is no need to register in advance for this meeting, and non-members are welcome. There will also be live tweeting available via #SIASDec15 during the talk – please do get involved with any comments and questions for the speakers.

SIAS IS ON TWITTER! Follow us on @SIAScommittee for latest news on meetings, socials and more!

SIAS IS ON FACEBOOK! Check out the SIAS Facebook page for photos from the latest social events

THE ACTUARY • November 2015 www.theactuary.com

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Succeeding in the market takes more than just getting the numbers right Mark Laidlaw, Group Chief Actuary at LV= shares his thoughts on the critical importance of giving people opportunities, encouragement and a strong platform to develop rewarding and varied actuarial careers. Things are all starting to become very real now and in a time when our minds are so focused on models, procedures and deadlines, it could be all too easy to overlook the most important component of all: the people. Leadership and development is at the very core of my role as Group Chief Actuary at LV= and my focus has largely been on building actuarial teams that are best in class and can make a key contribution to our growth agenda. Historically in the actuarial community, we’ve had great technical people but not always the best ‘people people’. To make the most of Solvency II, we need to strike that balance. I’m working hard with my teams to create actuaries of the future, who can not only operate successfully within technical roles but as true business partners. The impact of Solvency II will amplify the importance of looking beyond just the nuts and bolts. We should never just be producing numbers for numbers’ sake. It’s imperative that we are thinking about what new information means for our products, capital and businesses. For the last few years, we’ve been looking inwardly, focused on getting the processes, procedures and systems right. Now that’s done – or nearly done – it’s time to move forward and question what key organisational decisions we should be making. What are the numbers really telling? What products work well? What assets should we be investing in? What risks should we be taking, and are we being rewarded for those risks? To do this effectively, it’s crucial that we are upskilling our people and giving individuals the chance to learn, grow and truly understand the business and market we operate in. Continuous professional development (CPD) has always been of the highest importance to me. I believe it’s a core component of any strong actuarial function. It’s not just about getting the most talented actuarial professionals on board; you have to give them the space to develop, the opportunities to get involved in different projects and the freedom to share ideas and think widely about the impact of their work.


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It’s something I’m passionate about as a leader, as it empowers people to have deeper and more interesting roles, while doing great things for the business. At LV= all of our actuarial teams are based in one place. Having Life and General Insurance together presents varied challenges, HVSHFLDOO\DVGLYHUVLÀFDWLRQRIULVNLVQRZDODUJHSDUWRIRXU wider plan. Because we write various lines of insurance, we have a strong business model in this respect and risks often offset one another. This makes it all the more important that actuaries are collaborating – with each other and the wider organisation. To consistently deliver robust risk solutions, we integrate, share knowledge and work closely with other functions. A lot of my time is spent with the Board and leaders in the business, discussing what 6ROYHQF\,,PHDQVIRURXUFDSLWDOHIÀFLHQF\FRPSHWLWLYHDGYDQWDJH and the longevity of our balance sheet. As leaders, we shouldn’t just want to develop carbon copies of ourselves. The fresh ideas and perspectives that individuals bring KHOSXVÀQGLQQRYDWLYHVROXWLRQVWRRQJRLQJFKDOOHQJHVDQGEHWWHU represent our diverse base of customers and members. In the past, the industry has let itself down with development opportunities for women and I’m trying to tackle this and make sure we have the tools in place to give everyone a clear and barrier-free platform LQWRVHQLRUUROHV,¡YHZRUNHGKDUGWRUHGHÀQHRXUDFWXDULDOIXQFWLRQ and I’m proud that we now have a diverse, hugely talented team and a dynamic, engaged environment where people can get involved in exciting projects, grasp opportunities and progress fast in their careers. What’s the secret? Strong values, a commitment to talent management, an encouraging culture – and perhaps, a good dose of sea air! Visit www.jobs.lv.com/actuarial or email chelsea.bain@lv.comWRÀQGRXWPRUHDERXW our actuarial career opportunities.


23/10/2015 09:45

On my agenda features@theactuary.com

Ben Page, chief executive of the UK’s leading market research and polling firm, talks to Richard Purcell ahead of the Life Conference about predicting elections, going beyond big data, and observing human behaviour

Leading the polls 18

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On my agenda features@theactuary.com

I catch up with Ben Page, CEO of Ipsos MORI, ahead of his speech at the Institute and Faculty of Actuaries Life Conference in Dublin. Although a graduate of Oxford who counts Boris Johnson and David Cameron among his fellow classmates, and one of the most influential people in the public sector, everything about Page eschews stuffiness and convention, from his colourful shirts to his energetic and straight-talking style. We begin with Page revealing his unconventional route into market research. “It was when I was running a nightclub in Oxford that I thought about moving to London. I found a job advertised in Time Out magazine that involved interviewing people over the telephone. After a while I thought I had better get a proper job, and started as a graduate at MORI in 1987.” Page hasn’t looked back since. He was promoted, then in 2000 helped to lead a management buyout, before selling to Ipsos five years later, and becoming chief executive of Ipsos MORI in 2009. Most people probably associate the pollster with general elections, so we touch on why canvassers got the results of the last UK election so wrong. Page explains: “It was not a disaster, we were the least inaccurate pollster.” He adds: “The problem we have is people saying they are going to vote a certain way tomorrow, and then three in 100 either vote a different way or ultimately do not vote at all. That’s why the exit polls were so accurate by comparison, because – by standing outside 141 individual polling stations – we know they’ve at least voted.” On learning lessons for the future, Page believes they need tougher filters to adjust for this “over claiming” of likelihood of voting in polls. But he also says you have to understand the limitations of research. “Most people using market research know 1,000 fast-turnaround interviews won’t give you pinpoint accuracy, yet the press put too

much reliance on these polls.” He stresses that the way you conduct research and how much you spend is also important, adding: “I think that’s why the Conservative Party seemed to have a better handle on the way the election was going and where to focus resources, because they put more investment into polling in individual marginal constituencies, data that simply wasn’t available to the mainstream media.” The failure of the polls has also led to some calling for a ban on their publication. But Page is quick to point out: “A media blackout will mean banks and other organisations will commission their own polls and use this to their advantage. While this would actually mean more business for us, it is not really in the public interest.” While Ipsos MORI is well known for its work in the public sector, Page explains that the vast majority of their work is for the private sector. “We do market research on anything related to human behaviour and activity, from surveying sex workers at truck stops in Africa, to understanding bullying in abattoirs. It keeps it interesting!”

Power of observation Page describes how market research is changing. “We know people don’t always do what they say they will, because they’re sometimes not able to rationalise why they prefer one product over another, for example. They also edit experiences massively in their own mind. So increasingly we are using ethnography or passive observation to see what people actually do. This means we are starting to use techniques like facial coding and psychological response to help us understand behaviour.” When talking to Page about the company’s use of technology to observe people, such as cameras on glasses or wearable devices, there seem to be strong parallels with insurers collecting vast amounts of data. He explains: “We have so much data now, and we are finding some interesting correlations such as a link between divorce rates and cheese eating. But the challenge is to spot patterns in data that we haven’t asked the computer to find. This is the gold rush for big data.” He points out that we need to go beyond big data though: “Big data tells us what people are doing or how many are doing it, but doesn’t tell us why. Polling can tell us the answer and helps us narrate the data.” For Page, this underlines the need to layer these new techniques with traditional research, rather than replacing it entirely. He adds: “Knocking on doors is still effective, and I’m always amazed when we still get a 15% response rate from postal surveys. Much higher than anything online.”

Learning from each other The importance of analysing and narrating data in the market research world draws similarities with the work of actuaries. When I ask Page about his perception of actuaries, he responds “dry and numerical” and then pauses before concluding, “a bit like market researchers”. While he associates actuaries with predicting life spans and having the advantage of more certainty in the


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“We have so much data now, and are finding some interesting correlations, but the challenge is to spot patterns in data we haven’t asked the computer to find” demographics in the short term, he sees some similarities with the work of market researchers. “There is a spread of outcomes with actuarial work, and getting people to accept there is a range is important in our field too.” On data, another area where there is common ground, he believes privacy is a big unanswered question that we need to think about. “Some people still think you can say anything you like on the internet and that there are no consequences. What’s more, people are worried about their data but only 25% have ever changed their browser settings. This “cognitive polyphasia” – holding conflicting ideas – is a challenge.” He believes that we all have a fine balancing act to tread in using data to help people, but without intruding in their lives and being perceived as creepy. Actuaries can also be consumers of market research too, using it to help us inform new product design. “It can be difficult to do research on things that don’t exist yet. Even I couldn’t see the benefit of iPads when they were first launched. I now have three.” Page believes the key is to identify if there is a need for a product by getting under the skin of the problem, rather than asking ‘Would you buy this?’. He also points out the benefits: “Research can save you wasting a lot of money in developing new products, and also improve your return on investment on marketing.”

When I ask about examples of research that has not been used effectively, he points to Pepsi Blue. “People said they liked it during testing, but when they re-branded it failed to take off ”. He goes on to say that you can’t use market research in isolation. He believes “the user experience is key”, and that in cases like Pepsi Blue, the experience didn’t live up to what they said it would.

Future of market research Besides the importance of observation alongside traditional polling techniques, Page recognises that the industry is becoming more diverse. While technology is making surveys easier and reducing the barriers to entry, he sees the importance of innovation and multidisciplinary teams to help solve problems. “We already employ a broad range of people from economists to statisticians to documentary film-makers.” When I volunteer the idea of employing and using the skills of actuaries, he replies: “That’s an interesting idea.” I’m not sure he is 100% sold on the concept, but I did come away feeling that our skills in analysing and interpreting complex data sets means that actuaries could well be at the centre of predicting elections in the future. a

Ben Page will be speaking at the Life Conference in Dublin, 18-20 November 2015

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Pensions Annuities features@theactuary.com

Adam Michaels considers the opportunities and challenges created by a second-hand annuity market

Around five million people in the UK own annuities. From 2017, the government plans that annuity holders will be able to assign the income stream from their annuity to a third party, in exchange for a one-off payment. Historically, individuals below the age of 75 drawing defined contribution pensions typically had to buy an annuity, although government has removed this requirement as of April 2015. Annuities are unpopular (somewhat unjustly in my view), and many who were forced to buy an annuity will envy the choices available to members retiring now. The current tax system deters annuity holders from selling their annuities. The government plans to remove the tax restrictions, so that existing annuity holders can also benefit from the new pensions freedoms.

Why would a member want to sell their annuity income? Many won’t. Many will value the security that an annuity provides – a guaranteed income that continues to be paid no matter how long you live. A recent YouGov survey – commissioned by the Institute and Faculty of Actuaries in June 2015, which covered 348 annuity holders over age 55 – found that 55%


and choice for annuity holders


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of people would not want to sell their annuity, 33% would potentially be interested, and 12% didn’t know. But there are lots of reasons why people might want to sell. ● They need (or just want) cash upfront. ● They want a different form of retirement benefit. ● They want to leave money to their family when they die. ● The annuity is only a modest part of their retirement income. And members may currently be offered a sizeable sum for their annuity because of low gilt yields. If only 10% of policyholders want to sell, say, then that’s over half a million policies up for sale, with a value that could be as high as £20 billion, or possibly even more.

Will a market develop? The jury is still out, but there are some very big challenges. ● How can annuity holders be protected from making the wrong decision to sell? People tend to underestimate the capital value of an income stream. And some very old annuitants may be less able to make good decisions than they once were. ● There’s likely to be a requirement to receive financial advice. This is a mis-selling scandal waiting to happen. Will any advisers be prepared to take on risky business of this nature for an affordable fee? ● How will annuity buyers be protected against members in poor health not being completely honest about their condition? I suspect these hurdles can be cleared. There are a lot of people who want this to happen, including government, and potential sellers and buyers. That leaves the big


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question – is there a price at which annuity holders will be prepared to sell and at which buyers will see value?

Who would buy a secondhand annuity?

There is a lot of work to be done before April 2017, and it will be a challenge for buyers and advisers to be ready. It may be a ‘buyer’s market’ for those who can get their house in order in time for the initial wave of sellers. a

Insurance companies and pension schemes are the most likely buyers. A portfolio of annuities would be a bit like investing in a portfolio of bonds, but with additional longevity protection. If people live longer than expected, that puts a strain on pension scheme and insurer finances. But they would have some protection if they have invested in a portfolio of secondhand annuities, because the annuities should pay out for longer too. It won’t be easy buying annuities; understanding each seller’s remaining lifespan will be key. This skill is fundamental for insurers who sell annuities on a medically underwritten basis. However, a major issue is how insurers can treat secondhand annuities for solvency purposes. Will they get credit for the annuities reducing their overall exposure to longevity risk? Meanwhile, pension schemes will most likely want to invest via pooled funds. If there is sufficient scale, there is a great opportunity for people with the required skills, such as actuaries, to launch funds in this new area.

What happens now? Following consultation, the government has pushed the launch date back to April 2017, giving welcome breathing space for these thorny issues to be considered. It expects to publish its plans in the autumn as part of the Finance Bill 2016. Would-be sellers will be disappointed to have to wait another year.


an investment partner at LCP

November 2015 • THE ACTUARY www.theactuary.com


26/10/2015 09:43

Politics Brexit features@theactuary.com

The liberal’s dilemma With an electoral vote still on the cards in 2017, Philip Booth looks at the pros and cons of a ‘Brexit’

Supra-national authorities, such as the EU, should do two things. They should restrain governments from over-stepping their natural authority. Second, they should provide ‘public goods’ that might not be efficiently provided by nation states. These might include defence or dealing with cross-border environmental problems. The second of these functions appears to be generally better performed through international agreements such as NATO. Certainly, the EU appears to contribute little to solving international foreign policy problems. So, let’s concentrate on the first function of the EU. By promoting the free movement of goods, services, people and capital, the EU locks governments into a semi-permanent agreement, which prevents them undermining the freedoms of their own citizens. For example, there have been huge benefits from the free movement of labour, both in the form of permanent migration and also in relation to people moving around to do business. This is much more in evidence on continental Europe than in Britain, of course. Some Conservatives might argue that this undermines countries’ democratic rights. However, all governments operate under constraints designed to prevent them from wielding unreasonable power over their citizens. But, there is a problem. Many saw the creation of the single market as an important milestone on the way to promoting free trade. In fact, Ted Heath called this correctly when he argued that the single market was never meant to be a free market. The single market is best thought of as a ‘single regulatory zone’. And, once a layer of government (the EU in this case) is given the authority to regulate business in the name of promoting free trade, almost any transfer of regulatory authority is deemed legitimate. This is how we have created the regulatory monster. There is no intrinsic reason why companies operating under different regulatory systems cannot trade financial services freely. Similarly, there is no reason why all companies need to follow the same accounting standards throughout the EU or issue the same forms of prospectus when they come to market, or why stock markets should have to follow EU directives such as the Markets in Financial Instruments Directive. Indeed,

“In the name of promoting free trade, almost any transfer of regulatory authority is deemed legitimate. This is how we have created the regulatory monster”

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I have long felt myself to be European, as well as British and Scottish. Beethoven, Dante and Rembrandt are as much part of our heritage as Holst, Milton and Raeburn. I have long been in favour of some sort of European Union. Although many do not like the word, we now have a type of federation, in which states, by treaty, combine for some central functions. Comparisons can be made with the US, where the federal government has great power, and Confoederatio Helvetica, or Switzerland, where the federal government is relatively weak, and cantons, although quite small, are far stronger. But I am not happy with the EU constitution. A federal constitution can be split into two: how central matters are decided, and what powers are passed to the union. The EU’s decision-making system is poor. It is a union of governments, not of peoples. The main legislative body is the Council of Ministers, where different ministers from the state governments meet, and finalise legislative directives in secret, after the elected European Parliament has had its say. It would be better if the council consisted of two or three named individuals from each state, preferably directly elected. A simple majority in the council and in the parliament should be required. Instead of legislation being proposed only by the European Commission, members of the council or of the Parliament should be able to propose legislation. All this would be more like the constitution of the US. But there is no need to add a powerful president; consider Switzerland instead. Then there is the division of powers between the union and the states. In some respects we have not gone far enough, in others we seem to have gone too far. We need a common EU Border Agency, so that visas are issued for the whole EU, and migrants and refugees are dealt with on an agreed common basis. The union also needs some direct tax-raising powers, to avoid the annual dispute among the state governments. I suggest a common corporation tax, with, say, a 10% tax rate. Individual states could charge more. This would diminish the advantage of countries that can afford to have very low corporation taxes, like Luxembourg.

