Title:  CR1.1.1 Head of Section Reserve Management & Actuarial Reporting (m/f/d)*

for Central Reserving 

Full-Time/Part-Time (80%)

Central Reserving (CR) uses quantitative and qualitative methods to perform and oversee the loss reserve analyses for Munich Re’s group-wide Non-Life business. This includes continuous monitoring of the reserve position as well as the further development of actuarial methods, underlying systems and tools. Additional responsibilities include the assessment and quantification of reserve uncertainty and reserve risk, as well as financial reporting on Non-Life technical provisions under IFRS17, Solvency II and local GAAP standards.

For the newly established section CR1.1.1 Reserve Management & Actuarial Reporting, we are seeking a passionate, driven leader for a team of highly qualified Non-Life actuaries, who is motivated to take on responsibility for the continuous monitoring of the Munich Re Group’s reserve position, the assessment and quantification of reserve uncertainty and reserve risk and respective reporting. In this role, you will have the great opportunity to develop personally and you will inspire and motivate team members, fostering a collaborative and growth-oriented environment.

You will be able to obtain a broad overview of the Non-Life business of the Munich Re Group and have the opportunity to contribute to the reserve risk management of Munich Re Group’s Non-Life reserves and provide actuarial reporting.

YOUR JOB

• Responsibility for providing oversight of Munich Re’s Non-Life reserves, actuarial assessment of the overall reserve level and underlying reserve risks
• Performing quantitative and qualitative actuarial analyses, including reserve valuations, reserve variability assessments, scenario testing and benchmarking as well as supporting portfolio performance analysis
• Identifying, quantifying and managing of relevant reserve risks, contributing to risk mitigation strategies and developing guidance to Global Reserving actuaries
• Ensuring group-wide consistent reserving practices, adequate levels of reserves and efficient and consistent reporting of reserving figures throughout RI Non-Life and ERGO Non-Life, e.g. via peer reviews
• Collaborating with Global Reserving actuaries across the world to align reserving practices, share knowledge and foster collaboration
• Pro-actively driving and developing analyses on group-wide actuarial topics linked to reserving and steering of relevant group-wide reserving topics
• Preparing communication and addressing information requirements on reserving topics for various internal and external stakeholders such as board committees, analysts and investors, rating agencies and auditors
• Taking on responsibility for the basic loss risk modelling for MR’s Group Internal Model, and close collaboration with IRM in this context
• Management of the team, guiding, motivating and developing the skills of a team of highly qualified colleagues

YOUR PROFILE

• University degree in mathematics, actuarial science or a similar qualification with a strong quantitative focus
• Actuarial qualification (e.g. DAV, FIA, FCAS or equivalent) from an internationally recognized body
• Several years of experience in an actuarial role (e.g. in Reserving, Pricing, Risk Management, Controlling, Underwriting, insurance audit) and at least 5 years' experience in Reserving or Financial Reporting 
• In-depth knowledge of reserve valuation and experience in performance analysis, portfolio steering and leading reviews
• Keen interest and background in financial reporting, with experience in the valuation according to IFRS17 and Solvency II
• Excellent leadership skills for attracting, leading, mentoring and developing high-performing teams, with a focus on fostering an inclusive, collaborative and growth-oriented culture
• Strong problem solving abilities and a track record of driving process optimization, efficiency improvements, and alignment initiatives across complex frameworks
• Excellent strategic, analytical and conceptual skills with a solution-oriented mindset
• Exceptional stakeholder management skills, with the ability to convey complex actuarial and technical concepts clearly and effectively to technical and non-technical audiences
• Empathy, assertiveness, passion to perform, willingness to take on responsibility and opinion leadership as well as driving topics and providing guidance and feedback to teams and project groups
• Adhesion to the Munich Re leadership values and ability to continuously work on own development
• Strong written and verbal communication in English

 Job Evaluation: not yet graded (expected B)

Please use the online application and submit it by 2024/02/27 at the latest (10-day deadline).

Our general internal job advertisement (ISA) guideline can be found on MR Web München at ME@MUNICHRE >> Arbeitsrecht & Regelungen >> ISA-Richtlinie. Information on selection procedures for senior and management positions can also be found in the ISA Guideline.

About us 

As the world's leading reinsurance company with more than 11,000 employees at over 50 locations, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into a manageable risk we enable fundamental change. Join us working on topics today that will concern society tomorrow, whether that be climate change, major construction projects, medical risk assessment or even space travel.  

Together we embrace a culture where multiskilled teams dare to think big. We create the new and the different for our clients and cultivate innovation. 

Sounds like you? Push boundaries with us and be part of Munich Re. 

Our employees are our greatest strength. That’s why we offer them a wide range of benefits. You can find some examples below. 

Unlock your potential

• Diversity, Equity & Inclusion: we embrace the power of differences and are convinced that diversity fosters innovation and resilience and enables us to act braver and better.
• Continuous Learning: we believe that continuous learning is a key differentiator and critical for building new skills and accelerating growth.
• Career Mobility: we actively support career mobility, and our strong global and regional presence offers a wealth of career growth opportunities for you.

Rewards & Recognition

• Competitive salary: appropriate compensation for your high level of commitment.
• Retirement provision: state of the art in-house pension solutions.
• Work-life balance: promoting the compatibility of family and work in addition to overall work-life balance.
• Health management: focus on your physical and mental health far beyond legal requirements. 
• Hybrid working: living the best of both worlds – we offer you a very flexible approach as well as the opportunity to work from abroad on an occasional basis.

* Munich Re not only stands for fairness with regard to its clients; it is also an equal  opportunities employer. Severely disabled candidates will also be prioritized, if equally qualified. 

Münchener Rückversicherungs-Gesellschaft

Heidi Feldmeier, Senior HR Business Partner. Königinstraße 107, 80802 München, GERMANY