Insurance Risk Manager

About You and the Role:

The Risk Management Function is central to Enstar’s governance and decision-making. It supports key regulatory and business deliverables, including solvency assessments, model validation, risk reporting and independent reviews of strategic initiatives and transactions. Reporting to the Head of Insurance, Model and Transaction Risk & EMAL CRO, the Insurance Risk Manager is responsible for leading the delivery of material insurance and model risk activities, translating detailed analysis into independent second-line conclusions and recommendations. The role manages defined areas of the Insurance Risk plan, exercises judgement over the scope and depth of reviews, and escalates material matters to the Head of Insurance & Model Risk.

The successful candidate will lead significant workstreams with limited supervision, determine the appropriate analytical approach within agreed parameters, and be accountable for the quality and timely delivery of conclusions and recommendations. The role will coordinate input from analysts and subject matter experts and will escalate material judgements, limitations and differences of view to the Head of Insurance & Model Risk. Insurance risk includes capital adequacy, reserving, underwriting and reinsurance credit risk. The role requires strong quantitative judgement, a practical understanding of insurance and actuarial matters, and the ability to convert detailed analysis into concise conclusions and recommendations.

What you will be doing:

Insurance Risk Management

• Manage the delivery of agreed components of the Insurance Risk plan, working closely with the Head of Insurance & Model Risk, entity CROs and regional risk teams.
• Independently assess capital adequacy, reserving, underwriting and reinsurance credit risks, identifying material issues and providing proportionate, evidence-based challenge to the first line.
• Manage quarterly second-line reviews of reserving movements, concentrations and emerging experience, including setting the review scope, coordinating analysis, challenging key assumptions, reviewing supporting work and recommending matters for escalation.
• Maintain insurance risk monitoring and reporting against the approved risk appetite framework, recommend enhancements to metrics and thresholds, and escalate where required.
• Plan and lead deep-dive reviews into material or emerging insurance risk topics, agreeing scope, completing analysis and presenting practical recommendations.
• Support the development of the Insurance and Model Risk frameworks, policies and standards, and manage their implementation and consistent application across assigned activities.

Model Risk Management

• Plan and lead model validation workstreams covering internal capital, reserving, forecasting and other material financial models, including review of data, methodology, calibration, implementation, controls and outputs.
• Determine the detailed testing approach for assigned validations, review testing performed by analysts and form initial findings and recommendations for escalation.
• Implement and monitor the Model Risk Management framework across assigned activities, maintaining relevant model inventory, classification, validation-planning and issue-tracking information and recommending enhancements as necessary.
• Coordinate with model owners, subject matter experts and external validators, following findings through to agreed resolution and escalation where required.
• Support validation activity linked to Lloyd’s and other regulatory submissions, ensuring work is well evidenced and delivered to required standards and deadlines.

Transactions and Strategic Initiatives

• Lead assigned Insurance and Model Risk workstreams within transaction reviews, coordinating analysis and specialist input and escalating material issues as needed.
• Assess complex or unfamiliar structures using relevant actuarial and financial analysis, identifying key assumptions, downside exposures and areas for further challenge.
• Prepare concise risk opinions and recommendations for senior management, committees and Boards, ensuring conclusions are supported by clear evidence.
• Monitor completed transactions against original expectations and identify material changes in the risk profile.

Stress and scenario testing

• Lead individual stress and scenario-testing exercises within the methodology and agreed priorities, including coordinating inputs, reviewing assumptions and outputs, and recommending conclusions.
• Review the reasonableness of scenario assumptions, dependencies and results, and recommend conclusions, management implications and areas for further investigation.
• Help enhance in-house scenario tools, documentation, governance and workshop materials, improving the consistency and efficiency of the process.