The dissatisfied federalist David Wilkie argues that reform from the inside rather than an exit is the only viable solution

“It is sad to see problems with the EU turned in Britain into a matter of Britain versus the rest” SAM KESTEVEN / AKIN FALOPE

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Politics Brexit features@theactuary.com many of these things were hardly regulated at all by government in the UK until 1986. However, the argument goes that, in order to have a ‘single’ market, all financial regulation must be the same: this lowers transactions costs and creates a level playing field. But centralising regulation at the EU level also prevents regulatory competition and centralises authority at a level of government that is totally unaccountable; it fossilises regulation; it ensures that processes can be captured by interest groups (mainly big firms and regulators); and it prevents the evolution of new ways of doing things. Furthermore, centralising regulation at the EU level increases systemic risk by promoting herding – and if that regulation promotes perverse behaviour across the EU as a whole (Solvency II promotes investment in risky government bonds, for example) risks are multiplied.

Regulation reform No matter how damaging, it seems impossible to turn back the regulatory ratchet in Brussels. Whether it is costs loaded on firms leading to lower productivity or labour market regulation leading to the tragedy of youth unemployment, the EU elite is unmoved. That is how it appears from a British point of view. So what would a good reform programme look like? When it comes to the regulation of labour markets, Brussels should have no powers. The Common Agricultural Policy is a disaster and should be scrapped. Fishing should not be regulated at the EU level. With regard to banking, insurance and other financial market regulation, the EU should have one power only – to prohibit member states from bringing in regulations that restrict trade. If the French government wishes to burden its consumers with regulation, so be it. But if a UK insurance firm establishes a subsidiary in France regulated under French law and buys services from the UK subsidiary, the French government should not be able to stop this by implicit or explicit means. The internationalisation of insurance regulation – if regarded as desirable – should happen by inter-governmental agreement between countries with similar markets and systems, such as the UK, Ireland, Canada and the Netherlands. This should be David Cameron’s renegotiation agenda, but it will not happen. For these reasons, most of my allies in Westminster think-tank land are convinced Britain should leave. But, at the moment, I am a fence-sitter. I look at Westminster and do not like what I see there either. It was the UK government that drove through Solvency II in the EU; it was the UK government that promoted the most expensive way of reducing carbon outputs and ensured that it became EU policy. And its record at home is just as bad. A government that claims to be in favour of deregulation is introducing charge caps for pensions; Harold Wilson-style training levies; and a huge increase in the minimum wage. Eurosceptics tend to suffer from nirvana fallacy – they compare the EU with all its faults to a perfect policy environment in the UK. On the positive side, since 1986, the EU has done much to promote the free movement of capital and I very much value the free movement of labour. Indeed, should we leave, my fear is we will still end up with all the EU regulation and, in addition, more restrictions on migration. At the moment, I cannot migrate firmly to one side of the fence. a Philip Booth is editorial director at the Institute of Economic Affairs and a professor at St Mary’s University, Twickenham


I see no need for commonality in many other respects. Within the UK, we have different personal laws, licensing laws, laws on abortion. Within the US, the states take different attitudes to the sale of drugs and of alcohol. There is no need for arguments in favour of ‘free trade’ to override local laws, such as employment law, so long as the rules apply to all EU citizens equally. It is sad to see problems with the EU turned in Britain into a matter of Britain versus the rest. If internal migration within the EU is a problem, is it unique to Britain, or is it a problem in other places? There is far larger cross-border employment in parts of the continent, which we hardly experience in the UK, in spite of our land frontier in Ireland. We need far better information before we can conclude that internal migration is only into the UK. As regards the current problem of refugees, we could remember that West Germany after the war had about 10 million refugees, many from Silesia, Pomerania and Prussia, parts occupied by Poland and Russia. They were Germans, but they were homeless, and many were destitute. Germany, and many other countries, have had far more experience of refugees than the UK has, and we could perhaps learn from them. If there are problems, as many in the UK seem to consider, we should have a European approach to them. What do those in other states think? The Conservatives in the European Parliament have not made good alliances with MEPs from other countries; nor has UKIP. How can we get influence that way? Indeed, it is deplorable that the British press almost wholly ignores what goes on in the European Parliament.

Change comes from within I consider reform from the inside the way forward. Mr Cameron may be able to get some of what he would like, and present it as a success; he might get nothing and recommend that the UK withdraws. In my view, this might be disastrous. Some Eurosceptics seem to assume that the UK could easily drop into the European Economic Area, like Norway or Switzerland. But if we are on the way out, why should the EU allow this? They seem to me much more likely to say that if you are out you are out, and can get no concessions other than any third-party country might. In order to control migration seriously, we would need to introduce some combination of identity cards, with address registration, as many countries have, and much tighter visa regulations. The response of the EU might be the same, so that all Britons would have to apply for visas for any trip to the continent, or perhaps even to Ireland, if it remained in the EU. Then all the British residents in the EU, including the many retired in Spain, would lose their right to live there. They might be able to stay, but if they were to leave, they might have to apply for a visa to return. You simply cannot be sure what the response might be if the UK disrupts the EU by withdrawing. So my vote about the EU, however it is worded, would be to stay in. a David Wilkie is a consultant and an academic, well-known for his actuarial articles and his stochastic investment model

THE ACTUARY • November 2015 www.theactuary.com

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Pensions Retirement features@theactuary.com

Work patterns are changing dramatically. The norm of a ‘three-box’ life course (education, paid work, retirement) is breaking down and the variety of working patterns is increasingly widespread. People are also living longer and facing the prospect of more years in retirement. Where increasing longevity is accompanied by ongoing health, one likely outcome is that people will work longer, either from a desire to remain active or from economic necessity. Recent legislation, recognising this change, allows defined contribution (DC) pensions to be accessed in more flexible ways. However, social security systems and many private pension arrangements were designed with a binary state of retirement in mind, that is, either an individual is ‘retired’ or ‘not retired’.

Retirement – a recent phenomenon Retirement age is a 20th century phenomenon and came with the introduction of state pension benefits for older people. Modern state pensions began in the UK in 1908, when a non-contributory means-tested benefit was introduced for those aged over 70. In the 1940s, the age at which these benefits became available was reduced to 65

Why retire? Anne Sander and Alan Finch look at the changing nature of life after work and ask if traditional forms of retirement are breaking down November 2015 • THE ACTUARY www.theactuary.com

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Pensions Retirement features@theactuary.com

Graph 1 12.1% of those over state pension age (SPA) still working

% 16 14 12 10 8 6

Men SPA+


Women SPA+

2 0

Source: Labour Force Survey – Office for National Statistics Notes: The use of SPA takes into account the incremental rises in female SPA since 2010

Graph 2 Proportion of workers working part time increases with age

for men and to age 60 for widows and women. From 1946, entitlement to a pension was based on earnings across working life and, for the first time, became dependent on retirement from work, as well as age. For the next 60 years there were no changes to the age at which state pension benefits could be accessed. Life expectancy in the UK has improved steadily over the 20th century but the improvements at later ages have been more recent. Concerns about increasing longevity have resulted in moves to increase the state pension age (SPA). Historically, employers encouraged individuals to retire at around SPA and although this is now illegal, there remain situations where a forced retirement age has been accepted by the courts. Healthy life expectancy has increased more slowly than overall life expectancy, so although people can expect to live longer, they will experience more of those extra years in ill-health. The potential for people to work longer depends on healthy life expectancy rather than just longer life expectancy.

SPA and private benefits The majority of defined benefit pension plans are designed to link into the SPA and cease accrual of benefits beyond that age, usually defined as the ‘normal’ retirement age. They are also typically designed to commence from a single nominated age. This provides an indicator to employees as to when they are expected to retire. The combination of social and financial factors provides strong incentives for individuals to cease participation in the workforce at around SPA.


% 90 80 70 60 50 40 30 20 10 0

Part time Full time







Source: Banks et al (2010) a Males and females combined b Excluding those who did not know their working hours

Graph 3 Over state pension age (SPA) and not ready to stop working Not ready to stop work To pay for essential items Other To pay for desirable items To boost pension pot Employer needs your experience Opportunities of more flexible working









Source: Office for National Statistics, Annual Population Survey datasets 2014

THE ACTUARY • November 2015 www.theactuary.com

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“The potential for people to work longer depends on healthy life expectancy rather than just longer life expectancy” Since April 2011, those with DC pensions have been able to defer buying an annuity beyond age 75. From April 2015, the requirement for DC plan members to purchase an annuity at retirement was removed, along with the annual ‘drawdown’ cap, significantly increasing the flexibility those people have in the timing of taking their benefits.

Changing work or retirement patterns

Graph 4 Over state pension age (SPA) and still with the same employer in 2014

2.8% 19.3%


Date joined employer 1949 – 1969

Historically, the majority of individuals planned their 1970 – 1989 retirement to coincide with the SPA, however SPA is 1990 – 2009 becoming a less reliable indicator of when people will cease 2010 – 2014 paid employment. Around 25% of those between age 50 and SPA are outside employment (neither unemployed nor in employment). The most significant reasons for those over 50 leaving employment are ill-health and caring for sick partners and older relatives. There has also always been a portion of the working population who have retired earlier 59.2% because they feel they have sufficient financial resources to Source: ONS, Labour Force Survey, April – June 2010 and 2014 meet their needs (generally people in the higher-educated, higher-income brackets). At the other end of the retirement spectrum, there has been an increase in people continuing to work beyond SPA – Nearly half of men and a third of women aged 60 to 64 years from a relatively steady 7%-8% rate during the early 1990s to who received private pension income were still in work. around 10% in 2011, representing 3.5% of the total workforce. However, these individuals were working reduced hours, By late 2014, 12.1% of those of SPA and over (13.5% of men and taking a more gradual approach to retirement than 10.4% of women) were employed (see graph 1). The fall in the traditional abrupt cessation of work. employment rates for women over SPA since 2010 is at least For those working beyond their SPA, almost 50% are doing in part the result of the rise in SPA for women, although so because they want to work rather than for economic need employment rates for women aged 50 to SPA have remained (see graph 3). relatively steady at around 70%. For those that continue working after SPA, the majority Alongside the trend towards working longer is a pattern of who work on a part-time basis do so with an employer they moving from work to retirement via a period of part-time have already been with for five years or more (see graph 4). employment. ONS statistics showed that between April and SPA is no longer a reliable indicator of when people are June 2011, 7.3% of men and 8.9% of women over SPA worked likely to retire. However, social security systems and many part-time, while 4.6% and 3.6% respectively worked full-time. private pension arrangements were designed with the An analysis of statistics collected as part of an English expectation that retirement is a binary state. Efforts to cope Longitudinal Study of Ageing showed that over a six-year with the costs of increasing longevity have focused on raising period to 2008, for those who were under SPA at that time, the SPA, allowing the deferral of the state pension and just over 30% had not changed their working status – they increasing flexibility in DC pensions. were always in full-time employment or were always in partThe changing nature of retirement looks set to continue time employment at each of the measurement points. and provides both an opportunity and a challenge to make However, over 9% of individuals appeared to be phasing further changes, which would allow the phasing of private into retirement, having moved from full-time to part-time retirement benefits and potentially state pensions. employment or from full-time to part-time to workplace This would enable older people to have sufficient inactivity over the period. income while continuing to work on a part-time basis if The same study also found that those with higher they so choose. Equally important, it may also provide education levels were less likely to leave full-time work and another tool to help reduce the strain of increasing move directly into workplace inactivity than less educated longevity on public finances. a individuals; ill-health was a significant factor in ceasing work completely; and those with a DB pension were more than twice as likely to cease work completely as those with ANNE SANDER is a member of the internal audit no private pension. Individuals who had a partner in good department at Aviva. She chairs the IFoA’s Why health but not in work were also more likely to leave Retire working party. ALAN FINCH is principal the workforce. actuary at Rowanmoor Group, a member of the IFoA DC Advisory Committee and a member of For those who do continue in employment after age 65, it the Why Retire working party is predominantly of a part-time nature (see graph 2). A follow-up study showed these trends have continued, with work and pensions increasingly operating hand in hand.

November 2015 • THE ACTUARY www.theactuary.com

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Reinsurance Insurance-linked securities features@theactuary.com


MEGA THE ACTUARY • November 2015 www.theactuary.com

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JOHN BUTLER is managing partner and head of sourcing at specialist insurance investment manager Twelve Capital

John Butler suggests how big cities can use insurance-linked securities to protect against weather risks The world’s cities have become expanding hubs for economic activity, and as more people move to metropolitan areas, further lives and assets are at risk when a natural disaster hits. As floods, storms, earthquakes and other natural hazards continue to threaten, strengthening the financial resilience of these sprawling cities is an important topic on the agenda of many governments, local authorities and large corporations. While insurance solutions are readily available for cities to cope with the financial consequences of a natural disaster – such as property damage or other forms of economic loss – innovative solutions are becoming increasingly accessible for large corporations to find more cost effective protection against weather-related risks. The insurance-linked securities (ILS) market is now around $60 billion in size and consists of financial instruments whose value is affected by an insured loss event. The solutions are increasing in popularity with investors as they are deemed to be uncorrelated to wider financial markets, as well as with insurers because, in most cases, such solutions are cheaper than traditional reinsurance products. ILS instruments use parametric-based, as well as other, triggers, and pay out on an index linked to the size and location of a natural disaster. They can protect a company against corporate losses caused by the negative effects of weather on potential cashflows or profitability of the firm. Such products are most useful in scenarios where the effect of a loss severely encroaches on the short-term cashflow of a company, and therefore proof and settlement of that claim needs to be expedited. A good example of this is the MetroCat Re catastrophe bond issued in 2013 by New York City’s Metropolitan Transportation Authority (MTA), which operates the city’s subway, bus system, bridges, tunnels and commuter railroads. After suffering a

$5 billion loss from Hurricane Sandy in October 2012, the MTA sold a cat bond to investors who received regular coupon payments in return for agreeing to pick up an element of the cost of future repair bills caused by certain natural catastrophes.

