The African Reinsurance Corporation (Africa Re) is the leading Pan-African reinsurance company and the largest re-insurer in Africa with a Financial Strength and Credit Rating of “A” by A.M. Best and “A –“ by Standard & Poor’s.
Headquartered in Lagos (Nigeria) since its inception in 1976, Africa Re operates through
a) six (6) Regional Offices across Africa: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Port Louis (Mauritius),
b) two (2) Contact Offices in Addis Ababa (Ethiopia) and Khartoum (Sudan),
c) one (1) Local Underwriting Representative Office in Kampala (Uganda),
d) three (3) Subsidiary Companies (Africa Re South Africa Limited in Johannesburg, South Africa), Africa Retakaful Company Ltd. in Cairo (Egypt), and Africa Re Underwriting Agency in Dubai International Finance Centre (DIFC, UAE).
Africa Re has a broad-based shareholding of
• 42 African member States,
• the African Development Bank,
• 113 African insurance and reinsurance companies, and
• three (3) non-regional shareholders, including leading global insurers, reinsurers, and international finance institutions.
Africa-Re hereby announces the vacancy for the position of Actuary – Reserving and Reporting in the Head Office (Lagos - Nigeria) on the Professional Staff Category.
The successful candidate shall report to the Director, Central Operations & Special Risks and will be responsible for delivering the best estimate reserves by building analytical projections that integrate a range of actuarial techniques to help Africa Re maintain a robust balance sheet. The job holder coordinates, prepares and performs actuarial analyses, evaluates loss and expense reserves and provides consultation on actuarial models and risk issues. S/he is also expected to document their work in accordance with actuarial standards and communicate their results accordingly. The activities could include, but are not limited to, work on reserve ranges and variability, adding more visualization to reporting, increasing automation, building deeper connections with other departments and actuarial functions, and timely reporting to the business
The main duties of the job holder shall comprise, amongst others, the following:
• Apply mathematical and statistical techniques to extract, analyze, summarize and transform data sets into usable information that informs organizational leadership decisions and policies.
• Support the reserving process through the analysis of loss and loss adjustment reserves.
• Monitor reserve adequacy.
• Assist with financial reporting including support for annual statement, internal and external (statutory) financial reports.
• Communicate information and results to a variety of technical and non-technical audiences across the organization including preparation of actuarial memorandums, and standard as well as special reports to support reserving recommendations.
• Make informed actuarial recommendations based on professional judgment and experience.
• Support ad hoc quantitative analyses that facilitate effective decision-making including detailed portfolio reviews and analyses.
• Respond to queries, clarifications and questions from auditors, Management and other stakeholders.
• Support improvement efforts in order to increase consistency, efficiency, and compliance with internal and external standards.
• Collaborate with other internal functions, including Underwriting, Actuarial Pricing, Claims, Reinsurance Accounting and Finance functions to understand trends for consideration in reserving estimates.
• Estimate and analyse patterns and other input parameters for IFRS and solvency calculations.
• Perform any other duty that may be assigned by Supervisors or Group Management.
The successful candidate shall be based in Lagos - Nigeira.
• Strong working knowledge Microsoft Office including Excel, Power Point, Word
• Strong verbal and written communication skills
• Knowledge of commercial insurance products and general insurance/business knowledge
• Able to manage and coordinate own projects using multiple resources
• Strong analytical and problem-solving skills
• Ability to apply judgment and problem-solving skills to address issues
• Ability to exercise discretion, and apply independent judgment and well-developed critical thinking skills in execution of assignments and projects
• Good business judgement and ability to solve complex issues with pragmatic solutions
• Programming and other analytical experience required (Examples: Python, VBA, C#, SAS, R, Python, SQL, Power BI) will be an added advantage
• Understanding and experience of IFRS and IAS standards would be an added advantage
• Proficient understanding of IFRS principles and reserving methods for P&C (re)insurance business
• Experience using actuarial reserving and statistical software
Applicants shall be holders of a;
• 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 4 years of experience in reserving.
• 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.
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
Applicants must also have:
• Strong communication skills for conveying complex actuarial concepts to diverse audiences.
• Proficient in applying mathematical and statistical techniques to transform data into actionable insights.
• Effective problem-solving ability to address issues in the reserving process.
• Independent project management skills to coordinate and execute tasks efficiently.
• Analytical mindset for accurate assessment of data patterns and parameters.
• Sound judgment and critical thinking for solving complex issues pragmatically.
• Proficiency in programming languages and analytical tools for enhanced efficiency.
• Understanding of IFRS principles and reserving methods for P&C re/insurance business.
• Proficient in English communication; French proficiency is an added advantage.
Interested candidates for this position are requested to visit the Africa Re website (https://www.africa-re.com/career) to complete the employment form and upload their curriculum vitae.
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.
The deadline for submission of interested candidates’ application shall be May 31, 2024.
