Act Feb Combined

JANUARY/FEBRUARY 2012
theactuary.com
Q&A
We put the FSAs
James Orr in
the spotlight
Soapbox
Time for actuaries
to venture out of the
cave and into the
real world?
Careers
Dening the role of
the actuary as
chief risk o cer
Risk
diversication
Is Solvency II a
new opportunity?
A bumpy road
for insurers?
Telematics oers an opportunity
to improve risk proling
so long as insurers avoid
potential potholes
The magazine of the actuarial profession
p1_cover FINALNEWCT.indd 1 24/1/12 15:24:34
2 January/February 2012 THE ACTUARY
www.theactuary.com
aonbeneld.com/empower
Dont let the numbers puzzle you.
Fill in the gaps with ReMetrica.
Aon Beneld helps its clients progress from pillar to pillar with its
Solvency II focused version 5 of ReMetrica.
ReMetrica continues to evolve to enable actuaries to enhance their
internal models under Solvency II. Using ReMetrica, our clients are able
to deliver an Own Risk and Solvency Assessment that solves business
puzzles and generates a return on their Solvency II investment.
For a demo, visit: www.aonbeneld.com/remetrica_demo
ACT.02.12.002.indd 2 24/1/12 08:38:58
JANUARY/FEBRUARY 2012
MORE CONTENT ONLINE
Additional content can be
found at www.theactuary.com
22
WRITER OF THE MONTH
Paul Cook and Meera Rajoo each win a 25
book token for their article on diversifying risk,
courtesy of the Staple Inn Actuarial Society
UP FRONT
12 Profession news
16 Industry news
18 People/society news
20 SIAS events
OPINION
5 Editorial
New editor Deepak Jobanputra looks at
what the future holds for the profession
6 Letters
In which actuaries discuss fair value in
pensions transfers and foreign agendas
8 Presidents comment
Jane Curtis welcomes some new faces to
the Professions team
10 Soapbox
Graham Fulcher takes a reality check
on reserving
36 Book review
Systems of Frequency Curves by
W P Elderton and N L Johnson
FEATURES
22 Q&A: James Orr
Sonal Shah talks to the chief actuary
of the general insurance specialist
department at the FSA
24 GI: a bumpy road for insurers?
Telematics is transforming the way motor
insurance is assessed and priced. But is
the data reliable, asks Linden Holliday?
26 Risk management:
actuaries as CROs ?
Chris OBrien considers what role
actuaries have in risk management
27 Soft skills: people power
Andrew Hague believes actuaries should
take the lead in engaging with customers
30 Solvency II: free lunch from the EU?
Is Solvency II an incentive for diversifying
risk? Paul Cook and Meera Rajoo
investigate
32 Solvency II: repeat performance
Chris Hursey describes an
original theory on determining
optimal calibration nodes for
replicating formulae
AT THE BACK
35 Arts
Richard Elliott beats the winter blues at the
Scottish National Gallery of Modern Art
37 Puzzles
Win a 50 Amazon voucher in our
prize puzzle
39 Student page
Are actuaries forgetting to look out for the
little guy, asks Matthew Welsh?
40 Actuary of the future
Stephen Renshaw of Friends Life
40 Appointments and moves
ONLINE

Careers
How can actuaries best add leadership to
their skill-set, asks Daphna Horowitz?
International
Dr Yan Liu oers an actuarys guide to the
Chinese economy
Education
Andy Cox and Woojin Oh discuss the
Professions MSc initiative
www.theactuary.com/features/2012/01
24
27
www.theactuary.com
Contents
One of the FSAs key
strengths is the rigorous
approach it brings to
policy formulation and
implementation
COVER: BRETT RYDER
p3_contents FINALCT.indd 3 24/1/12 12:21:44
www.theactuary.com
Call us anytime including evenings and weekends on 020 7717 9705 or email enquiries@the-arc.co.uk
General Insurance Andy Clark BSc FIA 0781 333 7891 andy@the-arc.co.uk
Life, pensions and investment Chris Cannon BA 0771 122 8449 chris@the-arc.co.uk
All other enquiries Roger Massey BSc MBA FIA 0781 398 9016 roger@the-arc.co.uk
Ready to climb
higher?
www.the-arc.co.uk The Actuarial Recruitment Company
A fresh approach
ACT.02.12.004.indd 4 24/1/12 08:39:58
Editorial
Welcome to the new, contemporary look for The Actuary. I am excited
to have taken on the role of editor and look forward to meeting as many
members as possible over the coming months to help serve the needs of
our actuarial community and related stakeholders.
Since becoming editor, I have already visited four dierent continents
and experienced very diverse cultures and lifestyles. Nowadays, such
experiences are not uncommon. It would be an understatement to
reect that the world around us is changing at an accelerating pace;
increasing globalisation and technology developments are just some
of the changes that the next generation seem to take as given. As an
optimist, I see this as a great opportunity to improve the world we live in.
We can now reach the world at large to improve health and wellbeing
across the globe. There are, however, new risks that this smaller world
brings, requiring the expertise of specialists such as actuaries.
A quote from our previous President summed up a core strand
of our vision for tomorrow that every chief risk o cer, for all
industries, will be an actuary. This statement
recognises one of our core strengths the identication
and management of risk.
We have the opportunity to lead and diversify into new
areas and to work with a wider group of professionals; this
change is already happening. Furthermore, the growing
internationalisation of our profession oers great scope for our members
at a personal level, allowing them to experience both new career options
and learning opportunities by interacting with a wide membership base.
This merely touches upon a few ways for our profession to maintain
and develop the highly respected status we hold. As readers, I would
like you to help further our profession through your involvement with
The Actuary magazine and website.
Lastly, we have an opening in the editorial team for a puzzles
editor to take on the challenge of managing the puzzles section of the
magazine; for more information, please contact Sharon Maguire at
The Actuary, sharon.maguire@redactive.co.uk.
Deepak Jobanputra
editor@theactuary.com
Redactive Media Group
17-18 Britton Street,
London EC1M 5TP
+44 (0)20 7880 6200
Publisher/display sales
Philip Harding
+44 (0)20 7880 6245
philip.harding@redactive.co.uk
Managing editor
Sharon Maguire
+44 (0)20 7880 6246
sharon.maguire@redactive.co.uk
Chief sub-editor
Caroline Taylor
+44 (0)20 7880 7663
caroline.taylor@redactive.co.uk
News editor
Nick Mann
+44 (0)20 7324 2794
nick.mann@theactuary.com
Recruitment sales
Katy Eggleton
+44 (0)20 7324 2762
katy.eggleton@redactive.co.uk
Art director
Mark Parry
Picture editor
Claire Handley
Production manager
Jane Easterman
+44 (0)20 7880 6248
jane.easterman@redactive.co.uk
Print and distribution
Polestar, Colchester, Essex
Internet
The Actuary website:
www.theactuary.com
SIAS website:
www.sias.org.uk
Actuarial Profession website:
www.actuaries.org.uk
Editor
Deepak Jobanputra
editor@theactuary.com
+44 (0)7794 031 225
Features editor
Tracey Pritchard
features@theactuary.com
+44 (0)20 7432 3071
Deputy features editors
Sarah Bennett
Alex English
Dan Georgescu
Adam Jorna
Sonal Shah
Profession news editor
Alison Jiggins
alison.jiggins@actuaries.org.uk
+44 (0)20 7632 2172
Industry news editor
Terren Friend
news@theactuary.com
People/society news editor
Yvonne Wan
social@theactuary.com
Student page editor
Matthew Welsh
student@theactuary.com
Arts page editor
Richard Elliott
arts@theactuary.com
+44 (0)7814 509 081
Puzzles editor
puzzles@theactuary.com
Editorial advisory panel
Peter Tompkins (chairman),
John Batting, David Campbell,
Margaret de Valois,
Matthew Edwards, Martin Lunnon,
Marjorie Ngwenya,
Sherdin Omar,
Richard Purcell,
Andrew Smith, Nick Silver,
Chris Sutton
Published by the Staple Inn Actuarial Society.
The editor, The Institute and Faculty of Actuaries and Staple Inn Actuarial Society
are not responsible for the opinions put forward in The Actuary. No part of this
publication may be reproduced, stored or transmitted in any form or by any means,
electronic, mechanical, photocopying, recording or otherwise, without prior written
permission of the copyright owners. While every effort is made to ensure the
accuracy of the content, the publisher and its contributors accept no responsibility
for any material contained herein.
Important information for contributors to The Actuary
By submitting content for publication you confirm that: (a) You (and/or other named
contributors) are the sole author(s) of the content submitted;
(b) The content you submit is original and has not previously been published
(unless you specifically advise us to the contrary);
(c) You havent previously licensed the use of the content you submit;
(d) So far as you are aware, the content submitted will not infringe any third-party
rights, be defamatory or in any way illegal.
SIAS February 2012 All rights reserved ISSN 0960-457X
Opinion
Subscriptions
For subscriptions from outside the actuarial profession: UK, Eire and
Europe: 50 a year/5 a copy. For the rest of the world: 75 a year/7.50 a
copy. Please contact: Alison Jiggins, The Actuarial Profession, Staple Inn, High
Holborn, London WC1V 2QT T +44 (0)20 7632 2100 E alison.jiggins@actuaries.
org.uk Students on actuarial science courses at universities may join the Staple
Inn Actuarial Society for 6 a year. They will receive The Actuary as part of
their membership. Apply to: Membership Department, The Actuarial Profession,
Maclaurin House, 18 Dublin Street, Edinburgh EH1 3PP. T +44 (0)131 240 1325
E membership@actuaries.org.uk Changes of address should be made known
to the membership department as above. For delivery queries, please contact:
Jane Easterman E jane.easterman@redactive.co.uk
Circulation 21,764
(July 2010 to June 2011)
Li ke The Actuary on Facebook Joi n The Actuarys Li nkedI n group Fol l ow @TheActuaryMag on Twi tter
Deepak Jobanputra takes a look at
the challenges and opportunities facing
the profession
Fresh elds
DEEPAK JOBANPUTRA
Every chief risk o cer,
for all industries,
will be an actuary
www.theactuary.com
p5_editorial FINALCT.indd 5 24/1/12 13:44:42
MORE LETTERS ONLINE
More letters are available online at
www.theactuary.com/opinion
THE ACTUARY January / February 2012 6
Opinion
Letters
Chronicle of a death foretold
When my executors notify you or your
successor of my death (Letters, Celebrating
Life, December 2011), they will include an
attachment containing an obituary written by
me. I am by far the best person to know what I
have done in my life my children certainly
are not up to the task, and there is no one
in the actuarial world who has a clue about
what I did when, in 1966, I left the world of
life assurance for the wider eld. Moreover,
in writing my own obituary, I can insert
phrases such as much loved by everyone
who worked with him in contrast to an
obituary I once read, which began, X
was probably the most cordially detested
person ever to have worked for.... I have
not yet written my obituary; I am in no
hurry to write it because I am not going
to die until erm...
Adrian Williams 15 December 2011
Home thoughts or abroad?
Jane Curtiss article (Presidents comment,
December 2011) was not a comfortable read
for me as a young UK actuary. I feel that the
interests of UK members are being sidelined
and that an international agenda is being
pursued again to their detriment.
Adding actuaries to the Home
O ces shortage occupation list is a
major development and, in my view,
there has not been a proper debate
or consultation with members. It will
increase non-EU immigration, drive
down wages and salaries for UK
actuaries and restrict opportunities.
If actuaries are in shortage here, then
the profession should apply generous
discounts for subscriptions and
training as it does for special overseas
countries. She reveals that more than
half of SIASs student membership
is from overseas this is a major
change in the membership structure
and likely to mean that the interests
of UK members will increasingly
be trumped.
As a result, I doubt that young UK
actuaries will enjoy the job security,
earnings and career prospects that
previous generations have enjoyed.
David Thomas 4 December 2011
A question of ethics?
Response to A. Higham, December 2011
Mr Higham questions the role of actuaries involved in advising on enhanced
transfer values (ETVs). He rightly points out the deciencies of the FSA rules
that direct how IFAs must advise members and he advocates proper standards
of advice being made available to members I couldnt agree more. But he does
not comment on the underlying issue the amount of the base transfer value.
This potentially raises even more professional and ethical issues for actuaries:
Would an actuary take a transfer value of their own pension on the terms
and assumptions that they are happy to recommend to trustees?
Do scheme actuaries tell trustees how poor they really think the
transfer terms are?
Do trustees tell members how poor the transfer terms are?
Do actuaries believe that a members statutory right to a transfer
value (and hence ability to diversify a huge concentration of employer
covenant risk) should be undermined by trustees refusal to pay a fair
transfer value?
What about divorce cases, where there may be no alternative to a poor
transfer value?
It surprises me that a desire by companies to enhance the terms oered by
the trustees and scheme actuary causes the nger of suspicion to be pointed at
employers and does not cause more scheme actuaries and trustees to question
and be questioned on whether what they are oering to members in the rst
place is fair and reasonable.
The risks of mis-selling would be hugely reduced (and ETVs would cease to be
an issue) if the terms advised by scheme actuaries and oered by trustees were
fair value.
Charles Cowling 2 December 2011
The editorial team welcomes readers letters but reserves
the right to edit them for publication. Please email
letters@theactuary.com. The deadline for receiving letters for
the March issue is 10 February.
Cloudbusting
In the November 2011 issue of The Actuary,
Geo Dunsford comments that water vapour
and clouds provide the main greenhouse
eect. While this is technically true, it is also
misleading. Water vapour does not linger in
the atmosphere; any excess is rained away
in a matter of days or weeks. Its quantity is
therefore tied to evaporation rates, which
depend mainly on surface temperature, so it
mostly acts to amplify a pre-existing change
in temperature it is a feedback rather
than a forcing.
From a policymakers perspective,
therefore, water vapour is really very
boring. By contrast, carbon dioxide stays
in the atmosphere for years, continually
nudging the climate, and is easily added to
by human activities. Of course, the water
vapour feedback loop can amplify this
so-called forcing eect, but the root
cause of warming is the CO2.
There are many areas of
climate science that are still being
explored and, as risk professionals,
it is important that we are
aware of these limits on our
knowledge. It is equally
important that we do not
misinterpret key facts and
draw wrong conclusions.
Alex Labram 11 January 2012
LETTER OF THE MONTH
va
co
tran
tran
It s
over,
t
yone
an
ed
ve
g
?
nt
the tr
emplo
and b
T
H
E W
R
IT
ER

O
F T
H
E LET
T
ER

O
F T
H
E M
O
N
T
H

R
EC
EIV
ES
A

25 A
M
A
ZO
N

V
O
U
C
H
ER
www.theactuary.com
letters@theactuary.com
p6_letters FINALCT.indd 6 24/1/12 08:23:11
www.theactuary.com
When you can see what others cant,
you enjoy a natural advantage.
See more of what could unfold with GEMS
Economic Scenario Generators,

built on one of the most comprehensive simulation platforms on the market.
See more what ifs using the proven economic and nancial modeling capabilities of GEMS. With more accurate tail-risk
modeling, a broad set of asset classes and the ability to model at the security level, GEMS provides cutting-edge global
economic simulations for managing your business. Whether you prefer GEMS Scenario Master, a general purpose
ESG for MCEV, Solvency II or economic capital modeling, GEMS Portfolio Analyzer for asset and portfolio management
including hedging strategies, or GEMS Enterprise Modeler for whole-company modeling and risk diversication, we offer the
capabilities to meet the challenges of economic and nancial modeling in the new economy. And GEMS is just one of the
advantages you can expect from Conning, a premier insurance asset manager providing a complete spectrum of risk and
capital management products and services to optimize your companys results. Realize your natural advantage with
Connings GEMS products. For more information or for a free demo, please contact us at gems@conning.com.
2011 Conning & Company. All Rights Reserved. GEMS
is a registered trademark of Conning Services (Ireland) Limited.

GEMS

Best ESG Software
Hartford | New York | London | Dublin | Cologne | Hong Kong
ACT.02.12.007.indd 7 24/1/12 08:41:17
THE ACTUARY February 2012 8
Opinion
Presidents comment
Welcome to my rst column for 2012.
This year promises to be one of the most
rewarding yet for the Profession as the impact
of our strategy changes and new initiatives
come on stream. As President, I am often
the public face of the Profession but, behind
the scenes, the assistance of a strong and
experienced executive team is invaluable. In
the past few months, new faces have joined
this team and I would like, in this article, to
introduce them to a wider audience.
In November 2011, the Institute and Faculty
of Actuaries announced that Derek Cribb was
to be its new chief executive. Derek qualied
as a chartered accountant with Deloitte in
London, and gained broad experience in a
range of strategic, operational and nancial
roles in both the private and public sector
before joining the organisation in May 2010.
He is already familiar with the responsibilities
and requirements of the role, including
helping to re-shape the executive team.
As chief executive, Derek will manage the
aairs of the Institute and Faculty, working
closely with the Council and Management
Board members to ensure we progress towards
the strategy targets agreed last year.
His CV covers a wide variety of businesses
and, latterly, he has held the positions of
interim chief operating o cer of the Pension
Protection Fund and chief nance o cer,
UK customers and products, of Barclays plc.
I am delighted that we have such a committed
professional with the drive and enthusiasm to
full this important role.
He will be supported in his role by a new
member of the team, Anne Moore, who joined
us last year, taking on the crucial role of
director of nance and operations.
More recently, Ben Kemp was formally
appointed to the role of General Counsel to the
Institute and Faculty of Actuaries with eect
from 6 February 2012. Ben had previously been
lling the position on a part-time basis but
now joins us full-time and will take the lead
on the Professions legal and regulatory issues.
Ben will be based primarily at Maclaurin
House and many will already know him from
his previous work in Scotland, including
teaching public law and human rights at
Edinburgh University.
Prior to joining us full-time, Ben was a
partner in the regulatory and professional
disciplinary department of Kingsley Napley
LLP and regularly advised regulatory,
professional and public bodies. He comes
highly recommended, with clients praising his
mastery of the law and his solid advice.
Memoria Lewis continues to drive forward
the strategic objectives to support our
members, as does Trevor Watkins as the
director of education. Another recent recruit
has been Dan Watts. As part of the Public
Aairs Directorate, he will act as a guide to
the Presidents responsibilities, ensuring
that the team is well briefed to represent the
organisation when meeting our stakeholders.
Communication and
the way the public
perceive us is key to
the profession, so Dan
is a crucial part of
ensuring that we full
our aims. He joined
us having previously
worked at the Foreign
and Commonwealth
O ce and the Home
O ce, working
for government ministers and on the UKs
representation on justice and home aairs
matters in Brussels.
We will, in due course, be saying farewell
to Paul Atkinson, our interim public aairs
director, who has made an important
contribution to building strong foundations
for our more active approach to public aairs
and thought leadership.
Paul wishes to continue his career as an
independent consultant and he is working
closely with Derek Cribb to recruit a
permanent director of policy and external
public aairs.
Changes over the past year in our
executive team have allowed us to bring in
new talent and people with diverse skills
that complement our existing expertise.
Often it is the newest recruits who can take a
completely objective view and recommend
improvements to the way we operate.
Throughout all the changes to the
team, one person
remains unfailingly
indispensable.
Marion Young, as
secretary to the
Professions Council
and Management
Board, makes sure that
the workings of the
Profession run smoothly.
She has frequently been
consulted for her
in-depth knowledge of the functions and
powers of the Council.
So, as 2012 gets under way, it is my
pleasure to wish you a happy and successful
year and to look forward to the coming
months with a great team of sta and
volunteers, each of whom brings their unique
talents to make the Profession as highly
regarded as it is. a
JANE CURTIS
Expert
opinions
Jane Curtis welcomes some new faces
to the Professions team
Changes over the
past year in our
executive team have
allowed us to bring in
new talent and people
with diverse skills
Jane Curtis is the
President of the
Institute and
Faculty of Actuaries
www.theactuary.com
p8_pres_comment FINALCT.indd 8 24/1/12 08:24:09
www.theactuary.com
Whats underneath?
We look below the surface to spot trends early and show you what
is really happening. Whether your need relates to risk management,
capital, or strategy, our cutting-edge analysis techniques can help you
see deeper than the competition.
Get new insights on your business at uk.milliman.com.
ACT.02.12.009.indd 9 24/1/12 08:42:05
10 THE ACTUARY January/February 2012
Opinion
Soapbox
Reserving actuaries are more likely to spend
their time reading the latest guidance on
Solvency II technical provisions than Greek
philosophy. However, in my view, Platos
Allegory of the Cave provides an interesting
metaphor for what I see as a key challenge for
reserving actuaries: to get out of their cave and
engage with the real world.
The Allegory is an imaginary dialogue
between Socrates and Glaucon. In it, Socrates
asks Glaucon to imagine a cave inhabited
by prisoners who have been chained and
held immobile since childhood. Behind the
prisoners is an enormous re, and between the
re and the prisoners is a raised walkway along
which people move carrying objects on their
heads, including gures of men and animals
made of wood, stone and other materials.
The prisoners watch the shadows cast by
the people, not knowing they are shadows.
Socrates suggests the prisoners would take the
shadows to be real things, not just reections
of reality, since anything else is beyond their
experience. They would praise the wisdom
of whoever could best guess which shadow
would come next. To them, this would mark
out that person as someone who understood
the true nature of the world.
The true philosopher, Plato argues, is the
person who, if set free from the cave, would
realise their previous misconceptions and
truly engage in understanding the real world.
However, many of the prisoners would reject
the world outside the cave and be far happier
returning to trying to interpret and predict
the shadows.
I would suggest that there is a danger that
reserving actuaries sit too much in their own
cave gazing at triangles on their computer
screens, and trying to predict what will
come next in the triangle. In doing so, do we
potentially overlook the fact that the triangles
are very limited shadows of a complex world of
claims and underwriting?
One issue that reserving actuaries have
grappled with is the reserving cycle when
claims patterns appear longer-tailed in a soft
market and shorter-tailed in a hard market.
One of the immediate reactions to the
reserving cycle was to
try to mathematically
change methods to
somehow adjust for it.
I would argue, though,
that the reserving cycle
is just one example
of the need to really
understand the
business that has been
underwritten before
you try to reserve it.
The Individual
Capital Assessment
(ICA) has led us
into the realms of
stochastic reserving, whereby actuaries apply
increasingly complex methods to a very small
number of points in a triangle.
Equally, Solvency II and the promised
changes in International Financial Reporting
Standards are leading to the need for new ways
of predicting the shadows.
But when issues do arise large
catastrophe claims, spiralling cost ination
on claims for bodily injury sustained in
motoring accidents, a surge in Italian medical
malpractice claims they are a result of
physical, legal or behavioural developments
in the real world. And these simply arent
captured in a triangle.
Ination will have a signicant impact
on whether we get our casualty reserving
correct in the next few years or whether we
are about to repeat
some of the mistakes
of 1998 to 2000.
In turn, ination
depends on political
and nancial
developments and the
way in which
politicians and
monetary authorities
react to the sovereign
debt crisis.
2011 claims for
reinsurers and London
market players
were dominated by
natural catastrophes in Japan, New Zealand
and Thailand. Understanding the eect of
these events involves at the least: a detailed
understanding of coverages provided;
the way in which local markets spread their
risk globally; and the operation of global
supply chains (to understand exposure to
contingent business interruption).
In my view, a true reserving actuary is one
who gets out of his cave, turns away from his
computer screen and tries to fully understand
the world in which companies and clients
are operating. a
GRAHAM FULCHER
Venturing
out of
the cave
Graham Fulcher says the industry
could benet from a reality check when it
comes to reserving
Graham Fulcher is the
UK development director
for property and casualty
business at Towers Watson
There is a danger that
reserving actuaries
sit too much in their
own cave gazing
at triangles on their
computer screens,
and trying to predict
what will come next in
the triangle
www.theactuary.com
p10_soapbox FINALCT.indd 10 24/1/12 14:17:17
www.theactuary.com
>`ded`]feZ`_de`D`]gV_Tj::W`c=`_XERZ]
=ZRSZ]ZeZVdRcV]Z\VeYVAe`]V^RZTDjdeV^
D`^VeZ^VdRTYR_XVZ_aVcdaVTeZgVZdR]]ZeeR\Vd
ACT.02.12.011.indd 11 24/1/12 08:42:57
News
Profession
Upfront
Actuarial
careers events
attract growing
interest
The Actuarial Professions careers department
ran two promotional events in 2011. The aim
was to promote the profession and the
career path of becoming an actuary to three
target audiences students studying at
university, school students and their parents,
and career-changers.
Presentations were given on the role of the
actuary and the type of industry knowledge
required. This was followed by an informal
networking event, giving the audience the
opportunity to ask the speakers specic
questions and to meet other actuaries, as well
as members of sta in the Profession.
London 26 October 2011
This event was run with the ongoing support
of PwC and, in particular, Yow Shern Lau,
who has helped to coordinate the event for
the past three years. The event has grown
each year, this year being no exception
170 students attended.
Presentations were given by Jane Curtis,
the President of the Institute and Faculty of
Actuaries; Michael Folkson, PwC;
Beth Dunmall, Lane Clark and Peacock;
Richard Whiteoak, Swiss Re; and
Ashish Kwatra, PwC.
Edinburgh 16 November 2011
The event was the rst of this type run in
Scotland and proved very popular, with
50 students in attendance.
Presentations were given by Jane Curtis;
Trevor Watkins, director of education;
Keith Miller, member of Scottish Board;
Kirsty Sellar, PwC; Xian Li, Hymans; and
Kevin Telfer, Kames Capital.
If you would like to participate in either of
these events in 2012, or to nd out what other
opportunities for volunteering are available,
please contact the careers department on
+44 (0)1865 268 872 or careers@actuaries.org.uk.
NEWS UPDATES FROM THE ACTUARIAL PROFESSION
Welcome to the rst column I have
had the pleasure of writing since my
appointment was announced. Id like to
start by thanking president Jane Curtis for
the kind introduction to some of the key
members of the Executive team, and build on that to give you some
insight into whats happening inside your profession.
2011 was a year of signicant change in the Executive function, with
many changes in sta and their responsibilities as we geared up to
deliver the Professions new strategy. We are now structured so as to
align the Executive to its strategic themes, with a director responsible
for each of these working with the input of lead volunteers. We also have
a programme o ce, managed by an experienced programme manager,
Jane McDonald, and dedicated project managers across the more
intensive and complex areas of delivery.
With the new structure bedded in, all sta in the Executive have
engaged their skills and experience to focus on the delivery of
the strategy; however I would like to specically mention two key
appointments in our Edinburgh o ce.
Debbie Atkins has joined us as volunteer engagement manager, with
responsibility for building stronger relationships with employers and
ensuring we have the right volunteer opportunities lled by suitably
skilled volunteers. If you attend a Profession event in 2012, expect
Debbie to come and tap you on the shoulder! Working alongside Debbie
is Beth Montgomery, charged with supporting the Scottish Board and
developing and supporting our activities in the UK regions. I am sure
both would welcome direct contact with any questions or oers of
support you may have.
In the coming editions, I will be focusing on what we are doing to
deliver the strategy, and how you will experience the benets of this
implementation. Importantly, I will also highlight where there
are opportunities for you, our members, to volunteer your
skills to help ensure we get it right.
With the Executive and volunteers working together
towards the common goal of our strategy, I am sure we will
deliver a profession that our members will be proud to be
a part of for many years to come. a
New structure
to reect goals
Opinion
CEOs comment
Derek Cribb outlines the many
changes in the Executive function
DEREK CRIBB
Derek Cribb is the

