Regulatory Policy, Vice President

2 weeks ago

Old Toronto, Canada SCOR Full time

About SCOR:

As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk,” SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society in around 160 countries worldwide.

Working at SCOR means engaging with some of the best minds in the industry – actuaries, data scientists, underwriters, risk modelers, engineers, and many others – as we work together to find solutions to pressing challenges facing societies.

As an international company, our common culture is defined by “The SCOR Way.” Serving both to build momentum that drives the Group forward and as a compass to guide our actions and choices, The SCOR Way is anchored by five core values, reflecting the input of employees at all levels of the Group. We care about clients, people, and societies. We perform with integrity. We act with courage. We encourage open minds. And we thrive through collaboration.

Role Overview:

The individual will be the Appointed Actuary and is responsible for the Actuarial reserving processes for SCOR's P&C business written on SCOR Canada and SCOR UK, Canadian Branch legal entities ("Relevant Entities") as well as select Americas reserving segments covering exposures across the Americas.

In particular, the position is responsible for all required regulatory duties associated with insurance reserves for the Relevant Entities including the Appointed Actuary's Report ("AAR") and Financial Conditions Testing ("FCT"). The position will manage the quarterly and annual reserving processes under all GAAPs, notably IFRS17.

The position is expected to demonstrate analytic leadership across the Canadian portfolio, including close coordination with Pricing, Finance, the Canadian and Americas management teams, the Canadian Board of Directors, and other stakeholders (regulators, auditors, peer reviewers, etc.). The successful candidate will be expected to build and foster productive business relationships and mentor less experienced team members.

Key Duties and Responsibilities:

  • Serve as the Appointed Actuary for SCOR Canada and SCOR UK, Canadian Branch. Complete annual actuarial opinion and AAR in accordance with OSFI, AMF, and CIA guidelines. Complete annual FCTs. Keep abreast of regulatory developments relevant to loss reserves. Liaise with auditors, regulators, peer reviewers, and other regulatory stakeholders.
  • Complete the quarterly and annual reserving processes for all Relevant Entities in all GAAPs with a specific focus on IFRS 17. Produce and present quarterly reserving results to the Americas Chief Reserving Actuary as well as the relevant committees / boards of the Relevant Entities
  • Collaborate with Underwriting, Claims, Pricing, Capital Modelling, Retrocession, and Risk teams to ensure a robust feedback loop across assigned reserving segments and Relevant Entities
  • Respond to reserving related queries and foster good working relationships with all relevant supervisory bodies, auditors, peer reviewers, and the like
  • Work closely with other group and local reserving teams to develop, review and maintain appropriate reserving tools, diagnostics, and methodologies
  • Enhance management information and reporting to improve efficiency and business insight
  • Mentor and develop less experienced actuarial talent
  • Participate in strategic or transversal projects as requested.

Key Deliverables / Activities:

  • Complete required regulatory deliverables including the AAR and FCTs for all Relevant Entities
  • Manage the engagement with peer reviewers and auditors for reviews specific to insurance reserves
  • Complete quarterly internal SCOR ICS controls related to the insurance reserves for the Relevant Entities
  • Complete quarterly reserve roll-forwards and annual details reserve reviews for business written on the Relevant Entities and other assigned reserving segments
  • Coordinate quarterly feedback loop meetings to solicit qualitative feedback for inclusion in the reserve analysis and enable periodic cross-functional discussions of business performance
  • Support analyses of the business plans for the Relevant Entities

Support input into the ORSA process for the Relevant Entities, including but not limited to central scenario inputs to balance sheets and reserving-related adverse scenarios.

Required Education and Qualification:

  • Qualified actuary (FCIA preferred) with minimum 12 years of relevant non-life insurance work experience, with at least 6 years of experience in the Canadian market
  • Comprehensive understanding of Canadian (OSFI) regulatory requirements and IFRS17
  • International insurance experience is a plus
  • French language skills are a plus

Hybrid Work Policy:

SCOR is committed to an "in-office" culture where people can collaborate, exchange ideas, and establish stronger working relationships while still providing flexibility. To support employee work-life balance and increase opportunities for employees to excel every day, SCOR operates with a hybrid working arrangement. SCOR employees work 3 days per week in an office with the flexibility to work 2 days per week remotely.

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