Risk Manager - Insurance & Financial Risk

Job description and person specification  

Job Title:  Risk Manager - Insurance & Financial Risk - 12 Month FTC

Division:   Risk and Compliance      

Reports To:  As per Beazley’s organisation chart  

Key Relationships: Risk, Internal Audit, Compliance, Finance – Investments and Group Actuarial (incl.Capital Modelling, Reserving and Pricing), Ceded Reinsurance, Exposure Management, and Underwriting.

Job Summary:  The role will support a range of risk management activities, with a particular focus on the North American platform’s insurance and financial risks. This will involve writing risk reports and analysis (including the US Own Risk and Solvency Assessment - ORSA), review and challenge of underwriting and statutory business planning, as well as product development and other first line processes (including through risk and control self-assessments - RCSAs), risk appetite, providing risk opinions on specific risk areas, supporting with technical provisions validation, as well as supporting the risk team with the delivery of the wider risk management framework. 

Key Responsibilities

• Provide challenge of Beazley’s first line processes around insurance and financial risk, including reserving, pricing, capital modelling, business planning, underwriting, outwards reinsurance, exposure management and investments. This should include supporting with RCSAs. 

• Support the delivery of the US ORSA and Bermuda CISSA, particularly those sections relating to insurance and financial risks. 

• Performing the validation of the technical provisions, including setting the annual scope, performing the testing and producing reports.  

• Produce risk reporting to Committees, Boards, stakeholders and regulators. 

• Participate in risk management training for key stakeholders.  

• Deliver risk opinions, reviews of key risks and hot topics influencing Beazley North America platform’s risk profile, to support reporting to internal and external stakeholders. 

• Support the annual review of Beazley’s risk appetite levels. 

• Participate in governance over North American entity reserves and capital. 

• Maintain strong stakeholder relationships with members of the first line, to help support Beazley’s risk management framework. 

• Investigate insurance and financial risk related risk incidents. 

• Ensure close collaboration with the Global risk team’s insurance and financial risk managers, supporting their workload as appropriate. 

• Support with the continued development of the wider risk management framework.  

General

It is important that within all your interactions both internally and externally you adhere to Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect Beazley employees to:

• Comply with Beazley procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct.

• Undertake training on Beazley policies and procedures as delivered by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.

• Display business ethics that uphold the interests of all our customers

• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.

• Comply with any specific responsibilities necessary for your role as outlined by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.

• Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.

Personal Specification:

Essential Criteria

• Experience in insurance / financial risk management or working as a risk actuary would be an advantage for this position. 

• Knowledge of US statutory accounting principles, National Association of Insurance Commissioners (NAIC), Connecticut Insurance Department and Bermuda Monetary Authority regulatory requirements related to certain insurance and financial risks, risk management and actuarial principles. 

• Experience of providing challenge across any of the following areas would be an advantage: reserving, pricing, capital modelling, business planning, underwriting, outwards reinsurance, exposure management and investments.

Skills and Abilities

• Methodical approach to problem solving, with a high attention to detail. 

• Ability to act pragmatically in the face of new challenges and exercise sound judgements based on overall business needs. 

• Excellent interpersonal, communication skills, and ability to tailor communication to both technical and non-technical audiences.  

• Ability to prepare comprehensive well written reports for internal and external stakeholders. 

• Proven project management and organisational skills with track record of delivering projects to strict deadlines.  

• Results oriented, with the energy and determination to succeed in a fast-paced environment 

• Advanced proficiency in using Microsoft Office. 

Knowledge and Experience 

• Experience in providing risk challenge to the first line and producing and presenting risk analysis to internal and external stakeholders. 

• Interest in gaining a deeper understanding of insurance and financial risk management in the Lloyd’s / London Market. 

Aptitude and Disposition

• Outcome focussed, self-motivated, agile and flexible 

• Technically innovative, a problem solver and solution builder 

• Professional approach to interact successfully with colleagues 

• Able to work with multi-cultural and multi-location teams 

• Ability to work closely in a team environment and develop productive working relationships 

• Willingness to learn and achievement drive  

Competencies 

• Information seeking 

• Problem solving  

• Technical expert   

• Time management 

• Stakeholder management 

• Influencing others 

• Quality focused 

• Initiative  

• Customer focused 

• Analytical thinking  

• Team working 

The Rewards US

• The opportunity to connect and build long-lasting professional relationships while advancing your career with a growing, dynamic organization
• Attractive base compensation and discretionary performance related bonus
• Competitively priced medical, dental and vision insurance
• Company paid life, and short- and long-term disability insurance
• 401(k) plan with 5% company match and immediate vesting
• 22 days PTO (prorated for 1st calendar year of employment), 11 paid holidays per year, with the ability to flex the religious bank holidays to suit your religious beliefs
• Up to $700 reimbursement for home office setup
• Free in-office lunch, travel reimbursement for travel to office, and monthly lifestyle allowance
• Up to 26 weeks of fully paid parental leave
• Up to 2.5 days paid annually for volunteering at a charity of your choice
• Flexible working policy, trusting our employees to do what works best for them and their teams

Salary for this role will be tailored to the successful individual’s location and experience. The expected compensation range for this position is $134,600-$161,520per year plus discretionary annual bonus.

Don’t meet all the requirements? At Beazley we're committed to building a diverse, inclusive, and authentic workplace. If you’re excited about this role but your experience doesn’t perfectly align with every requirement and qualification in the job specification, we encourage you to apply anyway. You might just be the right candidate for this, or one of our other roles. 

We are an equal opportunities employer and as such, we will make reasonable adjustments to our selection process for candidates that indicate that, owing to disability, our arrangements might otherwise disadvantage them. If you have a disability, including dyslexia or other non-visible ones, which you believe may affect your performance in selection, please advise us in good time and we’ll make reasonable adjustments to our processes for you.