chief executive o cer
of the Institute and
Faculty of Actuaries
www.theactuary.com
p12_15_professional_news FINALCT.indd 12 24/1/12 14:18:04
13
One of the most keenly attended sessions at the
Life Conference, which took place in Liverpool from
20-22 November, was John Roes The sting in the tail,
where he urged actuaries to rethink 1-in-200-year tail
risk denitions and outlined tail event drivers, hedging
approaches and their application for insurers.
With macroeconomic uncertainty and market
volatility consistent themes of the past three or four
years, there is an increased focus on tail events across
insurers. Existing UK regulations and Solvency II aim to
allow for such outcomes.
However, Mr Roe questioned the approach,
calibration and time horizon for capturing those
extreme events, as well as the behavioural nance
problems associated with labelling them
1-in-200-year risks.
The presentation also discussed why capitalising
insurers to withstand much more severe stresses
would be detrimental for the economy and, ultimately,
the governments debt position over time. This in itself
is a key concern for markets. With those theoretical
aspects covered, the focus shifted to the current tail
risks and how accommodative policy and shock-
dampening since the mid-1980s had contributed to
a misconception that the business cycle had been
tamed, contributing, in turn, to the extent of the eects
of the 2008 nancial crisis.
The discussion concluded with an examination
of alternative approaches for identication, analysis
and hedging of tail risks. It proposed moving away
from purely statistical market stresses to attacking
the problem from multiple angles, including macro-
economic scenario generation, historical stresses and
reverse stress tests to encourage an active, ongoing
tail hedge debate and to try to build a safety net to
protect against the emergence of such events.
SAVE THE DATES
SPRI NG CONF ERENCES
Open Forum: Asset-backed
pension scheme funding
22 March 2012, Staple Inn Hall, London
17.00 (registration) for 17.30 19.00
A small but growing number of companies
have been leveraging their assets to fund
their dened benet pension schemes. With
HM Treasury in the process of clarifying the tax
treatment, will the trickle turn into a ood?
At this open forum, an actuary, auditor and
lawyer will each give their own perspectives
on the issues surrounding these types of
arrangements. Details of the event can be
found at: www.actuaries.org.uk/events/one-
day/open-forum-asset-backed-pension-
scheme-funding
Health and Care
Conference 2012
30 April 2 May, Manchester
Pensions Conference 2012
30 May 1 June, Brighton
Risk and Investment
Conference 2012
27-29 June, Leeds
Masterclasses coming soon
The Actuarial Profession is to provide a series
of masterclass workshops to assist members
with professionalism skills. Please check the
website to see whats on oer:
www.actuaries.org.uk.
Life actuaries urged
to rethink tail risk
Launch of SONIA in Northern Ireland
Queens University Belfast has announced the launch of a new society for actuaries in Northern
Ireland and those with an interest in the profession. The Society of Northern Ireland Actuaries
(SONIA) hopes to attract actuarial professionals as well as actuarial science and risk management
degree students at Queens University Management School (QUMS).
Funded by Invest NI, SONIA aims to oer a forum for local actuaries to share opinions, as well
as networking opportunities, professional development and industry engagement for students.
SONIAs launch event is to take place on 7 February at QUMS and is supported by the Institute
and Faculty of Actuaries. President Jane Curtis will speak on the Actuarial Professions new
education strategy and discuss the latest thinking on topics such as enhanced transfer values.
Colin OHare, president of SONIA and programme director for the actuarial science degree at
Queens, said: It oers employers the opportunity to learn from academics at the cutting edge of
actuarial research and students the opportunity to develop business awareness skills.
For details, call Colin OHare at QUMS on +44 (0) 28 9097 4671 or email k.toner@qub.ac.uk
Journals news
British Actuarial Journal Volume 16 Part 2
is now published and freely available online
to members via www.actuaries.org.uk/
journals_access under latest issue.
The content includes papers and discussions
on systemic risk in nancial services; ERM
for insurance companies; and asset liability
management for individual households.
Annals of Actuarial Science Volume 6 Part 1
is now freely available online to members via
www.actuaries.org.uk/journals_access
under latest issue. The content includes a
guest editorial by Richard Verrall.
Book reviews and abstracts from actuarial
journals worldwide are also featured.
CONFERENCE
January/February 2012 THE ACTUARY
Graduates ock
to Imperial fair
The annual Actuarial Finance Careers
Fair, hosted by Imperial College Business
School on 15 November 2011, attracted an
unprecedented number of undergraduate
students and major employers, many
sponsoring actuarial trainees at Imperial as
MSc Actuarial Finance students on a day-
release basis.
The Careers Fair allows employers to
meet potential new talent from leading
universities in the UK, while students get to
meet employers, learn about the profession
and the Imperial pathway to qualication.
This year, attendees heard from:
Dr Trevor Watkins, director of education at
the Institute and Faculty of Actuaries;
Paul Nicholas, alumnus of Imperial College
Business School;
Tony Hewitt, programme director of MSc
Actuarial Finance at Imperial;
Geraldine Kaye from Gaaps Actuarial.
Nine major employers had stands at the
fair Aon Hewitt, Barnett Waddingham,
Buck Consultants, Deloitte, Ernst & Young,
Mercer, Milliman, Towers Watson and
Zurich Financial Services. The Actuarial
Profession, Inside Careers and
Gaaps Actuarial also had stands.
In total, 113 students attended from 29
colleges. Feedback was excellent, with 95% of
attendees saying they were likely to pursue an
actuarial career and 63% likely to pursue the
MSc Actuarial Finance as a result of the fair.
Tony Hewitt said: Imperial is committed
to our partnership with the Profession and
we are proud of our role in attracting high-
calibre graduates to the profession.
For more information on the MSc Actuarial Finance,
visit: bit.ly/imperialmsc
www.theactuary.com
News
Profession
NEWS UPDATES FROM THE ACTUARIAL PROFESSION
The Investigation Actuary laid the following
charge of misconduct against
ALASTAIR McLEAN FIA (the Respondent).
THAT THE RESPONDENT:
Being at the material time a member of the
Institute of Actuaries he:
1 In his capacity as director of United
Business Solutions International Limited
(UBSiL), and sole director of UBSiLs
subsidiary companies, United Benets
Services Limited and United Business
Solutions Limited, he:
1.1 Entered into a contractual agreement,
dated 4 October 2004, with Haggards and
Company Chartered Accountants (Haggards),
whereby Haggards were to provide UBSiL
and its subsidiaries with accounting and
book-keeping services, in which commercial
contractual arrangement he failed to act in
accordance with the principles and ethical
standards expected from a member of the
Institute of Actuaries in that he:
1.1.1 Failed to make payment of the sum of
21,900 to Haggards, despite
1.1.1.1 Haggards successfully obtaining a
County Court judgment against subsidiary
companies of UBSiL, United Benets Services
Limited and United Business Solutions
Limited in that sum dated 2 October 2008;
1.1.1.2 A statutory demand being served
under the Insolvency Act 1986 on United
Benets Services Limited on 30 October 2008
in respect of the outstanding debts; and
1.1.1.3 A subsequent petition to wind up
United Benets Services Limited being led by
Haggards dated 10 March 2009;
1.2 Failed to le accounts for United Business
Solutions Limited and United Benets
Services Limited at Companies House for
the year to 31 December 2007 in breach of
requirements of section 242 of the Companies
Act 1985;
1.3 Failed to le annual returns on behalf
of United Business Solutions Limited
and United Benets Services Limited at
Companies House, despite them being due on
12 April 2009, in breach of section 854 of the
Companies Act 2006;
1.4 Failed to act in accordance with the
principles and ethical standards expected
of a member of the Institute of Actuaries
by persistently and unreasonably failing to
communicate with Haggards in respect of
ongoing business matters and failed to make
payment of their professional fees for work
carried out for his businesses;
2. For the CPD year 1 July 2007 to 30 June
2008 he failed to:
2.1 Declare the appropriate CPD category as
required by the Actuarial Profession and set
out in the CPD schemes contained within the
CPD handbook 2007 (version 12) at page 7;
the CPD handbook 2007 (version 13) at pages
7 and 12; and the CPD handbook 2007/2008
(version 14) at pages 8, 9 and 13;
2.2 Carry out the appropriate CPD activities
as required by the Actuarial Profession and set
out in the CPD handbook 2007 (version 12) at
pages 8, 9, 12 and 13; the CPD handbook 2007
(version 13) at pages 8, 9, 10, 13 and 23; and the
CPD handbook 2007/2008 (version 14) at pages
9, 10, 13, and 14;
2.3 Maintain an online record of CPD
undertaken as required by the Actuarial
Profession and set out in the CPD handbook
2007 (version 12) at pages 10, 13 and 23; the
CPD handbook (version 13) at pages 8, 9, 10,
13 and 23; and the CPD handbook 2007/2008
(version 14) at pages 9, 10, 11, 14 and 24;
3 He failed to cooperate with, or respond
to, requests from the Investigation Actuary
for information to assist the investigation,
in breach of the requirements of rule 3.11 of
the Disciplinary Scheme of the Institute of
Actuaries, as read in conjunction with
rule 1.10 of the Disciplinary Scheme of the
Institute of Actuaries;
4 His conduct in paragraph 1 above fell short
of the standards required by paragraphs 1.3, 2.1
and 2.2 of the Professional Conduct Standards
versions 2.1, 2.2 and 2.3, and paragraphs 1.2,
1.5, 2.1 and 2.2 of version 3.0 of the Professional
Conduct Standards;
of the standards required by paragraphs 1.3, 2.1
and 2.2 of the Professional Conduct Standards
version 2.3 and paragraphs 1.2, 1.5, 2.1 and
2.2 of the Professional Conduct Standards
version 3.0;
of the standards required by paragraphs 1.2,
1.5, 2.1 and 2.2 of version 3.0 of the Professional
Conduct Standards and was contrary to
Principles 1 and 4 of Version 1.0 of the
Actuaries Code;
7 His conduct in any, or all of the above, in
any event constitutes misconduct in terms
of rule 1.6(b) of the Disciplinary Scheme
of the Institute and Faculty of Actuaries,
being conduct that fell below the standards
of behaviour, integrity, competence or
professional judgement which other members
or the public may reasonably expect of
a member.
THE HEARING:
The Respondent was not present and was
not legally represented. The Institute and
Faculty of Actuaries was represented by
Ms. Julie Matheson of Kingsley Napley LLP.
In the Respondents absence, the Tribunal
rst considered whether the Respondent
had been served the charge in accordance
with the disciplinary scheme and, second,
whether he had received su cient notice of
the date of the hearing in accordance with the
disciplinary scheme. The Panel was satised
that the Respondent had been both served the
charge and advised of the date of the hearing
in accordance with the disciplinary scheme.
The Respondent submitted a letter disputing
the charges for the consideration of the Panel
which indicated that the Respondent would
not be in attendance at the hearing. The Panel
was therefore satised that it was appropriate
to proceed in the Respondents absence.
The Tribunal heard live evidence from a
witness in relation to the allegations under
paragraph 1 above and, in the Respondents
absence and, therefore, the absence of cross-
examination, the Panel applied the weight it
considered appropriate to the evidence.
DETERMINATION:
The Panel found the allegations under
THE INSTITUTE
AND FACULTY OF
ACTUARIES
Disciplinary
Tribunal Panel
Determination under Rule 6.23 of the Disciplinary Scheme of the Institute of Actuaries
(2007) in respect of a Charge of Misconduct brought by Mr. Alan Taylor FIA, (the
Investigation Actuary) in the case of MR ALASTAIR GRAHAM McLEAN FIA
Heard at the International Dispute Resolution Centre, 70 Fleet Street, London EC4Y 1EU
on 1 November 2011
This determination is subject to an appeal.
www.theactuary.com
paragraph 1.1, 1.2 and 1.3 above were proven
and determined that 1.1 amounted to
misconduct for the purposes of paragraph 7
above. They did not nd the allegations under
1.4 to be proven.
The Panel found that the allegations under
paragraph 2.1 and 2.3 above were proven, but
not those under paragraph 2.2. The Panel
determined that the proven facts were not
su cient to amount to misconduct for the
purposes of paragraph 7 above.
The Panel found the allegation under
paragraph 3 above proven and determined
that it amounted to misconduct for the
purposes of paragraph 7 above.
The Panel imposed the following sanctions:
A suspension of the Respondents
membership for a period of two years; and
A ne of 5,000.
REASONS:
The Panel found that the facts alleged in
paragraph 1.1 above were proven as the
Respondent, as sole director, had failed
to procure the subsidiary companies to
pay the sum of 21,900, as ordered by the
County Court. The further statutory demand
and winding-up petition did not result in
the payment of the sum which remains
outstanding. The Panel considered the
failure to comply with the order of a court of
competent jurisdiction to be misconduct.
Having found the allegations under
paragraph 1.1 proven and amounting to
misconduct, the Panel concluded that further
consideration as to whether paragraphs
1.2 and 1.3 also amount to misconduct was
not appropriate.
Evidence was provided by the Respondent
to dispute charge 2.2 and the Panel was
satised that the Respondent had completed
su cient CPD for the year in question.
With regards to the charges under paragraphs
2.1 and 2.3, the Panel noted the decisions in
previous Tribunal hearings which found that
a Respondent failing to record CPD before
the closing of the online recording system
did not constitute misconduct by virtue of
the fact that the applicable CPD handbooks
do not create any such deadline. Although
the deadline was communicated through
other means, a Member should be able to
rely on the CPD handbook to advise them of
all their obligations. The Panel was satised
with the Respondents explanation that he
had attempted to record his CPD online
after the closing of the recording system and
therefore concluded that he had not failed
to comply with his CPD obligations. As a
result, all charges under paragraph 2 above
were dismissed.
The Panel found the charges under
paragraph 3 above proven. The Respondent
did not respond to any correspondence from
the Profession or the Investigation Actuary
for a period of several months prior to the
rst delivery of the papers for a Tribunal
scheduled to be held in late 2010. A reply was
then received on behalf of the Respondent
stating that the Respondent had just been
taken seriously ill. There was no suggestion
that his illness had been the reason for not
responding to earlier correspondence. It was,
however, agreed that the Tribunal should
be postponed until the Respondent had
recovered. The Respondent did not respond
to further correspondence until he sent a letter
by email immediately prior to the rearranged
Tribunal. Although denying the charges
under Paragraphs 1 and 2, the Respondent
made no reference to the charges under
Paragraph 3 and produced no evidence to
support his position. The lack of co-operation
with the Investigation Actuary frustrated the
investigation process and the Professions
regulatory function. All Members are expected
to co-operate with an investigation and the
Panel considers the failure to do so to be a
serious oence.
COSTS:
An application for costs was made by
the Institute. The Panel ordered that the
Respondent make a contribution towards costs
of 2,000.
Martin Slack FIA (Chairman),
Huw Wynne-Gri th FIA,
Judith Goulden
3 November 2011
CPD determinations
Because of the consistent nature of CPD cases,
these are now published on the Professions website
and are not to be taken as a reection of their lesser
importance under the disciplinary scheme.
The following members have faced disciplinary
action for failure to record their CPD in accordance
with the Professions CPD requirements:
Mr. Corneth Aiyefemi Bart-Williams, a reprimand.
http://bit.ly/adjudi-14
Mrs. Sarah Louise Brooks, a reprimand.
Mr. John Francis Casey, a reprimand and a
ne of 200.
Mr. Josias Cloete Vermeulen, a reprimand and
a ne of 400.
On 2 December 2011, over 100 Chinese
actuaries gathered in Staple Inn
Hall, London, to launch the Chinese
Actuarial Network UK (CANUK). Ms
Haijing Wang chaired the evening and
introduced this event as a signicant
milestone for Chinese actuaries in
the UK.
Launch of CANUK
In his opening speech, Mr Feifei Zhang,
President, set out the objectives for
CANUK as providing a networking
platform and a communication channel
for Chinese actuaries in the UK and
further aeld, and supporting Chinese
actuarial professionals in the UK through
educational, social and other events.
Derek Cribb, chief executive of the
Institute and Faculty of Actuaries, and
Trevor Watkins, director of education,
spoke at the event. They highlighted the
international outlook of the UK actuarial
profession and the fact that one-third of
the members, and half of the students,
are based overseas. The UK Profession
has an international policy to enhance
the interests of its members in the
broad areas of regulatory environment,
professional environment and career
opportunities worldwide. Dr Watkins also
pointed out that this was the largest-ever
gathering of Chinese actuaries in Staple
Inn Hall.
Peter Lee, director at Towers Watson,
delivered a presentation on current
hot topics. Mr Lees presentation was
followed by a panel discussion about
actuarial careers in Asia and in the UK.
The panelists were Mr Alex Ince
(Oliver James), Ms Fulin Liang (KPMG),
Mr Feifei Zhang (Aviva) and Dr Yan Liu
(RBS Insurance).
The website for CANUK can be found at
www.chineseactuary.net/UK/. CANUK
wishes to acknowledge that the launch event
was sponsored by Oliver James Associates.
About the Author
An actuarys introduction to the Chinese
economy by Dr Yan Liu can be found at
www.theactuary.com/features/2012/01
Chinese
Actuarial
Network UK
launched
Report by Dr Yan Liu
www.theactuary.com
News
Industry
MORE BREAKING NEWS ONLINE
Visit www.theactuary.com for breaking news
and to register for weekly news alerts
Data and risk modelling head up
insurers Solvency II compliance needs
Reliance on third parties for data, sophisticated risk
modelling needs and obtaining detailed fund data are the
key challenges faced by European insurers in complying
with Solvency II.
New research by BNP Paribas Securities Services and InteDelta revealed
that, although insurers are advanced in terms of preparing the directives
quantitative requirements (Pillar I), and have started addressing
risk governance (Pillar II), a signicant amount of work remains to
implement and embed those requirements into their businesses.
For more on this story, visit bit.ly/solvcomp
Out-of-date practices leave risk managers
unprepared for ock of black swans
Many companies risk management practices are
increasingly outmoded, leaving them exposed to a new
risk landscape of catastrophic black swan events,
according to a paper by PwC.
The rm suggests that businesses need to adapt and innovate if
they are to combat major-impact events, such as terrorist attacks,
tsunamis or oil spills, overhauling archaic practices to embed a new
risk culture.
The PwC paper Black swans turn grey: the transformation of risk
suggests that enterprise risk management (ERM) practices can become
a box-ticking exercise, encouraging sta to see risk as separate from
their own business decisions.
In contrast, comprehensive risk management practice makes
companies distinctive, more appealing to prospective clients and
provides a competitive edge, the rm says. When properly embedded, it
helps protect reputation and enhance resilience, while providing a clear
view of the boards attitude to integrity, risk and safety.
For more on this story, visit bit.ly/blackswanevents
Globalisation gains
at risk from economic
and social turmoil
The worlds vulnerability to further economic
shocks and social upheaval threatens to
undermine the progress that globalisation has
brought, according to a report from the World
Economic Forum.
The Global Risks 2012 report says that
chronic scal imbalances and severe income
disparity are the risks seen as most prevalent
over the next 10 years.
In tandem, these factors threaten global
growth, as they are drivers of nationalism,
populism and protectionism at a time when
the world remains vulnerable to systemic
nancial shocks, as well as possible food and
water crises, the report says.
The survey of 469 experts and industry
leaders shows a shift of concern from
environmental risks to socio-economic risks
compared to a year ago.
The full report can be downloaded at
bit.ly/zTe0ht
For more on this story, visit
bit.ly/yMZxK7
ACA slams Solvency II-
style pensions proposals
Proposals to adopt a Solvency II-style
approach to pensions funding requirements
are inappropriate, unaordable and
unnecessary, according to the Association of
Consulting Actuaries (ACA).
Responding to the European Insurance and
Occupational Pensions Authority (EIOPA)
consultation on changes to the Institutions
for Occupational Retirement Provision (IORP)
Directive, the ACA said there was mounting
concern that erce opposition from a number
of UK bodies would not be echoed across the
EU, where funded pensions are not widespread.
The ACA believes a majority approach could
jeopardise the established arrangements in
the UK. It could also accelerate the closure of
yet more UK private-sector dened-benet
pensions, meaning that funding calls on
businesses would increase substantially.
The complete ACA response can be found at
www.aca.org.uk (See Recent Publications).
The Actuarial Professions consultation
response can be found at bit.ly/wrceYv
For more on this story, visit
bit.ly/zh4frW
Pension buy-
ins, buy-outs
and swaps top
10bn in 2011
The value of the UK
pension buy-in, buy-out
and longevity swap
market topped 10bn for a
calendar year for the rst
time in 2011, according to
gures from LCP.
Last years total deal
volume was 11bn, with
the number of deals
peaking in the fourth
quarter, the rm said.
During the course
of the year, pension
buy-in and buy-out
deals exceeded 4bn.
Longevity swaps
including deals for ITV,
Rolls-Royce, British
Airways and Pilkington
pension schemes
totalled 7bn.
For more on this story,
visit bit.ly/yimPQ9
Hannover Re
takes on 1bn
Pilkington
longevity risks
Hannover Re has agreed
to take on the longevity
risk from Legal & General
of around 11,500 former
employees of the UK
glass manufacturer
Pilkington, totalling
around 1bn of
pension obligations.
The reinsurer is to
take over the bulk of
the business, while
the rest will remain
with Legal & General.
Only the biometric risk
is assumed, not the
investment and ination
risks, according to
Hannover Re.
The rm anticipates
premium income of
roughly 800m over
the entire term of the
transaction, with 60m
attributable to the 2012
nancial year.
For more on this story,
visit bit.ly/zPU7ID
www.theactuary.com
news@theactuary.com
p16_17industry-general_news FINALCT.indd 16 24/1/12 08:24:34
MORE GI NEWS ONLINE
For further GI news, including the Euro debt crisis,
visit theactuary.com/news/2012/01
Asbestos challenge refuted
The UK Supreme Court has decided
that the Scottish Parliament
acted within its powers in passing
the Damages (Asbestos-Related
Conditions) Act 2009 this
legislation provides the possibility
of compensation for anyone with
pleural plaques.
The legality of the Act had been
challenged by insurers on the basis
that it ignores medical evidence
that pleural plaques represent
symptoms rather than physical harm, the latter being required for
payment of compensation.
An analysis of mesothelioma deaths by The Health & Safety Executive
(HSE) shows that the number of deaths increased from 153 in 1968 to
2,321 in 2009. Men accounted for more than 80% of the deaths, many
of them having been employed in the building industry when asbestos
was still widely used.
The HSE projects that male deaths from mesothelioma will peak at
around 2,100 in about 2016, whereas, for women, deaths will peak later
at a much lower level.
Solvency II models cleared for use
The FSA has conrmed that it will allow rms to use its Solvency II
internal models to meet the requirements of the Individual Capital
Adequacy Standards (ICAS), prior to the introduction of the new regime.
This means that rms will not have to use the two models together.
Shortly afterwards, Lloyds announced that it will require participants
to use the new models for 2013, prior to the EU-wide implementation
of Solvency II, declaring that it was pleased to receive this clarication
from the FSA.
A spokesman from the International Underwriting Association also
welcomed the FSA move, but indicated that the association would leave
it to individual companies to decide on their approach for 2013.
Aviation: premium rates down
Premium rates for airline insurances during the busy fourth-quarter
renewals season (when 80% of the premium is written) have been
depressed. Many accounts showed a single-gure percentage reduction
in October and, by November, reductions were often in the range of
10%-15%. Largely, however, this has been oset by increased eet
values, so overall premium income has held up pretty well.
In the earlier months of the year, eet values increased by 9% and
passenger numbers by 15%, according to gures from brokers Aon.
Much of the growth in exposure
has been in relation to smaller
airlines. The reduced premium rates
result largely from an exceptionally
low claims experience during 2011.
Only an estimated US$481m in hull
and liability losses were in excess
of US$1m by the end of October.
This is well under two-thirds of
the long-term average. Allowing
for minor losses, total claims of
US$1.03bn in the rst 10 months of
2011 are little more than half those in
the same period of 2010.
Earthquakes, Christchurch,
New Zealand
The total insured losses from the entire series of
quakes from September 2010 onwards has now
been put at over NZ$30bn, which is considerably
more than the projected cost of reconstruction.
The gure includes business interruption claims,
temporary accommodation costs and claims
handling expenses. Aftershocks continued to
occur at regular intervals, including two major
ones (magnitude 5.8 and 6.0) on 23 December.
The New Zealand Earthquake Commission, in
its annual accounts, has shown an overall loss of
NZ$7.1bn from the quakes, wiping out its funds
of NZ$5.9bn and leaving a decit of NZ$1.2bn,
which will have to be bridged by the government.
Floods in Thailand from July
These continued through the autumn, with
ever-increasing estimates of the overall losses.
By the beginning of November, Aon Beneld
was estimating sums insured of US$11bn in the
area most seriously aected by the ooding
US$4.9bn of it in a single industrial park. At this
stage, the Federation of Thai Industries believed
30%-40% of this parks sum insured would be
called on. Much of the cost at these industrial
parks is insured in Japan, with several Japanese
companies located here. There is also likely to
be exposure in international markets, either
directly or through reinsurance.
In early November, there was concern
for the Bangkok underground train system,
and the governor ordered the evacuation of
11 of the capitals 50 districts and the partial
evacuation of seven others. Overall, economic
losses have been put at well over US$40bn, and
total insured losses of between US$4bn and
US$20bn have been estimated. Current best
estimates range from US$6.5bn to US$10bn.
Indirect business interruption claims have been
reported from many countries in particular,
computer rms have been hit by a shortage
of hard disks, many of which are assembled
in Thailand.
Hurricane Irene, Caribbean and
eastern states of US
Property Claims Services has increased its
overall loss estimate in the US to US$4.3bn, an
18% increase over the original estimate. There
have been nearly 855,000 claims in 14 states,
with New Jersey and North Carolina having the
largest losses at US$900m or more each.
LARGE LOSSES
NZ$30bn
US$40bn
US$900m
GENERAL INSURANCE NEWS ROUND-UP

