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About the LH1 Madrid Hub (LH1 MAD):
Together with the Hubs in Munich and London, LH1 MAD forms the Life and Health 1 division of Munich Re, LH1 MAD aims to become an increasingly relevant player in the generation of new business for Munich Re through its initiatives in Southern Europe and Latin America, while maintaining its stable and profitable portfolio in the region.
To achieve its ambition, LH1 Madrid has focused its growth strategy on scaling the traditional Protection business in Life and Health, shaping it via Business Transformation (Automated UW, B2B2C Cooperation Models, and Product Development), and expanding its Financial Reinsurance solutions across the region.
The Risk and Pricing department based in Madrid is responsible for providing LH1 MAD with best-in-class actuarial and risk management services, ensuring the Hub’s rapid growth occurs sustainably and in line with the Group’s underwriting guidelines
About the role: The Senior Risk Manager works closely alongside colleagues in LH1 MAD, the LH1 Risk Management team, and within Munich central functions in strengthening the LH1 Madrid’s Actuarial and Enterprise Risk Management capabilities.
In addition to this, they will support the ongoing production of internal reports required, such as the Annual Risk Report, Risk Assessment Cycle and ICS analysis.
LH1 MAD has a regional responsibility along the Southern Europe (Spain, Portugal, Italy, and Malta) and Latin America, with close contact with the offices of MR in Milán, Malta, Sao Paulo, Bogota and Mexico City. This responsibility encompasses all Life and Health Protection and Financial Reinsurance contracts. The collaboration with Non-Life is relevant as all MR offices operate under the one-roof concept, especially with the local compliance officers, but RM is not responsible for the compliance processes.
The position will be based in Madrid.
Key Responsibilities:
Actuarial Risk Management
Review of large and complex transactions, especially with respect to financial, operational, legal and reputational risk, in line with the defined risk appetite.
Review changes to pricing bases, product designs and pricing tools
Working collaboratively with other LH1 Risk Management units on projects and reviews
Enterprise Risk Management
Risk reporting to LH1 CRO, LH1 MAD management and central functions
Internal business governance activity within LH1 MAD
Delivery of the operational risk management framework
Review and assessment of other risk types e.g. market, credit, reputation, concentration, liquidity etc.
Second line treaty wording review
General Risk Management
Support the LH1 Madrid to write and maintain profitable commercial business and innovation initiatives, in line with the business strategy and risk appetite, acting as a Business/Risk Partner
Promote Risk Management principles, develop the LH1 Madrid risk strategy, and communicate and raise awareness of Risk Management within the region
Maintain and improve the LH1 Madrid risk management framework, policies and processes
Develop the LH1 Madrid risk strategy and appetite including product limits, striking the balance between risk guidelines and commercial demands
Periodically represent Risk Management in special initiatives (e.g. product developments and business improvements)
Be a point of reference for the business for guidelines and control processes
Competencies:
Commercial awareness and pragmatism
Perseverance, focus, ambition
Questioning nature / intellectual curiosity
Diplomacy and tact
Self-awareness, ability to act on constructive feedback
Flexible working style
Very good English proficiency, Spanish would be a plus.
Key Skills & Experience:
Essential
At least basic knowledge and experience of the following areas:
Experience in Actuarial Risk Management
Life pricing experience, in particular areas of Life Protection, Health and Reinsurance Structuring
Confidence and diplomacy to challenge peers and manage upwards
Effectively dealing with senior stakeholders
Ability to build an understanding of internal and external client strategy and needs
At least basic knowledge and experience of Enterprise Risk Management methodologies and frameworks
Experience delivering projects
Desirable
Significant experience in the LH insurance market, preferably in reinsurance, risk management, pricing or consulting
Understanding of key features of a reinsurance contract
Good knowledge of the protection market’s key products and features
Understanding and familiarity with a range of Reinsurance Structuring solutions
Qualifications and Educational Requirements:
Essential: University graduate or equivalent; qualified actuary
Desirable: A postgraduate qualification in insurance or risk management (e.g. CERA)