Head of Capital


Our client is looking to hire a Head of Capital to join their team in Berkshire on a Permanent basis.

Ref: 48574

  • Location: Berkshire
  • Category: Non-life Actuarial
  • Type: Permanent


Job Purpose:

To lead in the development and operation of an effective capital management framework within the firm, with a specific focus on managing the activities of the Capital Modelling and Capital Management teams.

This will involve meeting the objectives of the Capital function, including:

  • Linking the strategic objectives of the company to the way capital is managed to achieve those objectives
  • Undertaking capital modelling activity and analysis to inform business decisions and fulfil regulatory requirements
  • Supporting data and systems management associated with these tasks
  • Developing effective business relationships needed to support these activities

The Capital Management function falls within the remit of the Chief Risk Officer and works closely with the wider risk, actuarial, investment and finance departments.

The role holder will represent the Capital function as required on relevant internal committees and working groups. They will lead the management team that will drive the function forward and ensure its success within the company.

The role will include the management and coaching of qualified and student actuarial staff.

The specific focus of the Capital function for the immediate future is on:

  • Developing a capital management strategy that is supported by the business
  • Designing and embedding a capital management framework to support that strategy that establishes the need for the wider business to consider risk and reward by utilising the Internal Model as a useful business decision-making tool
  • The integration and refinement of the new Internal Model (SII and ORSA) – to include a successful IMAP application in due course, alongside the embedding of the model as a useful business decision-making tool
  • The business as usual tasks of regulatory reporting under the Standard Formula, as well as production of quarterly and year-end analyses


Job Profile:

  • Provide oversight for:
    • The technical development and improvement of the capital modelling and analysis capabilities of the team
    • The development of the overarching capital management framework, supported by a coherent set of processes, and the on-going effective running of the framework
  • Establish understanding and ownership across the different business parties who operate the different processes, so they become embedded into business as usual activities over time
  • Lead the business use aspects of the capital modelling capabilities of the firm, as well as the business interactions with the model (in respect of their understanding and interpretation of model outputs)
  • Provide oversight and challenge for the design, build, maintenance and operation of the the firms Internal Model and Standard Formula calculation processes, including:
    • Planning and allocation of work to the Capital Modelling team
    • Data management and governance, including working with the Actuarial Data & Systems team to ensure the Actuarial Data Repository (ADR) and associated processes meet the requirements of the FR & CM function
    • Model parameterisation, including expert judgements and general model calibration
    • Internal Model (SII and ORSA bases) capital assessments and analyses
    • Standard Formula capital assessments and analyses
    • Informing decision-making through analysis of capital requirements and implications on business decisions (e.g. reinsurance strategy, business plan modelling, scenario modelling) in conjunction with the Financial Risk and Capital Management teams
    • Model governance, including data and process governance and controls
    • Model documentation to a high standard
    • Internal and external reporting requirements
  • Collaborate with team members in order to deliver overall objectives
  • Support management and the wider CRO function with the development and improvement of the financial risk and capital management capabilities of the firm
  • Support the communication and reporting of key risk and capital related analyses
  • Support the function’s Internal Model Approval Process (IMAP) application
  • Support model validation activities led by the Validation Manager and other internal or external validation / audit activities
  • Support the risk management framework as appropriate e.g. ORSA reporting
  • Support other actuarial requirements as appropriate via the sharing of knowledge and information, peer review and via specific work activities e.g. technical provisions risk margin
  • Contribute to actuarial function reporting requirements
  • Compliance with FRC and IFoA technical and professional standards


Working Relationships:

As the Head of Capital the role holder will need work collaboratively with all members of the Capital function, as well as relevant parties across the organisation, to develop the firm’s approach to capital management.

Key relationships will include:

  • Executive and non-Executive Directors
  • Actuarial, Finance, Risk (including the Validation Manager), Investments, Business Planning, Claims, Underwriting & Product Design departments
  • External actuarial advisors and auditors
  • Regulators


Regulatory Requirements:

Over the course of employment, the job holder is required to:

  • Act with integrity
  • Act with due skill, care and diligence
  • Be open and co-operative with the firm’s regulators


Other Skills:

  • Excellent leadership skills, with the ability to motivate and develop team members
  • Strategic thinker
  • Very strong problem solving skills
  • Experience with capital modelling software (e.g. Remetrica, Igloo, Tyche etc.)
  • Excellent IT skills across MS office (Excel etc.)
  • Excellent prioritisation skills
  • A desire to drive continuous improvement in tasks and processes
  • Strong written and verbal communication skills with the ability to build relationships with stakeholders at all levels
  • Strong project management capability and stakeholder management

Qualifications required:

  • Relevant degree for actuarial work (minimum 2:1)
  • A nearly / newly qualified Fellow of the Institute & Faculty of Actuaries (although non-qualified applicants will be considered where they are ‘qualified by experience’)
  • A Fellow of the Institute & Faculty of Actuaries with at least 1-2 years  post qualification experience

Experience required:

  • Technical experience of capital model design, build, parameterisation, documentation and production of capital metrics
  • Strong technical experience of capital model business use and communication of capital metrics to inform decision-making
  • Experience of SII and ORSA modelling
  • Strong and broad experience of actuarial work related to capital gained in a general insurance company or consultancy
  • Experience of interactions with stakeholders at a range of levels including Board, auditors and regulators
  • Line management experience
  • Experience of SII Standard Formula
  • Experience of IMAP
  • Planning and project management experience
  • Knowledge of actuarial techniques, market practice, relevant legislation and insurance market environment, awareness of emerging market developments


Michael Doherty

Associate Director – General Insurance

T: +44 (0)203 867 9863

Email me


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