Total insured losses from
New Zealands quakes
Overall economic losses
from Thailands oods
New Jersey and
North Carolina suered
the largest losses from
Hurricane Irene
www.theactuary.com
p16_17industry-general_news FINALCT.indd 17 24/1/12 08:24:39
THE ACTUARY January / February 2012 18
News
People & Society
If challenges like the Inca Trail are a distant dream,
why not join the Worshipful Company of Actuaries on
the second best walk in the world - right here in England
Honorary doctorate for Alan Frost
Dr Alan Frost has been made an honorary
doctor of business administration by
Bournemouth University.
Dr Frost was recognised for the contribution
he has made to the life and development of
the university, particularly as chairman of the
University Board from 2004 to 2010.
An experienced former nancial services
chief executive with expertise in change
management, Dr Frost also served as visiting
fellow in the Universitys European Centre for
Corporate Governance. Since 2010, he has
Best foot forward
Go coast-to-coast for charity in 2013
The Worshipful Company of Actuaries
is organising a charity walk for actuaries
across the breadth of England.
They will follow the famous Wainwright
coast-to-coast path from Robin Hoods
Bay on the North Yorkshire coast across to
St Bees on the Cumbrian coast. The walk
takes in three national parks and some
At 190 miles, it is not an
insignicant challenge.
It will take two weeks,
walking between 10 and
20 miles each day
If you have any newsworthy items
for these pages please email
social@theactuary.com
SHORTS
of the most beautiful and breathtaking
scenery in England.
It has been named among
the best walks in the world and, in
one survey of travel writers, beat such
famous hikes as the Inca Trail and
Mount Everest, coming second only to
the Milford Track in New Zealand in a
poll of the 50 best walks in the world
(for details, see www.wainwright.org.uk/
coasttocoast.html).
At 190 miles, it is not an insignicant
challenge. It will take two weeks, walking
between 10 and 20 miles each day.
The team will leave Robin Hoods Bay
on Saturday 17 August 2013, walking
across the North Yorkshire Moors and
the Yorkshire Dales National Parks,
arriving in Kirkby Stephen on Saturday
24 August. Following a short break in
Kirkby Stephen, they will set out again
on Monday 26 August and walk through
the Lake District National Park (taking in
such walks as Striding Edge), arriving in
St Bees on Saturday 31 August.
An invitation is extended to actuaries
(and their families) to join part or all of
the walk either on the weeks through
North Yorkshire or Cumbria.
It is a popular long distance walk
and, as it is taking place in high season,
preliminary bookings will need to be
made soon. Baggage transfers and
any other transportation needs will be
arranged as necessary. All you will need to
do is the walking
Much of the detailed planning will
take place over the next 18 months. If
you are interested in being part of this
great charity adventure, please contact
Charles Cowling as soon as possible at
charles_cowling@jltpcs.com.
been a deputy lieutenant of Dorset, and is
currently high sheri.
Dr Frost is a fellow of the Institute and
Faculty of Actuaries and the Institute of
Leadership and Management. He is also
a past Master of the Worshipful Company
of Actuaries and an informed critic of the
insurance industry.
The Actuarys readers will also be familiar
with Dr Frost as the magazines former arts
editor and a regular contributor.
Further details can be found online at
www.theactuary.com/news.
www.theactuary.com
p18_19_society_news FINALCT.indd 18 24/1/12 14:18:42
January / February 2012 THE ACTUARY 19
Births
Edward (RGA) and
Glenda Maguire are
pleased to announce
the birth of their son,
Senan Paul Maguire,
on 16 October 2011,
weighing 8lb 11oz.
Senan is the couples
second child.
Record crowd enjoys
Lord Mayors Show
By Roger Bevan
The Worshipful Company of Actuaries
attracted record numbers to its activities
on Saturday 12 November 2011, the day
of the Lord Mayors Show in London. All
members of the profession with their
family and friends had been invited to
join in, with 90 taking up the oer to
enjoy prime viewing of the procession
from Barnett Waddinghams o ces in
Cheapside. The Company was represented
in the procession as part of the Modern
Companies oat by John Lockyer, the
Master of the Company, together with his
senior and junior Wardens, Bill Smith and
Charles Cowling.
From 2.30pm there was a pub lunch by
the river in a private room at the Doggetts
Coat and Badge, famed for honouring the
prize of a 300-year-old boat race. Mr Lockyer
welcomed everyone and described the aims
of the Company. The room provided a good
view of the spectacular reworks at 5pm,
launched by the new Lord Mayor from a
barge on the Thames. Because of capacity
restrictions, 100 people attended and some
applications had to be declined. But there
will be another opportunity to take part
next year on 10 November and anyone who
missed out this time will be given priority.
SIAS annual
dinner 2011
By Mark Dainty
The Staple Inn Actuarial
Society (SIAS) held its annual
dinner on Friday 26 November
in the fantastic setting of the
Tower of London. Interest in
the event was far greater than
anticipated, with over 1,000
applications for 700 places.
The venue was a signicant
draw and on the night it did
not disappoint.
Guests were welcomed
by two Royal Footmen, who
guided them through to
the reception. Pausing for
photographs, with a constant
and entertaining commentary
as guests entered the venue,
made it an interesting start to
the evening.
The reception cocktails and
champagne were well received
as the anticipation built for the evening
ahead, with the wandering magicians
providing an intriguing demonstration of
their skills.
As dinner was announced and guests
led through, the main hall looked
spectacular. Set in a breathtaking
marquee just inside the walls of the
Tower, it oered an illuminated view of
the main building and a real feel for the
grandeur of the setting.
The meal itself was delicious and the
wine owed freely. As the dance oor
beckoned and fresh doughnuts provided
Award season for charitable nominations
The Actuary, in conjunction with the Worshipful Company of Actuaries,
has been running a campaign to reach a target of 1 million through the
fundraising activities of actuaries. A total of 238,370 has been raised
since the launch of the campaign in September 2010.
The Company will shortly be making an award to the actuary who
is considered to have made the most impressive charitable eorts.
Fundraisers being considered for the Phiatus award include those whose
activities have been covered in The Actuary and nominations we have
received to date. Have you been involved in any charity events? Do you
know any actuaries who have? There's still time to make a nomination by
emailing Deepak Jobanputra at editor@theactuary.com. The winner of
the Phiatus award will be announced in April.
Li ke The Actuary on Facebook Joi n The Actuarys Li nkedI n group Fol l ow @TheActuaryMag on Twi tter
Master John Lockyer
a nice late-evening snack, the guests
partied hard through to midnight. Even
then, there was not a glass slipper or
pumpkin in sight, as the after-party venue
proved more popular than ever.
Photographs from the night are
available. For details, please contact
social@sias.org.uk.
Looking forward to the 2012 annual
dinner, the SIAS committee is hoping to
build on the success of last years event
and provide another fantastic night for
even more members.
Please continue to let us know if you are taking part in any charity events
so that we can keep track of your fundraising activities. You can do this
by emailing Yvonne Wan at social@theactuary.com or Charles Cowling
at charles_cowling@jltpcs.com
www.theactuary.com
p18_19_society_news FINALCT.indd 19 24/1/12 14:18:50
MORE EVENTS ONLINE
For details of events, visit
www.sias.org.uk
SIAS
Events
TUESDAY 7 FEBRUARY PROGRAMME EVENT
E cient curve tting techniques
Chris Hursey and Rebecca Scott
Staple Inn,
High Holborn,
London WC1V 7QJ
Refreshments available from 5:30pm for
a 6pm start
The use of internal models under Solvency II has led to the development of proxy liability models
that can be used to evaluate liabilities under many thousands of scenarios. One of the most widely
used techniques for this purpose is that of replicating formulae. This paper proposes a method
to determine e cient replicating formulae by introducing a theorem that identies optimal tting
points and points of maximum error.
There is no need to register in advance for this event. Following the meeting there will be a free
drink and buet at a nearby pub.
THURSDAY 16 FEBRUARY SOCIAL EVENT
Roller disco
The Renaissance Rooms
Vauxhall Roller Disco,
Miles Street,
London SW8 1RZ
7pm
Time to get your dancing shoes on again for a oor-lled
night of roller disco. And, fear not, there will be plenty of food
to replenish your energy. So, whether youve got moves like
Jagger or youre more Bambi on ice, what are you waiting
for? Get your skates on and reserve your place today!
Please email Jack Oakshatt at social@sias.org.uk to reserve
your place.
TUESDAY 6 MARCH PROGRAMME EVENT
Dynamic management actions
Dominic Clark, Jeremy Kent and
Ed Morgan
Staple Inn,
High Holborn,
London WC1V 7QJ
Refreshments available from 5:30pm for
a 6pm start
Realistic modelling of dynamic management actions is critical to many areas of the nancial
management of a life insurance company today.
This topic will:
Explain what is meant by dynamic management actions (DMA) and what the main types of
DMA are;
Introduce the areas in which DMA is important (Solvency II, MCEV, ALM etc);
Describe how DMA can be linked to real expected management behaviour (including
considerations around concepts such as the use test);
Illustrate how improved modelling of DMA can, under some circumstances, materially
inuence calculated results;
Show how understanding DMA and its interactions with dynamic policyholder behaviour
can improve a companys enterprise risk management.
There is no need to register in advance for this event. Refreshments will be available from 5.30pm
for a 6pm start. Following the meeting, there will be a free drink and buet at a nearby pub.
THURSDAY 22 MARCH SOCIAL EVENT
Poker night
Location: TBC
To blu or not to blu that is the question! After the success
of last years event, SIAS is hosting another poker night. No
experience needed. If youre a beginner, you can take part
in the practice sessions beforehand. And, if unlucky in the
tournament, you can carry on the fun playing on other tables.
There will be cash prizes for everyone who makes it to the
last table. Places are limited rst come, rst served.
Please email Jack Oakshatt at social@sias.org.uk to
reserve your place.
www.theactuary.com
p20_SIAS_events FINALCT.indd 20 24/1/12 14:33:51
USEFUL
CONTACTS
Editor editor@theactuary.com
Newsdesk news@theactuary.com
Features features@theactuary.com
Student student@theactuary.com
Getting ahead in
Actuarial Science
Our expertise in exible and accessible education and
your passion to succeed in Actuarial Science will enable
you to get ahead.
Study with a top-20 department that provides the support
you are looking for, on a course thats accredited by the
Faculty and the Institute of Actuaries and offers close
links with industry.
A world-class research university, Leicester offers exible,
innovative courses because we understand that youve
got other responsibilities. In fact, were committed to
making sure that everyone in our vibrant community gets
the very best experience at Leicester, whether youre on
campus or on the other side of the world.
Distance Learning
Department of Mathematics
Postgraduate Diploma/MSc Actuarial Science
Get ahead,
get in touch
www.le.ac.uk/goto/actuary
+44(0) 116 252 5377
actuary@le.ac.uk
Whats coming up
in The Actuary?
March 2012
Published 30 Feb
Contributor deadline (13 Jan)
Advertising deadline 08 Feb
Investment
ERM
Pensions
Reader survey
April 2012
Published 05 Apr
Contributor deadline 08 Feb
Advertising deadline 14 Mar
Education / research
Life
Modelling and software
Careers: networking
May 2012
Published 03 May
Contributor deadline 15 Mar
Advertising deadline 11 April
Regulation / standards
Health and care
Banking / nancial services
June 2012
Published 31 May
Contributor deadline 12 April
Advertising deadline 11 May
Solvency II
Risk management
Careers: CPD / training
July 2012
Published 05 Jul
Contributor deadline 10 May
Advertising deadline 15 Jun
Careers: working overseas
General insurance
Pensions
Mortality / longevity
August 2012
Published 02 Aug
Contributor deadline 14 Jun
Advertising deadline 13 Jul
Investment
Life
Careers: work-life balance
September 2012
Published 30 Aug;
Contributor deadline 12 Jul
Advertising deadline 10 Aug
Reinsurance
Environment
Modelling and software
October 2012
Published 04 Oct
Contributor deadline 16 Aug
Advertising deadline 14 Sep
Careers: graduate
Risk management
Mortality / longevity
November 2012
Published 01 Nov
Contributor deadline 13 Sep
Advertising deadline 12 Oct
Solvency II
Pensions
Careers: new elds
December 2012
Published 29 Nov
Contributor deadline 11 Oct
Advertising deadline 09 Nov
General insurance
ERM
Investment
Read, contribute, comment, advertise
Here is your guide to forthcoming issue themes for 2012. If you are
interested in contributing features or other content, you may wish to
target particular dates based on this information.
Please note, however, that the themes are not exclusive: we aim to
cover the latest hot topics and feature a strong cross-section of
articles in each issue. The schedule may also be subject to minor
changes, so please check for the latest details.
Arts arts@theactuary.com
Advertising (display) philip.harding@redactive.co.uk
Advertising (jobs) katy.eggleton@redactive.co.uk
www.theactuary.com
p20_SIAS_events FINALCT.indd 21 24/1/12 14:34:09
JAME S
OR R
Sonal Shah talks to the FSAs James Orr on the
impact of Solvency II on the general insurance
market and the FSAs preparations going forward
actuaries, involved in these processes.
Although those of us who have grown up
through the early days of Risk Based Capital
at Lloyds and the UKs Individual Capital
Adequacy Standard (ICAS) regime might feel
that greater formality could restrict the scope
for individual creativity and problem-solving,
there is still much to do in better quantifying
risk and uncertainty for the real-world risks
accepted by rms. I see this as a maturing
stage in the development of the sector.
Is Solvency II being regarded as an opportunity
or a disturbance by rms in the market?
Implementation of Solvency II clearly
involves a huge amount of work. It should not
be viewed, however, merely as a compliance
exercise, but as oering signicant benets
through enhancements to risk management,
better alignment with capital and a more
integrated approach. Opportunities are also
On my agenda
Why did you choose to become an actuary, and
how did you enter the profession? At school,
my teacher said that Id be a good actuary.
I took this as career advice, studied Actuarial
Mathematics and Statistics at Heriot-Watt
University and qualied with the Faculty of
Actuaries in 1994.
What are the key issues facing general insurers?
It is a long list: economic pressures driving
claims costs; reduced yields on investments;
changing distribution and competitive
environments the shift of economic
activity and wealth to the East is clear and
fundamental. All of these challenge rms
business models.
How do you expect Solvency II to aect the
general insurance market? Solvency II is
clearly challenging and represents a huge
investment in terms of nance, sta
resources and management. In less developed
markets, the greater formality around risk
and capital management can be expected to
drive consolidation and, in the UK, I would
expect the minimum size of rms to increase.
If Solvency II achieves all its goals, in
addition to the creation of a single insurance
market within Europe, rms should be much
clearer about what their risk appetite is and
the pricing and control of the risks they
accept. With the eective integration of risk
and capital management, solvency and the
security of rms should improve, as it is less
likely that they'll take on risks that they have
failed to price and capitalise correctly.
I would expect more structure around risk
assessment and investment decisions within
GI rms, with more risk specialists, including
James Orr heads up the FSAs
general insurance risk specialists
department, which works
closely with FSA supervisors
and prudential policy to provide
expert input to development of
eective regulation and assuring
its implementation in rms, which
includes Solvency II.
James has 22 years of
experience, qualifying as a
pensions actuary then moving
to general insurance, with a
specic focus on reserving and
capital modelling.
His roles have included:
underwriting inwards reinsurance
with a trade credit insurer;
working on the British Antarctic
Survey in Cambridge on the
promotion of scientic research
to the insurance industry; and
managing the capital and loss
modelling teams at Lloyds of
London. He lectures part-time on
Cass Business Schools actuarial
Masters programme. James
joined the FSA in 2008.
One of the key strengths
of the FSA is the rigorous
approach it brings to
policy formulation and
implementation
CURRICULUM VITAE
www.theactuary.com
p22_23_Q&A FINALCT.indd 22 24/1/12 11:08:41
presented by the changes in asset allocation
rules, particularly the prudent person
principle, which will allow rms to align their
asset choices to their overall strategies.
What are the implications of the delays in
the implementation of Solvency II? We have
attempted to approach the expected change
in the implementation date to January 2014
in a way that allows breathing space without
losing momentum. We are pressing ahead
with internal model approval, and will
continue to work with rms to ensure that
we and they are ready. It is also important to
bear in mind that the change in dates is not a
complete one. We still expect to be required to
have transposed the rules into our Handbook
by January 2013. And it is possible that some
requirements will fall on rms earlier than
2014, possibly in the area of reporting. We
await further clarity from Europe in this area.
Is the FSA seen as an enabler in the general
insurance market? Our role as regulator of the
insurance market is to ensure that rms are
su ciently capitalised and that consumers
get the right level of protection. We work with
and challenge live rms through the ICAS
regime, while ensuring that, with specialist
run-o rms, policyholders are protected.
With regard to European policy-making, we
have helped to develop guidance, interacting
with organisations such as the Groupe
Consultatif, and our pre-application process
prepares rms for Solvency II. Furthermore,
Solvency II encourages rms to simplify
complicated group structures that may have
resulted from mergers and acquisitions.
Again, our actuaries play a critical role in
assessing the suitability of Part VII transfers
that are put to the courts for approval.
The FSA is often cited as a leading regulator
globally what gives it this reputation? Thats a
tricky question for somebody in the middle
of the organisation! But one of the FSAs key
strengths is the rigorous approach it brings to
policy formulation and implementation. That
can be seen in the way we are going about
implementing Solvency II.
Does the FSA have su cient powers? The FSAs
powers are really a matter for Parliament as
they are set for us by the legislation under
which we operate. We are being split into
the Financial Conduct Authority (FCA) and
Prudential Regulation Authority (PRA) next
year, and Parliament is considering what
legislative changes are needed.
The creation of the PRA coincides with Solvency II.
How will the FSA manage the workload? Clearly,
there will be signicant challenges. However,
there are huge amounts of work being done
in the FSA and Bank of England to prepare us
for those changes. Solvency II is an important
factor and we have been conscious of the way
that such workstreams will t into the wider
programme of reform.
Is there anything we can learn from other
industries? Not everything that counts can
be counted. In the same way that banks
traded on the basis of risks assessed using
awed models, we should always consider
what might lead to models failing and the
consequences of this.
What has been your greatest professional
challenge? Making the transition from
technical manager to being a leader of
actuaries. Inuencing decision-making is
trickiest, but I am pleased at the progress that
actuaries and other risk specialists have made
in shaping Solvency II.
What do you do to relax? I play the saxophone,
teach a little music and lecture part-time at
Cass Business School. I also enjoy training for
triathlons. I love spending time with my family
and think being a Dad is the worlds best job! a
James Orr is the chief actuary heading the
general insurance department within the
risk specialists division at the Financial
Services Authority
www.theactuary.com
p22_23_Q&A FINALCT.indd 23 24/1/12 08:25:07
Telematics is transforming the way motor
insurance risk is assessed and priced,
but can insurers rely on the data they are
receiving, asks Linden Holliday?
GI
Insurance telematics
Traditionally, in order to price risk, car
insurance companies have had little choice
other than to use a combination of dierent
proxies, such as sex, age, marital status,
location and occupation. The algorithms and
data models used by car insurers are hugely
sophisticated and mathematically complex
and, on average, result in a broadly accurate
pooled risk. Surely, however, in the age of
mobile phones, F1 telematics and high-speed
internet communications, there is a more
sophisticated means of calculating risk for
individual drivers?
Insurance telematics is a 21st-century
solution that has presented itself to car
insurers as a viable option for the rst time.
There are now a small number of providers
who are extolling the virtues of such an
approach for the industry, but early adopters
of this new technology need to be fully aware
of the range and limitations of such products
that are rst to market.
What is insurance telematics?
Insurance telematics is the process by which
data is collected and analysed to enable driver
behaviour to be assessed, and the level of risk
presented by each individual to be calculated.
This allows an insurance company to assess
individual risk much more accurately and,
therefore, to provide a much fairer price to
the proposer.
Why is it important?
The rst reason is because the base price of
the technology for in-car monitoring has
fallen and, second, legislative changes are
having an increasing eect on the industry.
The European Court of Justices gender
ruling in March last year means that, from
December 2012, car insurance companies will
lose the ability to price dierentially when
it comes to sex. For example, at present, the
average rst-time driver insurance policy for a
17-year-old male who has just passed his test
is 4,400, whereas his female counterpart
can be insured for the rst year at an
average cost of 2,700*. This gender-based
dierentiation will no longer be allowed,
and there is also a possibility that car
insurance companies will lose the ability to
dierentiate by age.
As such, car insurers need a dierent
means by which to assess risk and price
insurance premiums. Thanks to the analysis
of behavioural data, driven by insurance
telematics, this has now become possible.
Bandwidth limitations
Early arrivals in this market are balancing
the available technology and the bandwidth
the ability to transfer data from the
car to a server via the telecoms network.
Some providers have tried to minimise the
amount of data that must be collected in
order to make a prediction on driver ability.
The rst suppliers to market have arrived
via the existing eet telematics networks
and have, therefore, opted for low-volume
transmission of data sampling typically
every 30 seconds, while also logging
exceptional events. This rate of sampling is
low to establish a full picture of the drivers
behaviour, and the exceptions themselves
are typically set without reference to hard
evidence by the insurer for determining what
a true exceptional driving manoeuvre is.
The currently available pay-how-you-
drive propositions may be better than the
proxies that car insurers use to price risk.
However, the 30-second logging, exception-
based route will limit understanding of
individual driver behaviour.
It is possible to measure driving
behaviour at a much more granular level.
The amount of data collected is
signicantly larger than that gathered by
using the exception-based approach and,
A BUMPY
LINDEN HOLLIDAY
Linden Holliday is the CEO
of MyDrive Solutions
ROAD F
Illustration Brett Ryder
With the advent
of insurance
telematics, car
insurers are
on course to
treat each of
their drivers as
individuals
www.theactuary.com
p24_25_holliday FINALCT.indd 24 24/1/12 11:09:17
value of driving behaviour data can be
enhanced when it is seen in the context of the
underlying road network.
Using GPS data allows car insurers to
analyse what type of roads their drivers are
most likely to spend time on, and assess the
associated risk. A driver who spends most
of their time driving on motorways, for
instance, is around six times less likely to
have an accident than a driver spending the
same amount of time on open, rural roads.
Likewise, a driver who consistently spends
time on the road after 11pm is approximately
three times more likely to have a fatal
accident than a driver who simply uses their
car to commute in daylight hours.
However, without the ability to relate this
wealth of information back to the actual
driving behaviour that has been recorded, how
is the car insurer to assess the level of risk?
Driving behaviour should be examined in the
context of the road network and, specically,
the time of driving and the location of the car.
This allows the insurer to understand exactly
what hazards roundabouts, junctions, bends,
and so on the driver is negotiating, and with
what level of competence. Only by using GPS
data and cross-referencing to the map can this
be done eectively.
Conclusion
With the advent of insurance telematics,
car insurers are on course to treat each
of their drivers as individuals. Such
innovation brings great opportunity.
But without a true assessment of
behavioural, psychological and
geographical data, analysed as a
complete picture, they could be missing
out on useful rating information. a
*BBC News, Insurance and pension costs hit by ECJ
gender ruling, 1 March 2011
www.bbc.co.uk/news/business-12606610
if done correctly, the increase in data will not
swamp IT resources. This results in a much
more accurate view of driving behaviour
and, therefore, risk, allowing the insurer
to provide a more detailed assessment of
the risk presented. It also gives drivers the
information required to understand how
they drive and to work on improvements
as necessary. A more frequent measurement
also allows the company to see many more
discrete behaviours, some of which might be
missed by 30-second logging.
One-second data logging
One-second logging allows insurers to
move away from the old proxies that have
traditionally contributed to drivers being
treated as averages, with all of the inherent
weakness of that approach. Instead, drivers
can be treated as individuals and insurers can
thus truly understand the risk presented by
each person.
Three criteria are essential to achieving
individual-level risk assessment:
1 Technical data collection capability.
The minimum requirement to truly
understand individual risk is
one-second logging.
2 Technical infrastructure. How will
you collect the large amounts of
required data and what are you
going to do with it?
3 Driver psychology and behaviour
understanding. For one of the most
technically complex and stressful things
we each undertake daily, what is the
underlying psychology?
Putting behaviour in context
Knowledge of driving behaviour may be of
little value when it cannot be related to the
location of the individual and the type of
roads on which they are driving. Indeed, the
FOR I NSURERS?
YOUR VIEW
The Actuary is keen to seek readers views on this topic and on rating
factors aecting other areas of insurance such as health and care. If you
would like to contribute please contact editor@theactuary.com
www.theactuary.com
p24_25_holliday FINALCT.indd 25 24/1/12 08:25:59
Chris OBrien considers how the chief
risk o cer's remit varies and what role
actuaries have in risk management
Risk management
CROs
Risk functions and chief risk o cer (CRO)
roles in nancial services rms have grown in
importance in recent years. However, research
by Anette Mikes*, Harvard Business School
professor of risk management, illustrates that
risk management comes in various guises and
that there is no uniformity to the CRO role. This
article highlights some of Mikess ndings and
suggests some issues for actuaries to consider.
Mikess work is based on an analysis of 15
international banks in 2006-07, by which
time the CROs role had already expanded
dramatically. One nding was that the
compliance champion role was ingrained in
the mandate of all risk functions and, in some
banks, this was the dominant focus, with the
risk function concerned with building the risk
framework and delivering compliance with
new rules. Senior risk o cers would provide
assurance to senior management that adequate
processes and controls were in place.
In other banks, the risk function was focused
on highly sophisticated risk modelling. It was
senior risk o cers who led the implementation
of rm-wide risk models that could give an
overall view of nancial risks in the business,
focusing on the more easily quantied market
and credit risks.
CROs in strategic roles
While CROs derived authority from their
regulatory role, whether they were inuential
in the business depended on the quality
and credibility of their insights in strategic
discussions. Eight of the 15 CROs were highly
involved in strategic activities, such as board-
level strategic decision-making. However, they
could be divided into two groups.
One sub-group was made up of strategic
controllers, who used the output of
sophisticated risk models as their input to
strategic issues. Senior risk o cers used models
to advise top management on the risk-adjusted
performance of business units, inuencing
how capital was committed. In such risk
functions, the CROs tended to be quantitative
enthusiasts. Mikes commented: They believe
that risk measures are capable of reecting the
underlying economic reality reliably enough
to induce requisite economic behaviours.
Building, maintaining and improving the
robustness and accuracy of the models was
a priority.
However, the other sub-group of CROs were
quantitative sceptics. Wary of managing risks
by numbers, they regard risk measurements
as trend indicators, which they seek to
complement, and often overwrite, with
senior managerial discretion, experience and
judgement. Where involved in strategy at a
high level, they were strategic advisers. Models
played a role in their judgement, but did not
drive it; they drew on their business experience
and a knowledge of danger signs to anticipate
emerging risks.
Issues for actuaries
Mikess ndings suggest two issues for actuaries
role in risk management. First, it reminds us
that the compliance role is an important one
for the CRO. When the losses of UBS rogue
Actuaries as CROs?
trader Kweku Adoboli came to light, the
Financial Times reported that the CRO Maureen
Miskovic was facing every risk o cers worst
nightmare just nine months into the job she
will face tough questions about UBSs controls.
Actuaries need to consider how they can obtain
the skills for this aspect of the job.
The second issue concerns actuaries in
strategic risk roles: controllers or advisers?
Developing models to high standards and
using them in decision-making will bring
benets under Solvency II; actuaries may be
quantitative enthusiasts and well positioned to
be strategic controllers.
On the other hand, models have to be
challenged recall FSA chair Lord Turners
remark about banks misplaced reliance
on sophisticated maths a stance that a
quantitative sceptic could take. Some actuaries
may be well prepared for this role, using
their understanding of the limitations as
well as the capabilities of models and, if this
is accompanied by using a well-developed
awareness of the insurance market, they could
play a CRO role as strategic adviser. a
*Mikes, A. (2008). Chief risk o cers at crunch
time: compliance champions or business partners?
Journal of Risk Management in Financial Institutions,
Vol 2(1), Dec 2008, 7-25.
Chris OBrien is director
of the Centre for Risk
and Insurance Studies at
Nottingham University
Business School
Illustration Darren Hopes
www.theactuary.com
p26_27_O'Brien-Hague FINALCT.indd 26 24/1/12 15:35:38
Soft skills
Communication
FIND OUT MORE
The working partys paper can
be found at:
bit.ly/ConsumerInfo
The way in which nancial services companies
communicate with their customers in helping
them understand nancial products and
concepts has often come under scrutiny. In
the UK this will become even more critical as a
result of regulatory changes such as the Retail
Distribution Review and pensions reform.
These changes could result in more customers
making investment and pension decisions
without access to nancial advice.
In recent years, improvements have
been made in the readability of consumer
information, for example, through the use of
plain English language but are we doing
enough to communicate nancial products
and concepts to customers?
For example, a 20-page, caveat-lled,
number-heavy document landing on a
consumers doormat is unlikely to engage
them, no matter how well it is written. It is key
that communicators step back from focusing
solely on the content of the message and plan
how to position their information to best
engage the target consumer.
On 15 January 2011, The Times published
the following statement: the arcane lingo of
pensions is not just the inevitable consequence
of precise people (actuaries) colliding with the
messy real world. It is more sinister than that.
Opacity, complexity and jargon have sometimes
been deliberately introduced into the system
the more easily to bamboozle and overcharge
the unwary.
Rather than being part of the problem,
actuaries are uniquely placed to lead a
transformation in consumer information,
thanks to our technical expertise, wide-ranging
industry roles and duty of care to society.
If we can engage better with consumers, we
will see improved outcomes for consumers.
Information will be more closely aligned to
their needs and presented in a more engaging
way, leading to better nancial choices.
The nancial services industry will also
benet through higher sales, retention and
protability by reaching out to consumers in a
Andrew Hague believes that actuaries
should take a lead role in improving the way
the nancial services industry engages and
communicates with its customers
People
power
way that resonates, so increasing the value they
place on the providers oering.
The Actuarial Professions Consumer
Information Working Party has recently
published a paper that explores how we can
better engage consumers. They have analysed
the current state of consumer communications
and propose a framework for the future.
They also recommend a set of key steps for
improvement some of which involve you.
One factor they consider is how to better
apply lessons from behavioural economics
the study of the role that social, cognitive and
emotional factors play in nancial decisions.

