Reporting to- Actuarial Business Support Team Supervisor

About PEN Underwriting

PEN Underwriting is one of UK’s leading MGAs with a bold vision to become a £1 billion GWP underwriting and distribution business. We have already built a well-known brand, transformed ourselves operationally and created a multi-class, multi-territory virtual insurer – combining all the security and capabilities you’d expect from an insurance company with the niche expertise and flexibility that MGAs are known for, as well as a true marketplace for our brokers.

We are strongly supported by Gallagher who are one of the world’s largest insurance brokerage, risk management and consulting firms. Being part of a strong global organisation, we will continue to focus on core values as well as an emphasis on growing. We will do this by investing in the businesses, the talent and the innovation which will drive our business to the next level.

Job Responsibilities

The candidate would be a part of the Pen Underwriting Actuarial team and would be playing a pivotal role in supporting/conducting reserving and/or pricing analyses for various Property & Casualty lines of businesses Professional Indemnity, Property, Public Sector, Cyber, etc. collaborating closely with the UK counterparts. The specifics include:

• Data cleansing and processing to facilitate actuarial analyses.
• Assist onshore stakeholders and actuaries in meeting reserving timelines, including updating data and documentation. The candidate would be required to apply a basic understanding of the traditional reserving techniques assumptions.
• Preparing rating tools and processes for existing and new insurance products.
• Conduct granular performance reviews and propose remediation plans for segments performing above target.
• Frequency/severity modelling using Emblem for certain lines of business.
• Contribute to development or innovative concepts, tools and automating reserving/pricing processes, including streamlining underlying sources of data and database.

Skills Required

• Proficiency in Microsoft Excel, including the ability to work with large datasets, perform basic calculations.
• Strong analytical skills with the ability to interpret data and draw meaningful insights.
• Familiarity with programming languages such as Python, SOL and R is advantageous but not essential.
• Excellent communication skills. both written and verbal to effectively convey complex information.
• Ability to work collaboratively in a team environment and adapt to changing products.
• Eagerness to learn and develop new skills in the field of Actuarial Science and Insurance.
• Ability to plan work effectively to prioritise tasks and meet deadlines.

Qualifications Required

• A student member of any of the actuarial institutes but not limited to lAl/IFoA/CAS
• Graduate/post-graduate.

• Good progress of Actuarial exams cleared as per the new curriculum, along with the zeal of pursuing the qualification further.