Reporting, Stakeholders and People

• Coordinate and review assigned sections of ORSAs, CISSAs, the GSSA, quarterly CRO reports and other committee or Board materials, including reviewing analyst or other stakeholder contributions.
• Present technical analysis and risk conclusions to senior stakeholders, adapting the level of detail to the audience and responding constructively to challenge.
• Review and challenge validation analysis produced by analysts, ensuring that findings are proportionate, evidence-based and clearly articulated for the relevant stakeholders.
• Build effective working relationships across Risk, Actuarial, Finance, Investments, Legal, Compliance, Internal Audit and transaction teams, while maintaining second-line independence.
• Manage discrete projects, priorities and dependencies to deliver accurate work within tight deadlines.
• Coach and review the work of analysts and other colleagues, sharing knowledge and supporting their technical and professional development. Where applicable, undertake direct line-management responsibilities in accordance with Enstar policies and practices.
• Promote a strong culture of risk awareness, constructive challenge and continuous improvement.

Ad-hoc support to the business

• Lead or contribute to deep dive reviews into specific financial risk topics, emerging issues and one-off requests, proposing practical recommendations and improvements where appropriate.
• Act as a pragmatic second line advisor, offering timely second opinions and clear recommendations across a wide range of stakeholder queries.
• Take a continuous improvement approach, helping evolve processes, outputs and responsibilities over time in line with business needs and professional development.
• The responsibilities described above are not exhaustive. Enstar is committed to ensuring our people develop and harness the right skills consistent with their wants and business needs. Therefore, it is expected that this will change over time.

What you will bring:

• Experience: Typically 7+ years of relevant experience, including demonstrable responsibility for leading material workstreams, reviewing the work of others, forming independent risk conclusions and influencing senior stakeholders.
• Professional qualification: Qualified or near-qualified actuary, or an equivalent relevant professional qualification. CERA or another risk qualification would be advantageous.
• Insurance risk knowledge: Strong understanding of at least two of capital, reserving, underwriting, reinsurance credit or model risk, together with the ability to develop quickly across the wider insurance risk agenda.
• Quantitative capability: Strong analytical and statistical skills, with experience interpreting stochastic model outputs, sensitivities, stress tests and other complex financial analysis.
• Independent challenge: Demonstrable ability to identify key assumptions and limitations, form a balanced independent view, and provide practical, evidence-based challenge to senior stakeholders.
• Judgement and accountability: Able to make decisions within delegated authority, distinguish matters that can be resolved at Manager level from those requiring escalation, and present a clear recommendation where senior approval is required.
• Project ownership: Experience leading material workstreams or discrete projects from scope and planning through analysis, review, presentation and closure.
• Communication: Excellent written and verbal communication skills, including the ability to distil complex material into concise committee, Board and regulatory reporting.
• Stakeholder management: Confident, credible and collaborative, with experience building effective relationships across multiple disciplines and levels of seniority.
• Delivery: Highly organised and able to manage competing priorities, exercise judgement and maintain quality under pressure and to tight deadlines.
• Leadership: Demonstrable experience allocating and reviewing work, providing constructive feedback and developing less experienced colleagues. Previous formal line-management experience is preferred, with the capability and willingness to manage direct reports from appointment..
• Management: Manage, coach and develop direct reports, including setting objectives, allocating and reviewing work, providing regular feedback and supporting professional development in accordance with Enstar policies and practices.
• Ways of working: Proactive, pragmatic and intellectually curious, with a results-focused approach and willingness to improve existing processes and methods.

Your Benefits: 

• Pension (Enrolment is automatic on joining with a 10% employer contribution)
• Dental Insurance (This is an optional taxable benefit available to employee, spouse, and dependents)
• Medical Insurance (This is an optional taxable benefit available to employee, spouse, and dependents through a private health network)
• Travel Insurance (As an employee you are automatically enrolled with business and leisure travel insurance with single, couple, family, or single parent family coverage options.)
• Eligible company funded annual 360 Health Assessment.
• Voucher for free annual eye examination. 
• Option to loan a bicycle and safety equipment tax free.
• Wellness Reimbursement program (up to 700 pounds annual reimbursement for wellness related expenses, i.e, gym memberships, massage, etc.).
• Tusker – Electric Vehicle (A fixed monthly amount is taken directly from your gross salary and, in return, you get the use of a brand new electric car.).
• Optional Critical Illness coverage
• Automatic coverage provided by income protection programme 
• Access to Employee Assistance Programs (EAP) for health and wellbeing
• One paid annual volunteer day