Information overload and complexity
We know many people are daunted by
information that appears complex, and will not
have the patience or condence to read and
digest it. Information overload is a particular
risk when the consumer needs to actively
monitor whether their investment is on track
to help them achieve their goal. It is a barrier to
understanding and likely to lead to misguided
action from the consumer.
One solution is to keep options to a
minimum. This can be illustrated by an
example from the US. In an experiment (by
Choi, Laibson and colleagues), the authors
simply reduced the number of options in a
pension from many down to two. This had the
eect of doubling enrolment.
Regret and loss aversion
We know most people are much more sensitive
to investment losses than gains. As a result,
investment falls can lead to savers cancelling
their policies soon after the policy is taken out.
This may not be the best option as the policy
could still be on track to meet the customers
savings goal. The best way to mitigate this eect
is to communicate investment performance in
terms of progress towards long-term goals.
We urge the Actuarial Profession to take
a lead in this area. The Profession has an
opportunity to make good use of its core skills
and to help put consumers at the heart of how
we communicate. This will help us achieve one
of the aims of the Professions strategy: To
speak up on relevant matters of public interest
and to raise awareness of the work of actuaries
and the value we add to society. a
Andrew Hague is a
product manager at NFU
mutual and a member of
the Actuarial Professions
Consumer Information
Working Party
Illustration Eda Akaltun
www.theactuary.com
p26_27_O'Brien-Hague FINALCT.indd 27 24/1/12 16:16:16
Is the time right?
A
lthough insurers and reinsurers are natural longevity
risk takers, they have limited capacities. Thus, the capital
market with its enormous ability to absorb risk provides an
obvious alternative. On the one hand, for a long time the
problem was that the market suffered from information asynchronism,
i.e. the different parties involved in a transaction often do not have the
same level of information. On the other hand, however, insurers and
pension funds clearly have a very deep understanding of longevity risks.
But over the last years almost all of the relevant risk taking institutions
have caught up in longevity knowledge and since 2008 the number of
longevity transactions has increased steadily. Solvency II requirements,
which have become more concrete on longevity risk transfer, are also
impacting longevity risk hedging.
Is longevity risk a big threat?
Historically low interest rates on low-risk assets are currently the largest
problem for insurers and pension funds. Obviously, low interest rates
will make it very difcult to meet the required returns on assets. Hence,
other liability risks which negatively impact returns cannot be ignored.
As longevity is increasing it becomes more signicant for all insurers
and pension funds. In general, longevity risk is a trend risk compared to
interest rate risk which is a volatile risk. On the other hand, we are starting
to see volatility in longevity risk. For example, the life expectancy of young
women in the Netherlands seems not to be increasing any more. Also, U.S.
longevity seems to be going against the trend meaning that longevity has
reached a plateau or is even declining within some groups. Our analysis of
longevity data reveals that it is correlated to socio-demographic factors.
In our work we even came across a pension portfolio of mainly blue collar
workers that was overfunded due to higher than expected mortality
rates.
Developing a longevity index
An index reects a dened underlying e.g. a basket of stocks, weather
parameters or macroeconomic indicators. As we know, it is rather
the trend of an index that is of interest than the index value itself.
The deviation of the unexpected to the expected trend of the index
provides the relevant risk coefcient.
Indices can be composed using prices (e.g. stock prices) or they can
be parametric (based on a physical value, e.g. temperature, consumer
spending or even longevity). Capital markets use parametric indices in
the absence of transparent prices of the underlying.
As prices for longevity risk transactions are not published we decided to
start with parametric longevity indices. The goal was to develop regularly
updated longevity indices that reect the longevity trend over a longer
period of time. Deutsche Brses Xpect Cohort Indices represent the
normalised number of survivors (lx) for each dened cohort group. lx is
dened as the actual age specic number of survivors from the starting
population of 100,000 per year of birth. This metric is similar to the
survivor rate starting at 100% at age zero.
HOW TO USE
LONGEVITY INDICES TO
TRANSFER LONGEVITY
RISK
Hendrik Rogge and Dr. Albert Jrgen Enders
discuss index-based longevity risk transfer.
Using Xpect Cohort Indices as a benchmark for longevity has the following
advantages:
Xpect Indices are based on effective realised mortality rates and are
updated monthly
Xpect Indices show actual longevity per dened country or segment
The number of survivors / survivor ratio covers the
cumulated mortality rate to each index date
This way of measuring survivors allows users to compose indices over
multiple cohorts and to compare indices and index trends
The run of the index reects the ideal run of cash ows of a pension
fund over time and can be customised
Figure 1: View on Xpect Cohort Indices (1945-1949), which among others
is published monthly: www.xpect-index.com
In spite of the advantages, basis risk remains an issue when using an index
to transfer longevity risk. Therefore Deutsche Brse has developed longevity
indices that cover basis risk relevant parameters. Studies of Deutsche Brse
and Club Vita, London, demonstrate that longevity correlates with pension
payments, i.e. the higher the annuity, the higher the life expectancy. Xpect-
ClubVita Indices reduce basis risk because they reect socio-demographic
mortality rates provided from a pool of real pension fund data. Deutsche
Brse will be launching Xpect Pensiongroup longevity indices for the UK
together with Club Vita soon.
Club Vita provides pension group specic longevity data that will be
transformed to longevity correction factors to calculate Xpect-ClubVita
Indices for the following pension groups:
UK Males:
<5k pension p.a.
5-10k pension p.a.
> 10k pension p.a.
UK Females:
<5k pension p.a.
>5k pension p.a.
ADVERTISEMENT FEATURE
DeutscheBorse.indd 2 24/1/12 08:49:45
The following example illustrates the pricing and settlement of an Xpect
Zero Coupon Swap:
A is the xed rate payer at a specic maturity date = pension fund
B is the oating rate payer at a specic maturity data = investor
Index Value t=0: 83,628
Agreed Index Value t=20 52,680
Internal Swap rate is: -2.28%
Swap nominal 100,000,000
If the Xpect index at t=20 is 52 680 the longevity swap would be settled
with zero: xed rate = oating rate (-2,28%).
If the Xpect Index at t=20 is 60 480 (-30% qx p.a. scenario) then internal
rate is -1.61%:
A owes -2.28% to B which means A receives 37,007,063 from B
100,000,000 * (( 1- 2.28%)20-1)
B owes a oating rate of -1.61% to A
Therefore B receives 27,680,053 from A
100,000,000 *(( 1- 1.61%)20-1)
The investor (B) incurs a loss AND the pension fund (A) receives
additional payment of 9,327,009
How to use Xpect today
Deutsche Brse and TullettPrebon have created a tradable longevity swap
market on Bloomberg and ThomsonReuters. The Bloomberg screen below
shows indicative internal swap rates for a series of Xpect Cohort Indices.
These indicative bid/ask prices (internal swap rates) are based on simulated
Xpect Forward Curves as described in the swap example above. We expect
that the more often market participants evaluate new longevity information,
the more often they will adjust their Xpect swap quotes thus leading to
frequent updates of the Xpect Forward Curve.
Graph 4: Bloomberg screen of Xpect Cohort Indices indicative longevity
swap prices
The fact that Club Vita is joining the Xpect initiative will help the market
develop further. We invite other interested market participants to join our
efforts in establishing a longevity risk trading market. It is our joint objective
to create a market that will a) provide sufcient capacity and b) fair and
transparent prices for longevity risk.
Authors:
Hendrik Rogge
Product Manager, Xpect, Deutsche Brse AG
Frankfurt, Germany
Hendrik.Rogge@deutsche-boerse.com
Dr. Albert Jrgen Enders
Managing Director, ValueData7 GmbH
Knigstein, Germany
Albert.Juergen.Enders@valuedata7.de
Figure 2: The run of the Xpect-ClubVita Pensiongroup Indices reect the
Pensiongroup specic mortality rates
Modelling future mortality rates
Historic index values help market participants understand index risk
parameters such as volatility and trends. In addition, actual monthly Xpect
Indices support the valuation of Xpect index-linked products.
Index projections are necessary to support the price nding of index-based
nancial products e.g. longevity swaps and bonds. Xpect Forward Curves
simply reect the simulated developments of the number of survivors (or
survivor ratio) of the dened cohort group until the number of survivors or
survivor ratio is zero. The index user has to model future mortality rates
(qx) and calculate Xpect Forward Curves. The model to assess future
mortality rates is essential and a model to calculate the Xpect Forward
Curve is provided by Deutsche Brse. In established derivative markets
such as interest rates, the sum of many different assumptions about the
future run of the index leads to a mark-to-market index forward curve. This
will also happen for the Xpect and Xpect-ClubVita Indices.
How index-linked longevity products work
In principle, two kinds of nancial products exist to transfer longevity risk
based on indices:
Index-linked swaps and forwards
Index-linked bonds
In both cases, the involved parties accept the effective index value at
maturity date as the settlement value of the contract. At the time t=0
both parties simulate the future index value at maturity or trigger date to
determine their bid and ask prices. Thus, for the maturity date of the index-
linked contract, best estimates of the expected value of the Xpect Index
plus required risk premiums are calculated. Following on, we would like
to show how a longevity swap will be priced and settled using the Xpect
Cohort Index England & Wales 1945-1949 Male.
Graph 3: The graph shows internal swap rates (prices) based on the
Xpect Index EW 1945-1949 Male Forward Curve projections: expected
run and a -30% mortality rate change run.
DeutscheBorse.indd 3 24/1/12 08:49:49
Solvency II oers a real incentive for
diversifying risk, but is it quite the bonus
it appears to be? Paul Cook and
Meera Rajoo investigate
Solvency II
Risk diversication
Received wisdom must change
As the deluge of gures that was QIS5 starts to
subside, there is an opportunity to look beyond
2014 and search for signs of how our industry
will operate once Solvency II is business as
usual. There are fundamental pressures on our
distribution models the retail distribution
review (RDR) and Foreign Account Tax
Compliance Act (FATCA) to name but two.
There is much to say on both of these but, for
this article, we are focusing on what will drive
the nancial structures of our businesses.
Working with our clients, the analysis
has made it clear that the move away from
composite o ces will need to be reversed, or
at least taken in a dierent direction, if the full
benets of risk diversication are to be realised.
We are already seeing this as a driver of change.
Current regulations give little, if any,
benet for risk diversication, but Solvency
II gives a real incentive to seek to maximise
its eect. Taking a theoretical stance, Table 1
highlights that, in the simple situation
where a monoline life or GI carrier takes on
a dierent risk type, the capital required on
a composite basis is markedly lower than for
two stand-alone entities.
In practice, of course, the situation is
more complex. The eect is diluted by the
many dierent risk types market, credit
and operational as well as insurance that
the stand-alone companies will bring to
the combined entity. And the eect on the
risk margin, not just on the solvency capital
requirement (SCR), needs to be considered. A
release in insurance risk capital of the order
of 50% is not an unreasonable target.
In the strictest economic terms, the real
worth of the exercise is not in the immediate
capital release, welcome though that usually is,
but in the dierence between the face value and
the discounted value of the capital release. And,
of course, this is dierent between life and GI
portfolios, because of the much greater mean
A FREE LUNCH
term of the life policies. But even with this
taken into account, there is no doubt that there
is a strong theoretical case for creating further
risk diversication.
Thats ne in theory, but
The di culties start to arise when the practical
constraints of trying to transfer real portfolios
of risk between insurers are faced.
The most crucial challenge is to identify
the portfolio of risks that you would want
to import to complement your own. It is
essential to avoid an unprotable book
because, while the benets of capital
e ciency are well worth having, they cannot
outweigh a genuinely loss-making business.
This needs to be considered alongside
the volatility of the claims coming from the
newly acquired portfolio. A life companys
shareholders do not expect to have to suddenly
cover claims for a US windstorm. And the
shareholders of a GI insurer will not be amused
by the strengthening of longevity reserves.
In our experience, the real success factor
is the quality of the long-term relationship
between the original underwriter and the
ultimate risk carrier. Linking with a high-
quality underwriter that can be trusted
is crucial.
Achieving this stable relationship can
be facilitated by a properly structured
transaction. It is also partly a matter of
corporate chemistry. A surere way to
achieve this is by acquiring the underwriter.
If you grab a man by his wallet, his heart will
surely follow.
But acquiring a company brings with it all
sorts of risks operational, reputational and
strategic. You may acquire more risk than
you are able to diversify away. Unless it is a
strategic direction that you wanted to follow
Stand-alone
risk
Life company Life company
+incremental
GI risk
Market 800 800
Life 50 50
GI 50
BSCR 807 815
Stand-alone
risk
GI company GI company
+ incremental
GI risk
Market 200 200
Life 50
GI 450 450
BSCR 514 520
Paul Cook is head of life and pensions at
Grant Thornton. Meera Rajoo is senior actuarial
analyst at the rms nancial services transactions
and actuarial team.
TABLE 1: CAPITAL REQUIRED FOR COMPOSITE
OR STAND-ALONE ENTITIES
www.theactuary.com
p30_31_cook FINALCT.indd 30 24/1/12 11:09:37
as a reinsurance special purpose vehicle
(SPV). Originally created to raise capital for
insurers that had suered considerable losses
from Hurricane Katrina and other natural
disasters of the time, a sidecar is a listed and
rated captive reinsurer into which the direct
writer places its portfolio. Investors then buy
shares in the sidecar. It is a short leap of the
imagination to envisage a group of monoline
insurers placing their business, or at least
quota shares of their business, into a single
reinsurance SPV and, in return, receiving
shares in the performance of the entity as
a whole.
The business transferred into the SPV
would need only a small proportion of the
risk capital that the monoline would need to
provide on a stand-alone basis. The monoline
insurer thus maintains its focus on the
risk that it knows best how to underwrite,
yet gains the capital benets of a pooled
risk approach.
What will the regulators think?
All this is predicated on being able to gain
a suitable licence to write both life and GI
risks. Those insurers that have retained their
historical composite business licence have a
genuine competitive advantage. An insurer
with a signicant level of risk diversication
will be able to achieve higher margins or,
more likely, oer lower premiums for the
same margin than a monoline competitor.
So how can the monoline respond?
The solution is not obvious, but there do
appear to be useful reinsurance SPV structures
that can allow monolines to achieve the price
levels that their more fortunate composite
competitors can take for granted. Carefully
constructed, certain reinsurance SPVs can be
licensed to receive both GI and life risks, even
within the terms of the EU directive. But will
the regulators be accommodating?
Of course, only the regulators themselves
can answer this, and their response will quite
properly vary from case to case. But insurance
SPVs have been championed in the past by the
FSA. And it would be surprising if the regulators
allowed one section of the market to maintain
a structural competitive advantage for purely
historical reasons. So this may prove to be a
route to a more level playing eld.
Where does that leave us?
The insurance industry of the future will be
dominated by pooled risk vehicles, either
within the fortunate composite licence holders
or, conceivably, through specially created
insurance or reinsurance SPVs. The winners
will, as ever, be the rms that write protable
portfolios of policies, but there will be much
more attention on risk portfolio engineering to
ensure that those prots are not undermined by
unnecessary risk capital costs. a
anyway, the acquisition can become the
technical tail wagging the corporate dog.
Reinsurance is a much cleaner route, but
there is the ever-present chance of picking up
poor-quality business. One conversation in
three between insurance folk usually contains
an anecdote about the worst reinsurance
treaty ever entered into. A quota share treaty
is preferable, because both parties have
much to gain from good experience. But, in
practice, these treaties work best as long-
term commitments on both sides and such
relationships take time to cultivate.
At the other end of the spectrum is buying
one of the various forms of derivative risk
vehicles. Longevity swaps, industry loss
warranties and cat bonds all fall into this
category. It may also be that tailor-made
insurance risk packages can be manufactured.
These will perhaps be the way forward in
years to come the range of risks and their
transparency mean that they are useful
adjuncts to a core risk diversication process,
but they are not yet that core process.
An alternative approach, and one that
has already been tried and tested, albeit
in rather dierent circumstances, is the
sidecar, perhaps more prosaically described
FROM
THE
EU?
The real success factor is the quality of the
long-term relationship
between the original
underwriter and
the ultimate
risk carrier
www.theactuary.com
p30_31_cook FINALCT.indd 31 24/1/12 15:46:53
REPEAT
PERFORMANCE
Chris Hursey describes a new
and original theory on determining
optimal calibration nodes for
replicating formulae
t to an unknown function simplies to nding
the quadratic best t to an unknown cubic.
If we could evaluate the liabilities at
an innite number of points within our
chosen domain, we would nd the unique
quadratic curve of best t. We would also
nd that this curve intersects the liability
curve exactly three times. But, tting to
three points denes a unique quadratic
function; therefore tting to the three points
of intersection will dene the same quadratic
function that is necessarily the best t. Also,
being functions only of the domain, those
three points can be determined without
knowing the liability function we are trying to
approximate.
As long as the initial assumption holds,
we can achieve as good a t using three
points as could have been achieved using an
innite number of points. Indeed, it can be
shown that tting a quadratic to four or more
incorrectly chosen nodes will result in an
inferior t to that achieved by tting to three
correctly chosen nodes.
Practical implications
So what does this mean in practical terms?
Rather than carrying out lengthy analysis
in order to determine the relationship
between liabilities and a risk variable, we
can start by making an assumption about
the order of polynomial that will provide an
accurate t.
In our example we chose order three. Given
this assumption, the calibration nodes, and
the approximation function they dene, can
be immediately determined.
Solvency II
Replicating formulae
The use of internal models under
Solvency II has led actuaries to investigate
various techniques for determining liability
values under many thousands of scenarios.
Replicating formulae is one of the methods
under scrutiny.
A key problem associated with replicating
formulae is objectively determining the
tting points, or calibration nodes, at which
accurate calculations are performed for the
purpose of determining the curve of best
t. The subsequent quality of t is very
sensitive to the number and location of these
calibration nodes.
In this article, I introduce a theorem
by which the optimal calibration nodes,
necessarily leading to the curve of best t and
points of maximum approximation error, can
be determined with little or no prior analysis,
potentially saving many hundreds of hours
of eort.
There are various measures of best t, the
most common of which is least squares. For
the remainder of this article, references to
best t will be in the sense of least squares.
Theorem
For a liability value that varies due to some
factor x, let us assume that the true liability
value can be represented by an unknown n
order polynomial y(x) such that powers in x of
n+1 and greater are vanishingly small.
y(x) = a
n
x
n
+ a
n-1
x
n-1
+ + a
2
x
2
+ a
1
x + a
0