ILS vs reinsurance Traditionally, it has been property and casualty (re)insurers with risks linked to hurricanes, windstorms and earthquakes who have listed cat bonds, as they provide a way to transfer portions of risk to capital market investors. This reduces the (re)insurers’ overall reinsurance costs and frees up capital to underwrite new insurance business. While it has been less common for large corporates to directly purchase an ILS product, it is increasing in popularity as a means of providing contingent business interruption cover for those in cashflow-sensitive industries. The main attraction for large corporates is the rapid pay-out after an event. It is invaluable for a corporate so reliant on important cashflows to know there is unlikely to be six-12 months of claim settlement processes and proof of loss procedures. Most major companies can self-insure business-specific risks through their own captive insurance vehicles. However, it would be fairly simple for the corporate to access the ILS market directly from their captive insurance vehicles, and then manage that capacity directly as part of their overall risk management processes. Furthermore, there are a number of market initiatives that explain to larger corporations how they can access this type of alternative reinsurance protection within the ILS market. This includes products such as industry loss warranties, which are annual reinsurance contracts whose pay-out mechanism is linked to the total loss from a natural disaster, rather than the buyer’s own losses. More importantly, ILS solutions are generally available at a lower cost compared with insurance, simply because it is


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much more efficient and cost-effective for corporates to access the ILS market directly.

Pricing and valuation methods The way such instruments are priced can vary from structure to structure. For significantly larger perils, such as hurricanes or earthquakes, the risk is well analysed and the ILS market typically uses third-party catastrophe modelling provided by companies such as AIR Worldwide or RMS. These transactions would then be priced according to both the quantitative model outputs as well as to a number of qualitative aspects. However, for the subsidiary peril covers, such as freeze, there are a number of challenges in terms of the modelling and analysis of the risks – for instance, the accessibility and quantity of data. In the majority of such cases, a trigger would be set based on the specific reports from a weather station or a group of weather stations around the location of the risk. The difficulty, even in the developed world, is that data can be inaccurate on occasion and depends on the reporting standards of the given national metrological service. Although this situation is perhaps acceptable in the short term, a longer-term solution still needs to be found.

Investor perspective In the past, if an investor wanted to gain exposure to insurance risks, they could do this only by purchasing the equity or debt of a rated insurance carrier. Insurers typically turn to reinsurers to offload some of their risk, and, in some cases, the reinsurance company will also hedge a portion of their book as well. The end investors of such (re)insurance entities are effectively receiving a return on those net

insurance risks, presumably as part of a wider, and already diversified, investment portfolio. However, the investor ends up paying the management and infrastructural costs of each of those (re)insurance entities, diluting their returns as a result. The capital from an ILS investment is much more efficient in the sense that it avoids the sometimes substantial infrastructure costs of a global reinsurer. As a result, the return profile for the end investor is more attractive. Around five years ago, the insurance industry tried to set up companies known as mono-line insurers in Bermuda. They would only write certain profitable lines of business, such as catastrophe risk. The models were not sustainable as rating agencies looked at the nature of the profitable risk, which was extremely volatile. Although the frequency was low, the value, when triggered, was high and this forced these mono-line insurers to diversify. Almost overnight, part of the mono-line insurer’s exposure now came from less profitable business lines, which then reduced the potential return, owing to the negative effects of such diversification. Investors now turn to ILS funds, which can typically succeed in areas where some of these Bermuda start-ups in the mid-2000s could not. An ILS fund can take 1%-2% of their overall portfolio and concentrate it in some very profitable areas, which, at the same time, have no correlation to wider financial markets. The ILS market is an example of an industry that is innovative, and one that is developing to address the needs of both insurers and investors alike. As our cities continue to grow in size and complexity, both reinsurance and ILS can provide financial solutions to make them more resilient when disaster strikes. a

Table 1: Overview of insurance-linked securities (ILS) Market segment


Traditional catastrophe reinsurance


Market size

Growth drivers

US$ 238bn

New sponsors, emerging markets, developing markets

Cat bonds

US$ 23bn

New sponsors, emerging markets, developing markets, market acceptance

Private ILS

US$ 29bn

Solvency II, institutional investor demand

Private ILS – sidecars

US$ 6bn

Solvency II, institutional investor demand

Private ILS – industry loss warranties (ILW)

US$ 4bn

Solvency II, institutional investor demand

THE ACTUARY • November 2015 www.theactuary.com

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Advice Of a sort features@theactuary.com

actuary Dear Agony actuary I have written a musical based upon The Actuaries’ Code, entitled Anything Goes, which I think has the potential to be the biggest smash hit of the century. It has five acts – one representing each of the code’s values – and starts with the philosopher Friedrich Nietzsche being surgically transformed into a horse following an ill-advised wager with Richard Wagner. He then falls in love with a young actuary called Edna, who says she will marry him only if he can get all the founding members of Pink Floyd installed as members of the Pensions Board. The next acts show Nietzsche’s attempts to fulfil his challenge, taking pains to comply with The Actuaries’ Code. Ultimately, he fails, because he can’t remember the name of the drummer, and can’t Google it because of his hooves. He ends up sinking into a depression and, in the final act, commits suicide, deliberately breaking his leg at the Grand National. This has the makings of a great musical. But nobody else agrees and I can’t get backing. Is it the actuarial slant that’s putting them off ? Can you help make it more saleable? Name and address supplied Well it’s difficult Well, difficult to know where to start really. Have you been drinking? I have received some unusual questions in the past few months, but yours wins the prize for sheer lunacy. However, for what it is worth, here is my advice. First, it’s important that you embrace the spirit of professionalism embedded within the Code, and call your musical something other than Anything Goes. This name implies our profession is a modern-day Wild West rather than the slick, well regulated body of financial experts that we are. Second, five acts is excessive and you should just pick the most important three values. People like the number three – you will know that when giving pension scheme trustees options for their actuarial assumptions, you always give them three. And they always pick the one on the left. It is not easy to prioritise the values, but I would say probably the least important are

“Nietzsche was around before the profession had risk management as one of its core disciplines, so the inevitability of human error was not drummed into him”

compliance and communication, as clients are better off being advised by law-breaking poor communicators than by immoral incompetents. You may have different views (in which case, please write a letter to the editor to explain why). Incidentally, I deduce from your summary that Nietzsche is also an actuary in the musical, as he tries to comply with The Actuaries’ Code. Unless you know something I don’t, and the latest draft of TAS 100 has extended the definition of ‘actuarial work’ to include all projects carried out by anyone ever? Turning to your question, “Is it the actuarial slant that is putting them off ?”, I have much confidence in saying no. I have spent some considerable time puzzling out what your Nietzsche/horse transmogrification can possibly mean, and have concluded that it must be an allusion to Nietzsche’s idea of the Übermensch. Perhaps you are saying that, just as Nietzsche could not be transformed into a successful horse, the human cannot reach the lofty ideal of the Übermensch, or ‘superhuman’. You think Nietzsche was wrong to hold us to such high standards, fallibility being an essential part of human nature? If so, you must forgive Nietzsche this failing, as he was around before the profession had risk management as one of its core disciplines, so the inevitability of human error was not drummed into him. He also probably never read APS X2. Or maybe you are implying that, just as the horse is the personification of anatomical beauty and animalistic strength, and just as the Übermensch is the ultimate human, the Code-compliant actuary is the ultimate in professionalism and excellence? In which case, I would agree with you. One can never be too compliant, competent, careful and impartial. And the more one exhibits high integrity and good communication skills, the better, I say. Or, possibly, you just really like horses. Anyway, I wish you luck in getting your actuarial musical onto the stage. I give you my word that if ever it gets performed, I will be in the audience with all my friends. We may bring vegetables. Possibly some sugar lumps for Nietzsche. Yours sincerely Agony actuary

November 2015 • THE ACTUARY www.theactuary.com

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At the back Coffee break puzzles@theactuary.com




Solvers are encouraged to locate a set of connected solutions which are hinted at by a hidden message in the completed grid 1














Across 1 Adder with beady look? (6) 5 Rude leader dropped into every second African leader’s country (8) 9 Twist open strange oily component (6) 10 Fruit accompanied by infusion of spirit? (7) 11 Mull location for Conservative playing Ombre inside (9) 12 Moisten with tear shed (5) 14,20 She lay wounded, or was it he? (6) 16 Musician James Last of Essex I hinder working covertly (4,7) 19 All linesmen disturbed by book character (6,5) 20 See 14 22 Something to sit on while instruments are shown with son’s promotion (5) 23 State of Montana is changing A&E organisation (9) 27 River company following alternative in Oriental introduction (7) 28 Girl takes the lead in volunteers (6) 29 Atoll extremities supported by the German Marshal from Island (8) 30 Nota bene: Fishing prohibited here when King replaces Kingsley (2,4)




2 3











© Nylfia





For a chance to win a £25 Amazon voucher, please email your crossword solution to: puzzles@theactuary.com by Wednesday 21 December

4 5 6 7 8 13 15 17 18 21 24 25 26

Bribe given to universal donor in ancient Japan (5) Commune in Pays de la Loire where there’s capacity for the French to hide in popular surroundings (6) Caused oneself harm describing dim females (4,6) Tribe disturbed by flea, for instance (5) Advanced in fast time (4) Singer accepting assistance in Australia (8) Transform with setter to explain on the telephone (9) Duke rising to distinction in France (10) Bun or two seller peddled? (5,4) Computer Hal with character added in every situation (3) Individual mixing tonic indoors is alerted (2,6) Permission to climb given audibly (6) Key to 4 Roy broke (5) Russian location where hooker docks latterly in reverse? (5) County found in this direction (4)

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HAVE YOU GOT WHAT IT TAKES? For information on IQ testing in your area, visit www.mensa.org.uk For a chance to win a £25 Amazon voucher, email your solution to puzzle 647 to: puzzles@theactuary.com by Wednesday 21 December


Fuel F uel c crisis risis Mensa puzzle l 647

A car has travelled 30 miles at 70 mph. It started its journey with eight gallons of fuel but its tank has been leaking throughout the journey and is now dry. The car completes 30 miles per gallon. How many gallons of fuel does it leak per hour? TERMS AND CONDITIONS The prize will be awarded for the first correct entry drawn at random from those received before the closing date. The winner’s name will be announced in the next edition. Please note, the puzzle editor’s decision is final and no correspondence will be entered into. We reserve the right to feature the winner’s name in The Actuary. Your details will not be passed to any third party in connection with this draw.

Mountain to climb Mensa puzzle 648

Coining it in Mensa puzzle 649

Place together three word bits in any order to give the name of a mountain range.

A collection has raised £21.59. It contains four different denominations of coins and the largest denomination is £1. Unusually, there is exactly the same number of each coin.

What is it?

Missing mystery Mensa puzzle 650 What number should replace the question mark?

? 8 1



How many of each coin is there and what are their values?

3 4 2 5 8

2 4

9 7

4 2

3 6 1

4 3

1 5 2 ♠ 5432 ♥9 ♦ 76543 ♣ 854

Bridge puzzle 58 No such thing as a free lunch A similar deal to last month’s – but now you are sitting West. Hoping to get a look at a dummy without a heart void, you lead ♥A followed by ♦2. Partner plays ♦10 (bottom of a run ♦KQJ10) which is beaten by South’s ♦A. South then leads ♠A, onto which East plays ♠J, and follows up by leading out ♣AK and... ♠6! Partner discards a club.

N ♠ 98 ♥ AKQ87642 W ♦2 ♣ J3 S

Having won what looks like a free trick, you are left with just your last seven hearts.


Does it matter which you lead? If so, why?

W 4♥ (1) P

Bridge puzzle provided by David Lampert




S 4♠

These puzzles are sponsored by:


p34_35_nov_crossword_puzzles.indd 35

November 2015 • THE ACTUARY www.theactuary.com


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puzzles@theactuary.com 11


Tea for two Mensa puzzle 643 Rearrange the letters of

‘MERRY ODD TEA MAKER’ to give two types of animals.


P S O F F I C E T I A A W F U L S T P H A Y F E V N L U N I T S L N P T E E T H E I I M A S S A C A P T T R I B U N E N S 9









ANSWER: Meerkat and dromedary Congratulations to this month’s winner – Clare Cherrett, Teachers Assurance




















Bridge puzzle 57 Even aYarborough can be good! ♠ 7654 ♥9 ♦ 76543 ♣ 754


W 4♥ P


Grid-locked? Flight stimulator Mensa puzzle 644 Mensa puzzle 645

ANSWER: Six. On each row the two outer numbers are multiplied to give the centre two.



Congratulations to this month’s winner – Kathryn Willis

What are they?

What number should replace the question mark in the grid?


© Nylfia

At the back Coffee break

Use the letters given to complete the square so that four other words can be read downwards and across. What are the words?

AAEEELNNRRR RSSUU ANSWER: Inure, lunar, orals and terse.



♠ AKQ1032 ♥J ♦ A98 ♣ AK2



S 4♠

As South, you pick up this superb hand and hear West open 4♥, vulnerable. With 4 losers, you forget any idea of slam and bid 4♠. East considers 5♥ but with the unfavourable vulnerability and the possibility of 2 down doubled (-500), decides to pass. West leads ♥A followed by ♦2, clearly a singleton when East plays ♦10 (bottom of a run ♦KQJ10). You win ♦A. Can you make your contract? Draw two rounds of trumps. Now lead a diamond. East wins and will play a club. Win ♣A and play a 3rd diamond. East wins and plays another club. Win ♣K and play a low spade to Dummy’s ♠6. Ruff a diamond high and play another low spade to Dummy’s ♠7. Now discard the losing club on Dummy’s 5th diamond. Despite Dummy’s Yarborough, there were 2 entries with ♠7 and ♠6.

Nine of the best Mensa puzzle 646 Can you find a nine-letter word that begins with ‘SU’ and ends with ‘US’? ANSWER: Sumptuous

Bridge puzzle provided by David Lampert


THE ACTUARY • November 2015 www.theactuary.com

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At the back Student student@theactuary.com

Student Jessica Elkin offers advice on the use and abuse of business diction, keeping it simple, and avoiding ‘slanguage’ at all costs

I can admit my confusion because, having mentioned my problem to a super-brainy senior colleague, he confessed that when his partner, who works in banking, uses the term ‘wrapper’ with reckless abandon, he normally just assumes “it’s something way too complicated for me to understand”. And if he doesn’t know, I can feel better about my own ignorance.


