Actuarial Graduate Opportunities

Introduction

Rothesay Life was established in 2007 and has grown to be a leading life insurer specialising in bulk annuities and other de-risking solutions for defined benefit pension schemes and insurance companies. We provide unique solutions for clients seeking to mitigate financial and longevity risk, aiming to create structures that are tailor-made to suit the needs of scheme members, trustees and corporate sponsors.

We offer a range of insurance solutions, but our business is primarily bulk annuities. Over time these bulk annuities may become individual annuities and our clients’ pension fund members become our policyholders.

• Over 800,000  individuals’ pensions insured by Rothesay Life
• Around £2.4bn pensions paid in 2019
• Total 2019 new business volumes of £16.3bn – a record for the bulk annuity industry
• Over £50bn of assets under management, invested to support the payments to our pensioners
• 7 prominent industry awards won over the past 7 years
• Over 290 dedicated employees with significant industry experience
• Key functions are managed in-house; we only outsource individual member-facing operations and some back office functions
• Ensuring security for policyholders and capital providers drives value in our business

We are a company of exceptional calibre, with a client portfolio and shareholder base to match: we recommend that you review our website and press-articles regarding our position in the industry.

The role

We have vacancies in the Pricing and Reinsurance team and the Capital team. The Pricing and Reinsurance team focuses on the pricing, underwriting, negotiation and execution of new pension and reinsurance deals, working with a focus on the largest deals in the market. The Capital teamfocuses on life insurance reporting and the monitoring of regulatory and economic capital, the computation of balance sheet impacts for a wide range of prospective asset and liability transactions, and delivering strategic regulatory-driven projects.

Candidates would be expected to study for the Institute and Faculty of Actuaries (IFoA) qualification with an expected specialism in pensions or life insurance.  When you join us, your work will be highly varied involving all aspects of pensions and insurance actuarial work, and will involve significant interaction both internally with other teams and disciplines throughout the business, and externally, with clients and advisors.  You will need to be able to balance teamwork, intellectual curiosity and leadership potential with a passion for excellence and an interest in the financial markets.

What we offer:

• A meritocratic, driven and stimulating environment where success and achievement are rewarded
• Work with support from leaders in the industry and excellent on-the-job training supplemented with class-based business training where best applied
• A competitive starting salary with a performance related bonus
• A full study support package (including a study budget and up to 40 study days per year) will be provided as you work towards your IFoA fellowship qualification

What we are looking for

• We recruit from all academic disciplines; although a high degree of numeracy is essential. 
• Impeccable academic credentials are essential.  You must have an expected degree minimum of a 2:1 or equivalent from a leading university.
• Internships & work experience in the financial services sector is desired but not essential.
• You will need to demonstrate a clear interest and intellectual curiosity in the financial markets and an interest in applying your knowledge and skills to the pension insurance market. 
• You must be available for permanent work within 2 months of your graduation in 2021
• Fluency in English is a prerequisite.

How to apply:

• You will need a 1 page CV, with a cover letter (PDF format) that states in 300 words or less why you want to work for Rothesay Life.
• Please additionally submit a one page briefing note on the challenges facing defined benefit pension schemes and the importance of the pension buyout market as a solution for these pension schemes. You should include a comment on Rothesay Life’s role and position in the buyout market. You should base your submission on publically available information, such as media coverage and our press releases.
• Applications will be accepted until 31 January2021 but will be reviewed on a regular basis so early application is encouraged.  The times for interviews will be confirmed to applicants who are invited for these rounds.   

Competencies:

• Functional Expertise  - Keeps up-to-date with emerging business, economic, and market trends
• Technical Skills - Demonstrates strong technical skills required for the role, pays attention to detail, takes initiative to broaden his/her knowledge and demonstrates appropriate financial/analytical skills
• Drive and Motivation – Be a self-starter; successfully handles multiple tasks, takes initiative to improve his/her own performance, works intensely towards extremely challenging goals and persists in the face of obstacles or setbacks
• Client and Business Focus - Effectively handles difficult requests, builds trusting, long-term relationships with clients and service providers, helps the client to identify/define needs and manages client/business expectations
• Teamwork – Demonstrate evidence of being a strong team player, collaborates with others within and across teams, encourages other team members to participate and contribute and acknowledges others' contributions
• Communication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with others
• Judgement and Problem solving - Thinks ahead, anticipates questions, plans for contingencies, finds alternative solutions and identifies clear objectives.  Sees the big picture and effectively analyses complex issues
• Creativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical value
• Influencing Outcomes - Presents sound, persuasive rationale for ideas or opinions.  Takes a position on issues and influences others' opinions and presents persuasive recommendations

Disclaimer This position description is intended to describe the duties most frequently performed by an individual in this position. It is not intended to be a complete list of assigned duties, but to describe a position level.  The role shall be performed within a professional office environment. Rothesay Life has health and safety polices that are available for all workers upon request.  There are no specific health risks associated with the role.