y(x) is assumed to represent the true
liability curve
For a given domain in x, let the polynomial
f(x) of order (n-1) be the best-t curve, as
measured by the square root of the sum
squared errors.
f(x) = b
n-1
x
n-1
+ b
n-2
x
n-2
+ + b
2
x
2
+ b
1
x + b
0
Then that function can be dened by the
solutions to y(x) f(x) = 0, representing
the points of intersection between the true
liability curve and the best-t curve and
having n solutions.
Moreover, it can be shown that the n
solutions are functions of the domain in x
over which the best t is being performed,
not depending on either sets of polynomial
coe cients a
i
, i = 0 to n, and b
j
, j = 0 to n-1.
Further, it can be shown that the points
of maximum approximation error are
also independent of the coe cients of
either function.
Explanation
First, we must consider an assumption
we implicitly make when we t an
approximation curve.
If, say, we decide to t a quadratic function
then we are implicitly assuming that powers
of three and above are within materiality
limits so that the resulting approximation
errors are within materiality limits. If this
assumption does not hold then we cannot use
a quadratic approximation function.
Strengthening this assumption and saying
that powers of four and above are vanishingly
small, we nd that the signicantly more
complex problem of nding the quadratic best
CHRIS HURSEY
Chris Hursey is an actuary
and director at Charasys,
specialising in Solvency II
modelling solutions
www.theactuary.com
p32_33_hursey FINALCT.indd 32 24/1/12 15:37:42
Goodness of t tests can then be
performed. If these tests fail, it will be for one
of two reasons:
1 The initial assumption is valid but a good
enough t is not possible; in our example,
powers of three are not within materiality
limits, or
2 Our initial assumption is not valid; in our
example, powers of four and above are not
vanishingly small.
In either case, we simply revise our initial
assumption upward and try again. At some
point, both the assumptions will hold and
an adequate t will be achieved. As long
as the assumptions hold, the calibration
nodes remain xed and can be used at
subsequent calibrations.
Example
Here we consider three randomly generated
cubic functions to which I have found
the quadratic least squares t using 1,200
data points.
QUADRATIC FIT TO CUBIC
Plotting the error curves, we see that in all three
cases the roots of the error curve are the same.
ERRORS
The calibration nodes are independent
of the unknown function we wish to
approximate.
In fact, it can be shown that the roots occur at
and
In the examples, L
1
and L
2
are at plus and
minus 60%, leading to roots at zero and at
plus and minus 46.5% as observed.
Additionally, it can be shown that the turning
points occur at

corresponding to plus and minus 26.8% as
observed in the examples.
This theorem can be shown to be true,
and solutions found, for any order of
polynomial approximation function.
Next steps
In this article, I have considered
approximation functions in one risk
variable only. In fact, the theory can
be extended and applied in multiple
dimensions, allowing optimal calibration
nodes to be determined for multivariate
polynomial approximation functions;
necessary when approximating non-linearity
between risk variables.
We also nd that, when conducting our
goodness of t tests, we can target the
estimated points of maximum error, allowing
us to estimate the maximum absolute
approximation error. This is a stronger test
of t than maximum sample error, likely
to be determined from a limited number of
potentially statistically insignicant,
out-of-sample points.
Usefully, determining the roots and turning
points of the error curve allows us to generate
an error dampening function that, should
goodness of t tests fail, can be added to
the approximation function to improve the
t further. This could prove a valuable tool
should goodness of t tests fail once in a
production environment when, as a result of
tight deadlines, analysis and recalibration
may be unfeasible.
Outcome
The theory outlined in this article allows us
to generate calibration nodes in a manner
that is repeatable and completely objective.
More importantly, e ciency is maximised;
an approximation formula of n terms requires
exactly n nodes for calibration.
Additionally, there is less reliance on
samples for performance measurement;
points of maximum error are targeted and
measured so that model limitations can be
determined with condence.
The fact that the tting errors are
predictable and explainable leads to an
innitely better understanding of the results
obtained. And, arguably most important
of all, it gives us much greater condence
in the internal model and the results
it produces. a
The fact that the tting errors
are predictable and explainable
leads to an innitely better
understanding of the results
www.theactuary.com
p32_33_hursey FINALCT.indd 33 24/1/12 15:37:47
34
Interested in joining the HFG
Cricket League?
Taking place on Tuesdays and Thursdays
throughout the Summer from May to
August
Last years teams included:
If you are interested in entering a team
please contact Amy Simmons for more
information:
amy@highfinancegroup.co.uk
+44 (0) 207 337 8800
www.highfinancegroup.co.uk
Cricket
League
Visit www.theactuary.com to see how weve improved
Fresh Thinking
The Actuarys website has a brand new look for 2012.
With high quality content, useful tools and easy
navigation, you will nd a wealth of actuarial
resources at your ngertips.

View regular news and register for weekly alerts
Read the latest features and opinion and add
your comments
Access the 11-year content archive
Browse theactuaryjobs.com, the ocial
jobs board of the UK actuarial profession
ACT.02.12.034.indd 34 24/1/12 08:47:29
Richard Elliott nds an antidote
to the winter blues at the Scottish
National Gallery of Modern Art
At the back
Richard Elliot
Arts
arts@theactuary.com
At the back
Richard Elliot
F C B CADE L L : T HE E L E GANT
C OLOUR I ST
Cadells early works display
an assured grasp of
impressionist techniques,
with Manet a clear inuence
Florians Caf Portrait of Lady in Black
As the record-breaking Leonardo da Vinci exhibition draws to a close in
London, up in Edinburgh there is still time to see a terric retrospective
of one of the most stylish British artists of the early 20th century.
Usually viewed alongside that of the three other Colourists (S J Peploe,
J D Fergusson and G L Hunter), the work of Francis Campbell Boileau
Cadell has been granted a solo exhibition for the rst time in 70 years.
The youngest of the Colourists, Cadell was born in Edinburgh in
1883. As a boy, he showed an aptitude for drawing and, in 1898, with
the encouragement of his family, he moved to Paris to continue his
artistic education. Returning to Edinburgh in 1902, he exhibited at
the Royal Scottish Academy, with his rst solo exhibition coming in
1908. Cadells early works display an assured grasp of impressionist
techniques, with Manet a clear inuence. However, it is not until a
painting trip to Venice in 1910 that his technique becomes freer and
his palette brighter, as evidenced by the exuberant Florians Caf.
Setting up a studio at 130 George Street in Edinburgh, Cadell painted
the walls lilac and the oors a lustrous black, and took great care over
www.theactuary.com
p35_40_attheback 2CT.indd 35 24/1/12 08:29:48
the furnishing of his quarters.
Before the First World War and
throughout the 1920s, most of his
paintings featured his impressive
studios, at times vacant and at
times inhabited by an elegant
female model (as in The Black Hat)
or a still-life arrangement.
At the outbreak of the war,
Cadell was rejected for military
service because of his smokers
heart. In order to build up his
strength, he worked on a farm in
Dumfriesshire, and in 1915 he was
successful on his second attempt
to join the war eort. In 1920, he moved to 6 Ainslie Place, Edinburgh.
The change of location heralded a quite dramatic change in technique,
possibly motivated by an interest in the Art Deco movement.
Innovative geometric arrangements and the use of brilliant colours
led to striking paintings such as Interior: The Red Chair, while the
at application of paint in The Blue Fan gives the composition a
disorientating two-dimensional eect.
In the summer of the same
year, Cadell travelled with his
friend Samuel Peploe to the island
of Iona, in the Inner Hebrides.
Although only three miles
long and one mile wide, Ionas
geological diversity, frequent
changes in weather and numerous
views provided plenty of stimuli
for the two artists. They returned
almost every summer, with
Cadell acquiring the nickname of
Himself amongst the islanders.
Perhaps Cadell is best known
for his Lady in Black works,
which often featured the sitter
Miss Don Wauchope (as in Portrait of a Lady in Black). In one of his most
ambitious paintings, Interior: The Orange Blind, Miss Don Wauchope,
sporting glamorous furs, hooped earrings and a large black hat, is seated
on a luxurious sofa, while a pianist plays in the background.
The economic downturn of the late 1920s meant that Cadell could
no longer lead the lavish lifestyle suggested in many of his paintings.
In 1928, he was forced to sell the lower four oors of 6 Ainslie Place.
His nancial di culties may explain the relatively conservative
direction of his work from this time; buyers did not always appreciate
his more radical side. However, his interest in innovative composition
remained, as demonstrated in the painting The Hall, Strachur.
The 1930s saw sales continue to dwindle (Cadell was forced to
move house twice), but in 1935 he was elected to the Royal Society of
Watercolours and a year later to the Royal Scottish Academy. By this
time, his health had started to fail and on 6 December 1937 Cadell
died, the cause being stated as cancer and cirrhosis of the liver. He
was only fty-four years old. In 1938, the Royal Scottish Academy held
a memorial exhibition, a tribute repeated by the National Gallery of
Scotland in 1942.
This exhibition is the rst of the Scottish Colourist Series by the
National Galleries of Scotland. S J Peploe and JD Fergusson exhibitions
are scheduled for late 2012 and 2013 respectively, ensuring the Edinburgh
winter remains a little less dour. a
The Scottish Colourist Series: FCB Cadell runs until 18 March 2012
www.nationalgalleries.org
At the back
Arts
BOOK REVIEW
Andrew Smith reviews Systems of
Frequency Curves by W P Elderton
& N L Johnson
Developments in risk modelling have
sent actuaries trawling for heavy-
tailed and asymmetric probability
distributions. The 2009 reprinting of
Systems of Frequency Curves,
by William Palin Elderton and
Norman Lloyd Johnson, has come
at a good time.
The actuarial search for exotic
distributions goes back a long way.
The books rst edition was published
in 1906. Both authors were British
actuaries with Elderton President of
the Institute from 1932-1934. The book
incorporates frequent references to
actuarial work. Most of the examples
relate to life insurance statistics.
Those familiar with modern
computing techniques can only be
impressed by the ingenuity of previous
generations to reduce calculation
burdens. Any statistical work starts
by sorting the data into discrete
groups. Moments are estimated based
on the midpoint of each group, with
elaborate (but optional) corrections
for the distortions created by the
grouping. Another section details the
interpolation of arctangent functions
from printed tables of the tangent
function, discussing the relevant
merits of tables in degrees or radians.
With modern computing power,
these considerations are obsolete as
we calculate moments directly and
have arctangent functions wired into
computer processors.
The book gives a fascinating view
into statistical thinking in the early
20th century, prior to the pioneering
work of Ronald Fisher that dominates
most other statistical textbooks. Some
of Elderton and Johnsons terms
are preserved in todays actuarial
conventions despite having fallen out
of general statistical use.
For example, distributions are
graduated rather than estimated;
the objective is the smoothing of
TITLE Systems of Frequency
Curves
PUBLISHER Cambridge
University Press
ISBN-10: 0521093368
RRP 17.99
The Black Hat
The Blue Fan
MORE ONLINE
Latest reviews at
www.theactuary.
com/reviews
data rather than statistically e cient
parameter error. Modern actuaries
might talk in this way about the
graduation of mortality curves but
would probably not use this language
for tting a distribution. The book
pre-dates the modern convention that
probability density functions integrate
to 1. Instead, the proposed frequency
curves integrate to the number of
data points an approach that lives on
in the actuarial tradition of mortality
tables starting at 100,000 rather
than one.
Yet this is not a purely actuarial
text, but rather part of the mainstream
statistical canon. For the past century,
this book has been prized for its
clear exposition of Pearsons system
of distributions. Analysts following
developments in Value-at-Risk
techniques will welcome the material
on series expansions and Johnsons
unbounded distributions. Actuaries
debating the relative merits of
maximum likelihood estimation against
the method of moments can nd some
of todays technical arguments in the
pages of Elderton & Johnsons book.
Once again, there is an interesting
historical context.
The place of this book in the
statistical literature is a credit to
its authors but also reects well
on actuaries generally. Likewise,
the Institutes reputation is surely
enhanced by having such an eminent
statistician serve as President.
Extrapolating from this experience,
actuaries writing tomorrows learned
texts should be encouraged by the
contribution they are making to the
professions standing in 2012.
www.theactuary.com
arts@theactuary.com
At the back
Coee break
Puzzles
Cluedo
Puzzle 490
Six people sit down to play a game of Cluedo, then realise that the board
has been mislaid. Undeterred, they agree that each player will simply
make a suggestion (or, in due course, an accusation) in turn, and that any
room can be chosen each time.You are the actuary in the group, and deal
yourself Miss Scarlett, revolver and ballroom. The game then progresses
with the following suggestions:
PLAYER CHARACTER WEAPON ROOM DISPROVED BY
Banker Col. Mustard Dagger Billiard room Economist
Cleric Prof. Plum Lead piping Study Economist
Doctor Mrs White Spanner Conservatory Farmer
Economist Rev. Green Spanner Library Farmer
Farmer Mrs Peacock Revolver Hall Actuary
Actuary Rev. Green Candlestick Dining room Farmer (dining room)
Banker Mrs Peacock Rope Ballroom Economist
Cleric Col. Mustard Spanner Lounge Banker
Doctor Prof. Plum Dagger Kitchen Banker
Economist Prof. Plum Lead piping Study Banker
Farmer Mrs White Lead piping Conservatory Economist
Can you make the winning accusation?
Relationships
Puzzle 491
What were the relationships of the people mentioned
in the following epitaph?
Two husbands with their two wives
Two grandmothers with their two granddaughters
Two fathers with their two daughters
Two mothers with their two sons
Two maidens with their two mothers
Two sisters with their two brothers
But only six in all lie buried here
All born legitimate, from incest clear.
For a chance to win a 50 Amazon voucher,
please email your Prize Puzzle solutions to
puzzles@theactuary.com by 14 February 2012
Please send new puzzle ideas to
In suburbia
Puzzle 493
An insurance company has six account managers, each of which has
a dierent number of children from nought to ve. Deduce from the
following who has what number of children, the account they manage,
and the suburb in which they live.
1 Angela has two more children than the manager from Moor
Park, who has one more child than the re manager.
2 The marine manager has two more children than the manager
from Chelsea, who has one more child than Emily.
3 The manager from Southgate has two more children than Dick,
who has one more child than the motor manager.
4 Chloe has three more children than the property manager.
5 The liability manager has more children than the manager from
Watford, who is not Emily.
6 The manager from Moor Park, who is not the motor manager, is
not Chloe.
7 Emily is not the property manager and Fred is not the marine
manager.
8 The manager from Purley may or may not be Brian.
9 The manager from Richmond is not the liability manager, but
might be the aviation manager.
Dotty
Puzzle 492
In the diagram below, put a dot in exactly 16 of the unit squares, so that:
[ Each row
[ Each column
[ Every diagonal
TERMS AND CONDITIONS
Prize puzzle
The prize will be awarded for the rst correct entry drawn at random
from those received before the closing date. The winners name will be
announced in the next edition. Please note, the puzzle editors decision is
nal and no correspondence will be entered into. We reserve the right to
feature the winners name in The Actuary. Your details will not be passed to
any third party in connection with this draw. With thanks to Rod Marshall and Tim Sole for supplying this issues puzzles
PR
IZE
PU
ZZLE
is either empty or
has exactly two
dots in it. Moreover,
the completed
diagram must not be
symmetrical (there
are six symmetrical
solutions).
www.theactuary.com
At the back
Coee break
Christmas quiz
Puzzle 487
S OLUTI ONS FOR DECE MBE R 201 1
364 G M T L G to M in T in the 12 D of C
364 gifts my true love gave to me in
total in the 12 Days of Christmas
8549176320 D in AO
8549176320 Digits in Alphabetical
Order
14 O by G A S
14 operettas by Gilbert and Sullivan
513 P K by A S on S
513 people killed by Arnold
Schwarznegger on screen
47 G B M at the B O
47 Great British Medals at the Beijing
Olympics
0 P 0 G
No Pain No Gain
38 S on an ARW
38 slots on an American roulette
wheel
12 L in the FF
12 legs in the Famous Five
82 S A on a D
82 scoring areas on a dartboard
44 D W F or W S by DB in a GB OTT
44 days without food or water spent
in a glass box over the Thames by
David Blaine
8 D in an O D U
8 Deliveries in an Over Down Under
1874 A B c d e: M W, c h, I w t s y
Alexander Bell completes discourse
experiment: Mr Watson, come here, I
want to see you
AWD6442tetMoM
Arthur Weasley dials 62442 to enter
the Ministry of Magic. (The letters
underneath those numbers on a standard
mobile phone spell magic)
V r 63 y 216 d
Victoria reigned 63 years 216 days
www.theactuary.com
Bridge challenge 20
Fourthought
You are South and the bidding has gone:
W E
1 2
2NT 3
4 Pass
Partner leads 2. The 3 is played from Dummy. How do you proceed?
A54
Q76
KQJ653
9
K3
542
A874
Q532
First, take your A while you can make good use of it.
The 2 is clearly a singleton and you can give Partner a ru. So, A, ru
and K are 3 tricks, but where will the fourth one come from to send the
game down? If Partner has A, then it does not matter what you do but
if Partner has the K, it is imperative that you lead the suit, not Partner. If
you wait until you win K, it will be too late, Declarer can take the A and
discard his losing hearts on the winning diamonds. You must lead a heart
at trick two from the bidding partner rates to have a third trump so the
ru will still be available after K.
Message count your /Declarers tricks, with a view to how many you
need to set the contract.
1 The Yule lads are a traditional
part of an Icelandic Christmas.
What are they?
A band of 13 gift-giving goblins
2 In Greek legend, malicious creatures
called Kallikantzaroi sometimes play
troublesome pranks at Christmas time.
What should you do to get rid
of them?
Burn salt or an old shoe
3 The poinsettia is a traditional
Christmas ower. Where did it
grow originally?
Mexico
4 Some people like to hide a coin or
trinket in the Christmas pudding. This
may have originated in the ancient
custom, in Rome and elsewhere, of
concealing a particular object in food.
What was it?
A dried bean
5 What important contribution to our
Christmas customs was made by
Louis Prang, who came to the US
from Germany in the 19th century?
Popularising the sending of printed
Christmas cards
Sequences
Puzzle 487
At each stage, the sequence value in binary equals the number of
ones in the sequence. At some points in the sequence, more than
one value could be chosen, however alternate values will lead to
dead ends by inspection, the innite sequence must include
(2
n
-1) for integer values of n, and working backwards from these
gives a unique sequence. Hence there is only one such innite
sequence and the next three values are...
11011
11111
100000
December prize puzzle
December ditloids
32 p o t L E
32 pods on the London Eye
Iagnblb8daw
I aint got nothing but love, babe, 8
days a week
1946 j g q t e
1946 just gone quarter to eight
4 I o C; L I, I T, M T a G I
4 Inns of Court; Lincolns Inn, Inner
Temple, Middle Temple and Grays Inn
6,500 w i t E S B
6,500 windows in the Empire State
Building
20 m of the TB TPS
20 members of the Texan band The
Polyphonic Spree
Congratulations to Decembers
prize puzzle winner, Chris Chantler,
who wins a 50 Amazon voucher
p35_40_attheback FINALNEWCT.indd 38 24/1/12 15:18:18
39
At the back
Student
Student
A L I TTL E HE L P F ROM
MY F RI E NDS
Are actuaries forgetting to
look out for the little guy,
asks Matthew Welsh?
A phone call
Recently I got a call from a friend. He asked
if I could do him a favour. I cant quote
verbatim but, after the initial chitchat, it went
something like this:
Do you think that you could help me
with some work I have?
Well, it depends what it is exactly, but go on
You use spreadsheets in your work,
right?
Yes, thats right. I use Excel for quite a bit of
the work I do.
So, youre good at all that then?
Well, I dont like to brag* but, yes, Im pretty
good at it (*well, maybe I do)
Ok, great. I was wondering, could you
help me automate a spreadsheet?