In cahoots

“Jason flagged some tweaks that were needed in the report, so we’ll touch base later – in the meantime, can you take ownership and action the next steps?” Cringe. I was recently chatting to colleagues about our most hated buzzwords and jargon in the workplace, and our casual survey concluded that there are a lot. Anyone you ask about this will have their own bugbears. Mostly we seem to be aggrieved by just how poncey they sound. ‘Take offline’ instead of delay. ‘Synergise’ instead of combine. ‘Buy-in’ instead of engagement. ‘Universe’ to mean simply everything in that context – for instance: ‘in the insurance universe’, which essentially means ‘in insurance’. Personally, I’m not a fan of people having different ‘hats’ on – a fairly absurd figure of speech. Having your company trustee hat on, or your strategic consultant hat on, or whatever. It simply means from the point of view of that particular position. With my student editor hat on, I find it to be overused.

Usage and abusage But sometimes it’s more than that; sometimes it’s the way the words are used that gets our goat. ‘Tweak’ made the list because of its regular use to mean extensive alterations rather than its true meaning of small refinements. A scheme actuary in my firm hates ‘prudent’ as an example of techy actuary-speak. Another colleague believes


p37_nov_student•CT.indd 37

‘core competencies’ to idiotically underrepresent the sorts of skills you might expect of your staff in practice – you’d look for proficiency over adequacy, surely? Some financey words even seem to cloud meaning, such as ‘wrapper’. Tax wrapper, services wrapper, product wrapper, and so on. I have never particularly understood what its actual meaning is, if anything. In theory, I’m meant to be smart, so I Googled it to see if I was being a dunce, and the internet can’t seem to agree on its meaning either.

We all do it though, don’t we? As actuaries, or actuaries-in-waiting, it’s easy to absorb the common parlance that surrounds you, and reflect it back. While researching this piece, I came across plenty of phrases I’m guilty of using. In an earlier draft of this column, I nearly used the phrase ‘wholesale change’, which I think we can all agree makes the list. Maybe, on some level, we’re simply trying to fit in, or sound as fancy and clever as everyone else does to our eardrums. Unfortunately for those of us struggling with the CA3 exam, at least half of our job is communication. This is particularly true in client-facing roles, and also while working with more junior colleagues. In most areas of our role, we are going to be working with – I can’t resist dropping in a clanger, just for fun – ‘asymmetry of knowledge’. So it’s important to be non-sophistiqués in our wording as much as we can. It’s more than that, though. Finance is an area of opacity for most of the general public. The average person does not feel comfortable in some areas of finance – such as pensions, for example – even though it is vital that the nation gains an understanding. If we want the public to engage better with savings and protection, as it really must, we should try not to couch what we do in jargon. If you start from a position where you’re using esoteric language to describe something, the listener is just going to switch off. It’s not like we can ban a list of words and expressions; nor would it be desirable to do so. However, if we can keep our language both simple and informative, we may find our audiences more appreciative of what it is we have to say. Moreover, the English language has a vast vocabulary. Let’s get creative! I’ve probably made some egregious faux pas here myself. Feel free to let me know at student@theactuary.com – or tell me your own hated business jargon. Then I can avoid it at all costs. a

November 2015 • THE ACTUARY www.theactuary.com


26/10/2015 09:51

At the back Appointments



Moves Zoe O’Donnell (below left). She previously worked as an actuary for various pension consultancies, including Aon Hewitt and Thomson Dickson Consulting. Deloitte, the business advisory firm, has appointed director Marian Elliott (above) as head of its trustee advisory service. Based at the firm’s London office, she takes on a role to further develop its trustee advisory practice.

consultancy experience in the pensions market, and will lead and expand Deloitte’s pensions and reward business in London. Grant Thornton has announced the appointment of

Barnett Waddingham has appointed Lucy Blanchard (right) as a senior client account manager within its workplace wealth team. She has more than 10 years’ experience in the pensions industry, having previously worked as both a defined contribution

Deloitte has also appointed Will Aitken as leader of its national DC and employee benefits business. Aitken joins with more than 20 years’

a Fellow of the Institute and Faculty of Actuaries.

consultant and actuarial analyst at Mercer. Endurance Specialty Holdings has announced that Christopher Gallagher (above right) will assume the position of chief risk officer and group actuary. He joins from AXIS Capital,


TOM ASHMORE How do you relax away from the office?

Mazars, general insurance consulting.

The odd game of squash when I can find the time, a few beers with some mates and any other way I can avoid studying!

Let’s just say that you wouldn’t be able to print it.

What motivates you?

What is the funniest thing that has happened to you recently?

Self-betterment… and beer.

Hearing about a friend’s swimming trunks malfunction at the start of a backstroke race…

What would be your personal motto?

Alternative career choice?

It’s not the things you do in life you regret…

Underwear model? Perhaps not, something nerdy I’m sure!

Name five dream companions to be stuck on a desert island with? Taylor Swift, Emma Watson, my best mate, a bartender and a slow-working shipwright.

What’s your most ‘actuarial’ habit? Overthinking everything.

Favourite Excel function? Offset and Match do make a beautiful combination.



Employer and area of work How would your best friend describe you?

where he has served as chief risk officer for the AXIS Insurance segment since 2007. Prior to that, Gallagher was a senior manager with Ernst & Young from 2001, where he was a leader in their insurance and actuarial advisory practice based in London. He is

Aon Benfield has appointed Colin Dutkiewicz as director of the firm’s accident, health and life team. In his new role, Dutkiewicz will be based in London. He joins Aon from Swiss Re, where he spent five years in the roles of head of pricing (Africa), client markets director (UK & Ireland), and, most recently global corporate actuary.

What song best describes your work ethic? Ripple in the Water – Pat Monahan

Greatest risk you have ever taken? My friend and I proving

our aim by taking it in turns to stand in front of a dartboard. I still don’t know why we did that.

If you could go back in history, who would you like to meet? My Grandad. I hear we’d have got on very well.

If there was a movie produced about your life, who would play you, and why? It would have to be Martin Clunes – no one else has big enough ears.

If you could be anyone else, who would it be? Anyone else will do… although Tom Brady (New England Patriots) wouldn’t be bad.

Do you know an actuary destined for greatness? You can nominate an Actuary of the Future by emailing


THE ACTUARY • November 2015 www.theactuary.com

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A P PO I N TME N TS To advertise your vacancies in the magazine and online please contact: Emmanuel Nettey +44 (0) 20 7880 6234 or emmanuel.nettey@redactive.co.uk

Highlighting Opportunities HFG’s consultants specialise in matching you to the right role at the right company. Call us –‘†ƒ›–‘Šƒ˜‡ƒ…Šƒ–ƒ„‘—–›‘—””‡“—‹”‡Â?‡Â?–•ǥƒÂ?†–‘ƤÂ?†‘—–™Šƒ–‘’’‘”–—Â?‹–‹‡•ƒ”‡ƒ˜ƒ‹Žƒ„Ž‡Ǥ Ben Hickey GI Perm +44 (0) 207 337 8859 ben@hfg.co.uk

William Gallimore Director: GI Perm +44 (0) 207 337 8826 william@hfg.co.uk

Rupa Pithiya GI S2/Interim +44 (0) 207 337 1200 rupa@hfg.co.uk

David Curran GI Perm +44 (0) 207 337 1201 david@hfg.co.uk

General Insurance - Permanent roles Actuarial Manager



•Â?ƒŽŽŽ‘›†ǯ••›Â?†‹…ƒ–‡‹•Ž‘‘Â?‹Â?‰ˆ‘”ƒÂ“Â—ÂƒÂŽÂ‹Ć¤Â‡Â†…–—ƒ”›–‘™‘”Â?…Ž‘•‡Ž› with the Chief Actuary and lead the team. The role will work across pricing, reserving and capital modelling and given the size of the business, very closely with the Underwriters and provides an exciting challenge for someone looking for a varied role. For more information please contact: william@hfg.co.uk REF: WG1001

—Â?‹“—‡”‘Ž‡Šƒ•ƒ”‹•‡Â?ƒ–ƒƤ”Â?™Š‘ƒ”‡Â?ƒÂ?‹Â?‰ƒÂ?‹Â?’ƒ…–‹Â?–Š‡ personal lines space. They are looking for someone to lead their pricing function whilst working across a range of lines of business. The right ’‡”•‘Â?•Š‘—Ž†Šƒ˜‡ƒ•–”‘Â?‰’‡”•‘Â?ƒŽŽ‹Â?‡•„ƒ…Â?‰”‘—Â?†ƒÂ?†‡Â?Œ‘› Â?ƒÂ?ƒ‰‹Â?‰Â•Â–ÂƒĆĄÇ¤ ‘”Â?‘”‡‹Â?ˆ‘”Â?ƒ–‹‘Â?’Ž‡ƒ•‡…‘Â?Â–ÂƒÂ…Â–ÇŁ william@hfg.co.uk REF:WG1002


Deputy Solvency II Actuary

Í‹Í Í˜Â?ÇŚ͙͙͋͘Â?Â„ÂƒÂ•Â‹Â…ÇĄ‘Â?†‘Â?

We currently have a number of Syndicates who have opportunities in their Capital teams due to growth ahead of January 2016 and beyond. This role ‹Â?…Ž—†‡•Ž‹Â?‡Â?ƒÂ?ƒ‰‹Â?‰–™‘Œ—Â?‹‘”…–—ƒ”‹‡••‘–Š‹•’‡”•‘Â?•Š‘—Ž†‡Â?Œ‘› Â?‡Â?–‘”‹Â?‰ĆŹ†‡˜‡Ž‘’‹Â?‰Â•Â–ÂƒĆĄÇ¤Â?‘™Ž‡†‰‡‘ˆ‡Â‡Â–Â”Â‹Â…ÂƒÇĄ ‰Ž‘‘ƒÂ?†š…‡Ž •›•–‡Â?•ƒ”‡ƒŽ•‘”‡“—‹”‡†ǤŽ‡ƒ•‡‰‡–‹Â?–‘—…Š–‘†‹•…—••ˆ—”–Š‡”†‡–ƒ‹Ž•Ǥ For more information please contact: david@hfg.co.uk REF: DC1001

Consultant Analyst


Is your role repetitive or do you feel a lack of progression? A global ’”‘ˆ‡••‹‘Â?ƒŽ•‡”˜‹…‡•Ƥ”Â?ƒ”‡”‡…”—‹–‹Â?‰‹Â?–‘–Š‡‹”ƒ†˜‹•‘”›†‡’ƒ”–Â?‡Â?–Ǥ Š‹• ‘’’‘”–—Â?‹–› ‘ƥ‡”• ƒ ˆƒÂ?–ƒ•–‹… ’Žƒ–ˆ‘”Â? ˆ‘”

 •–—†‡Â?– …–—ƒ”‹‡• to continue their exams and get maximum exposure to a range ‘ˆ †‹ƥ‡”‡Â?– ’”‘Œ‡…–• ™‹–Š‹Â? „‘–Š Ž‘›†ǯ• ƒÂ?† Â?‘Â? Ž‘›†ǯ• Â?ƒ”Â?‡–•Ǥ For more information please contact: ben@hfg.co.uk REF: BH1001

Í‹Í&#x;͘Â?ÇŚÍ‹Í Í˜Â?Â„ÂƒÂ•Â‹Â…ÇĄ‘Â?†‘Â?

Â? ‘’’‘”–—Â?‹–› Šƒ• ƒ”‹•‡Â? ‹Â? ƒ Ž‡ƒ†‹Â?‰ Ž‘›†ǯ• •›Â?†‹…ƒ–‡ ˆ‘” ƒÂ? ƒÂ?„‹–‹‘—• Actuary who wants to build their Solvency II experience. Acting as the deputy to the Head of Solvency II, you will be an integral part in streamlining their technical provisions. There will be responsibility for senior stakeholder and regulatory management across the whole group. For more information please contact: david@hfg.co.uk REF: DC1002



‘ ›‘— Šƒ˜‡ ƤÂ?ƒŽ ‡šƒÂ?• –‘ •‹– ‹Â? …–‘„‡” ƒÂ?† †‘Â?ǯ– ‡š’‡…– ƒ •—Ƽ…‹‡Â?– ’ƒ› ”‡™ƒ”† —’‘Â? Â“Â—ÂƒÂŽÂ‹Ć¤Â…ÂƒÂ–Â‹Â‘Â?ÇŤ ‘ ›‘— ™ƒÂ?– –‘ ‰‡– Â?‘”‡ ”‡•’‘Â?•‹„‹Ž‹–› ‘” …ŠƒÂ?‰‡ ‹Â?–‘ ƒ †‹ƥ‡”‡Â?– •’‡…‹ƒŽ‹•Â?ÇŤ Â? ‹Â?–‡”Â?ƒ–‹‘Â?ƒŽ ‹Â?•—”‡”ǥ Š‡ƒ†“—ƒ”–‡”‡† ‹Â? –Š‡ Ǥ ƒ”‡ Ž‘‘Â?‹Â?‰ ˆ‘” ƒ Â?‡ƒ”Ž› Â“Â—ÂƒÂŽÂ‹Ć¤Â‡Â† …–—ƒ”› –‘ Œ‘‹Â? –Š‡‹” ƒ’‹–ƒŽ –‡ƒÂ?Ǥ Š‹• ”‘Ž‡ ‹• ƒ ‰”‡ƒ– •–‡’’‹Â?‰ •–‘Â?‡ –‘ Â?‹…Â? •–ƒ”– ›‘—” ƒ…–—ƒ”‹ƒŽ …ƒ”‡‡” ‹ˆ ›‘—ǯ”‡ ‡ƒ‰‡” ˆ‘” ƒ Â?‘˜‡ ‹Â?–‘ …ƒ’‹–ƒŽ Â?‘†‡ŽŽ‹Â?‰Ǥ For more information please contact: ben@hfg.co.uk REF: BH1002

General Insurance - Contract roles ”‹…‹�‰‘�–”ƒ…–‘”•

Í‹Í Í˜Í˜ÇŚ͙͋͘͘͘’‡”Â†ÂƒÂ›ÇĄ‘Â?†‘Â?

Reserving Contractors

Í‹Í Í?͘ÇŚ͙͋͘͘͘’‡”Â†ÂƒÂ›ÇĄ‘Â?†‘Â?

