Senior Risk Actuary (Investments)

The Senior Quantitative Risk Actuary is a key member of the 2nd line risk management function, responsible for delivering quantitative oversight across the validation, reserving, financial market and credit risk, and broader capital and risk assessment processes. The role is central to maintaining regulatory compliance, supporting the ORSA, and ensuring robust model governance aligned to Solvency II and Lloyd's standards. The position requires a qualified actuary with experience in model validation and reserve risk assessment, and the ability to provide effective independent challenge across Capital Modelling, Reserving, Finance, and Risk stakeholders.
The role encompasses a broad range of risk management activities and as Senior Quantitative Risk Actuary your duties will include:
Support the Independent Actuarial Qualified Person in providing independent assurance over adequacy and effectiveness of the internal model validation framework and process
Produce the annual Validation Reports, articulating findings, limitations, and model improvements, and presenting these to risk and model governance Committees.
Reserving Risk Oversight
Provide 2nd Line oversight of reserving processes, including review of assumptions, methodologies, uncertainty analyses, and reserve risk capital outputs.
Perform independent reviews on key drivers such as inflation, claims emergence patterns, social/economic trends, and operational influences.
Financial Market & Credit Risk Oversight
Conduct independent assessment of market risk exposures, investment strategies, sensitivity analyses, and the appropriateness of methodologies used by 1st Line functions.
Oversight of credit risk reviews covering reinsurance counterparties, broker credit, investment credit exposures, concentrations, and stress impacts.
Provide quantitative challenge to capital charges, risk appetite metrics, and control effectiveness across market and credit risks.
Stress & Scenario Testing / ORSA Support
Collaborate with Risk, Underwriting, Capital Modelling and Finance to ensure scenarios are severe but plausible, aligned to Lloyd's expectations, and cover emerging risks.
Model Risk Management
Develop the 2nd Line model risk framework.
Review and challenge 1st line testing of models
Ad-hoc Quantitative Risk Assessments
Support business plan and strategy assessments through quantitative analysis such as scenario testing. Considering emerging risks and risk profile changes.
Support investigations into risk events, near misses, or unexpected model behaviours with quantitative analysis and challenge.
Present quantitative findings to Risk & Capital Committees, Reserving Committee and other governance forums.
Build relationships across Capital Modelling, Reserving, Finance, Underwriting, and senior management to provide clear, credible and evidence-based challenge.
Support broader Risk Management initiatives including framework enhancements, policy updates, and regulatory requests.
Regulatory responsibilities
~ Support in the production of Regulatory Reports (Validation, ORSA and adhoc requirements)

Fully qualified actuary (e.g., Technical understanding of reserve risk, including methodologies, assumptions, inflation analysis, and uncertainty.
Good understanding of insurance to enable effective engagement at all levels within the business
Good working knowledge of financial market risk and credit risk methodologies, including capital charges and stress/sensitivity analysis.
Involvement in ORSA processes, including stress and scenario testing.
Good understanding of Enterprise Risk Management methodologies
Exposure to model governance frameworks, model risk taxonomies, and documentation standards.
Understanding of investment strategy, ALM considerations, or credit portfolio analytics.
Experience designing or improving SST frameworks, emerging risk quantification, or strategic/business plan scenario analysis.
Prior involvement in regulatory interactions (Lloyd's, PRA, CBI).
Familiarity with underwriting risk modelling concepts and capital attribution.
Experience in preparing and presenting high quality reports for internal and external stakeholders demonstrating attention to detail.
Excellent planning and organisational skills.
Chaucer is a leading insurance group at Lloyd's, the world's specialist insurance market. We help protect industries around the world from the risks they face. Our customers include major airlines, energy companies, shipping groups, global manufacturers and property groups.
Our headquarters are in London, and we have international offices in Bermuda, Copenhagen, Dubai and Singapore to be closer to our clients across the world. To learn more about us please visit our website.
Chaucer is committed to diversity, actively values difference and respects people regardless of the protected characteristics which are outlined in the Equality Act 2010 (UK legislation) as a result of the Equal Treatment Directive 2006 (EU legislation).
A diverse workforce and an inclusive workplace are core to our success as a business and integral to our winning strategy and culture. We recruit from the widest available pool of talent, and our hiring, assessment and selection process is fair, free from bias and one which ensures we select the right person for the job, based on merit. We are open to considering flexible working arrangements for all roles and encourage you to outline your needs during the interview process.