Of course, after talking up my skills I couldnt
say no. Ok, I said.
He was the rst person to ask if I could help
him in my capacity as an actuary outside of
the o ce. Sure, people had asked what I do
and then proceeded to ask What on earth
is that?, but no one had ever asked me to
demonstrate my actuarial role. However, I was
slightly disappointed when it turned out all he
needed was a bit of Excel wizardry.
Dont get me wrong; not everyone can be
expected to be nancial reporting their way
through life, but it rankled that he saw my
professional skill as user of spreadsheets.
Especially as I gave him a lengthy explanation
of why the Poisson distribution was such a
great way to model claims.
Why is it, I cried, that after quite a few
years of patiently explaining what it is that I
do all day, people cant see past my ability to
sum if?
Seeing the trees for the wood
I believe that the answer might be that people
dont see the point of actuaries.
They dont see actuaries
improving their day-to-day
life and so there is perhaps
little interest in what they
actually do. We are like
the Chandler character in
Friends we work in an
o ce, with numbers.
And thats it.
Of course, I believe those people to be
wrong; actuaries play an important role in
society. Its just that actuaries do not focus
on the individual quite like they focus on the
group. For example, we dont set reserves
for Je, reserves for Mandy and reserves for
George. Even at its most focused, actuarial
work deals with homogenous groups.
If people are similar enough, we lump
them together.
This focus on the group before the
individual could be why individuals
collectively dont focus on actuaries. Similarly,
consider a domestic plumber and a civil
engineer who is an expert on motorway
drainage. Ask people to identify the skills of
these two people and I would wager the list is
longer for the plumber, even though they are
both hugely important to maintaining living
standards for many people and, at a very basic
level, work with man-made structures and
water. Perhaps, because domestic plumbers
focus on assisting the individual, they know
what a plumber can do and, by proxy, what
they can do in general.
Over to you
It may be time for actuarial students, perhaps
not yet set in their ways, to challenge the way
they look at the wider community. We take
care of society by worrying about how
trends will aect large groups and
ensure that they have nancial
provisions where necessary.
Perhaps for the reputation of
the profession, and to preserve
our sanity at social occasions
we should think more about what
actuaries can do for individuals.
I dont claim to have the
answers, but I believe that
opportunities are there that
would do more to raise the
prole of the profession in
society than any number of
conversations.
We may even end up with
future generations of
students grateful,
when they get a
call from a friend
asking for a
favour, that there
isnt a spreadsheet
in sight. a
Illustration Phil Wrigglesworth
www.theactuary.com
student@theactuary.com
p35_40_attheback FINALNEWCT.indd 39 24/1/12 15:47:28
At the back
Appointments
Moves
ST E P HE N
R E NS HAW
First Actuarial has
announced that
Neal Thompson
has joined its actuarial
consultancy team. He
will be based in the
rms Peterborough
o ce.
Mike Smaje has joined
First Actuarial as
director of investment
services. Formerly
a senior investment
consultant and actuary
with Towers Watson,
Mr Smaje has 19 years
industry experience.
He will be based in the
Leeds o ce.
Russel Lok has joined
Ernst & Young as a
partner in Singapore.
Mr Lok was previously
the Solvency II
programme manager for
one of the large Europe-
based insurance groups.
JLT Investment
Solutions has
announced the
appointment of
investment consultant
Dorian Whitehead
to its London team.
Mr Whitehead joins
having spent the
previous 12 years with
Mercer, on both the
pension and investment
consulting side.
KPMG has announced
the arrival of four new
principal advisers to
its insurance actuarial
team in the UK.
In the life insurance
team in Edinburgh,
Michael Ashcroft has
joined from Standard
Life. He has 13 years
experience of life
insurance, including
nancial reporting,
Moses modelling, with
prots and capital
and risk management.
In the London team,
Gary Lam joins from
Legal & General. With
15 years experience
in life and general
insurance industry in
Asia and Europe, he
brings dynamic and
stochastic ALM
modelling expertise.
In the general
insurance team,
the new joiners are
Philip Chappell and
Gavin Dunkerley.
Mr Chappell joins from
Liberty International
Underwriters and
brings experience
of outstanding
claims reserving and
statutory compliance,
portfolio performance
monitoring and pricing.
Mr Dunkerley joins
from the FSA, where
he has seven years
experience covering
capital modelling, risk
management and
Solvency II.
Fletcher Jones, the
independent executive
search practice, has
appointed Alan Gill as
a director. Mr Gill will
be based in Edinburgh
and will focus on
director and partner
appointments in the
nancial sector and
the professions.
Andrew Rear, CEO
of Munich Re Life UK,
Ireland, Africa and
Australia, extended his
responsibility to the
Groups Life operations
in Asia on 1 January.
Daniel Cossette will
have management
responsibility for Asia
Pacic, including
Australia, and will report
to Mr Rear.
SunGard has appointed
Neil Fenton as
director of strategic
ALM services at
iWorks Prophet.
Mr Fenton heads up
a newly formed team
focusing on strategic
ALM modelling with
a particular focus on
the UK and Europe.
Previously, he held the
position of head of
actuarial libraries.
Richard Weatherill
has been promoted
by SunGard to head
of actuarial library
development for iWorks
Prophet. Mr Weatherill
will be leading a global
team focused on risk
management solutions.
St. Jamess Place
Wealth Management
has announced three
senior appointments.
David Lamb
is appointed
managing director,
Ian MacKenzie
appointed business
development director,
and Rob Lancaster
appointed divisional
director. Mr Lamb,
Mr MacKenzie and
Mr Lancaster have
signicant nancial
services and wealth
management
experience between
them and have worked
at St. Jamess Place for
a number of years.
Pacic Life Re has
appointed James Tait
as head of protection
marketing for UK and
Ireland. Mr Tait was
previously head of
pricing and reinsurance
at Ageas Protect.
He has extensive
experience in insurance
and reinsurance having
worked in senior roles
at Munich Re and
Legal & General.
Correction: In the
December edition of
The Actuary, the wrong
picture of Colin Forrest,
who joined the Life
Actuarial practice at
Deloitte, was published.
The correct picture is
now shown below.
SPONSORED BY
Employer and area of work Friends Life
life insurance.
How would your best friend describe you?
He says Overpaid and incompetent. I am
now looking for a new best friend.
What motivates you? The feeling of satisfaction
you get from achieving something.
What would be your personal motto? If at rst
you dont succeed... I nd this particularly
relevant when it comes to the exams!
Who do you most admire and why? After
watching him bat at Brisbane last winter
and at Edgbaston in the summer, Ill say
Alistair Cook. A fellow left-handed opening
batsman, albeit one who tends to spend
slightly longer at the crease than I do.
Whats your most actuarial habit? I cant
stand a messy spreadsheet. I refuse to do
anything else with it until I have tidied it up
and made it compatible with my own
colour-coding system.
How do you relax away from the o ce? I enjoy
playing sports, tackling pub quizzes and also
going on holidays.
Tell us something unusual about yourself On a
recent skiing holiday, I won a karaoke
competition by performing Shaggys It Wasnt
Me and Mr Boombastic.
Alternative career choice? Based on the above,
probably a gangster rapper!
Greatest risk you have ever taken? Because of my
actuarial nature, I try to avoid excessive risks.
Although I did put 5 on the favourite at the
races last week in an attempt to recoup my
earlier losses, which proved to be successful.
Whats your most treasured possession? My
collection of Tranmere Rovers football shirts,
dating back to 1990.
If you ruled the world, what would you change
rst? Id make a lot of actuaries very happy by
abolishing the EU gender directive.
ACTUARY OF THE FUTURE
www.theactuary.com
aotf@theactuary.com
peoplemoves@theactuary.com
41
www.theactuaryjobs.com
www.theactuary.com
Specialist Recruiters
+44 (0) 207 337 8800 actuarial@highfinancegroup.co.uk
GENERAL INSURANCE
Chief Actuary
160k basic + bonus, London
This expanding Lloyds Syndicate is looking for a Chief Actuary to lead
their established team covering all areas of Actuarial responsibility. Our
client needs a dynamic leader with strong communication skills who can
have a high level of influence across the team. Working closely with the
CRO and COO the ideal candidate will be a qualified Actuary with the
ability to assist in hands on technical work when required. WG4682
Nearly / Newly GI Actuary
70k - 110k basic + bonus, London
This highly regarded Syndicate is seeking a General Insurance Actuary
to work across pricing, reserving and capital modelling. The role will
initially focus on capital and reserving, expanding into a pricing remit in
Q2. The role will sit alongside the Chief Actuary. Our client is looking for
someone with a strong technical background in either reserving or
capital who wants to expand their skill set in this role. To be considered
you should have superb communication skills and be happy presenting
to various areas of the business. WG4336
LIFE INSURANCE
High Finance Group have a dedicated European Actuarial desk, with roles throughout Europe across Life, Non-Life and Pensions. These roles cover all
levels of experience and if you are interested in progressing your career in Europe please contact us for advice. Examples of current roles:
Life Non-Life Risk
IFRS Life Reporting Actuary Reserving Actuary Financial Risk Manager
Life Risk Analysis Actuary Economic Capital Actuary Senior Market Risk Manager
Senior Life Reinsurance Actuary Head of P&C Practice - Consulting Consulting - All Levels
EUROPE
DAMIEN BERNARD
European Market Specialist
+44 (0) 207 337 1206 | +33 (0) 8 05 11 13 62
damien@highfinancegroup.co.uk
Fluent languages: French, English, Spanish, German
WILLIAM GALLIMORE
Head of Actuarial
+44 (0) 207 337 8826
william@highfinancegroup.co.uk
CLARE BETHELL
Senior Consultant
+44 (0) 207 337 8829
clare@highfinancegroup.co.uk
Solvency II Regional Actuary
Dependent on Experience, Hong Kong
Do you have Solvency II experience and are you looking to move to Asia?
This is an integral role in our clients global roll out of Solvency II. As
the Regional Actuary you will have responsibility for the project
implementation in Asia and delivering Pillar 1. A background in
economic capital, MCEV and / or Solvency II as well as project
management & people management skills are important. Asian
language skills highly advantageous. CB9785
Prophet Modelling Actuary - USA
$Dependent on Experience, USA
Global Insurer is searching for a Prophet specialist to join their
International Modelling team in the US. This is an excellent opportunity
to gain unprecedented coverage of up to 20 different countries and be
responsible for prophet models that drive ALM, Solvency II, US Gaap
and local statutory reporting in each of these countries. They are
searching for a Life Actuary with direct Prophet experience and excellent
communication skills. Any additional European or Asian language skills
will be beneficial as well as experience of Solvency II and US reporting.
Full support with visa and relocation assistance provided. CB9816
EUROPEAN POSITION OF THE MONTH:
Senior Non-Life Pricing & Capital Modelling Actuary with Igloo
Circa 100k Euros + Bonus Based in Paris, France
European team with strong business focus
AP P OI NT ME NTS
To advertise your vacancies in the magazine and online please contact:
Katy Eggleton +44 (0) 20 7324 2762 or katy.eggleton@redactive.co.uk
Recruitment Feb 12.indd 41 24/1/12 08:51:42
42
Appointments
THE ACTUARY January/February 2012
www.theactuary.com
Appointments

This position will support the growth of the Russell Investments Australian Actuarial practice and execute plans
that will result in strengthening our position as a thought leader and premier specialist actuarial advice provider
in the superannuation (pensions) industry in Australia.
This role will be responsible for day to day delivery of actuarial and consulting services for a range of clients.
We are currently considering applications from experienced consultants with a background in Pensions/
Superannuation who would be keen to relocate to Sydney, Australia.
This is an opportunity for you to expand your expertise and gain international experience in an innovative
market. We will consider part-supporting relocation and visa requirements to successful UK based applicants
and offer a competitive market rate compensation package.
Russell Investments has been present within the Australian market for 25 years and globally for 75. Our
Sydney and Melbourne based Actuarial team is a major provider of actuarial services to complex dened
benet superannuation schemes, including major public sector schemes and is actuary to 8 of the 10 largest
corporate schemes in Australia.
To apply for this position or for further details please contact Nathan John, Talent Acquisition
Manager for EMEA & Asia Pac at njohn@russell.com
Consultant, Actuarial
Sydney, Australia
Our client is seeking a qualified life actuary to support the delivery of
projects within the Group Capital team. You will contribute to the
delivery of Board reports and other related deliverables by calculating
figures for inclusion in the reports, investigating and proposing
solutions to technical issues and ensuring the accuracy and validity of
the statements made in the reports. An excellent opportunity to work
in a dynamic cross-functional environment.
GROUP CAPITAL ACTUARY
BRISTOL / SOUTH EAST up to 1200 per day
LIFE CONTRACT
Ref: Star656
Our client is seeking a part qualified or qualified actuary to set up a
system and document processes to set premium rates for a range of
protection products. You will use existing Prophet models and the new
system to carry out a pricing exercise to produce a set of rates.
Significant experience of pricing life assurance products and using
Prophet is essential.
PRICING
MIDLANDS market rates
LIFE CONTRACT
Ref: Star766
Our client requires a part qualified life actuary to join its Group Capital
team. You will support the delivery of various initiatives within the team
and contribute to the production of Board reports. You will also
develop processes to ensure the improved efficiency, timeliness and
accuracy of future delivery.
STRATEGY, CAPITAL & RISK
SOUTH EAST market rates
Ref: Star659
Leading insurance group requires three actuarial contractors to provide
support to a number of projects. The key requirement will be to assist in
the development of actuarial calculation bases and models. The
successful candidates will be experienced Excel developers with strong
attention to detail and the ability to communicate technical matters to
both technical and non-technical stakeholders. This is a great
opportunity for part-qualified and qualified life actuaries to enter the
contract market.
ACTUARIAL OPERATIONS
BRISTOL contract rates
LIFE CONTRACTS
Ref: Star802
STAR ACTUARI AL I NTERI MS
LIFE CONTRACT
Antony Buxton FIA MANAGING DIRECTOR
M +44 (0)7766 414 560 E antony.buxton@staractuarial.com
Louis Manson MANAGING DIRECTOR
M +44 (0)7595 023 983 E louis.manson@staractuarial.com
43
www.theactuary.com
Darwin Rhodes well
established UK Actuarial
recruitment team is based
in the heart of the City on
Cornhill, and has been
helping actuaries nd new
roles throughout the UK and
Europe since 1996. We work
across Non-life, Life, Pensions
and Investments at all levels
from student actuaries to
Partner and Chief Actuary.
We offer our clients a range
of services including retained
search, advertised search
and selection, and contingent
solutions - on a permanent
and contract basis.
Our candidates benet
from our experienced and
long serving consultants
who offer a consultative,
discreet, and 100%
transparent service.
For more information regarding
contract or permanent
recruitment in the UK and
Europe please contact;
General enquiries
actuarial@darwinrhodes.com

UK
Ben Whalley:
b.whalley@darwinrhodes.com

Europe
Michael Lixenberg:
m.lixenberg@darwinrhodes.com
Life UK
c.chowne@darwinrhodes.com
j.walker@darwinrhodes.com
a.byrnes@darwinrhodes.com

Non Life UK
a.hill@darwinrhodes.com
c.ogrady@darwinrhodes.com
Pensions & Investments UK
b.whalley@darwinrhodes.com
d.symonds@darwinrhodes.com
Germany
z.ali@darwinrhodes.com

France & Spain
m.newton@darwinrhodes.com

Switzerland
m.lixenberg@darwinrhodes.com
Investment Associate
London
Salary: Competitive
Our client, a subsidiary of a successful and growing
consultancy, are looking to add an Investment
Associate to their emerging solutions team.
The Associate will be required to undertake a
range of tasks within the Investment Team, working
closely and reporting to the Head of Investments
with a particular focus on transition management for
its advisory clients. You will be responsible for the
management of client portfolios and assisting with
investment performance. You will have an impact in
all areas of research & client projects with a minimum
of 2 years experience in a similar role.
Ref: AAL: 6011
Senior Investment Analyst (Asset Reporting) -
Global nancial Group
South East
Competitive Package
Opportunity to develop your ALM skills by supporting
the Investment Actuary across nancial reporting
processes, performing hedge reviews, and providing
risk management guidance to senior management.
You will also be completing investment requirements
relating to Solvency II implementation. Completion
of all CT series exams and at least one major CA,
ST or SA subject required coupled with experience
of investments and/or at least 2 year-end nancial
reporting exercises. Ref: AAB5669
Senior Corporate Actuary (ICA)
Southern Home Counties
up to 90,000 + Car Allowance / Generous
benets + Bonus
This role carries ultimate responsibility for a team of
4 with primary accountability to oversee all aspects
of the annual Individual Capital Assessment including
production, recommending methodologies and
assumptions as well as nancial projections for
business plans and capital management (including
Dynamic Capital Adequacy Testing and Financial
Condition Reports). Additionally, the incumbent is
expected to take the actuarial lead in the development
and implementation of stress tests to support the
Solvency II Own Risk & Solvency Assessment, as well
as their subsequent production. Ref AAB5880
Reserving Actuary
City of London
Dependant on experience
Large Lloyds managing agent, underwriting a diverse
portfolio of both insurance and reinsurance business,
now seek an experienced Reserving Actuary to
join their team. The role will involve the full remit of
reserving work, including the quarterly reserving
process and reviewing work for other subsidiaries.
Excellent communicators are required for this position
as you will be expected to work closely with the
wider actuarial function and senior management.
There will also be the opportunity to mentor and
develop more junior members of the actuarial team.
Candidates will have several years non-life actuarial
work experience and be nearly or newly qualied with
an excellent grasp of Excel and Visual Basic with any
additional knowledge of Access, ResQ extremely
advantageous. Ref: ACO6016

Actuarial Assistant
City of London
Up to 55k
An International Insurance Group with operations
across Europe are seeking an Actuarial Analyst to join
their team of ve. The role will be very mixed with the
opportunity to get involved in Reserving, Pricing &
Capital Modelling plus supporting Head ofce with ad
hoc projects. Ideally you will have 2-4 years London
Market experience. You must have strong technical
skills - knowledge of ResQ is an advantage but not
essential. Ref: ACO5911
Market Risk expert
Central London
Competitive package
The group head ofce of this international insurer are
looking to strengthen their market risk department with
a senior permanent hire. The role will focus on market
and operational risks and calibrating risk drivers to
these and the incumbent will have responsibility for
liaising with senior stakeholders in the business to
communicate these. Thorough knowledge of statistics
and statistical methods and an understanding of
nancial markets and modelling methods applied to
them are preferable. Ref: AJW5966
Lead Life & Health Pricing - Qualied Actuary
Home Counties
Up to 70,000
Fantastic opportunity available for an inuential
Actuary to Head up the Life, Creditor and Health
Actuarial function of a UK Insurance Group. Reporting
to the CRO, the role-holder will lead the in-force
protability and premium review process, develop and
maintain pricing tools and models, plan and prioritise
pricing team activities, manage the Product & Pricing
Committee process, contribute to the strategic
development, and provide input and challenge into
the reserving and capital modeling for particular
products. You must be a Qualied Actuary with solid
experience within pricing of life or health business,
with keen leadership aspirations. Ref: ACC5980
Senior Actuary
Central London
100K-140K basic + benets
An international insurance group with a very
successful operation at Lloyds is seeking a qualied
actuary to be the group resource responsible for the
UK entity (i.e. Lloyds syndicate). This role will act as
the link between actuarial information produced in
the UK and the group. There is a need to develop/
implement group wide tools, provide underwriting
projections/analysis, and work alongside both the
Group and Syndicate Chief Actuaries to provide
support on any special projects. This is a very varied
role for someone at this level. Candidates must be at
least newly qualied but ideally with post-qualication
experience. Ideally applicants will have experience of
UK/US reporting regulations but any exposure in this
area will be benecial. This is a high-prole role with
senior level visibility. Ref: AAH5984
44
Appointments
www.theactuary.com
Appointments
Sape yu carer
in nancial modelling
towerswatson.com
Copyright 2012 Towers Watson. All rights reserved.
TW-EU-2011-23678. January 2012.
Benefts
Risk and Financial Services
Talent and Rewards
Towers Watson is represented in the UK by Towers Watson Limited,
Towers Watson UK Limited and Towers Watson Capital Markets Limited.
Towers Watson Limited is authorised and regulated by the Financial Services Authority.
Part qualifed Qualifed
With our hands-on approach
Make a resolution this year that counts take your career in fnancial modelling to the next level at Towers Watson one of the
leading global insurance consulting and software companies.
Youll join an impressive team of professionals including many respected thought leaders in the fnancial modelling sector and
work with a frst class portfolio of clients, both national and international, who demand innovative and cost-effective solutions. Youll
also gain a deep understanding of our leading-edge software solutions and will have the opportunity to develop your consulting skills
too, providing plenty of scope to shape your career in this fast-paced sector.
Interested? Please use the QR codes below to link to the relevant role or send your CV and cover letter to
RCScareersUK@towerswatson.com
45
www.theactuary.com
OAC Actuaries and Consultants, a trading name of OAC plc, is a member of the Recruitment and Employment Confederation (REC) and offers the services of an Employment Business.
Follow us at twitter.com/OACnews
Actuarial Contractors:
Are you ready to compete in 2012?
2012 is an important year for a number of reasons but, perhaps most
importantly to you as a contractor, it will mean meeting your aspirations,
both personal and professional, and ensuring your competitiveness by using
the agency that takes a real interest in helping you to achieve your goals.
Across all areas of our business, our staff are committed to the highest of
professional standards and to nurturing long-term relationships through
effective listening and constant innovation.
Uniquely, OAC supports its contractors through our actuarial and hnancial
modelling consultancy business, drawing freely on our experience and
knowledge. Further benehts include PPI cover and paid release for CPD.
Get ahead in 2012. Get in contact with us today.
For more information
Colette Lurshay
+44 (0)20 7278 9500
enquiries@oacplc.com
oacplc.com/actuarialcontractors
Use QR code app on smartphone
46
Appointments
www.theactuary.com
+44 (0) 207 337 8800 actuarial@highfinancegroup.co.uk www.highfinancegroup.co.uk
Graeme Braidwood
Life Insurance Specialist
graeme@highfinancegroup.co.uk
+44 (0) 207 337 8825
James Kitt
General Insurance Specialist
james@highfinancegroup.co.uk
+44 (0) 207 337 1202
Miranda Wilkinson
Pensions & Life Specialist
miranda@highfinancegroup.co.uk
+44 (0) 207 337 8815
ALM Actuary 55k 90k , London / South East
A fantastic opportunity to join an industry leading ALM team. The
successful applicant will become instrumental in the strategic
and tactical asset allocation, implementation of hedging
strategies and assessing new investment classes. The role and
calibre of the team will suit an ambitious and confident
individual. Previous ALM experience is preferable but not
essential. GB6214
Financial Risk 45k - 65k, London / South East
A rare opportunity within Risk Management. Working across
Wealth Management, the role will provide specialist support
and advice to the 2nd line actuarial and financial risk activities.
This will include performing risk based capital & risk appetite
assessments as well as the implementation and design of
Enterprise Risk Management frameworks. GB6542

Sweeten up your career
High Finance Group
ERM Actuary 70k 90k, London
Our client is a large US based Commercial Lines Insurer. They are
looking to expand their ERM team with the appointment of a
Nearly / Newly qualified Actuary. The role will take ownership of
Internal Model development in Igloo and documentation around
the IMAP. Ideally you will have Igloo experience and come from
either a Consultancy or London Market firm as there will be a lot
of outwards facing work to the Underwriting team. JK 7865
Reinsurance Analyst 40k - 60K, London
This US domiciled Reinsurance firm are looking to expand a
small team with the appointment of a Student Actuary. The
successful candidate will work across all portfolios, primarily
being involved with the pricing as well as reserving and
Solvency 2 work. Ideally the candidate will be making good
progress with their Actuarial exams, come across well in person
and be looking to take the next step in their career into an
extremely interesting sector of the Non-Life market. JK8787
DB Pricing Analyst 35k 50k, London
This is your opportunity to move in to the Pensions Buyout
market. Due to continued success our client is seeking a
part-qualified Pensions Actuary to join their rapidly growing
team. Focusing on pricing buy in / out deals, you will benefit
from working in a commercial, dynamic environment and gain
additional experience of broader Life Insurance products.
MW9273
Pensions Consultant 35k - 70K, Various
Considering the next step in your career? This leading,
international Employee Benefits Consultancy is currently
seeking part to newly qualified Pensions Actuaries to join their
successful team. You will work across Trustee and Corporate
clients with the chance to gain exposure to investments and
wider HR consulting. Accellerated career progression is
available for the right individual. MW8124
47
www.theactuary.com
&KDQQHOOLQJRXUYLJRXUDQGG\QDPLVPWRGHOLYHU\RXUKLJK\LQJDVSLUDWLRQV
For further information contact Claudette Asgill or Jahangir Khan on 0208 599 3748
Email: info@highbrids.co.uk
Welcome to Highbrids - a vibrant and contemporary actuarial recruitment company,
awarding competitive rates for all stakeholders.
Our pioneering approach involves generously rewarding both the candidate and those
who bring great quality personnel to our attention, while making the recruitment
process hIghly ecIenI, hassle-Iree and cosI eecIIve Ior employers. HIghbrIds
operates in the rising area of interim and permanent actuarial sector placements.
Dur revoluIIonary concepI was creaIed by acIuarIal conIracIors who IdenIIed a
distinctive attitude to recruitment of temporary and permanent roles within this
secIor, meanIng IhaI everyone beneIs.
Why not visit our website at: www.highbrids.co.uk to learn how you can capitalise on
Ihe InnovaIIve and lucraIIve beneIs we oer.
48
Appointments
www.theactuary.com
49
www.theactuary.com
Unrivalled contract
opportunities
Demand is strong for high-calibre contractors; from trainees with at least 2 years UK experience to
senior qualifed actuaries. Hazell Carr is looking for individuals with an interest in this dynamic and
lucrative market to fll a broad range of contract and permanent opportunities all over the UK.
Hazell Carr is a Preferred Supplier to a number of major companies and has some of the best opportunities
in the actuarial market at competitive rates. Uniquely, at Hazell Carr you will be liaising with an Associate of the Institute
and Faculty of Actuaries who understands not only the investment of putting yourself through the actuarial exams,
but what it takes to find the most suitable match between clients and contractors whilst building rewarding and
long-term relationships. We are actively looking for contractors with experience in the areas of:
Pensions
Permanent roles available for trainee
actuaries with at least 2 years UK
pensions experience to work for a
leading pensions consultancy in various
locations in southern England.
Candidates could be continuing
with the exams or be an
ex-student. Contracting
opportunities working from
home also available.
Solvency II and ICA
High demand for actuaries at all levels with experience in
SII, ICA and realistic balance sheet. Specialist roles paying
up to 1500 a day are available for Fellows with over
5 years post-qualification experience to demonstrate
compliance of Internal Model with SII.
Reporting
Solvency II projects and BAU teams continue to look for
candidates with reporting experience particularly where
the experience encompasses proficiency in ICA,
with-profits and Prophet. Knowledge of the UK
regulatory environment is essential.
If you are interested in joining
Hazell Carr or would just like to
find out more about becoming a
contractor, contact us in confidence
on 0118 951 3787 or email us at
actuarial@hazellcarr.com
50
Appointments
www.theactuary.com
Irelands largest privately-owned Employee Benets Consultancy wish to recruit an Investment Consultant to support the growing demand for
delivering specialised advice to our corporate Dened Benet and Dened Contribution Pension Scheme clients.
www.invesco.ie
Investment Consultant
*
*
The ideal candidate will have the following skills and qualications:
CFA charter holder/candidate, Qualied Actuary, or more than 10
years experience in an investment consulting role.
Working knowledge of DB and DC pension structures and the
Investment Managers providing solutions to the Irish pensions
market.
Aware of the trends emerging in the pensions industry, including
LDI solutions, de-risking strategies and the products/services
offered by other investment consultants in the market.
Comfortable presenting investment ideas and concepts to clients
and peers.
Key Responsibilities will include:
Providing recommendations on the appropriateness of including
various asset classes, absolute return mandates, private equity,
commodities etc. in funds.
Conducting Investment Manager research.
Critical assessment of Investment Manager & fund performance.
Preparing and presenting investment reports and reviews.
Assisting clients and Scheme Trustees in Investment Manager
selection and ongoing performance monitoring.
Preparing and presenting investment proposals for new business
presentations.
*
*
*
*
*
*
*
*
*
If you are interested in a rewarding career with
Invesco please forward an up to date CV, in strict
condence to:
Niamh Moore HR Manager,
Invesco Limited, 2 Sandyford Business Centre,
Burtonhall Road, Sandyford, Dublin 18.
T: +353 1 294 7600
F: +353 1 294 7633
E: nmoore@invesco.ie
W: www.invesco.ie
An attractive remuneration package will be offered
to the successful candidate.
Closing date for receipt of applications:
Friday 24th February 2012
Invesco Limited is an equal opportunities employer.
We are currently working on opportunities in a
variety of international locations, including Ireland,
France, Germany, Switzerland, Sweden, Russia,
South Africa, China, Hong Kong, Japan, Singapore,
Bermuda, Canada and USA.
All of our current vacancies are available at
www.staractuarial.com. Please contact us at any
time (including evenings and weekends)
for more information on vacancies of interest or for
an informal discussion regarding your career goals.
International Opportunities
Ref: Star787
T +44 (0)20 7868 1900 F +44 (0)20 7868 1800
A 68 Lombard Street London EC3V 9LJ W www.staractuarial.com
+44 (0)7595 023 983
louis.manson@staractuarial.com
M
E
Louis Manson
MANAGING DIRECTOR
+44 (0)7766 414 560
antony.buxton@staractuarial.com
M
E
Antony Buxton FIA
MANAGING DIRECTOR
theactuaryjobs.com
theactuaryjobs.com
is the ocial job board
for SIAS and The
Actuarial Profession.
To register for our
Jobs by email
service simply go to
theactuaryjobs.com
51
www.theactuary.com
Eames Consulting Group provides
a full range of executive search
and interim solutions to the U.K,
continental Europe, the US, Middle
East and Asia Pacic regions from
their London and Singapore ofces.
Our reputation has been built
through providing clients with the
speed and exibility needed to meet
the demands of todays business
environment. This is combined
with discretion; market insight and
a service offering which is truly
market leading. Our ethos is that
of Partnering. We work closely to
build a solid, long term relationship,
developing knowledge about your
business and its culture, to help us
nd the right talent for you.
The Actuarial team has dedicated
experienced consultants who are
industry specialists covering non-life,
life & health, pensions & investments
and insurance risk management
markets. We are experienced at
delivering from board level to nearly/
newly qualied actuaries. As a
business we are straight talking and
honest with our clients offering a
tailored process, for both search and
contingent solutions.
Please contact us directly for an
informal discussion about your
career aspirations and our current
assignments or how we can assist
your business in the future.
Pensions & Investments | Non-Life | Life & Health UK | Europe | Asia Pacic www.eamesconsulting.com
.extremely knowledgeable about the market and
procient at understanding both the requirements
of our role as well as the type of individual who would
contribute best to our business...professional,
enthusiastic, and driven...the search process is well
organised and always transparent
Head of HR, Reinsurer
CONTACT
Rob Bulpitt
Head of Actuarial, Insurance & Pensions Risk
Management
020 7092 3237
Rupert Rickard
Manager of Actuarial Non-Life and Insurance
Risk Management
020 7092 3219
Ofce Number
+44 (0)20 7092 3200