A highly renowned insurer is looking for a Pricing Contractor for maternity cover. Working closely with the Underwriters you will „‡ ‹Â?˜‘Ž˜‡† ™‹–Š ™‘”Â?‹Â?‰ ƒ…”‘•• ƒŽŽ Â…ÂŽÂƒÂ•Â•Â‡Â•ÇĄ ‘ƥ‡”‹Â?‰ —Â?†‡”™”‹–‹Â?‰ support, as well as developing and enhancing existing rating models. For more information please contact: rupa@hfg.co.uk REF: RP1001

‹–Š –Š‡ ”‡…‡Â?– …ŠƒÂ?‰‡• ‹Â? –Š‡ Â?ƒ”Â?‡–Ǥ Š‹• Ž‡ƒ†‹Â?‰  ‹Â?•—”‡” ‹• Ž‘‘Â?‹Â?‰ ˆ‘” ƒ •–”‘Â?‰ ‡•‡”˜‹Â?‰ Â…Â–Â—ÂƒÂ”Â›ÇĄ ™‹–Š ƒ ™‡ƒŽ–Š ‘ˆ Ž‘›†ǯ• Č€ ‡š’‡”‹‡Â?…‡Ǥ  ‘— ™‹ŽŽ „‡ ”‡•’‘Â?•‹„Ž‡ ˆ‘” –Š‡ †‡˜‡Ž‘’‹Â?‰ –Š‡ ‡…ŠÂ?‹…ƒŽ Provisions under S2, as well as taking responsibility for the reserving ’”‘…‡••Ǥ ‘— Â?—•– „‡ …‘Â?Ƥ†‡Â?– ™Š‡Â? †‡ƒŽ‹Â?‰ ™‹–Š •‡Â?‹‘” •–ƒÂ?‡Š‘Ž†‡”•Ǥ For more information please contact: rupa@hfg.co.uk REF: RP1002

Capital Contractors

Solvency II Contractors

Í‹Í Í˜Í˜ÇŚ͙͚͋͘͘’‡”Â†ÂƒÂ›ÇĄ‘Â?†‘Â?

This established insurer is looking for a Contractor, for an initial 6 month ’‡”‹‘†•—„Œ‡…––‘‡š–‡�•‹‘�–‘™‘”�™‹–Š‹�–Š‡‹”…–—ƒ”‹ƒŽ–‡ƒ�Ǥ‘—™‹ŽŽ„‡ involved across the business predominantly within capital modelling and be ‹�˜‘Ž˜‡†‹�˜ƒŽ‹†ƒ–‹‘�ƒ�†’ƒ”ƒ�‡–‡”‹•ƒ–‹‘�™‘”�Ǥ‘—™‹ŽŽƒŽ•‘„‡‡š’‘•‡†–‘ other teams and be expected to assist in ad-hoc risk, reserving and pricing work. For more information please contact: rupa@hfg.co.uk REF: RP1003

+44 (0) 207 337 8800


This leading Insurer is looking to recruit a Solvency II Actuary with Internal ‘†‡Žƒ�†”‡‰—Žƒ–‘”›‹�–‡”’”‡–ƒ–‹‘�‡š’‡”‹‡�…‡Ǥ‘„‡•—……‡••ˆ—Ž›‘—�—•– have up to date S2 knowledge and know how to apply them practically to the business as well as experience in reviewing and challenging the model. For more information please contact: rupa@hfg.co.uk REF: RP1004

™™™ǤŠˆ‰Ǥ…‘Ǥ—Â? November 2015 • THE ACTUARY 39 www.theactuary.com

ACT Rec Nov15.indd 39

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Appointments Ground Floor Pellipar House, 9 Cloak Lane, London EC4R 2RU | 0207 332 5870 | actuarial@mansionhouse.co.uk www.mansionhouse.co.uk



Ben Whalley whalleyb@mansionhouse.co.uk

Excellent opportunity to join the London based team of a global Pensions, Employee Benefits and Investment Consulting firm, currently seeking a Scheme Actuary. The successful candidate will be a strong client facing actuary, capable of taking on a portfolio of existing clients. Progression into a senior business strategy role is on offer. Ref: MH 56821


Our client is a global consultancy business seeking to invest in their buoyant Investment Consulting team. The successful candidate will have a real ƃair for delivering advice to DB clients on a diverse range of technical issues, and will have the necessary skillset and experience to become a trusted advisor to their client base. CFA or FIA candidates will be considered technical expertise, practical experience and in depth market knowledge is essential. This is an excellent opportunity to join a growing, close knit team with a global reach. Ref: MH 51202


Samantha Yee yees@mansionhouse.co.uk

FRANCE/BELGIUM/LUXEMBOURG Dior Musombo musombod@mansionhouse.co.uk


A growing Insurer has engaged Mansion House for a specialist search to expand the actuarial team. There are a range of part to qualiƂed opportunities across the Pricing, Reserving and Capital functions. Ideally you will hail from a GI background, however exceptional life candidates who are looking to make the move across to GI maybe considered. We are looking for actuaries with outstanding academics and, if not already qualiƂed, be making steady progress towards your FIA designation. Candidates must be Ƃrst-rate communicators, adept at dealing with key stakeholders of all levels. Study support provided. Ref: MH 23928

CONSULTING EXECUTIVE LONDON £ generous remuneration package

Leading consultancy is seeking exceptional actuaries with 2-5 years’ experience across the Capital and Reserving space. This is an opportunity for an ambitious GI actuary looking for variety and excitement in their day to day role, to get involved in a range of projects with Lloyds syndicates, large international insurers as well as regulators. Communication skills are of the utmost importance as stakeholders will be senior management. Other essential qualities include dedication, determination and technical excellence. Ref: MH 24124



Emmanuel Frossard frossarde@mansiohouse.co.uk

A warm welcome to Elodie Hong Tuan Ha, who joined our growing European Actuarial and Risk Team in September 2015, covering the French market. What brings you to London? Moving to London was a long-term project. Following a wrst rewarding experience in 2011, I decided to move back to the city after graduation. I feel London is a very dynamic city, convenient for professionals. It is also an exciting city with a large number of exhibitions and musicals which I enjoy exploring. Sum up recruitment in 3 words: Relationships, diligence and timing.



Julia Dunkelberg dunkelbergj@mansionhouse.co.uk

THE ACTUARY • November 2015 www.theactuary.com

ACT Rec Nov15.indd 40

What’s your favourite part of recruitment? My favourite part of recruitment is building long-lasting relationships in order to deliver results and satisfaction to both clients and candidates, as well as developing a deep understanding of my specialist sector.

Education Background: MSc. In Strategic Management, HEC Paris Certiwcate Global Risks, HEC Paris PharmD, Lyon-I University Professional experience: Prior to joining MHR, I worked in a management consultancy wrm in Paris, then a recruitment business in London, focusing on actuarial and insurance clients in the French speaking markets. Languages: I am a native French speaker and also yuent in English and Vietnamese.

Elodie Hong Tuan Ha Consultant Actuarial & Risk Direct Tel : +44 (0) 207 332 5884

26/10/2015 17:16

London : Chicago : Hong Kong : Singapore : Shanghai : Zurich


Funding and Covenant Manager, London dŽάϳϱ͕ϬϬϬнĂƌ͕ĞŶĞĮƚƐΘŽŶƵƐ









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November 2015 • THE ACTUARY 41 www.theactuary.com

26/10/2015 17:16


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Our client has ambitious plans on a wellestablished syndicate and a new Syndicate. The role encompasses a wide variety of actuarial work inc pricing, reserving and capital. Main responsibility is Reserving. ,GHDOO\\RXĂŞOOKDYHSULRU/0H[SHULHQFH

As part of this small yet growing consultancy you will join the leaders of the business as Director. Youâ&#x20AC;&#x2122;ll set the strategy and direction of the business. Both BD and project delivery are vital. FIA with over 10 \HDUVĂŞH[SHULHQFHUHTXLUHG

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London Up to ÂŁ75,000 PERMANENT

+44 (0)20 7256 9777 |




PRICING ANALYST London ÂŁ57,000 The opportunity on offer is Commercial Lines Principal Pricing Analyst. You will provide analytical support and insight to inform and inďŹ&#x201A;uence pricing decisions and strategy, with a responsibility for ensuring robustness of output. For a conďŹ dential discussion please contact Bradley on 0207 621 3771 or b.doyle@darwinrhodes.com


London ÂŁ40,000 - ÂŁ50,000

CONSULTANT â&#x20AC;&#x201C; LIFE INSURANCE & RISK MANAGEMENT Indonesia ÂŁAttractive base salary & bonus Involved in M&A, risk management and strategy as well as traditional insurance projects around SEA. Some travel. Looking for bright, presentable team player of minimum 3 years of experience. Supportive, professional environment with strong focus on career development. Will sponsor the right candidate. For a conďŹ dential discussion please contact Dan Lee on +851 3101 0930 or dan.lee@darwinrhodes.com.hk




Bristol ÂŁ40, 000 - ÂŁ80,000

London ÂŁ30,000 - ÂŁ60,000

Weâ&#x20AC;&#x2122;re looking for part and fully qualiďŹ ed candidates to join our clients Bristol team because they are looking for fresh ideas and innovative minds to assist with a number of projects in the Life Actuarial ďŹ eld. Contact Adam Goodwin who is based in Bristol for an informal discussion.

Large UK based Insurance ďŹ rm are looking for part qualiďŹ ed actuaries all the way up to 1 year post qualiďŹ ed to expand their retirement team.

For a conďŹ dential discussion please contact Adam on 0207 929 7667 or a.goodwin@darwinrhodes.com

For a conďŹ dential discussion please contact Clinton on 0207 929 7667 or c.poore@darwinrhodes.com

Must have excellent communication skills and a good academic background.

THE ACTUARY â&#x20AC;˘ November 2015 www.theactuary.com

ACT Rec Nov15.indd 42

26/10/2015 17:16

www.theactuaryjobs.com „„›‡’‡•– Life Perm ή͜͜ȋ͘Ȍ͚͙͛͛͘͘͟͟͠͠ ƒ„„›̻Šˆ‰Ǥ…‘Ǥ—

‡‘”‰‡‹”† Life Interim ή͜͜ȋ͘Ȍ͚͛͛͘͘͟͟͠͠͞ ‰‡‘”‰‡„̻Šˆ‰Ǥ…‘Ǥ—

”‹̹‘‡ŽŽ Risk ή͜͜ȋ͘Ȍ͚͙͚͚͛͛͘͘͟͟ ‡”‹̻Šˆ‰Ǥ…‘Ǥ—

Life insurance roles £40k - £60k basic, London


„‘—–‹“—‡…‘•—Ž–ƒ…›ƒ”‡Ž‘‘‹‰ˆ‘”ƒ’ƒ”–Ȁ‡ƒ”Ž›“—ƒŽ‹Ƥ‡†…–—ƒ”›–‘ Œ‘‹–Š‡‹”Ž‹ˆ‡†‹˜‹•‹‘ǤŠ‡”‘Ž‡ˆ‘…—••‡•‘”‹••ˆƒ…‹‰Ž‹ˆ‡‹•—”‡”••‘–Š‡ •—……‡••ˆ—Ž…ƒ†‹†ƒ–‡‡‡†•–‘Šƒ˜‡ƒ™‘”‹‰‘™Ž‡†‰‡‘ˆ–Š‡•‡”‹••ǤŠ‹• ‹•ƒ”ƒ”‡‘’’‘”–—‹–›–Šƒ–‘ơ‡”•ƒ—‹“—‡ƒ”‡–˜‹‡™ƒ†–Š‡…Šƒ…‡–‘™‘” ™‹–Šƒ”ƒ‰‡‘ˆ…Ž‹‡–•Ǥ ‘”‘”‡‹ˆ‘”ƒ–‹‘ƒ„‘—––Š‹•”‘Ž‡’Ž‡ƒ•‡…‘–ƒ…–ǣ ƒ„„›̻Šˆ‰Ǥ…‘Ǥ— ǣ͙͙͘͘

£30k - £40k basic, Surrey

Systems Analyst

 ™‡ŽŽǦ‘™ Ž‹ˆ‡ ‹•—”‡” ‹• Ž‘‘‹‰ ˆ‘” ƒ •–—†‡– …–—ƒ”› –‘ Œ‘‹ –Š‡‹” •›•–‡• –‡ƒ ™‹–Š ‡š’‡”‹‡…‡ ‘ˆ ”‘’Š‡–ǡ ‘Ǥ‡– ‘” ‘‡•Ǥ Š‡› ƒ”‡ ‰‘‹‰ –Š”‘—‰Š ƒ ‡š…‹–‹‰ ’‡”‹‘† ‘ˆ †‡˜‡Ž‘’‡–ǡ •‘ ™Š‘‡˜‡” …‘‡• ‹–‘ –Š‡ „—•‹‡•• ™‹ŽŽ Šƒ˜‡ –Š‡ ‘’’‘”–—‹–› –‘ “—‹…Ž› †‡˜‡Ž‘’Ǥ ‘”‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣƒ„„›̻Šˆ‰Ǥ…‘Ǥ— ǣ͙͛͘͘

Interim CFO/FD (Actuarial)

£1000 - £1400 / day, 6 months, London

 Ž‡ƒ†‹‰ ‰Ž‘„ƒŽ ‹•—”‡” ‹• Ž‘‘‹‰ ˆ‘” ƒ ‹–‡”‹ Ƥƒ…‹ƒŽ Ž‡ƒ† ˆ‘” ƒ ‡™Ž› …”‡ƒ–‡† „—•‹‡•• —‹– ™‹–Š‹ –Š‡ …‘’ƒ›Ǥ Š‡ •—……‡••ˆ—Ž …ƒ†‹†ƒ–‡ —•– Šƒ˜‡ ‡š’‡”‹‡…‡ ‘’‡”ƒ–‹‰ ƒ– „‘ƒ”† Ž‡˜‡Žǡ ”—‹‰ ƒ Ƥƒ…‡ †‡’ƒ”–‡– ƒ† ‡š…‡ŽŽ‡– ”‡’‘”–‹‰ ‡š’‡”‹‡…‡ǤŠ‹• ”‘Ž‡ ™‹ŽŽ ‡˜‡–—ƒŽŽ› Ž‡ƒ† –‘ ƒ ’‡”ƒ‡– ’‘•‹–‹‘ǡ•‘–Š‹•”‘Ž‡ƒ…–•ƒ•‡‹–Š‡”ƒ•–‘’Ǧ‰ƒ’‘”Ž‘‰–‡”…ƒ”‡‡”†‹”‡…–‹‘Ǥ ‘” ‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣ‰‡‘”‰‡„̻Šˆ‰Ǥ…‘Ǥ— ǣ  ͙͙͘͘

Solvency II Actuary

£800 - £1000 / day, 6 months, North East

  ͙͘͘ Ž‹ˆ‡ ‹•—”‡” ‹• Ž‘‘‹‰ ˆ‘” ƒ ‘Ž˜‡…›

 ‡š’‡”– –‘ Œ‘‹ –Š‡‹” ƒ…–—ƒ”‹ƒŽ †‡’ƒ”–‡– ‹ –Š‡ ‹–›Ǥ Š‡ •—……‡••ˆ—Ž …ƒ†‹†ƒ–‡ ™‹ŽŽ Šƒ˜‡ ‡š…‡ŽŽ‡– ‘™Ž‡†‰‡ ‘ˆ –Š‡ ”‡‰—Žƒ–‘”› ˆ”ƒ‡™‘”ǡ ƒ…”‘•• ‹ŽŽƒ”•


 ‹ ’ƒ”–‹…—Žƒ”Ǥ Š‡ ”‘Ž‡ ™‹ŽŽ ‡–ƒ‹Ž ™‘”‹‰ ‘ ”‡’‘”–‹‰ …›…Ž‡• ƒ† • —†‡” –Š‡ †‹”‡…–‹˜‡ǡ ƒ• ™‡ŽŽ ƒ• ƒ†˜‹•‹‰ ‘ ƒ† …‘’‘•‹‰ ‡–Š‘†‘Ž‘‰›Ǥ ‘”‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣ‰‡‘”‰‡„̻Šˆ‰Ǥ…‘Ǥ— ǣ  ͙͛͘͘

