Actuary, Pricing at the African Reinsurance Corporation (Africa Re)

The African Reinsurance Corporation (Africa Re) is the leading African reinsurance company with headquarters in Lagos (Nigeria). Africa Re has six regional offices: Casablanca (Morocco), Abidjan (Côte d'Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius). The Corporation equally has two subsidiaries: African Reinsurance Corporation South Africa Ltd in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt) and one Local Office in Addis Ababa (Ethiopia).

Africa Re has a broad-based shareholding comprising 41 African member States, the African Development Bank (AfDB), 114 African insurance and reinsurance companies and three non-regional shareholders, including leading global insurers and reinsurers. The Financial Strength and Credit Rating of Africa Re is A by A.M. Best and A – by Standard & Poor’s.

We are recruiting to fill the position below:

Job Title: Actuary, Pricing

Location: Lagos, Nigeria

Job Description

• The successful candidate shall report to the Director of Central Operations & Special Risks at the Head Office, Lagos – Nigeria and will be responsible for building actuarial models to price agricultural and medical reinsurance businesses, calibration of parameters, maintenance of actuarial (treaty) pricing tools and providing training and support to the Underwriters.
• The role will also provide actuarial advice to underwriters across the Corporation on the pricing of more sophisticated and large risks or portfolios.

Responsibilities
The main duties of the job holder shall comprise, amongst others, the following:

• Build actuarial models, calibrate parameters such as rates, exposure curves, benchmarks, ILFs and development & trend factors.
• Participate in various corporation-wide rate review projects using analytics tools like R, Python, or any other licensed software.
• Build & maintain dashboards and reports for actuarial and data insights using various data visualization techniques.
• Work in collaboration with Underwriters across the corporation and provide actuarial advice / consultancy for complex deals.
• Active involvement in bringing new models to Underwriters and implementing them into pricing tools. Preparation of technical actuarial documentation and User guides, upload model parameters and testing the correctness/impact estimation.
• Develop portfolio level costing parameters, models and analytics (e.g. market curves, tiering and default or pre-submission loss ratios).
• Oversee submission of data imports for complex and simple business in coordination with the Underwriting team.
• Monitor portfolio development, including rate changes, and initiate steering actions as needed.
• Collaborate with ICT team to improve the pricing process.
• Perform any other duty that may be assigned by Supervisors or Group Management.

Qualifications and Experience
Applicants shall be holders of:

• First degree in Mathematics, Actuarial Science, Statistics or other related numerate fields with a minimum of 7 years actuarial experience in a non-life insurance or reinsurance company, or actuarial consulting firm OR at least 3 years of experience in pricing reinsurance products.
• Associate or substantial progression to achieving Associateship / Fellowship of an internationally recognized actuarial examining body.
• Experience working in an international insurance or reinsurance company AND experience in re/insurance treaty pricing, portfolio profitability analysis and costing model and tool development will be an added advantage.

Main Competencies:

• Deep understanding of reinsurance concepts.
• Working knowledge of agriculture and medical insurance/reinsurance.
• Skilled in statistical and data analytics software and packages like R, Python, Power BI, etc.
• Proficient in actuarial methods widely used in General Insurance/reinsurance pricing.
• Inquisitive and willing to learn new technology and methods.
• Good oral and written communication skills.
• Experience working in an agile environment in multicultural distributed team.
• A self-starter and able to tackle problems and develop solutions.
• Basic Project Management know-how is added advantage.
• Excellent communication and stakeholder management skills, with the ability to effectively communicate with both technical and non-technical audiences in an international environment.

Additional Requirements:
Applicants must have:

• Excellent analytical skills to dissect complex data and inform pricing strategies effectively.
• Strong problem-solving abilities to devise innovative solutions for pricing challenges.
• Exceptional collaboration skills to work closely with diverse stakeholders and achieve pricing objectives collaboratively.
• Adaptability to swiftly adjust to evolving market dynamics and technological advancements in the insurance industry.
• Meticulous attention to detail to ensure accuracy in pricing models and data validation processes.
• Proficient critical thinking skills to evaluate pricing methodologies and ensure alignment with business goals.
• Effective time management capabilities to prioritize tasks and meet pricing deadlines efficiently.
• Excellent communication and presentation skills
• Resilience to maintain composure under pressure
• Commitment to continuous learning, staying updated on industry trends and advancing actuarial methodologies.
• Proficient in English communication; French proficiency is an added advantage.

Salary & Benefits
The successful candidate shall have the following benefits:

• Competitive Basic Salary
• Variable pay (Annual Performance Bonus)
• Joint contribution to the Provident Fund (7% of the basic salary paid by staff and 14% by the employer)
• Housing Allowance
• Medical cover for staff and family
• Home leave to country of origin every year paid by the employer, if non-national
• Children education subsidy for each child up to 26 years (maximum 4 children)
• Duty Post Differential (Cost of Living Allowance), that may increase or decrease depending on the economic situation and result of surveys

Application Closing Date
21st May, 2024.

How to Apply
Interested and qualified candidates should:
Click here to apply online

Note

• Africa-Re is an equal-opportunity employer and offers a good working environment commensurate with international organizations.
• The Corporation reserves the right to appoint at the advertised grade level or at any other level that may suit the profile, qualifications, and experience of the successful candidate.