AVP Specialist, Structuring, ALM and Asset Strategy, S&R

Job Title
AVP Specialist, Structuring, ALM and Asset Strategy, S&R

Job Description

We have an exciting opportunity for an individual with strong technical investment or actuarial background to join rapidly growing international Funded Reinsurance solution area within Savings & Retirement Division of Pacific Life Re. There is an increasing demand for reinsurance to support clients from different countries in offering solutions that can transfer both longevity and asset risk. This role offers an opportunity to be involved from the early stages and shape the proposition that works best for each client.

We are looking for a candidate with strong technical background and significant experience in investment related area. They will be working closely within a small ALM team on creating solutions to manage/optimise the inforce portfolio and working on derivatives and structuring strategies for new business. They will work closely with divisional CIO and in house derivative traders as well as building their own relationships with investment banks offering structuring solutions.

Funded reinsurance is a recently launched proposition which means the candidate will be exposed to a wide range of tasks and will have the opportunity to shape the proposition and the operating model going forward. The successful candidate will be able to work successfully in a fast-changing environment on a wide range of issues.

The role is in the ALM & Asset Strategy team of Savings & Retirement Division. Responsibilities of the role will include the following areas, depending on experience of the individual candidate:

• Developing ALM framework for managing investment risks of the fast-growing portfolio, including credit, interest rates, currency and liquidity risks. This involves understanding of how both assets and liabilities respond to changes in market conditions. Liabilities are measured on different bases, including internal Economic Capital, Bermudian BMA capital, US GAAP. The candidate is not expected to know the details of any of these regimes but should be familiar with general concepts of life insurance reserving / capital.
• Working on developing hedging strategies and structuring solutions for new reinsurance deals as a part of the wider team.
• Developing alternative hedging strategies for future new business, including hedging currency and interest rates risks.
• Defining requirements and supporting developing ALM software within the team.
• Developing liquidity framework and solutions for a reinsurance entity. This includes monitoring liquidity position on the current book of derivatives, stress testing, as well as working with the group Treasury team and with investment banks on liquidity solutions.
• Working with various corporate stakeholders on ad hoc queries, including Risk, Corporate Actuarial, Finance etc.

The Candidate

Core skills and experience (please note having all points below is not essential):

• Strong technical skills necessary to model and interpret the impact of market changes on assets and liabilities.
• Good working understanding of the main risks - interest rates, FX, credit, liquidity. Understanding how these risks impact insurance balance sheet would be useful but can be developed on the job.
• Ability to work independently and critically review numbers coming out of models, understanding what drives changes, sense-checking results (or for less experienced candidates - willingness to develop this skill).
• Ability to summarize and communicate investment concepts effectively to wider teams such as reinsurance pricing, corporate actuarial and Finance.
• Being able to work in a flexible, dynamic environment with occasional high-pressure deadlines based around transaction process.
• Some examples of suitable backgrounds (not an exhaustive list):
  • (Re)insurer or DB pensions - ALM / Market Risk team,
  • Associate / VP level quant / structurer / trader from an investment bank or asset manager.
• If you agree with the above on ALM then we need to include something on experience of working in ALM tool development or projects.

Non-essential but useful skills and experience:

• Understanding life insurance company balance sheets and capital and profit reporting regimes (US GAAP, Solvency II, Bermudian BMA regime).
• Familiarity with some common asset structures developed for life (re)insurers such as SPIRE repacks.

Working For Pacific Life Re

Every person in our global team is valued for the unique qualities they bring to our business and we seek to build their expertise and support their individual ambitions at every step. Of course, we take our work seriously and we know our team can operate under great pressure. We work hard and thrive on achievement, but we also know how to have fun and relax too. We regularly host a range of team building days to strengthen our team's connection with each other and reflect on their successes.

Providing employees with a healthy work-life balance is very important to our culture. We have a wide range of employee benefits and we host regular social activities and well being initiatives. We are also committed to supporting our employee's involvement in their communities, by actively fundraising, hosting charity events and overseeing volunteering opportunities.

Benefits (Only for Permanent and Fixed Term Employees)

• Stakeholder Pension Scheme

• Life Assurance

• Subsidised Gym Membership

• Private Medical Insurance

• Season Ticket Loan

• Eye Care

• Employee Assistance Programme

• Group Income Protection

• Wellness Benefits

As part of our commitment to diversity and inclusion, we will provide reasonable adjustments during the recruitment process to ensure equal access to applicants with disabilities. Please contact us about your needs so that we can discuss these with you to make sure that suitable adjustments are made, where possible.

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