SUMMARY:
A prominent and innovative cell captive insurer based in Johannesburg is seeking an experienced Company Actuary to lead its actuarial function.
POSITION INFO:
Senior Short-Term Actuary (Cell Captive) - Johannesburg, Gauteng – Market Related
Industry: Non-Life Insurance / Cell Captive
Reporting To: Chief Executive Officer (Functional line to Chief Financial Officer)
Executive Summary
A prominent and innovative cell captive insurer based in Johannesburg is seeking an experienced Company Actuary to lead its actuarial function. In this high-impact position, you will drive strategic oversight, technical governance, and operational excellence across all cell captive arrangements. Serving as the internal technical authority, you will collaborate with external statutory actuarial consultants to maintain regulatory alignment with the Prudential Authority, oversee SAM capital modeling, and lead IFRS 17 standards.
Key Responsibilities
- Actuarial Governance: Serve as the internal primary interface for actuarial governance, collaborating with external statutory actuarial consultants on regulatory submissions, capital calculations, and reports for the Prudential Authority.
- Pricing & Structure: Evaluate and refine pricing models for new and existing cell captive arrangements to ensure financial viability, competitive positioning, and optimal risk-adjusted returns.
- Technical Reserving: Lead the technical calculation of actuarial liabilities, technical provisions, and unearned premium reserves across all business lines in compliance with regulatory and IFRS 17 frameworks.
- Capital Modeling: Oversee Solvency Assessment and Management (SAM) requirements, calculating Solvency Capital Requirements (SCR) and Minimum Capital Requirements (MCR) while maximizing capital efficiency for cell owners.
- Reinsurance & Risk Strategy: Assess and optimize reinsurance structures and risk-retention strategies to protect capital and ensure long-term cell stability.
- Financial Integration: Partner with the CFO and finance team to refine actuarial assumptions, discount rates, and Contractual Service Margin (CSM) calculations under IFRS 17.
- External Consultancy Oversight: Oversee external actuarial consultancies holding statutory sign-off authority, managing scopes of work, deliverables, and performance for outsourced valuation functions.
- Strategic Executive Advisory: Provide actuarial insight and guidance to executive leadership and cell partners to develop custom risk solutions.
- Team Leadership: Provide direct management to 1–2 internal technical analysts while overseeing external modeling partners.
Qualifications & Requirements
- Actuarial Credential: Fellow of the Actuarial Society of South Africa (FASSA) or equivalent international qualification (FIA / FFA / FCAS).
- Educational Background: Postgraduate degree in Mathematical Statistics, Financial Mathematics, or Quantitative Risk Management is advantageous.
- Relevant Experience: Minimum 6–8 years of post-qualification actuarial experience, ideally focused on short-term (non-life) insurance or cell captive structures.
- Regulatory & Technical Expertise: Proven background in Prudential Authority regulatory reporting, SAM capital modeling, technical reserving, and IFRS 17 execution.
- Software & Tooling Proficiency: Experience in statistical modeling, pricing analytics, and tools such as Python, R, ResQ, or Prophet.
- Professional Competencies: Strong executive communication, stakeholder management, strategic thinking, high ethical standards, and adaptable leadership.
Working Conditions & Work Environment
- Location: Based in Johannesburg, Gauteng.
- Travel Requirements: Occasional travel for executive meetings, cell partner consultations, and regulatory engagements.
- Working Hours: Standard working hours with flexibility required during valuation cycles, statutory audits, and key reporting deadlines.
