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
We are seeking a Pricing Actuary to join our team specialising in bespoke credit and political risk classes. The ideal candidate will work closely with underwriters to develop sophisticated models that capture key risks and reflect the underlying risk of various deals. The role requires a deep understanding of deal structures, the ability to analyse complex data, and proficiency in developing custom stochastic models.
The Bespoke pricing function supports the technical pricing of direct and reinsurance credit and political risk portfolios including Structured credit, Mortgage indemnity, Mortgage reinsurance, Significant Risk Transfer transactions (SRTs), Aviation finance, Marine finance, Contract frustration and Trade credit with plans to expand into new business classes.
Bespoke economic lines are a key strategic growth area for Fidelis and we are looking to hire a number of further junior hires to support this role. This will provide the successful candidate with strong career progression opportunities and enablement to deliver effectively.
Key accountabilities
Model Development: Design, develop, and maintain pricing models for bespoke credit and political risk insurance products.
Collaboration with Underwriters: Work closely with underwriters to understand the specifics of each deal, ensuring that the pricing models accurately reflect the associated risks.
Risk Assessment: Evaluate and quantify risks by analysing client information packs, market data, and other relevant sources.
Data Analysis: Conduct detailed data analysis to identify trends, correlations and other insights that inform pricing strategies. Improve our data quality and infrastructure and building tools to better visualise and interrogate information to understand our policy exposures and drivers of claims experience.
Custom Model Creation: Develop custom models tailored to specific client deals, incorporating unique risk factors and deal characteristics.
Reporting and business planning: Support regular business planning and reporting processes including quarterly Realistic Disaster Scenarios. Contribute to maintaining Economic Catastrophe RDS models in Remetrica or other proprietary software and answer stakeholder queries
Process improvement: Identify, develop and implement process improvements for existing models and processes
Excel Expertise: Use advance Excel skills for model development, data manipulation, and presentation of findings.
Documentation: Document all methodologies, assumptions, and model outputs clearly and comprehensively.
Stakeholder Communication: Communicate findings, model changes, and risk assessments effectively to underwriters, management, and other stakeholders including capacity providers, capital and reserving managers
People management: Support the training and development of junior team members. Work collaboratively to develop and deliver analyses to the Head of Bespoke for review.
Other responsibilities: Support the Head or bespoke and the bespoke pricing team with ad-hoc projects to assist current and future business needs.
Skills & experience
Nearly / newly qualified actuary with up to five years’ post-qualification experience
Minimum 3-5 years of experience in a pricing team, preferably in credit and political risk field, else proven capability to deploy existing skills into a pricing role
London Market / commercial insurance pricing experience
Qualification or demonstrated strong historical track record of actuarial exam progress and development of wider business knowledge and experience
High levels of awareness of all commercial insurance and reinsurance classes of business, market conditions, performance indicators, and technical valuation techniques
Advanced user of Microsoft Excel, including stochastic modelling in Excel or in another tool.
Capital modelling experience and experience of using SQL, Python, R, Remetrica programming tools for data handling and modelling / analysis are 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.
