Job Summary:
The Head of Reserving is responsible for leading and managing the reserving function within the reinsurance company. This role involves ensuring the accuracy, integrity, and compliance of all reserving activities, including the estimation of insurance liabilities, reporting, and communication with key stakeholders. The Head of Reserving will work closely with actuarial, finance, underwriting, and risk management teams to support the company’s strategic objectives.

Key Responsibilities:

Leadership and Management:
  – Lead the reserving team, providing guidance, mentoring, and professional development.
  – Ensure the team delivers high-quality reserving analyses and reports on time.
  – Foster a collaborative and innovative work environment.

Technical Reserving:
  – Oversee the calculation and analysis of insurance reserves, including IBNR (Incurred But Not Reported) and case reserves.
  – Implement and maintain robust reserving methodologies and models.
  – Ensure accuracy and appropriateness of reserve estimates in compliance with relevant actuarial standards and regulatory requirements.

Reporting and Communication:
  – Prepare and present reserving reports to senior management, board of directors, and regulatory bodies.
  – Communicate reserve estimates, methodologies, and assumptions effectively to non-technical stakeholders.
  – Liaise with external auditors, regulators, and other third parties on reserving matters.

Risk Management and Compliance:
  – Monitor and assess reserving risks and ensure adequate controls are in place.
  – Ensure compliance with local and international regulatory requirements, including solvency and capital adequacy standards.
  – Contribute to the development and implementation of risk management strategies.

Collaboration and Stakeholder Management:
  – Work closely with underwriting, finance, and risk management teams to ensure alignment of reserving practices with business strategies.
  – Support pricing, underwriting, and strategic planning activities with reserving insights and analyses.
  – Participate in cross-functional projects and initiatives.

Continuous Improvement:
  – Stay up-to-date with industry developments, best practices, and emerging trends in reserving.
  – Drive process improvements and automation initiatives within the reserving function.
  – Promote a culture of continuous learning and development within the team.

Qualifications and Skills:
Education
  – Bachelor’s degree in actuarial science, mathematics, statistics, finance, or related field.
  – Professional actuarial qualification (e.g., Fellow of the Casualty Actuarial Society, Institute and Faculty of Actuaries, or equivalent).

Experience:
  – Minimum of 10 years of actuarial experience, with significant exposure to reserving in the insurance/reinsurance industry.
  – Prior leadership experience, including managing teams and projects.

Technical Skills:
  – Proficiency in actuarial reserving software and tools.
  – Strong analytical and problem-solving skills.
  – Excellent understanding of statistical and actuarial reserving techniques.

Soft Skills:
  – Effective communication and presentation skills.
  – Strong leadership and team management abilities.
  – Ability to work collaboratively with diverse teams and stakeholders.
  – High level of integrity and professionalism.