For current opportunities please visit
www.eamesconsulting.com
Contact Parvinder Matharu
Newton Recruitment
t +44(0)1689 862937
e parvinder@newtonrecruitment.com
w www.newtonrecruitment.com
Investment Analyst, London
35k to 40k + benefits
A great opportunity for those with some investment
consulting experience. In this role you will:
Conduct manager research and formulate views on
investment managers capabilities;
Calculate investment performance figures for
performance monitoring purposes;
Draft performance monitoring reports, including
commentary, for checking;
Understand the basis of transfers of assets between
investment managers and liaise with managers during
the transfer;
Draft letters and reports for review by senior staff.
Suitable candidates will need to be making progress
towards the CFA or Actuarial qualification, have basic
knowledge of VB applications, and naturally have good
communication skills to quickly be client facing.
52
Appointments
www.theactuary.com
We want experienced actuarial
professionals with a truly global
mindset to join us. Working with the
worlds leading nancial services
companies, youll bring intellectual
curiosity to every challenge and view
complex issues from every angle.
If you have experience in pensions,
life assurance or general insurance,
youre who were looking for.
Visit ey.com/uk/careers/actuarial
See More | Opportunities
Global nancial
services.
Were looking for the
worlds best talent.

E
r
n
s
t

&

Y
o
u
n
g

2
0
1
2
.

E
r
n
s
t

&

Y
o
u
n
g

i
s

a
n

e
q
u
a
l

o
p
p
o
r
t
u
n
i
t
i
e
s

e
m
p
l
o
y
e
r

a
n
d

w
e
l
c
o
m
e
s

a
p
p
l
i
c
a
t
i
o
n
s

f
r
o
m

a
l
l

s
e
c
t
i
o
n
s

o
f

t
h
e

c
o
m
m
u
n
i
t
y
.

T
h
e

U
K

r
m

E
r
n
s
t

&

Y
o
u
n
g

L
L
P

i
s

a

l
i
m
i
t
e
d

l
i
a
b
i
l
i
t
y

p
a
r
t
n
e
r
s
h
i
p

a
n
d

a

m
e
m
b
e
r

r
m

o
f

E
r
n
s
t

&

Y
o
u
n
g

G
l
o
b
a
l

L
i
m
i
t
e
d
.

