Deal Pricing Manager, Savings & Retirement

Pacific Life Re Services Limited; London; On-site; GBP 100,000 - 125,000

Job description

Job Title

Deal Pricing Manager, Savings & Retirement

Job Description

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 the UK, Europe & North America, individual retirement products and a range of savings & protection benefits. The transactions will be across different structures including funded reinsurance, longevity swaps and new business flow deals.

Key Responsibilities:

• The team focuses 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.
• We are responsible for setting the investment strategy for funded transactions and seek to optimise this within our investment risk tolerances. We achieve this by working closely with the ALM and investment management teams.
• Working with the client solutions team we have a strong focus on optimising deal structuring to provide clients with a strong commercial package whilst ensuring an efficient capital structure for PL Re.
• The team is responsible for the pricing activities related to treaty execution, and ensuring the required information is handed over to the S&R inforce management team for implementation.

The Role

We have an exciting opportunity for an individual with strong technical skills from either an actuarial or investment background to join the S&R Deal Pricing team.

Responsibilities of the role include:

• Take ownership in leading quotes across S&R products and markets. Drive success from encouraging and developing deal teams.
• Take ownership for developing our asset pricing approaches and working with the AVP, Deal Pricing to implement & obtain approvals for new approaches to improve pricing.
• Identify inefficiencies in pricing processes & controls and lead projects implementing 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 S&R Insurance Pricing team on understanding benefit structures and developing the insurance basis for S&R transactions.
• Following financial 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.
• Manage pricing actuaries & analysts in the team and ensure their technical & soft skills development.

Qualifications & Experience

Core skills and experience:

• Strong technical skills necessary to build & run actuarial/asset models and interpret the results. Prior experience in Pricing is not necessarily required, but a broad understanding of capital modelling, asset risks & strategies for liability driven investments is desirable.
• Professional qualifications (SOA, IFoA, CFA or similar) with 5+ years of professional experience in an investment or actuarial team.
• Ability to work independently on critically reviewing numbers coming out of the model, understanding what drives changes, sense-checking results and suggesting improvements to drive price benefits.
• Deal focused individual. Able to work to tight timelines and periods of high-pressure to deliver on pricing commitments to internal stakeholders and clients, often across multiple deals simultaneously.
• Strong experience of Excel and actuarial/asset modelling software (e.g. Tyche, Bloomberg).
• Good understanding of market risks (interest rates, FX, credit spread, liquidity) and how they impact insurance capitalization. Understanding of insurance company balance sheets including insurance capital frameworks.
• Strong communication skills. Able to communicate complex actuarial concepts to a range of audiences both verbally and written. Track record of stakeholder management & seeking approvals/pitching.
• Able to adapt to changing priorities and switch focus seamlessly.

Whilst candidates do not need all of the experience & skills listed above, they should be able to demonstrate competencies in a sufficient number to be considered for this position.

Working For Pacific Life Re

Every person in our global team is valued for the unique qualities they bring to our business and we seek to build their expertise and support their individual ambitions at every step. Of course, we take our work seriously and we know our team can operate under great pressure. We work hard and thrive on achievement, but we also know how to have fun and relax too. We regularly host a range of team building days to strengthen our team's connection with each other and reflect on their successes.

Providing employees with a healthy work-life balance is very important to our culture. We have a wide range of employee benefits and we host regular social activities and well-being initiatives. We are also committed to supporting our employee's involvement in their communities, by actively fundraising, hosting charity events and overseeing volunteering opportunities.

Benefits (Only for Permanent and Fixed Term Employees)

• Stakeholder Pension Scheme

• Life Assurance

• Subsidised Gym Membership

• Private Medical Insurance

• Season Ticket Loan

• Eye Care

• Employee Assistance Programme

• Group Income Protection

• Wellness Benefits

As part of our commitment to diversity and inclusion, we will provide reasonable adjustments during the recruitment process to ensure equal access to applicants with disabilities. Please contact us about your needs so that we can discuss these with you to make sure that suitable adjustments are made, where possible.

Pacific Life Re Principles and Behaviours

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