Senior Actuarial Analyst - Pensions

£40k - £60k basic, London

•ƒŽŽ…‘•—Ž–ƒ…›”‡“—‹”‡•–™‘‡‹‘”…–—ƒ”‹ƒŽƒŽ›•–•–‘Œ‘‹–Š‡‹”‡•‹‘• –‡ƒ –‘ ™‘” ™‹–Š ƒ ’‘”–ˆ‘Ž‹‘ ‘ˆ …Ž‹‡–•ǤŠ‡ ”‘Ž‡ ‹˜‘Ž˜‡• –Š‡ ’”‡’ƒ”ƒ–‹‘ ‘ˆ ˜ƒŽ—ƒ–‹‘•ƒ†—†‡”–ƒ‹‰ƒ†•—’‡”˜‹•‹‰ƒ……‘—–‹‰†‹•…Ž‘•—”‡•ǤŠ‡›™ƒ– ƒ ’ƒ”– “—ƒŽ‹Ƥ‡†…–—ƒ”› ™‹–Š ƒ– Ž‡ƒ•– –Š‡• …‘’Ž‡–‡†Ǥ‘— —•– „‡ •–”‘‰ …‘—‹…ƒ–‘”ƒ†ƒ’”‘ƒ…–‹˜‡–‡ƒ’Žƒ›‡”™‹–Š‡š’‡”‹‡…‡™‘”‹‰‹’‡•‹‘•Ǥ ‘”‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣƒ„„›̻Šˆ‰Ǥ…‘Ǥ— ǣ͙͚͘͘

£45k - £80k basic, UK Wide

Reporting/Valuation Actuary

 Šƒ˜‡ ƒ ˜ƒ”‹‡–› ‘ˆ ‘’’‘”–—‹–‹‡• ˆ‘” ”‡’‘”–‹‰Ȁ˜ƒŽ—ƒ–‹‘ …–—ƒ”‹‡• ƒ– –Š‡ ‡ƒ”Ž›Ȁ‡™Ž› “—ƒŽ‹Ƥ‡† Ž‡˜‡Ž ™‹–Š ’‘•‹–‹‘• ‹ …‘•—Ž–ƒ…‹‡•ǡ ”‡Ǧ‹•—”‡”• ƒ† ‹•—”‡”• ™‹–Š‹ ƒ ”ƒ‰‡ ‘ˆ –‡ƒ•Ǥ ‘ ƒ’’Ž› ›‘— ‡‡† –‘ Šƒ˜‡ •‘Ž‹† ‡š’‡”‹‡…‡ ‹ ”‡’‘”–‹‰Ȁ˜ƒŽ—ƒ–‹‘ ˆ”‘ ƒ Ž‹ˆ‡ ‹•—”ƒ…‡ „ƒ…‰”‘—†Ǥ ‘”‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣƒ„„›̻Šˆ‰Ǥ…‘Ǥ— ǣ͙͘͘͜

£800 - £1200 / day, 6 months, London

Investment Actuary

 Ž‡ƒ†‹‰ Ž‹ˆ‡ ‹•—”‡” ‹• Ž‘‘‹‰ ˆ‘” ƒ††‹–‹‘ƒŽ ”‡•‘—”…‡• ‹ –Š‡‹” ‹ƒ…‹ƒŽ ƒƒ‰‡‡– ”‘—’Ǥ Š‡ ‹†‡ƒŽ …ƒ†‹†ƒ–‡ ™‹ŽŽ Šƒ˜‡ ‡š…‡ŽŽ‡– ‡š’‡”‹‡…‡ ‘ˆ ‘†‡ŽŽ‹‰ •‡…”—”‹–‹•ƒ–‹‘ ’”‘†—…–•Ǥ ‘™Ž‡†‰‡ ‘ˆ  ƒ† ‡“—‹–› ”‡Ž‡ƒ•‡ ‘”–‰ƒ‰‡• ™‹ŽŽ „‡ ‘ˆ „‡‡Ƥ–Ǥ • ™‡ŽŽ ƒ• ƒ Š‹‰ŠŽ› “—ƒ–‹–ƒ–‹˜‡ „ƒ…‰”‘—†ǡ ‡š…‡ŽŽ‡–…‘—‹…ƒ–‹‘ƒ†‹–‡”Ǧ’‡”•‘ƒŽ•‹ŽŽ•ƒ”‡”‡“—‹”‡†Ǥ ‘”‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣ‰‡‘”‰‡„̻Šˆ‰Ǥ…‘Ǥ— ǣ  ͙͚͘͘

Financial Reporting Actuary

£600 - £800 / day, 6 months, South West England

 …‘’‘•‹–‡ ‹•—”‡” ‹• Ž‘‘‹‰ ˆ‘” ƒ Ƥƒ…‹ƒŽ ”‡’‘”–‹‰ …‘–”ƒ…–‘” –‘ Œ‘‹ –Š‡‹”…–—ƒ”‹ƒŽ –‡ƒǤŠ‡ •—……‡••ˆ—Ž …ƒ†‹†ƒ–‡ ™‹ŽŽ Šƒ˜‡ ‡š…‡ŽŽ‡– ‘™Ž‡†‰‡ ‘ˆ –Š‡ ‡†Ǧ–‘Ǧ‡† ”‡’‘”–‹‰ ’”‘…‡••ǡ ƒ••‘…‹ƒ–‡† ‡–”‹…• ƒ† –Š‡ ƒ„‹Ž‹–› –‘ •–”‡ƒŽ‹‡ ’”‘…‡••Ǥ ‘™Ž‡†‰‡ ‘ˆ –Š‡ ‘Ž˜‡…›

 †‹”‡…–‹˜‡ ‹• ‘ˆ „‡‡Ƥ– „—– ‘– ƒ†ƒ–‘”›Ǥ š’‘•—”‡ –‘ ”‘’Š‡–ǡ š…‡Ž ƒ†  ™‹ŽŽ ƒŽ•‘ „‡ —•‡ˆ—ŽǤ ‘”‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣ‰‡‘”‰‡„̻Šˆ‰Ǥ…‘Ǥ— ǣ  ͙͘͘͜

Risk roles Group Risk Manager

£65k - £95k basic, London

 ”‡’—–ƒ„Ž‡ Ž‘›†ǯ• ›†‹…ƒ–‡ ‹• Ž‘‘‹‰ ˆ‘” ƒ ‹• ƒƒ‰‡” –‘ Œ‘‹ –Š‡‹” •ƒŽŽ –‡ƒǤ‘—” ”‘Ž‡ ™‹ŽŽ „‡ –‘ ‡„‡† –Š‡ ‡™Ž› †‡•‹‰‡† ”‹• ˆ”ƒ‡™‘” ƒ† ‡‰ƒ‰‡ ™‹–Š –Š‡ „—•‹‡•• –‘ ƒ†† ˜ƒŽ—‡Ǥ Š‹• ”‘Ž‡ ‹• •—‹–ƒ„Ž‡ ˆ‘” …ƒ†‹†ƒ–‡• •’‡…‹Ƥ…ƒŽŽ› ˆ”‘ ƒ ƒ…–—ƒ”‹ƒŽ „ƒ…‰”‘—† †—‡ –‘ –Š‡ •‹ŽŽ•‡– ‘ˆ –Š‡ ‡š‹•–‹‰ –‡ƒǤ Ž‘›†ǯ• ‡š’‡”‹‡…‡ ‹• ’”‡ˆ‡”ƒ„Ž‡ „—– ‘– ‡••‡–‹ƒŽǤ ‘”‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣ‡”‹̻Šˆ‰Ǥ…‘Ǥ— ǣ͙͙͘͘

Financial Risk Manager

£90k - £120k basic, London

 ‘’’‘”–—‹–› ˆ‘” ƒ ‡ƒ”Ž›Ȁ‡™Ž› “—ƒŽ‹Ƥ‡† …–—ƒ”› –‘ Œ‘‹ ƒ Žƒ”‰‡  ‹ˆ‡ ‹•—”‡” ‹ –Š‡‹” ‹• –‡ƒǤ  ‘‹‰ ˆ”‘ ƒ ƒ…–—ƒ”‹ƒŽ „ƒ…‰”‘—† ›‘— ™‹ŽŽ Šƒ˜‡ ‡š…‡ŽŽ‡– …‘—‹…ƒ–‹‘ •‹ŽŽ• ƒ† „‡ ƒ„Ž‡ –‘ ‹’Ž‡‡– ƒ† ‡„‡† ƒ  ˆ”ƒ‡™‘” ‹–‘ –Š‡ „—•‹‡•• ™‹–Š ’ƒ”–‹…—Žƒ” ‡’Šƒ•‹• ‘ Ƥƒ…‹ƒŽ ”‹•Ǥ Š‡ ‹†‡ƒŽ …ƒ†‹†ƒ–‡ ™‹ŽŽ „‡ •–”‘‰ –‡…Š‹…ƒŽŽ› ™‹–Š ƒ „”‘ƒ† Ƥƒ…‹ƒŽ ”‹• —†‡”•–ƒ†‹‰ „—– ƒŽ•‘ Šƒ˜‡ ƒ …‘‡”…‹ƒŽ ‹–‡”‡•–Ǥ ‘”‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣ‡”‹̻Šˆ‰Ǥ…‘Ǥ— ǣ͙͛͘͘

£50k - £80k basic, London

Risk Consultant/Manager

‡ ‘ˆ –Š‡ ‘•– ’”‘‹‡– …‘•—Ž–ƒ…‹‡• ƒ”‡ Ž‘‘‹‰ ˆ‘” ‡š–”ƒ resource within their risk practice to work across various insurance ’”‘Œ‡…–•Ǥ ƒ†‹†ƒ–‡• ˆ”‘ ƒŽŽ ”‹• „ƒ…‰”‘—†• ™‹ŽŽ „‡ …‘•‹†‡”‡†ǡ ‡•’‡…‹ƒŽŽ› –Š‘•‡ ™‹–Š •–ƒ‡Š‘Ž†‡” ƒƒ‰‡” ‡š’‡”‹‡…‡ ƒ† –Š‡ ƒ„‹Ž‹–› –‘ †‡Ž‹˜‡” ’”‘Œ‡…–• ‹ ƒ –‹‡Ž› ƒ‡” ƒ† –‘ ƒ Š‹‰Š •–ƒ†ƒ”†Ǥ ‘”‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣ‡”‹̻Šˆ‰Ǥ…‘Ǥ— ǣ͙͚͘͘

£25k - £35k basic, London

Operational Risk Analyst

 ’‡”ƒ–‹‘ƒŽ ‹• ƒŽ›•– ‹• ”‡“—‹”‡† –‘ Œ‘‹ ƒ ‡š‹•–‹‰ ”‹• –‡ƒ ˆ‘” ƒ Žƒ”‰‡ …‘‡”…‹ƒŽ ‹•—”‡”Ǥ ‘”‹‰ ™‹–Š –Š‡ ‹• ƒƒ‰‡” ›‘— ™‹ŽŽ ƒƒ‰‡ –Š‡ „—•‹‡••ǯ ‹•—”ƒ…‡ ’”‘‰”ƒ‡ ƒ† †‡Ž‹˜‡” –Š‡ ‡š‹•–‹‰ ˆ”ƒ‡™‘” ƒ† ”‹• ƒ••—”ƒ…‡ ’”‘‰”ƒ‡Ǥ Š‡ …Š‘•‡ …ƒ†‹†ƒ–‡ ™‹ŽŽ Šƒ˜‡ ’”‡˜‹‘—• ‡š’‡”‹‡…‡ ‘ˆ ™‘”‹‰ ‹ ƒ ”‹• ˆ—…–‹‘ ƒ† „‡ …‘Ƥ†‡– Ž‹ƒ‹•‹‰ ™‹–Š „‘–Š •‡‹‘” •–ƒ‡Š‘Ž†‡”• ƒ† ‘–Š‡” ’ƒ”–• ‘ˆ –Š‡ „—•‹‡••Ǥ ‘”‘”‡‹ˆ‘”ƒ–‹‘’Ž‡ƒ•‡…‘–ƒ…–ǣ‡”‹̻Šˆ‰Ǥ…‘Ǥ— ǣ͙͘͘͜

November 2015 • THE ACTUARY 43 www.theactuary.com

+44 (0) 207 337 8800 ACT Rec Nov15.indd 43

www.hfg.co.uk 27/10/2015 10:58


Underwriting Director London, up to ÂŁ150,000 An international MGA are currently seeking a qualiďŹ ed actuary to lead their pricing and analytics. SpeciďŹ cally, the role will be responsible for the oversight of underwriting management and governance with the aim of increasing proďŹ tability. Candidates will need to be commercially minded and have strong personal lines pricing/analytics experience. You will have a proven track record of developing underwriting strategies and delivering proďŹ tability, whilst also growing personal lines portfolios. Contact: James Rydon, Senior Consultant james.rydon@eamesconsulting.com | +44 (0) 207 092 3239 For more opportunities get in touch: actuarial@eamesconsulting.com


Graeme Braidwood Senior Consultant EA Reg: R1434568 +65 6829 7153 graeme@hfg.com.sg

Â&#x192;Â&#x2022;Â&#x2018;Â?Â&#x203A;Â?Â&#x2021;Â&#x2022; Managing Director EA Reg: R1333193 +65 6829 7153 Â&#x152;Â&#x192;Â&#x2022;Â&#x2018;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030;

Â&#x2018;Â?Â&#x2030;Â&#x2014; Consultant +44 (0) 207 337 8853 tong@hfg.co.uk

Asia roles Regional ERM Lead

HKD $850k - $1.3million + bonus Hong Kong

As the Group ERM specialist, this role will be integral to risk management for this fast growing regional Life insurer. Reporting to the Group Chief Actuary you will be responsible for the development and implementation of the ERM framework and corporate best practice for Asia. Responsibilities include chairing the internal risk committee and liaising with country heads in SE Asia. For more information contact: graeme@hfg.com.sg REF: GB1001

Actuarial Manager

SGD $100k - $130k + bonus Singapore

 Â&#x2022;Â&#x2014;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x201E; Â&#x2018;Â&#x2019;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2014;Â?Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2021;Â&#x161;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2022; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x192; Â?Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A;Č&#x20AC;Â?Â&#x2021;Â&#x2122;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2013;Â&#x2018; Â&#x152;Â&#x2018;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022; highly regarded team. This role works on a regional basis and will be involved Â&#x2039;Â? Â&#x192; Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2021; Â&#x201D;Â&#x192;Â?Â&#x2030;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022; Â&#x2039;Â?Â&#x2026;Â&#x17D;Â&#x2014;Â&#x2020;Â&#x2039;Â?Â&#x2030; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030;ÇĄ Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030;ÇĄ Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â&#x2019;Â&#x17D;Â&#x192;Â?Â?Â&#x2039;Â?Â&#x2030; and capital modelling. Candidates should possess excellent communication and problem solving skills to be considered for this rare opportunity. Â&#x2018;Â&#x201D;Â?Â&#x2018;Â&#x201D;Â&#x2021;Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁÂ&#x152;Â&#x192;Â&#x2022;Â&#x2018;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x2122; HKD $1million - $1.2million + bonus Hong Kong