General Insurance
Remetrica Contractor South East Open
A leading Insurer is seeking a Remetrica modeller for an initial 6
months contract to assist in the embedding of the Capital Model into
the business. The successful candidate will be an experienced and
advanced user of Remetrica.
Reserving Actuaries South East 750 - 1100 per day
Our client, an International Insurer, is seeking contractors with strong
reserving experience to join their S2 team. In addition to technical
provisions work the successful candidates will have the opportunity
to assist across a variety of ad-hoc projects within the broader change
programme.
Pricing Actuary South East 800 - 1100 per day
This London Market Insurer is seeking a Pricing specialist for a 9-12
month contract. To be successful you must be a qualified or qualified
by experience Actuary. You must have previous pricing experience
within the Lloyds London Market and a commercial outlook.
Life Insurance
S2 Contractors South East 500 - 1200 per day
A large UK Life Insurer is looking for a nearly-qualified Actuary and a
qualified Actuary to join their S2 team. You will be assisting the
testing phase of the S2 model and working closely with the S2
work-stream lead. This 6-12 month contract requires strong written
and communication skills, past experience within a S2 modelling
team and experience using Prophet, MoSes or VIPitech is desirable.
Spreadsheet Modeller South East 400 - 650 per day
A large UK annuities provider requires a very strong VBA and Excel
modeller to modify existing (pricing models) and create new pricing
models. The role requires previous Life Insurance and modelling
experience and will involve wider-ranging ad hoc projects.
Actuarial Analyst South West - 500 - 700 per day
UK Life Insurer requires Mid-Level to Senior Actuarial students to join
a growing team working on optimizing its capital efficiency following
recent acquisitions. UK regulatory knowledge is essential, along with
a desire to learn new skills.
ACTUARIAL CONTRACTING
Jack Snape
Contract Specialist
+44 (0) 207 337 8810
jack.snape@highfinancegroup.co.uk
Rupa Pithiya
Contract Specialist
+44 (0) 207 337 1200
rupa@highfinancegroup.co.uk
53
www.theactuary.com
Actuarial modelling opportunities
Hymans Robertson LLP is one of the UKs leading providers of actuarial and
consultancy services to the occupational pensions market, working in partnership
with clients across the private and public sectors. Proudly independent, our unique
culture has led us to continued strong growth with significant investment in
people and technology. Modelling systems remain a key element of our strategy
and immediate opportunities are now available for talented individuals to join our
Actuarial Systems team.
Actuarial Modellers London, Glasgow or Edinburgh
With primary responsibility for the continued development of pension scheme liability,
asset and risk models, successful candidates will work on a mix of analysis, design
and programming as well as testing and helpdesk support activities. The roles offer
stimulating, enjoyable and varied work in a highly valued, multi-disciplinary team. With
Hymans Robertsons ongoing investment in the latest processes and tools, successful
candidates will benefit from working with leading edge technology.
We are keen to hear from interested individuals with some, if not all, of the following:
Previous modelling experience with aptitude to apply that experience to new
situations using emerging technologies.
Excellent communication skills. Team-work is an essential ingredient of the
teams performance as is the ability to engage with our key stakeholders.
Problem solving expertise. Solving analytical problems is core to what we do.
Versatility. The range of areas we work on is large and growing and
consequently requires individuals to apply themselves to a spectrum of
modelling challenges.
Leadership qualifies. Our project work benefits from having individuals with
the drive and know-how to move things forward.
If you would like to find out more please go to www.hymans.co.uk/careers
Welcome aboard
the Spirit of
Independence
Ronnie Bowie
Senior Partner
Chief Actuary: General Insurance Market Leader - Dublin
Ref: AJGG1511
The successful candidate will be responsible for all acvies for this Global Tier 1
organisaon to consolidate the Actuarial Funcon.
Develop actuarial strategy for the company and year end cercaon.
Deliver actuarial performance reports to senior management.
Actuarial analysis for budgeng and planning purposes.
Ensure Solvency II compliance is achieved.
Monitoring and reporng the Solvency Capital Requirement of the company.
Lead, movate, manage and develop the actuarial team.
This role is an excellent opportunity for a candidate working in a similar
environment and looking for a new challenge in their career.
Reserving and Reporng Actuary: Global Insurance Company Dublin
Ref: AJGG1474
This role will see the candidate reporng directly to the Chief Actuary and will be
responsible for the reserving processes with this Internaonal Global Leader.
Ability to manage a small team, movate and develop the reserving funcon.
Conduct internal reserving and validate pricing processes.
Meet all reporng deadlines and ensure their accuracy.
Ensure statutory and internal compliance.
Experience of managing, movang and developing reserving funcon teams.
The ideal candidate should be a newly qualied Actuary with some experience in
reserving within the General Insurance industry.
Reserving and Solvency II Actuary: Leading Insurance Provider - Dublin
Ref: AJGG1592
Reporng to the Chief Actuary, the successful candidate will develop the Actuarial
Funcon in relaon to Solvency II requirements.
Review solvency levels and solvency projecons.
Assist in risk assessment and reporng.
Develop and provide actuarial analysis for budgeng and planning purposes.
The ideal candidate should be a newly qualied Actuary with some experience in
reserving within the General Insurance industry.
FOR MORE INFORMATION OR A CONFIDENTIAL DISCUSSION; please call
Grace in Next Generaon Recruitment on +353 1 662 9120 or send your CV to
contact@nextgeneraon.ie
Specialists in Trainee to Chief Actuary Roles across the Financial Services Industry.
www.nextgeneraon.ie
Contact Parvinder Matharu
Newton Recruitment
t +44(0)1689 862937
e parvinder@newtonrecruitment.com
w www.newtonrecruitment.com
Non-life Actuarial Consultancy
Big 4 firm, London
circa 80k to 120k + benefits
This is a great opportunity for you to be involved with
some market leading projects in the fields of Solvency II
and Capital Modelling amongst others.
In addition your responsibilities will include building and
maintaining strong relationships with new and existing
clients; winning new business via marketing and sales
activities and contributing to the development of new
products and services.
You will lead client teams, work part of multi-disciplinary
teams, and also have the opportunity to contribute to high
quality thought leadership through written publications,
training events, client seminars and conferences.
Suitable candidates with good people and project
management skills/ experience in a company or
consultancy environment will be considered. (Ref: NR7170)
54
Appointments
www.theactuary.com
Our client is seeking a part qualified or qualified actuary to
contribute to the delivery and embedding of Solvency II into the
business as usual process. You will contribute to the development
and maintenance of reserving methodologies/applications, in
particular Solvency II models. You will also provide expertise in the
development, testing and implementation of new
systems/databases and models. Develop your career within this
market-leading insurer.
SOLVENCY II ACTUARY
SOUTH EAST excellent + bonus + benefits
Ref: Star769
Our client is seeking a part qualified or qualified actuary to review
and challenge the businesss management of exposures to all
types of risks including approaches to risk identification and
measuring risk impacts. You will also be involved in validating the
methodology, design and performance of insurance risk models,
measures and assessment tools.
RISK ACTUARY
LONDON up to 70k + bonus + benefits
Ref: Star758
Our client has an exciting opportunity for a qualified actuary to
perform technical analysis including risk quantification and
stochastic modelling for banks and insurance companies. You will
play a key role in product development, enhancing tools and
methodologies to allow the offering of tailor made solutions for
financial institutions.
SENIOR RISK CONSULTANT
LONDON excellent + bonus + benefits
ACTUARIAL AND ANALYTICS
Ref: Star752
Our client is seeking a part qualified actuary to join their offices in
Stockholm where you will develop actuarial and financial models,
including stochastic ALM-models, for purposes of valuation,
capital and risk management. You will help a wide range of clients
evaluate their insurance risks through advanced analysis.
Relevant experience of either reserving, pricing or capital
modelling is desirable.
NON-LIFE CONSULTANT
STOCKHOLM SEK excellent + bonus + benefits
Ref: Star789
Leading international reinsurer is seeking a part qualified actuary
to join its team of specialists where you will analyse the Group's
underwriting risks for its Property and Casualty lines and price
reinsurance transactions. You will be involved in the pricing and
modelling of European treaty reinsurance and contribute to Group
pricing projects. Knowledge of at least another European language
(French/German/Italian) is desirable.
REINSURANCE PRICING
ZURICH CHF excellent + bonus + benefits
Ref: Star784
Part qualified actuary required to support Solvency II projects, in
particular the independent validation of non-life insurance risk
models. You will provide actuarial and underwriting support to
Group Risk Management, investigating key aspects of each risk
model and reviewing the choice of model, its performance and its
optimal use. This is a great opportunity to develop your career in a
leading global insurance operation.
SWISS SOLVENCY
Ref: Star782
Leading specialist insurer seeks a qualified or part qualified
actuary to provide capital support and analysis to its UK business.
You will develop and maintain corporate capital models, exposure
forecasting models and underwriting models for budgeting/
planning. Practical knowledge in coding of ReMetrica and SQL
essential.
CAPITAL ACTUARY
NON-LIFE
Ref: Star732
Our client is seeking qualified actuaries to identify the key
financial risks facing the GI business and ensure these are being
captured and monitored effectively within the Financial Risk
Framework. As part of this, you will review, challenge and
maintain existing financial risk policies, ensuring they are in line
with risk appetite. This represents a fantastic opportunity to play a
leading role in the risk management of a major organisation.
ERM ACTUARY
LONDON, LEEDS OR NEWPORT excellent + bonus + benefits
NON-LIFE COMPANY
Ref: Star683
NON- LI FE FUTURES
NON-LIFE
55
www.theactuary.com
Market-leading life company is seeking a qualified actuary to lead
the production and presentation of strategic asset allocation
studies for various blocks of business, and to investigate other
strategic ALM questions. You will also lead the analysis of the ALM
impact of tactical asset allocation proposals, supporting the
Investment team as required.
ALM ACTUARY
BRISTOL OR LONDON up to 90k + bonus + benefits
Ref: Star759
Our client is seeking a qualified actuary to be responsible for
developing existing and new products and solutions for target
clients in the Life Insurance industry. You will undertake original
(primary) research and utilise secondary market research to
understand the dynamics of the sector. You will also produce a
Product Road Map for the sector and recommend pricing and
packaging models for company solutions, products and services.
PRINCIPAL PRODUCT MANAGER
EDINBURGH excellent + bonus + benefits
LIFE
Ref: Star754
Exciting opportunity for a qualified life actuary to set the UK
product strategy for a leading reinsurance company. The
successful candidate will prepare the annual business plan, lead
and chair an internal Innovation Committee, perform research into
market developments and participate in the Companys business
development activities.
HEAD OF PRODUCT DEVELOPMENT
LIFE REINSURANCE
Ref: Star797
Global reinsurer is seeking a qualified Life and Health actuary to
manage the end-to-end variable annuity reporting process. You
will be responsible for reserve and capital calculations including
the market consistent valuation of reinsurance products. You will
also act as a link between different functions within the Group
including pricing, finance and risk modelling. Additional European
language preferred.
EUROPEAN LIFE & HEALTH ACTUARY
Ref: Star785
Our client is seeking qualified and part-qualified actuaries to work
closely with the methodology teams to understand Solvency II
requirements and translate these into pragmatic solutions. You
will provide actuarial input into the design and delivery of the
internal model and financial reporting processes for Solvency II
and take leading roles in the parallel reporting of Solvency II
results prior to implementation.
SOLVENCY II ACTUARY
BRISTOL market rates
LIFE CONTRACT
Ref: Star658
Our client is seeking a qualified actuary to contribute substantially
to the enhancement of the company's value proposition in Life
reinsurance. You will be responsible for product development and
pricing methodologies and tools through innovative research.
Model office experience (preferably MoSes) and programming
skills essential.
REINSURANCE ACTUARY
Ref: Star738
Major life company is seeking a qualified actuary to lead the
international actuarial teams. You will ensure that the business is
being appropriately managed taking into account Economic
Capital Modelling and create an awareness, understanding and
ownership within the Group of the effects of management actions
on risks and capital. An unrivalled opportunity to develop your
career within this market-leader.
CHIEF LIFE ACTUARY
SOUTH EAST OR SOUTH WEST total reward circa 200k
INTERNATIONAL
Ref: Star733
Our client is seeking a qualified actuary to provide oversight of
aggregate financial risk and capital management. You will analyse
the success of the business in optimising risk/reward to drive
improvement and ensure it operates within the established
financial risk appetite. You will also review business plans, stress
tests and financial reporting processes. Understanding of
prudential regulations, the wider regulatory context and practical
implications essential.
HEAD OF CAPITAL AND RISK APPETITE OVERSIGHT
LONDON/EDINBURGH excellent + bonus + benefits
Ref: Star688
STAR ACTUARI AL FUTURES
Star Actuarial Futures Ltd is an employment agency and employment business
T +44 (0)20 7868 1900 F +44 (0)20 7868 1800 A 68 Lombard Street London EC3V 9LJ W www.staractuarial.com
LI FE FUTURES
56
Appointments
www.theactuary.com
Please contact us at any time (including evenings and weekends) for
more information on vacancies of interest or for an informal discussion
regarding your career goals.
Joanne Young
Joanne graduated from Durham University in 2001 with a 2:1 BA Hons in Business Finance. She then joined
Entegria (now Xafinity) as an Actuarial Student specialising in pensions consultancy.
In 2004, Joanne moved into recruitment, joining Reed Actuarial. Joanne enjoyed great success during her 7
years at Reed Actuarial and was the most successful permanent recruitment consultant across the whole UK
business in 2006 and 2007. She was promoted to Business Manager of the Actuarial team in 2008 and then in
2009 to Area Manager incorporating the UK Actuarial and Banking teams, running two thriving businesses
concurrently.
In January 2011, Joanne joined Mazars as Senior Manager of Mazars PGC Interims, a specialist arm of the
actuarial consultancy supplying actuarial and risk experts. She grew this into a profitable business
stream in a very short space of time.
Joanne now joins Star Actuarial Futures as Operations Director. Antony Buxton commented This is a key
appointment for us. We are delighted that Joanne has joined Star and confident that she will help us achieve our
ambitious objectives for 2012 and beyond.
Introducing our new Operations Director...
+44 (0)7595 023 983
louis.manson@staractuarial.com
M
E
Louis Manson
MANAGING DIRECTOR
+44 (0)7766 414 560
antony.buxton@staractuarial.com
M
E
Antony Buxton FIA
MANAGING DIRECTOR
+44 (0)7545 424 206
irene.paterson@staractuarial.com
M
E
Irene Paterson FFA
PARTNER
+44 (0)7900 696 825
martine.scott-gordon@staractuarial.com
M
E
Martine Scott-Gordon AFA
SENIOR CONSULTANT
+44 (0)7889 007 861
lance.randles@staractuarial.com
M
E
Lance Randles MBA
SENIOR CONSULTANT
+44 (0)7740 285 139
paul.cook@staractuarial.com
M
E
Paul Cook
SENIOR CONSULTANT
+44 (0)7841 872 575
carolina.emmanuel@staractuarial.com
M
E
Carolina Emmanuel
SENIOR CONSULTANT
Visit www.staractuarial.com
to read about our team
and for all our current
vacancies.
+44 (0)7739 345 946
joanne.young@staractuarial.com
M
E
Joanne Young
OPERATIONS DIRECTOR
57
www.theactuary.com
An incredible opportunity to work in the heart of NYC with a
leading global consultancy. You will take responsibility for sales,
client management, business operations and people management
for the Eastern and Canadian divisions of its international
business. You will contribute to the development of plans and
budgets, delivering planned performance and ensuring divisional
units generate revenue, profit and market share growth.
PENSIONS CONSULTING IN NEW YORK
NEW YORK up to $250k + bonus + benefits
Ref: Star781
Our client is seeking a part qualified or qualified actuary to join
their pensions team where you will advise corporate and trustee
clients on all aspects of the flight path to pension de-risking. You
will use ALM software to model future developments in defined
benefit pension schemes. Successful candidates will have
de-risking and investment knowledge alongside experience of
working on FRS17 valuations.
PENSIONS RISK MANAGEMENT
Ref: Star779
An exciting opportunity for a qualified actuary to lead the research
for all equity products, including global and regional mandates
alongside research of other asset classes, primarily equity
orientated hedge funds and private equity. You will also maintain
awareness of the asset management industry and market trends
and promote the Group's product offering and professional
reputation externally.
INVESTMENT RESEARCH
LONDON
Ref: Star753
Our client is seeking a qualified actuary to provide specialist
advice to trustees and sponsoring employers of occupational
pension schemes. You will cover all aspects of advice relating to
occupational pensions, including scheme funding, scheme
financing and benefit design. You will also give advice on
transactions, international pensions, share schemes and
accounting for pensions and stock compensation under UK, US
and International GAAP.
SENIOR CORPORATE PENSIONS MANAGER
BIRMINGHAM up to 140k package
Ref: Star677
Our client has exciting opportunities for two qualified investment
actuaries to provide cutting edge investment advice in a strategic,
consulting and transactional context. You will join a rapidly
expanding team where your drive and enthusiasm to develop the
practice and your own personal skills will make a real difference.
CUTTING EDGE INVESTMENT SOLUTIONS
Ref: Star788
Fantastic opportunity for a candidate with investment consulting
experience to lead the investment capability within a pensions risk
management team which provides advice to clients on the
optimum use of capital to fund pension liabilities. Potential client
assignments include developing and delivering stochastic asset
liability models, implementing derivative based strategies and
longevity swaps.
DIRECTOR
LOCATION UPON APPLICATION up to 300k
INVESTMENT RISK SOLUTIONS
Ref: Star634
Market leading pensions consultancy seeks high calibre actuaries
to join its cutting-edge de-risking team that is set to change the
pensions landscape. You will have strong experience of providing
innovative risk mitigation advice to pension schemes and the
motivation to take your career and the pensions market to the
next level.
AHEAD OF THE PACK
PENSIONS CONSULTANCY
Ref: Star609
Our client is seeking a qualified actuary to lead teams and project
work streams. You will contribute to the growth of the practice by
networking internally and externally and play a significant part in
new business proposals and presentations. This is an excellent
opportunity to progress towards partner level within this leading
pensions consultancy.
PENSIONS LEADERSHIP
MANAGER/SENIOR MANAGER
Ref: Star598
Star Actuarial Futures Ltd is an employment agency and employment business
T +44 (0)20 7868 1900 F +44 (0)20 7868 1800 A 68 Lombard Street London EC3V 9LJ W www.staractuarial.com
PENSI ONS & I NVESTMENT FUTURES
58
Appointments
www.theactuary.com
London
uk@acumen-resources.com
+44 20 3189 2900
Dublin
ireland@acumen-resources.com
+353 1 6099 400
Sydney
australia@acumen-resources.com
+61 2 9262 1612
Hong Kong
asiapacifc@acumen-resources.com
+852 5808 1307
Runbyactuariesforactuaries
Fund Management Institutional Sales Investment
London 175,000 p|us Benets
Established investment house is looking to expand its team and client
base in the UK and Europe with the recruitment of an Institutional Sales
Manager. Your focus will be client development and retention through
thorough needs analysis, product development and establishment of
relationships with pension funds and other institutional investors. We
are looking for an exceptional individual who is performance-driven and
enjoys taking individual accountability within a strong team network.
You are ||ke|y to be a qua||fed actuary or OFA w|th exper|ence |n fund
management or investment consulting. This is a unique opportunity
to make a s|gn|fcant contr|but|on to the d|rect|on and success of th|s
expanding business. Job ref J4317
Senior Manager Derivative Pricing
Sydney AUS$180,000 p|us Benets
Oons|derab|e growth |n act|v|ty has created the need to h|re a der|vat|ve
pricing expert with a depth of commercial pricing experience in consultancy
or banking environment. This is a global powerhouse business with an
enviable array of clients and projects. To satisfy the requirements of the
role you will possess at least 5 years of dedicated experience in derivative
pricing and prior people-management experience. Previous relevant
UK exposure would be considered favourable. This client will sponsor
overseas nat|ona|s who w|sh to work |n Austra||a. Job ref AUS 2121
Head of EC & Capital Management Non Life
London 125,000 p|us Benets
Bringing your strong track record of leading an actuarial department and
its integration into a multi-cultural or cross-border general insurance team.
You will lead, guide and support the market teams in calculating GI and
health economic capital. The successful candidate will lead support for
reporting, and presentation of GI results, monitor and contribute to an
effective risk-management system and compliance with the group risk
policy and be involved in strategic recommendations. Strong leadership
and |nterpersona| sk|||s p|us the ab|||ty to commun|cate and |nfuence at
senior management level is required, plus good knowledge of emerging GI
actuarial modelling packages (including Igloo and ResQ). Job ref J4322
Prophet Managers and Prophet Modellers
USA $100,000 to $175,000
Green cards available for modellers and managers with at least 2
years of Prophet development experience. There are a number of roles
at managerial level role and one at modeller level. This is a large US
Insurance company who is looking to tap into the expertise that exists
|n the K market. Th|s |s a rare opportun|ty for part and fu||y qua||fed
actuaries to make a move to the US. Job ref: J4323
Actuarial Risk Manager GI
South West 70,000 p|us Benets
Working within the risk department of a large non-life insurance company
you will be responsible for ensuring the actuarial team comply fully with
all internal and external regulatory requirements. You will be accountable
for deve|op|ng and |mp|ement|ng company actuar|a| r|sk management. A
part of the role will be to develop appropriate stress and scenario testing
process for use throughout Gl and |nsurance. Oand|dates need to be
qua||fed actuar|es w|th exper|ence |n a manager|a| ro|e |n a Gl company.
Exper|ence dea||ng w|th the FSA w||| be necessary. Job ref 4304
Head of Economic Capital Life
London 100 000 p|us Benets
Top leadership role for an actuary with a detailed and in-depth
understanding of the Europe life/GI insurance market. The role covers
fnanc|a| management, fnanc|a| report|ng products and product ||fe cyc|es.
The successful candidate will possess solid knowledge of best practice in
similar multinational functions. You will be responsible for managing and
understanding economic capital issues throughout the Europe region,
including policy and the control framework. Job ref J4321.
ORSA Project Actuary Contract Life
Dublin Daily rate 800+
Our c||ent requ|res a qua||fed actuary to take respons|b|||ty for des|gn|ng
and manag|ng the |mp|ementat|on of the ORSA process and report.
This role will work closely with actuarial teams across the business in
ensur|ng a|| fnanc|a| and non-fnanc|a| r|sks have been assessed. Job
ref J4305
59
www.theactuary.com
T:
E:
W:
020 8420 1818
jobs@actualsearch.co.uk
www.actualsearch.co.uk
Actual Search
SEEKI NG THE EXCEPTI ONAL
Investment Consultants
London - fexibility on location c50-90K+
Stunning opportunity for ambitious go-ahead individual with min 3 years exp.
to join a growing team in a growing market you can be based in London,
Surrey, Midlands or Bristol. Join this innovative investment consultancy as a lead
investment consultant to manage clients & deliver investment advice. Ref:2101
Systems actuarial analyst
London 35-55K
With skills in identifying & solving problems this is a perfect role for a part qual
actuary making good exam progress. Join this lively actuarial systems team at
a leading life insurer. Great opp. for a self-starter with exp. of MoSes, Prophet,
MoNet or prog skills in VB/C++. Database knowledge adv. Ref:2102
Pensions - Work/Life Balance
Midlands, N West & S Westto to 70K
Part & newly qualied pensions roles available with highly respected
consultancy. Varied duties. Technical & advisory work with direct client contact.
Corporate & trustee clients. Exposure to investment issues & ALM. Great
working environment in friendly welcoming team. Min 2 yrs exp. Ref:2103
Actuarial analyst - Valuations
London 35-50K + study support
Use your IT/modelling & analytical skills to support the production & analysis of
reporting, business planning, pricing & system development requirements. The
role will take responsibility for data, quality & control of model inputs, run & test
models & review results. Ideal 4 life student with 1-3yrs exp. Ref:2104
Pricing Actuary LIFE
Herts / Middx / Bucks Excellent package
Reduce your commute! A qualied life actuary with reporting, reserving or
pricing experience is sought by this leading life insurer. Varied role - analysis,
reporting, implementing pricing yields, methodology & bases as well as new
product development. Strong emphasis on customer focus. Ref:2105
Looking to move into life assurance?
London 35-50K + benets + study
This DB pricing analyst role would suit a high ying pensions mid level
student - enthusiastic to join a dynamic growing life insurer & enter the buy
out sector. Join the pricing team, help produce quotes for buy outs & buy
ins. With pensions valuations, liabilities & calculations of benets experience
grab this opportunity to change direction & advance your career. Ref:2106
Move Out Of Pensions
London & home counties 35-95K + bens
Use your pensions skills at this global risk leader & cross train into risk
management or investment. Roles available from scheme actuary to client
support analysts. Brilliant chance to work your way into other areas after
qualifying period. Exam progress not essential for junior roles. Ref:2107
International GI Pricing
London c55-85K
Brilliant chance for GI pricing actuaries to join the European team of this global
insurer. Varied, challenging & strategic role involving personal, commercial &
London market work. Duties include developing new models & advising other
European ofces. Part quals may also apply. Ref:2108
Actuarial Research
London Excellent
Regulatory institution needs a research manager to coordinate activities &
lead a small team. Youll liaise with research groups, manage external projects
& oversee actuarial publications. Role will suit a qual or nearly qual life, GI or
pensions actuary with exp of actuarial or nancial research. Ref:2109
Managerial Valuations
London 75-110K + exc bonus
Prestigious, challenging & hands on technical & managerial reporting role for
one of Europes leading life insurers. Help redesign & deliver new technical
processes, liaise with capital & solvency actuaries & identify key business
risks. Valuations exp essential. Flexi working hours possible. Ref:2110
Non Life & No Commute
Surrey, Hants, Kent 35-60K + study + bens
We have several roles for part & nearly qual GI pricing actuaries in the home
counties. Commercial & personal lines work involving product development,
modelling, liaising with underwriters etc. Some roles also inc reserving &
capital work. Flexi working options available. Training offered. Ref:2111
Non Life Reserving, Pricing & Capital
London 40-65K + Exc bens & study sppt
Small, niche team in this global insurance & reinsurance leader needs a part/
nearly qualied actuary for a varied reserving, pricing & capital role. Duties inc
London/Lloyds market risk & liaising with underwriters & other actuarial teams.
GI exp in pricing or reserving needed. Exc career prospects. Ref:2112
To apply for any of these vacancies please phone 020 8420 1818, and speak to Peter or Norma
or apply online at www.actualsearch.co.uk or email jobs@actualsearch.co.uk.
www. a c t u a l s e a r c h . c o . u k j o b s@a c t u a l s e a r c h . c o . u k
60
Appointments
www.theactuary.com
General Insurance - UK
Ireland & Continental Europe
www.ojassociates.com
London 100,000 + Bonus + Bens
Paul Francis International Pricing Actuary
Dynamic actuaries required to work as internal
consultants/trouble-shooters to a multi-national frm. There will be a range
of complex pricing projects to undertake & you are guaranteed exposure to
sophisticated systems, interesting commercial issues & international travel.
Paul Francis Corporate Actuary
EXCLUSIVE JOB My client is seeking a senior, post-qualifed actuary to take
responsibility for the reserving, business planning and technical
provisioning work streams. Must be a self-starter, who is comfortable
making decisions and working closely with senior management.
Rick Davis Lead Capital Actuary
Unique Start-up Opportunity - Highly successful insurance company require
an experienced Capital Actuary to join their new London ofce. As their frst
UK Capital Actuary you will lead the function for the rapidly growing London
Market business. You will also hire & manage a team.
Kent / South East 90,000 + Bonus + Bens
Rick Davis Senior Manager - Pricing
An exciting career opportunity for a Pricing Actuary to take on a managerial
role within a leading personal lines insurance business. This role is a strategic
and high profle position reporting into the business leadership team, with
excellent long-term career potential.
Ben Pitt Reinsurance Actuary
A varied opportunity has arisen within a leading Reinsurance business for a
part qualifed actuary. Working directly with the Chief Actuary, Senior
Management, Underwriters and Brokers, you will be engaged in Reserving,
Capital Modelling and Pricing across the whole business.
London & Surrounding Area 60,000 + Bonus + Bens
Chris Lee Reserving Opportunities
Several of my clients are looking for part-qualifed actuaries with Reserving
experience that wish to enhance their technical skills in a company role.
These opportunities are with both London Market frms and Multinational
Retail Insurers based regionally across the South East.
Ben Pitt Senior Pricing Analyst
A Senior Analyst vacancy has arisen within the Commercial Pricing team of a
leading global insurer. Working closely with the underwriters, you will be
responsible for all lines of business including Corporate and Specialty Risk.
Previous Pricing experience is not necessarily required.
Chris Lee Pricing, Reserving & Capital
Currently working on a fantastic opportunity to cover Pricing, Reserving &
Capital for one of the biggest names in the London Market. This role is based
in the City and reports directly into the UK Chief Actuary. Fantastic
opportunity for career progression in a very pro-actuarial environment.
Germany 60,000 + Bonus + Bens
Phu Le-Ngoc Senior Actuary GI
Exciting career opportunities at a multinational insurance company: As a
senior actuary, you will be responsible for actuarial support of subsidiaries in
international markets. The role focuses on Solvency II, DFA, reserve reviews.
Dublin, Ireland 110,000 + Bonus + Bens
Patrick McMahon Senior Reinsurance Actuary
I have a unique opportunity in Dublin with one of the worlds leading
Reinsurance companies. You will assist in all areas including pricing, product
development, product design and marketing. Excellent communication
skills are required to manage local pricing teams across Europe.
Germany 80,000 + Bonus + Bens
Phu Le-Ngoc Senior Life Actuary
My client is looking for qualifed or part-qualifed actuaries with a strong
academic and professional track record. You will deal with MCEV, Solvency II,
and ALM. Experience with Prophet, and C / VBA / Java would be
advantageous.
Basel, Switzerland CHF250,000 + Bonus + Bens
Emma Gilbert Non-Life Group Chief Actuary
An outstanding chance to build and lead an international team at this
insurance groups headquarters in Switzerland. You will have extensive
Reserving and Risk Capital modeling skills. Initially hands on, this role will
develop into a pure managerial position. European languages a plus.
www.theactuary.com
Paul Francis
paul.francis@ojassociates.com
0207 649 9469
Rick Davis
rick.davis@ojassociates.com
0207 649 9353
Chris Lee
chris.lee@ojassociates.com
0207 310 8542
Ben Pitt
ben.pitt@ojassociates.com
0207 310 8719
General Insurance - UK
David Parker
david.parker@ojassociates.com
0207 310 8649
Patrick Flanagan
patrick.fanagan@ojassociates.com
0207 649 9355
Clare Nash
clare.nash@ojassociates.com
0207 649 9350
Rachel Kelly
rachel.kelly@ojassociates.com
0207 310 8579
Life Insurance - UK
61
www.theactuary.com
Ireland & Continental Europe
Life Insurance - UK
Holland 900/day
Julien Fabius Calling all Freelance Actuaries
We are working on a large Solvency II project with a leading Dutch based
Insurance group and looking for freelance actuaries to help the group in
meeting the deadlines for Solvency II. Apply now for consideration or call for
more information via +31 207168450.
Holland 75,000 + Bonus + Bens
Julien Fabius Calling all Permanent Actuaries
Have your reached a ceiling in your role and thinking of your next career
move? I am currently working on an unprecedented number of assignments
in Life Insurers, General Insurers, Reinsurers, Consultancies and Regulators.
Apply now for consideration or call for more information via +31 207168450.
Dublin, Ireland 90,000 + Bonus + Bens
Patrick McMahon Senior GI Pricing Actuary
This is an excellent opportunity to work with a domestic insurer in Dublin.
Working alongside the Chief Actuary, you will be responsible for the pricing
of all personal and commercial lines. With no external reporting you will join
a small dynamic actuarial team with exposure to all areas of the business.
Zrich, Switzerland CHF120,000 + Bonus + Bens
Emma Gilbert Junior Life Actuary - SII
A key role within this world-renowned Reinsurer; you will be supporting the
pillar 1 internal model process for Solvency II internationally across the
Group. A solid Life actuarial background is required, technical modelling
skills such as Moses would be a plus. German not needed.
Patrick Flanagan Market Risk Actuary
Unique: market leading and cutting edge actuarial risk roles available in
group function of global insurer. Capital and Solvency II experience is highly
desirable. If you are looking to take your career to new heights or keen to
return back from contracting before the rush, then please apply now.
David Parker Modelling Consultant
A leading international consultancy is looking to signifcantly bolster their
modelling team at both a part qualifed and experienced level. This is a great
opportunity to enhance your career within a dynamic organisation and use
your skills in a more client facing environment.
South East 140,000 + Bonus + Bens
Patrick Flanagan Chief Actuary
Have you a natural commercial fair to grow and develop the International
business of a global Life entity? The remit will cover a broad portfolio but the
style and gravitas of the individual is paramount. You will lead a mid size
team with some International travel requirements. Apply now.
David Parker Valuations / Pricing Analyst
My client, a market leading player, seeks part qualifed actuaries to bolster
their valuations and pricing teams. You will take ownership of the role and
be a key contributor to the team. A great career developing opportunity
within an expanding team.
Clare Nash Longevity Actuary
Are you interested in longevity? My client seeks to bolster their highly
successful team with an ambitious actuarial professional. You will ideally
have had some exposure to longevity or worked within the annuities arena.
Other backgrounds may be considered if adept at acquiring new skills.
Clare Nash Head of Economic Capital
My client seeks a life actuarial professional to lead their market leading team.
This is a unique position which requires a blend of technical and strategic
expertise. Reporting to the board, you will enjoy playing a major role within
a prestigious, global player. Swift career progression on ofer.
Rachel Kelly Longevity Analyst
My client, an expanding fnancial services organisation, is seeking a part
qualifed actuary to join their successful longevity team. You will be
responsible for working on all aspects of pricing and will have the
opportunity to liaise with clients in this career enhancing opportunity.
North Excellent + Bonus + Bens
Rachel Kelly Economic Capital Analyst
My client is looking for talented individuals to play a key role in the
implementation of SII within their business. You will be responsible for a
range of Economic Capital activities including ICA and IFRS reporting. Ideally
you will have life ofce exposure- various backgrounds considered.
Julien Fabius
julien.fabius@ojassociates.com
+31 (0)20 716 8450
0207 649 9466
Patrick McMahon
patrick.mcmahon@ojassociates.com
+353 (0)1 685 2413
Emma Gilbert
emma.gilbert@ojassociates.com
+41 (0)43 508 0509
0207 310 8782
Phu Le-Ngoc
phu.le-ngoc@ojassociates.com
+49 (0)89 2206 1068
0207 310 8643
International
www.theactuary.com
t/FX:FBS/FX+PC8IBUOFXPQQPSUVOJUJFTBSFUIFSF
t1BZSFWJFXTFBTPOo8IBUTIPVMENZFYQFDUBUJPOTCF
t#POVTUJNFo*TNZCPOVTJOMJOFXJUIUIFNBSLFU
t"DUVBSJBMUSFOETo8IJDITLJMMTBSFIPUSJHIUOPX
Call us for an informal consultative chat to discuss the issues that are
important to you, whatever your background.
Clare Nash: 0207 649 9350 | Paul Francis: 0207 649 9469
Hot Topics February 2012
62
Appointments
www.theactuary.com
Actuarial Contract - Life Insurance
Actuarial Contract - General Insurance
Scotland - 6 Months 450/day
Ik Onyiah Migration Actuary
You will assist the Actuarial Product Management team with additional
actuarial input into an important high-profle project.
Midlands - 6 Months 900/day
Ik Onyiah Pricing Actuary
Our client is seeking a contractor to help with pricing some bulk annuity
deals.
London - 6 Months 1000/day
Ik Onyiah Group Capital Manager
You will manage a team responsible for providing capital expertise and
content across all primary Group Finance processes.
Cologne - 6 Months Competitive
Ik Onyiah EV Reporting Actuary
Experienced Financial Reporting Actuary required to support one of the BAU
reporting teams internally.
London 6 Months 1100/day
Rob Bentham Pillar 1 Actuary
Our client is looking for someone to work within their internal model team
to articulate the SII requirements to the business.
North - 6 Months 700/day
Rob Bentham Solvency II Modeller
Nearly/newly qualled actuary requlred to work on a Solvency || develop-
ment so asset modelling or stochastic models experience required.
South East - 6 Months 900/day
Kaylash Kukadia Sol II - Internal Model
Ensuring Internal Model Developments & Validations are in line with FSA SII
regulations. Looking for experience of SII, Internal Model knowledge.
South West 6 Months 900/day
Kaylash Kukadia Sol II Reporting
Developing reporting processes in line with SII requirements and ensuring a
smooth run of the amendments once complete.
London - 6-12 Months 800/day
Stewart Cherry Senior Pricing Actuary
A senior pricing actuary with Personal & Commercial lines experience is
required for a 6-12 month contract working within the London Market.
South West - 6 Months 1200/day
Kaylash Kukadia Model Acceptance Actuary
Senior actuarial roles with a focus on model acceptance of With-Profts
and/or Non-Prots products from a nanclal reportlng perspectlve.
South - 6 Months 900/day
Rob Bentham Reporting Actuary
Our client is looking for a qualifed actuary to assist with production of the
Peak 1 and Peak 2 Realistic Balance Sheet valuation for the business.
South West - 6 Months 1200/day
Rob Bentham Asset Stressing - Sol II
A Sol II Balance Sheet Project: Looking at how assets respond under particu-
lar stresses and re-engineering the processes for this.
Stewart Cherry Reserving Analyst
A leading London Market insurer is currently looking for a student/part
qualifed reserving actuary for a 6-12 month contract.
Midlands - 6 Months 800/day
Kaylash Kukadia Actuarial Analyst
Our client is looking to replace a spreadsheet-based reporting system with
an IT-based system integrated with a data warehouse.
Stewart Cherry Reserving Actuary
A leading London Market insurer is currently looking for an experienced
qualifed reserving actuary for a 9 month contract.
London - 6-9 Months 900/day
Stewart Cherry Remetrica Actuary
A Remetrica Modelling Actuary is required to join a London Market insurer
for a 6-9 month contract.
Stewart Cherry Capital Modeling Actuary
A Lloyds syndicate is looking for a Capital Modeling Actuary, ideally with
Igloo to undertake a 9 month contract.
Stewart Cherry Reserving Actuary
A global GI Retail business is currently looking for an experienced qualifed
reserving actuary for a 6 month contract.
Ik Onyiah
ik.onyiah@ojassociates.com
0207 310 8785
Kaylash Kukadia
kaylash.kukadia@ojassociates.com
0207 310 8581
Contact
Stewart Cherry
stewart.cherry@ojassociates.com
Rob Bentham
rob.bentham@ojassociates.com
0207 310 8651
Contact
0207 649 9351
A t i l C t t Lif I
63
www.theactuary.com
Deputy Head of Internal Audit Life HK
Global insurer seeks an actuary with wide experience to lead
audit projects across APAC region (role will focus on
reporting, pricing, product development, Solvency II,
ALMand much more). Great career move.
Pricing Manager Life HK
My client, a multi-national life insurer and leading fnancial
services house across APAC, are currently looking for a
recently qualifed actuary with a minimum of 4 years pricing
and product development experience.
Lead Actuary Health HK or Singapore
My client, a leading Global Reinsurer, is looking for a
commercially minded actuary with extensive experience
within the Health Medicare sector to lead and develop their
Health Reinsurance initiative across the region.
Head of ALM Life HK
Asias leading insurance giant requires an experienced
actuary to lead the ALM team. You must be ambitious and
infuential with experience of liabilities and assets.
Cantonese speaking skills are essential.
Head of Business Stategy Life Singapore
Leading Reinsurer seeks a qualifed actuary with 10 years plus
experience to get heavily involved in deal work, structuring
products and ART. Strong reinsurance knowledge and good
communication skills required.
Director/Head of ECM Life HK
An outstanding opportunity for a senior actuary who relishes
the opportunity to infuence change within a fast developing
market. Minimum 10 yrs PQE, extensive ECM and senior
management experience.
We have a number of opportunities in Singapore for life and
GI actuaries. No language skills required, just prior
experience working in the UK, EU or US markets. Lots of sun,
low taxes and no Euro-crisis!!
Opportunities - Life & Non-Life Investment Actuaries HK
I am currently working on a number of opportunities where
my clients are looking for investment actuaries with a wide
variety of experience ranging from ALM to Risk Hedging.
Roles range from nearly qualifed to experienced.
China Head of Pricing Non-Life China
With recent industry reform changing the landscape of the
Chinese non-life market, I have a fantastic opportunity to
infuence and develop actuarial pricing techniques across
the region. Min 10 yrs exp. Fluent Mandarin.
Chief Actuary Non-Life
Global insurance and reinsurance group seeks a qualifed
actuary to oversee all actuarial duties. You will also grow a
team to handle the ever increasing workload. Mandarin and
English speaker required.
Do you want to make a diference? The ever-growing strength of Asias insurance sector is creating vast amounts of opportunities
for actuaries. If you have experience working in an established market (UK, US, Australia...) your profle will be highly sought after.
Local candidates in Asia very rarely have the specialised experience that is common practice to the readers of this magazine so it
is you who Asia are looking for. To demonstrate this point please feel free to do your own research - a majority of Chief Actuaries,
Senior Management, even General Managers in Asia are FIA, FSA or FIAA qualifed. No other market in the world will ofer such
rapid career development and opportunity. If you want to know more please call one of our consultants on the below numbers.
UK | I rel and | Conti nental Europe | Asi a
Jonny Plews
Gary Rushton
Alex Ince
+852 5804 9200
+852 5804 9223
+44 207 310 8728
jonny.plews@ojassociates.com
gary.rushton@ojassociates.com
alex.ince@ojassociates.com
Singapore
64
Appointments
www.theactuary.com
The Actuarial Recruitment Company
A qualified actuary, you will support the development of IMAP processes
ensuring that all developments, validations and work programmes are
in line with Solvency II regulations to achieve the necessary compliance.
You must have Solvency II experience and knowledge of procedures
and implementation measures. Strong interpersonal and influencing skills
are also required in addition to a demonstrable track record of technical
delivery working to tight deadlines. Ref: ARC25710
Contract Actuary Life
South East High daily rate
This role working for a specialist P&C insurer and reinsurer will be
responsible for development and running of the companys internal
capital model for ICA, Solvency II and Swiss Solvency test requirements.
The position offers a suitable candidate a great opportunity to step up to a
lead role in the capital management of a business. First-class technical and
communication skills are required with extensive previous experience in
capital and sound knowledge of Solvency II. Ref: ARC25621
Capital Actuary General insurance
London To 100K plus benefits
As a senior part-qualified student within the pricing team, you will be
involved in developing pricing tools as well as contributing to pricing
reviews and recommending actions across the business units. There will
be significant interaction with underwriters, which will require strong
interpersonal and negotiating skills. Pricing experience is not mandatory
and strong candidates from other disciplines will also be considered.
Ref: ARC25700
Pricing Analyst General insurance
London To 55K plus benefits
This international insurance group is looking for an experienced actuary
to lead the reserving for a large worldwide portfolio. The client is looking
for an exceptional candidate with a number of years PQE with extensive
knowledge of reserving for a broad range of London Market classes of
business. The successful candidate will manage a team of actuaries and
must be used to dealing with and presenting to underwriters, senior
management and other areas of the business. Ref: ARC25620
Senior Reserving Actuary General insurance
London c140K base plus bonus
Call us anytime including evenings and weekends on 020 7717 9705 or email enquiries@the-arc.co.uk
General Insurance Andy Clark BSc FIA 0781 333 7891 andy@the-arc.co.uk
Life, pensions and investment Chris Cannon BA 0771 122 8449 chris@the-arc.co.uk
All other enquiries Roger Massey BSc MBA FIA 0781 398 9016 roger@the-arc.co.uk
www.the-arc.co.uk
A fresh approach

Act Feb Combined

Caricato da

Informazioni sul documento

Descrizione originale:

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Act Feb Combined

Caricato da

Copyright:

Formati disponibili

JANUARY/FEBRUARY 2012

LETTER OF THE MONTH

Economic Scenario Generators,

is a registered trademark of Conning Services (Ireland) Limited.

Derek Cribb is the

GENERAL INSURANCE NEWS ROUND-UP

Potrebbero piacerti anche