Senior Pricing Analyst, S&R

Pacific Life Re

15d

About The Position

The Team The Savings & Retirement Deal Pricing team are responsible for producing the fees & premiums to send to clients in our global markets. The team covers a range of products across the bulk annuity market in Europe & North America, individual retirement products and a range of savings & protection benefits. The transactions will be across different structures including funded, longevity swaps and new business flow deals. Key Responsibilities: The team focusses on the cashflow & capital modelling, ensuring the specific products & risks are appropriately captured in pricing. We will produce the deal metrics to ensure these meet all pricing hurdles & governance requirements. Working with the client solutions team we have a strong focus on optimizing deal structures to provide clients with a strong commercial package whilst ensuring an efficient capital structure for PL Re. For deals with a funded element, we will work closely with the S&R PPS team & the Pacific Life Investments team to set an investment strategy to appropriately match the liabilities & client needs. The team is responsible for the pricing activities related to treaty execution, and ensure the required information is handed over to the S&R enforce management team for implementation. The Role We have an exciting opportunity for an individual with strong technical actuarial / investment background to join the S&R Deal Pricing team delivering on the team’s responsibilities. Some of the responsibilities of the role include: Take ownership of the existing pricing tools (Tyche models and Excel models). Being responsible for the process of producing pricing quotes and making any upgrades and changes to the tools as required. Identify inefficiencies in pricing processes & controls and implement improvements to address these as part of PL Re’s drive for process enhancements. Understanding of macroeconomic assumptions (interest rates, credit spreads, FX) impact on pricing. Being able to obtain and interpret required investment data from Bloomberg and from investment teams. Understand the drivers of capital requirements for S&R products and how these vary under different reinsurance structures. This includes across economic capital, Bermuda Monetary Authority and NAIC RBC regimes. Working with the insurance pricing team on understanding benefit structures and developing the insurance basis for S&R transactions Following the investment markets and being able to translate and explain changes in the market conditions into changes to pricing. Work with the asset management team to agree investment assumptions for pricing. Work with the client solutions team to continually develop our proposition and look for and build strategies that manage and mitigate risks such as currency, inflation etc.

Requirements

Strong technical skills necessary to build and run actuarial models, including pricing tools.
Student member of the IFoA or SOA, making good progress through the professional exams
Ability to work independently on reviewing critically numbers coming out of the model, understanding what drives changes, sense-checking results (at the level appropriate for an analyst).
Being able to work in a flexible, dynamic team environment with occasional high-pressure deadlines based around transaction process.
Able to build relationships with colleagues in different teams and office locations.
Strong experience of Excel and actuarial modelling software (Tyche or similar)
Good general understanding of market risks (interest rates, FX, credit spread, liquidity) and how they impact insurance capitalization.
Strong communication skills. Able to communicate complex actuarial concepts to a range of audiences both verbally and written.

Nice To Haves

Prior experience in Pricing is not necessarily required, but broad understanding of modelling mortality and/or market risks will be an advantage.
Experience of transactions and/or pricing work is beneficial but not essential.
Understanding of Pension Risk Transfer markets
Understanding of life insurance company balance sheets and capital and profit reporting regimes (IFRS, Solvency II, US GAAP, BMA).
Programming experience including VBA & Tyche

Responsibilities

Take ownership of the existing pricing tools (Tyche models and Excel models).
Being responsible for the process of producing pricing quotes and making any upgrades and changes to the tools as required.
Identify inefficiencies in pricing processes & controls and implement improvements to address these as part of PL Re’s drive for process enhancements.
Understanding of macroeconomic assumptions (interest rates, credit spreads, FX) impact on pricing.
Being able to obtain and interpret required investment data from Bloomberg and from investment teams.
Understand the drivers of capital requirements for S&R products and how these vary under different reinsurance structures. This includes across economic capital, Bermuda Monetary Authority and NAIC RBC regimes.
Working with the insurance pricing team on understanding benefit structures and developing the insurance basis for S&R transactions
Following the investment markets and being able to translate and explain changes in the market conditions into changes to pricing.
Work with the asset management team to agree investment assumptions for pricing.
Work with the client solutions team to continually develop our proposition and look for and build strategies that manage and mitigate risks such as currency, inflation etc.

Benefits

Leave 23 days of annual leave (Regular employees) with option to buy or sell more days
Fertility leave
Generous parental leave
Healthcare Group Life Insurance and Accidental Death & Dismemberment coverage for all permanent employees
Dental & Optical benefits
Savings & Retirement RRSP: company-matched contributions
Wellness Employee and Family Assistance Program
Subsidized gym membership
Time off for volunteering
Charitable matching of employee donations