ERM Actuary


SGD $280,000 - $320,000 base + bonus Singapore

Chief Actuary

Be there from the start, as this regional Insurer launches their business in the Philippines. They are seeking a technically strong Life Actuary to establish the actuarial function, build the team and report through to the Executive in Hong Kong. This is a hands on role which requires an Actuary willing to roll up their sleeves and get involved. For more information contact: graeme@hfg.co.uk REF:GB1002 Competitive Jakarta, Indonesia

Senior Actuary

Our client, a highly successful global insurer is seeking to hire a talented Actuary Â&#x2013;Â&#x2018;Â&#x152;Â&#x2018;Â&#x2039;Â?Â&#x2039;Â&#x2013;Â&#x2022; Â?Â&#x2020;Â&#x2018;Â?Â&#x2021;Â&#x2022;Â&#x2039;Â&#x192;Â&#x2018;ĆĽÂ&#x2026;Â&#x2021;ǤÂ&#x160;Â&#x2021;Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x192;Â&#x17D;Â&#x17D;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â?Â&#x2030;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2013;Â&#x203A;Â&#x192;Â?Â&#x2020;Â&#x192;Â&#x17D;Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2039;Â&#x192;Â&#x2039;Â&#x2022;Â&#x2021; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â?Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2122;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x2013;Â&#x2018; Â&#x2030;Â&#x2021;Â?Â&#x2021;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2021;ĆĄÂ&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030; Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Â&#x17D;Â&#x2039;Â?Â&#x2021;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;ǤÂ&#x160;Â&#x2021;Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2022;Â&#x2014;Â&#x2039;Â&#x2013;Â&#x192;Â?Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A;Â&#x2122;Â&#x160;Â&#x2018;Â&#x2021;Â?Â&#x152;Â&#x2018;Â&#x203A;Â&#x2022;Â&#x201E;Â&#x2014;Â&#x2039;Â&#x17D;Â&#x2020;Â&#x2039;Â?Â&#x2030;Â&#x2C6;Â&#x201D;Â&#x2018;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020;Â&#x2014;Â&#x2019;Â&#x192;Â?Â&#x2020; Â&#x2021;Â&#x2022;Â&#x2013;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2039;Â&#x2022;Â&#x160;Â&#x2039;Â?Â&#x2030;Â&#x2021;ĆĄÂ&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2026;Â&#x2021;Â&#x2020;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x192;Â?Â&#x2020;Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2022;ǤÂ&#x2014;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x201E;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022;Ǥ Â&#x2018;Â&#x201D;Â?Â&#x2018;Â&#x201D;Â&#x2021;Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁÂ&#x152;Â&#x192;Â&#x2022;Â&#x2018;Â?ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁ Í&#x2122;Í&#x2DC;Í&#x2DC;Í&#x161;

Prophet Actuaries

$ depending on experience Hong Kong/Singapore/China/Thailand

 Â?Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2039;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2039;Â?Â&#x2022;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x201D; Â&#x2039;Â&#x2022; Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;ƤÂ&#x2021;Â&#x2020; Â&#x2039;Â&#x2C6;Â&#x2021; Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x203A; Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â?Â&#x2026;Â&#x203A;

 Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x2018;Â?Â&#x2018;Â?Â&#x2039;Â&#x2026;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2013;Â&#x192;Â&#x17D;Â&#x201E;Â&#x192;Â&#x2026;Â?Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2014;Â?Â&#x2020;Â&#x2013;Â&#x2018;Â&#x152;Â&#x2018;Â&#x2039;Â?Â&#x192;Â&#x2013;Â&#x2021;Â?Â&#x2039;Â&#x2018;Â&#x201D;Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â&#x201D; Â&#x201D;Â&#x192;Â&#x2020;Â&#x2021;ǤÂ&#x2018;Â&#x2014;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2020;Â&#x201D;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x2013;Â&#x160;Â&#x2021; interaction between risk and capital teams, involved in ORSA production, analysis and overview of Sol II and EC outputs, and develop risk management framework at both regional level and local business level. Risk Management experience will be Â&#x201E;Â&#x2021;Â?Â&#x2021;ƤÂ&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Ǥ Â&#x2018;Â&#x201D;Â?Â&#x2018;Â&#x201D;Â&#x2021;Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁÂ&#x2013;Â&#x2018;Â?Â&#x2030;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁÍ&#x2122;Í&#x2DC;Í&#x2DC;Í&#x2122;

There is a huge demand for Prophet Experts in the Asia market and our clients are keen to attract Prophet talent at all levels! The roles require past experience of successful implementation of actuarial models on Prophet and experience of Â&#x2122;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030;Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2039;Â&#x192;Â&#x17D;Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2022;Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030;ÇĄÂ&#x2019;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x2039;Â?Â&#x2030;Â&#x192;Â?Â&#x2020;Â&#x2DC;Â&#x192;Â&#x17D;Â&#x2014;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2014;Â?Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2020;Â&#x2039;ĆĄÂ&#x2021;Â&#x201D;Â&#x2021;Â?Â&#x2013; accounting frameworks. Experience in Prophet ALS and Prophet Enterprise is Â&#x2020;Â&#x2021;Â&#x2022;Â&#x2039;Â&#x201D;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021;Ǥ Â&#x2018;Â&#x201D;Â?Â&#x2018;Â&#x201D;Â&#x2021;Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x192;Â&#x2026;Â&#x2013;ÇŁÂ&#x2013;Â&#x2018;Â?Â&#x2030;ĚťÂ&#x160;Â&#x2C6;Â&#x2030;ǤÂ&#x2026;Â&#x2018;Â?ǤÂ&#x2022;Â&#x2030; ÇŁÍ&#x2122;Í&#x2DC;Í&#x2DC;Í&#x161;

EA Licence Number: 14C7034

www.hfg.com.sg | +65 6829 7153

THE ACTUARY â&#x20AC;˘ November 2015 www.theactuary.com

ACT Rec Nov15.indd 44

26/10/2015 17:16


DISCOVER UNRIVALLED VARIETY IN A ROLE THAT MATTERS ACTUARIAL OPPORTUNITIES At Lloyds Banking Group our vision is to be the best bank for customers. By putting customers first, keeping banking simple and making a difference together, we’ll help Britain prosper. Across some of the nation’s most prestigious brands, our Insurance offering is instrumental to that vision. The rapidly growing actuarial team in our Bristol hub is at the heart of Insurance within the Group. Whether you have just qualified as an actuary, are part way through your studies, or are working in the industry but haven’t completed the exams, you will find a uniquely rewarding role here. Our actuaries play a key role in shaping the success of the Insurance business. So as well as working with all manner of Life and General insurance products, you’ll be involved in every process of the product life cycle – from setting assumptions and methodology through to design and delivery of change and to analysis and reporting of results. Millions of customers will rely on you to ensure the products that they rely on are the best they can be – which makes yours a role that matters. In return, we’ll recognise and reward your performance with an award-winning benefits package. One of the best in the industry, it includes private medical care, retail discount vouchers and a contributory pension scheme. You’ll also enjoy the advantages of our flexible working environment, plus great training, support for further study and clear opportunities for career progression. Discover more, contact us at


As a professional, you’ll no doubt want to keep up with the latest industry developments, people and news? That’s why The Actuary’s weekly email alert brings you a handy round-up of only the most relevant news stories and comment, straight to your inbox every Thursday. Register for weekly email newsletters at www.theactuary.com Browse www.theactuaryjobs.com and www.theactuaryjobsasia.com, the official jobsites of the actuarial profession

November 2015 • THE ACTUARY 45 www.theactuary.com

ACT Rec Nov15.indd 45

26/10/2015 17:16



THE ACTUARY â&#x20AC;˘ November 2015 www.theactuary.com

ACT Rec Nov15.indd 46

26/10/2015 17:16


A bigger challenge. A greater purpose. General Insurance Risk Specialists Department

Salary dependent on experience

Do you wish your job had a stronger sense of social purpose? Then you should work for us. The Bank of England promotes the good of the people of the UK by regulating the safety and soundness of over 600 insurers. We supervise firms in order to reduce potential risks before they can have an adverse effect on policyholder security.

To be successful you’ll need strong analytical skills and an understanding of the insurance market, as well as strong communication and stakeholder management skills. You’ll also need to combine a keen attention to detail with the ability to see the bigger picture and an appreciation of the commercial perspective.

Do you wish your job had a broad range of challenges? As a nearly/ newly qualified actuary in our department you will provide expert advice to help regulate insurers. You will have exposure to a broad range of activity across capital modelling, reserving, risk management and business model analysis. You will also support regulatory transactions including new authorisations, Part VII transfers and change in control work as a result of M&A activity. We are also recruiting (including non-actuaries) for our department’s data analytics team, which supports our efforts to draw out key metrics and trends to assist in cross-industry comparisons. You will have the opportunity to contribute to thought leadership and thematic pieces which help shape the Bank’s view on various risk areas through our specialisms work. Through your work you will engage with senior figures in the industry and be afforded real responsibility from the off. In short, you will help shape the future of our industry.

If this sounds like an interesting prospect and you believe you have what it takes to work in this environment then we look forward to hearing from you. We’d also be keen to hear from firms interested in exploring secondment arrangements both inwards (including, but not limited to, supporting Part VII transfer work) and outwards. The Bank offers a competitive package, an excellent work-life balance, including a commitment to flexible working opportunities. For further information visit www.bankofenglandjobs.co.uk or to apply visit www.boe-careers.co.uk and search under the business area for ‘Actuarial’ roles. The business contact for recruitment into the department is Vishal Desai and contact details are: vishal.desai@bankofengland.co.uk The Bank of England is an Equal Opportunities employer.

Your insight. Our influence.


Kent £ Competitive A fantastic opportunity for a nearly/ newly qualified Actuary planning to move into General Insurance. Naturally those with GI capital and reserving experience will be at an advantage. In this role you will: • •


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• • • • •

Produce actuarial claims reserve estimates and the quarterly internal actuarial report. Ensure that adequate provisions are made to pay claims as and when they arise. Ensure that the company is adequately capitalised in line with Solvency 2 requirements. Develop the internal model, and ensure it maintains its approved status. Ensure the production of the FLAOR / ORSA as appropriate. Provide claims MI to Senior Management. Provide technical support in contract discussions.

Knowledge of ResQ would be preferable, along with experience of working in personal lines.

Parvinder Matharu Newton Recruitment t +44(0)1689 862937 e parvinder@newtonrecruitment.com w www.newtonrecruitment.com Contact

November 2015 • THE ACTUARY 47 www.theactuary.com

ACT Rec Nov15.indd 47

26/10/2015 17:16

Appointments N ON - LI FE RI S K



£ very attractive package

£ excellent package



HEAD OF ACTUARIAL - NON-LIFE £ excellent package





Multiple roles for exceptional catastrophe modellers or pricing actuaries with strong modelling experience wishing to join a start-up reinsurer. Please contact us for more details of these career-defining opportunities.

Rapidly expanding actuarial consultancy seeks a qualified non-life actuary to take the lead on its reserving proposition, offering cutting-edge solutions and contributing to the overall strategy of the business.

Our client is seeking a qualified non-life actuary with strong technical skills to take up a leadership role with responsibility for capital modelling, reserving and reinsurance.




£ excellent package

£ excellent + bonus + benefits

£ very attractive







Major insurer seeks a qualified non-life actuary with excellent technical and communication skills to take up a leadership role within its pricing team.

Our client is seeking to hire a qualified non-life actuary with reserving experience and Solvency II knowledge. Take this opportunity to develop your softer skills as you engage with stakeholders from across the business.

Fantastic opportunity for a qualified non-life actuary to join a growing insurer. You will play a hands-on role in all reserving tasks and also support strategic decision making.




£ excellent + bonus + benefits

up to £70k + bonus + benefits

£ excellent + bonus + benefits







Global financial services firm seeks a qualified non-life actuary with London Market reserving experience, strong communication skills and entrepreneurial flair.

Our London Market client is seeking a part-qualified actuary to join its capital team, providing support in calculating and reporting the Solvency Capital Requirement and ensuring Solvency II compliance.

Syndicate seeks part-qualified non-life actuary with London Market reserving experience and strong communication skills to take up a new role within its growing team.




£ excellent package

£ depends upon experience

£ excellent package







Our client seeks a qualified actuary with pricing experience and exceptional problem-solving skills to take up an exciting role within a growing team.

Our client is seeking a qualified actuary with strong quantitative skills to join a cutting-edge team creating innovative solutions for a wide range of stakeholders.

Seeking a qualified non-life actuary to develop and lead the delivery of the GI capital model across motor, personal and commercial lines for a major insurance firm.




£ excellent + bonus + benefits

€ depending on experience

€ excellent + benefits



Our client seeks a part-qualified actuary with strong technical skills to join its capital team. You will provide support in the development, testing and use of the Internal Model.





International insurance firm has a number of exciting opportunities for part-qualified and qualified non-life actuaries to provide support for and input into the Solvency II Internal Capital Model.

Fantastic opportunity to join the Dublin office of a global professional services firm in a leadership role. Exceptional client relationship management skills are required.




£ up to director level

£ excellent package

£ excellent + benefits



Our client is seeking a catastrophe pricing actuary to take up a key role in the development of its ILS offering. You will join a deal team focusing on risk analysis and model development.


Antony Buxton FIA Louis Manson THE ACTUARY • November 2015 MANAGING DIRECTOR MANAGING DIRECTOR www.theactuary.com +44 7766 414 560 antony.buxton@staractuarial.com

ACT Rec Nov15.indd 48

+44 7595 023 983 louis.manson@staractuarial.com



Our client seeks a qualified GI actuary with capital modelling experience to contribute to the development of a new syndicate. The successful candidate will have exceptional technical and communication skills.



Global financial services firm seeks a qualified non-life actuary with strong experience in capital management to work closely with M&A specialists on a wide range of strategic projects.

Joanne O’Connor

Irene Paterson FFA

Lance Randles MBA

Peter Baker

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

ASSOCIATE DIRECTOR +44 7889 007 861 lance.randles@staractuarial.com

ASSOCIATE DIRECTOR +44 7860 602 586 peter.baker@staractuarial.com

26/10/2015 17:17

LI FE www.theactuaryjobs.com





£ excellent + bonus + benefits




£ excellent + bonus + benefits STAR2812



Leading global life insurer seeks qualified actuary with strong influencing skills and an entrepreneurial approach to take up the position of Chief Actuary responsible for reporting, pricing and capital.

Leading global reinsurer seeks life actuaries to take up influential roles within Capital Reporting, Longevity and Protection. Excellent understanding of relevant subject matter is required.

