The Fidelis Partnership is a leading privately-owned, Bermuda-based Managing General Underwriter, which, through its subsidiaries, is a global underwriter of property, bespoke and specialty insurance and reinsurance products. The Fidelis Partnership is one of the largest Managing General Underwriters globally and its operations also include outwards reinsurance, claims handling, exposure management and portfolio analytics. The Fidelis Partnership also sponsors and incubates specialist MGAs through its Pine Walk platform. The Fidelis Partnership is separately owned and managed from the ownership and management of Fidelis Insurance Group.
Across product lines and geographies, we focus on three diversified pillars: reinsurance, specialty and bespoke solutions. We are truly diversified. Our long-standing partnerships with capital providers and quota share partners make us nimble. Our breadth of expertise and capabilities deliver outstanding market returns.
The role
The major product areas - Property, Specialty, Bespoke / Credit, multi-line Pine Walk MGA / third-party delegated - are headed by experienced qualified pricing actuaries, each with an appropriately resourced team of actuaries and analysts. The pricing function also has data, analytics and portfolio analysis areas – and we work closely with the exposure management and portfolio risk modelling actuaries. This role will operate across all these areas. We want to maintain consistent standards and best practice, whilst ensuring that the pricing team continues to enable Fidelis to be highly responsive and entrepreneurial – to grow, lead, influence, and meet the needs of our clients in our chosen markets. The line manager is an experienced general insurance reserving and pricing actuary with 24 years’ London market big-4 consultancy and industry experience.
Key accountabilities
Central set of pricing model standards including best practices around methods, techniques, architecture and output/database information capture
Consistent definition of price adequacy and risk-adjusted rate change across all product lines and legal entity stamps
Design and implement, or review, generic calculation modules alongside first-line product teams which could be deployed across multiple rating tools and maintained centrally, e.g. rate change, profit commission, extreme event loads
Where applicable, ensure consistent assumptions, methods and approaches across all product areas and legal entity stamps, e.g. claims inflation
Manage the migration plan of pricing models across different product areas into appropriate hosting platforms / systems e.g. HX, and uniform flows of in-bound and out-bound data / information with other internal data capture and reporting systems
Oversee annual cycle of pricing model development and updates, and profitability reviews of major contracts, programmes or MGAs.
Maintain log of all pricing models (and their key features / capabilities) deployed within the business
Co-ordinate requirements (to manage data, analysis and run models) with other internal business functions e.g. IT, Operations, Underwriting Management etc.
Specification of portfolio analysis reporting standards and data requirements Set and run processes to validate and challenge respective outputs from bottom-up (individual risk pricing) and top-down (portfolio analysis, business planning, reserving and IELR setting) analytical / modelling processes.
New business opportunities appraisal
Monitoring execution and impact of underwriting actions to change business mix / profile or improve business performance
Oversee the monitoring and communication of key pricing KPIs with TFP underwriters, management and other stakeholders, such as the Fidelis Insurance Group and Lloyd’s Syndicate management.
Peer review the benchmark pricing, technical rating structures, or profitability assessment of material contracts and programmes.
Identify and challenge inconsistencies between different analytical outputs on the same business, including use of external benchmarks and data.
Utilise publicly available information including insurance press, LMA / Lloyd’s statistics, broker reports, published indices etc to review risk-adjusted rate change, claims inflation assumptions, and competitor activity.
Rationalise the relative credibility of, bridge differences between, and utilise sight of multiple sources of analysis across Fidelis product divisions to provide input into business planning, financial result forecasting and underwriting strategy.
Manage the annual IELR parameterisation and review process between the TFP pricing function and Fidelis Insurance Group reserving, which takes place in Q3
Maintain the Fidelis Group Pricing Policy (upon which product-line pricing teams must develop Procedures for their areas of the business) and specific pricing policies relating to individual legal entities, such as the Lloyd’s Syndicate.
Use of pricing tools to improve strategic actuarial pricing input into reinsurance purchasing decisions, capital modelling parameterisation (underwriting and reserving risk) and reserving processes
Oversight of Lloyd’s PMDR process (returns to be submitted by ASTA) and reporting to / attendance at Syndicate 3123 Underwriting Committee
Skills & experience
Experienced qualified general insurance actuary with broad knowledge of London market / commercial insurance and reinsurance products, pricing methods / analytics, market best practices and standards
Advanced user of Microsoft Excel
Experience of using Power BI, SQL, Python, R coding and programming tools for data handling and modelling / analysis a key advantage
Other
The Fidelis Partnership Ethos
At The Fidelis Partnership, we aim to be different while making a difference.
We set the standard for quality in our industry. Guided by our expertise, our clients can take unique and material risks with confidence.
Our approach is tailored and designed to deliver excellence for our clients. We are trailblazers, creating unique solutions in the (re)insurance space.
We are experts. Our brokers and clients value the depth of our knowledge and experience. We leverage state-of-the-art underwriting technology to be a market leader.
We believe sound ethics make for good business. We deliver value for our customers, investors and communities while actively avoid trading with industries that cause harm to people, the environment and animals.
We pride ourselves in creating a workplace that prizes execution, meritocracy, Diversity & Inclusion. Our people herald from countless backgrounds and are united by ambition and the unabashed desire to deliver excellence every day. We provide a competitive environment that helps people cultivate themselves professionally and personally and balance a rigorous workplace with a mindset that prioritises environmental and charitable activities in our communities worldwide.
Our ethos dictates our decisions and actions. It unites us as a team of experts and colleagues and provides us with a compass for ensuring we deliver our best to every stakeholder we serve.
Diversity, Equity & Inclusion
Diversity & Inclusion in the workplace
Insofar as possible, we aim to ensure the composition of our workforce reflects the make-up of the local community
We have specific programmes in all our offices to support diversity within the hiring process, e.g. internship and scholarship award programmes
This is a particular focus in Bermuda, where we engage actively with local organisations to source diverse talent and provide coaching/mentoring for underrepresented groups
We aim to maintain a focus on equal opportunities across all stages of hiring process
We measure and minimise the pay gap where possible.
Bring Your Whole Self to Work
Our vision is for a workplace culture where differences are valued and where diversity of background, experience and thought are welcomed. We want to create an environment where all employees, regardless of who they are, are given equal opportunities for career progression and enjoy fair reward from their and The Fidelis Partnership's successes. This will be driven by a workforce that embraces Diversity & Inclusion at every level, in every department across The Fidelis Partnership.
To ensure that all candidates have a fair opportunity to show their abilities during the recruitment process, adjustments may be required. If your physical or mental health or disability may necessitate an adjustment, please contact fidelis@avenciaconsulting.com to discuss. All information relating to your health or disability will be treated in accordance with our data protection policy.