Leading insurer seeks qualified life actuary with strong technical and stakeholder management skills to lead the delivery of economic capital workstreams, including the development of risk management policies.




up to £80k + bonus + benefits

£ maximise your career

£ excellent + bonus + benefits







Major insurer has an exciting opportunity for a qualified life actuary to be responsible for ensuring appropriate levels of model governance and compliance with Solvency II regulations.

Leading client seeks qualified life actuary with analytics experience to take their career to the next level. The successful candidate will create innovative solutions to deliver significant value to the business.

Outgoing, ambitious and technically astute life actuary required to work on complex analysis work. The role requires the ability to interact with senior stakeholders, including the AFH and CFO.




£ excellent + bonus + benefits

£ depends upon experience

£ excellent + bonus + benefits







Seeking a qualified life actuary to be responsible for pricing and product maintenance of all non-protection products, product testing and product migration work, as well as supporting product developments.

Our client is seeking a high-calibre life actuary to join its market-leading team. The successful candidate will have strong knowledge of the life insurance industry along with an excellent appreciation of risk within a Solvency II context.

Global reinsurer seeks a part-qualified or qualified life actuary to lead the production and delivery of the company’s actuarial bases in respect of Longevity, Mortality, Income Protection and Critical Illness products in the UK.




£ competitive + bonus + benefits

£ excellent + bonus + benefits

£ excellent + bonus + benefits







Our client wishes to recruit a qualified life actuary to lead the team responsible for product pricing and management. Product development experience is required, along with broad knowledge of life and pensions.

Our client is seeking a part-qualified or qualified actuary with life insurance experience to provide support for the financial reporting and risk management workstreams within the Group.

Exciting opportunity for a part-qualified life actuary to be actively involved in the development of new and existing client relationships whilst supporting the strategic management of the consultancy practice.




£ excellent

£ depends upon experience

£ excellent package



Seeking a qualified actuary to work within a multidisciplinary team, providing support to a variety of actuarial workstreams including economic balance sheet, risk-based capital, and ERM.



Seeking a talented individual with a good understanding of investment risk metrics to understand how the market is evolving through communicating with a number of asset managers and market participants.



We are currently working on a number of investment leadership opportunities for talented qualified actuaries to join cutting-edge teams around the country.





£ excellent package

£ excellent package

up to £80k + bonus + benefits



Market-leading pensions solutions consultancy has a unique opportunity for a qualified actuary to take up a leadership position and be involved in new business pitches, contributing to the strong growth of the firm.



Leading global reinsurer seeks a qualified actuary to play a key role in developing its longevity strategy and continuing to drive proftability.



Seeking qualified pensions actuaries to advise companies on the management of their pensions costs and risks. An excellent opportunity to develop your career within a genuine market-leader.

Paul Cook

Jo Frankham

Jan Sparks FIA

Clare Roberts

Diane Lockley

ASSOCIATE DIRECTOR +44 7740 285 139 paul.cook@staractuarial.com

ASSOCIATE DIRECTOR +44 7950 419 115 jo.frankham@staractuarial.com

ASSOCIATE DIRECTOR +44 7477 757 151 jan.sparks@staractuarial.com

SENIOR CONSULTANT +44 7714 490 922 clare.roberts@staractuarial.com

SENIOR CONSULTANT +44 7492 060 219 diane.lockley@staractuarial.com

ACT Rec Nov15.indd 49


Star Actuarial Futures Ltd is an employment agency and employment business


Carolina Emmanuel November 2015 • THE ACTUARY 49 SENIOR CONSULTANT www.theactuary.com +44 7495 564 958 carolina.emmanuel@staractuarial.com

26/10/2015 17:17

Appointments LIFE 2015 Life Conference 2015 - Come and Say Hello! Are you attending the Life Conference in Dublin? Come and say hello! Oliver James will once again be exhibiting (stand B2) and running a superb competition. To celebrate the 30th anniversary of the Life Conference, we will giving away 30 prizes in a lucky dip style competition. We’ll also be hosting an informal drinks / networking event on the Thursday (19th) evening from 10pm (drop by the stand to receive your invite and details of venue). In the usual OJA way, we’ll also have some unusual sweet treats for you to enjoy between sessions! We have always enjoyed the Life Conference; it’s a great opportunity to put a face to a name in an informal setting. Whether you would like some information on the market, salary benchmarking, to discuss recruitment needs or just to say hello, we would be delighted to see you.



If you would like further information about our hospitality event on Thursday 19th November (or to reserve your place early) please contact Clare Nash - Associate Director Life Actuarial – cn@ojasssociates | 020 7649 9350 See you there! Clare

CONTRACTS - GENERAL INSURANCE - UK Actuarial Analyst – Capital Modelling Dermott Bradley

London £800 - £1,000/day

A leading general insurer is looking to recruit a Capital Modelling Actuary for a large market risk project. We are looking for a qualified actuary who can come on board and help develop, test and use their group internal model. The contract will be for an initial duration of six months.

Pricing Actuary Dermott Bradley

London £800 - £900/day

A leading reinsurer are recruiting a qualified G.I. Pricing Actuary on a contract basis. The role will be focused on developing pricing models for their commercial lines business. Suitable candidates have the option to be based in either London or Paris and the contract will have a duration of 6-12 months.

GENERAL INSURANCE - UK London Senior Projects Actuary Up to £150,000 + Bonus + Benefits Paul Francis

First In-House Actuary London (City) Paul Francis Up to £100,000 + Bonus + Benefits

My client, a prestigious name in the market, is looking for a qualified actuary with significant London market reserving experience to work on a broad range of business projects. This highly autonomous role offers board level exposure and excellent career progression.

Exciting opportunity to be the First In-House Actuary in a diverse insurance business with a significant investment focus. My client is looking for an individual with strong capital or reserving experience to grow a team. Nearly qualified candidates will also be considered.

Personal Lines Pricing Regional Sarah Robins £30,000 - £100,000 Bonus + Benefits

Capital Actuary Rachel Kelly

Currently a large number of Personal Lines Pricing opportunities across the UK. Specific experience with Emblem, SAS & VBA preferred. This is an excellent time to assess the market and think about your next career move – please get in touch for a discreet conversation.

Are you looking to use your technical skills in a more business facing role? This position is a mix of model development (you will be regarded as the subject matter expert) and influencing key stakeholders to use the capital model effectively in strategic decisions.

Capital Analyst Robert Gormley

Actuarial Analyst Ross Anderson

London £70,000 + Benefits + Bonus

Currently recruiting for a variety of capital roles across the Lloyd’s Market. Prior capital modelling experience advantageous. Will also consider strong modelling skills in other areas, such as pricing. Personal lines backgrounds are considered. Excellent opportunity to move into the London market.

London Up to £90,000 + Bonus + Benefits

London £55,000 + Bonus + Benefits

We are working with a global reinsurer who are looking for an analyst to strengthen their pricing function. Rare opportunity as previous pricing experience not essential, though good exam progress and ambition is a must. Strong VBA/SQL skills are desirable.

CONTRACTS - LIFE INSURANCE - UK Systems Actuary Ani Pannell


UK Wide £600 - £900/day

My client, a well regarded life business, are currently recruiting for actuaries with well-developed modelling expertise. Whether you have significant MoSes or Prophet experience and you are available to commence a six month contract from the end of November, you THE ACTUARY • November 2015 should get in touch. www.theactuary.com

ACT Rec Nov15.indd 50

SII Reporting Actuary Ani Pannell

South of England £500 - £750/day

We are currently experiencing a surge in demand for contractors to join reporting teams to assist with SI and SII work over the year end period. If you have SII or IFRS reporting experience gained over the last few years please get in contact.

26/10/2015 17:17

www.theactuaryjobs.com General Insurance – UK

ASIA Head of Actuarial Audit, Asia Rhoda Rivera

Hong Kong Up to HKD2million

Paul Francis

0207 649 9469

Sarah Robins

0207 310 8552

Our client is looking for a highly experienced actuary to join their regional office in Hong Kong and head up their established actuarial audit team for their Asian markets. You must be fully qualified with broad actuarial skills across reporting, valuation, products, capital, audit, and / or risk. You will have at least 15 years’ experience with team management and excellent communication skills, prerequisite.

Rachel Kelly

0207 310 8579

Ross Anderson

0207 649 9357

Robert Gormley

0207 310 8546

Director - Capital & M&A Hamza Mush

Contracts - G.I. - UK

Hong Kong Up to HKD1.2 million

Global insurer aggressively expanding Asian operations is seeking a top-percentile qualified actuary with excellent technical ability and influencing skills to oversee balance sheet management and facilitating movement of capital plus analysis of M&A transactions.

Elise Ogden

0207 649 9355

Life Insurance - UK Clare Nash

0207 649 9350

Hong Kong Up to HKD1.2 million

Richard Howard

0207 649 9356

One of our leading key life insurance clients in Asia is looking for a qualified actuary to join their risk management team in Hong Kong with a focus on ERM. You must have 4 – 5 years’ PQE experience in Solvency II and / or Economic Capital with strong communication in English and key stakeholder management skills. Consultancy / audit background is desirable.

Natalie Lightfoot

0207 310 8547

Hugo Chambers

0207 310 8642

Regional Manager – ERM, Asia Pacific Rhoda Rivera

Director – Stakeholder Management Philip Chau

Hong Kong Up to HKD1 million

This is a commercial role within a leading insurer in Asia. As the Director you will act as a conduit between the Hong Kong business to the group office stakeholders, banassurance channel and regulators. You must be a qualified actuary with minimum 10 years’ experience in the products side, ideally focusing on the with-profits products.

Actuarial Manager Wynlim Wong

Shanghai - China Up to RMB 400,000

One of the largest foreign direct insurers in China are embarking on huge growth plans. A manager is needed to oversee the team and assist in the implementation of strategies. You need to have strong reserving skills, 4-5 years of non-life experience and fluent in Mandarin.

Manager Wynlim Wong

Singapore Up to SGD 90,000

Global insurer are seeking a Manager to join one of the largest actuarial teams in Asia. You’ll manage some of the brightest actuaries in the market. You need to be qualified, have outstanding academics and at least five years of G.I. experience.

EUROPE Senior Manager - Pensions Emérique Opou

Paris €95,000 + Bonus

My client is looking for a high calibre professional with an extensive pensions experience; you will also be involved in protection and health pricing activities. As part of your responsibilities, you will also be involved in the commercial aspects. French and English required.

G.I. Opportunities Patrick McMahon

Dublin €40,000 - €95,000

I’m currently working on a number of excellent actuarial opportunities in Dublin. These roles are mainly across capital and reserving but would consider candidates with a pricing background also. These opportunities are been recruited by both large mulitnational and smaller dynamic insurers.

Financial Reporting – IFRS Specialist Robrecht Geraerts

Brussels €60,000 + Exclusive Benefits

European institution in Brussels is looking for a Financial Reporting Specialist, with good experience in IFRS. You will be working in an international team and you will have the chance to work in projects that define the European insurance business.

Contract – Standard Formula Manager Alessio Montaruli

Milan From 700€/day

Our client is looking for a senior life actuarial contractor to manage the Standard Formula and ICA team in the process of integration of ICA, SF and MCEV into the SII environment. Location Milan. Only English required.

Life - VA & Pricing Experience Jack Lynch

Dublin €Negotiable

We are currently representing six global life insurers in the Dublin market, actively seeking to appoint qualified actuaries with VA Pricing Experience. We have a range of vacancies from NQ to team leader level. Please get in touch to discuss in more detail.

Actuary Operations Natalie Bogner

Zurich CHF 120,000 – CHF 150,000

An international reinsurance company is looking for a life actuary with 3+ years experience within IFRS or Solvency II Reporting. My client will consider candidates with prime or reinsurance experience. Fluency in English and German is a must. ACT Rec Nov15.indd 51

Contracts - Life Insurance - UK/Europe Benjamin Moses

0207 310 8793

Ani Pannell

0207 310 8572

Dermott Bradley

+353 144 75159

Asia Gary Rushton

+852 5804 9223

Toby Weston

+852 5804 9042

Philip Chau

+852 5804 9287

Hamza Mush

+852 5804 9048

Rhoda Rivera

+852 5804 9225

Wynlim Wong

+852 5804 9090

France Emérique Opou

+33 1 76 77 46 30

Agathe Ibazizen

+33 1 76 77 46 31

Audrey Arrighi

+33 1 76 77 46 02

Ireland Patrick McMahon

+353 1 437 0625

Jack Lynch

+353 1 695 0001

Benelux Robrecht Geraerts

+32 24 01 25 03

Britt Ootes

+31 (0)202 900 035

Germany Natalie Bogner

+49 89 2109 3935

Italy Alessio Montaruli

+39 02 3600 6810

Federico Guerreschi

+39 02 3600 6810

Please contact one of the team for further information on any of the opportunities above or visit www.ojassociates.com/jobs

General Contact Details:




www.ojassociates.com November 2015 • THE ACTUARY 51 www.theactuary.com


oliver-james-associates 26/10/2015 17:17

Appointments www.the-arc.co.uk

The Actuarial Recruitment Company

A fresh approach

Reserving Director London

General Insurance £ Very Competitive

Reserving and Capital Actuary London

General Insurance Circa £110K

This is a key role within a small but growing actuarial consultancy.

This well positioned growing Insurance Group specialising in the

You are likely to have in excess of 10 years’ GI experience and a

acquisition and management of insurance/reinsurance entities and

significant amount of hands-on reserving experience. As a Director

portfolios is looking for a qualified actuary to manage regulatory

of the business you will be part of the leadership team and have

submissions under Solvency II, contributing to the development of

responsibility for generating new business leads and managing the

ORSA’s and Pillar III reporting together with reserving for various entities

delivery of Client assignments. As a key player you could also expect to

across multiple jurisdictions under its ownership. The role is London

share in the fortunes of the business as it grows. Ref: ARC 26300

based and reports directly into the Group Chief Actuary. Ref: ARC26293

Capital Actuary London

Senior Consultant London

General Insurance To £100K

This role working for a specialist P&C insurer and reinsurer will be involved in the development and running of the company’s internal capital model for ICA and Solvency II requirements. The role requires an individual with the interpersonal skills to interact well with the business in embedding the capital work within the company. First class technical skills are required with extensive previous experience in capital and a sound knowledge of Solvency II. Igloo knowledge would be a big advantage. Ref: ARC25922

General Insurance Circa £150K

A qualified actuary from an insurance company, investment bank or ratings agency background is needed for an M&A consultancy role. Prospective candidates will need extensive knowledge of capital management including the assessment and measurement of capital requirements and of balance sheets under different regulatory regimes. Candidates will need to be effective communicators who are comfortable in a client facing role and who are competent with project and people management. Ref: ARC26292

Call us anytime including evenings and weekends on 020 7717 9705 or email enquiries@the-arc.co.uk Andy Clark BSc FIA Roger Massey BSc MBA FIA

0781 333 7891 0781 398 9016

andy@the-arc.co.uk roger@the-arc.co.uk The Actuarial Recruitment Company is an employment agency


THE ACTUARY • November 2015 www.theactuary.com

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