Description General Insurance Risk Specialists, Insurance Directorate The General Insurance Risk Specialists (GIRS) department’s principal function is to provide broad and deep understanding of the prudential risks posed to the Prudential Regulation Authority (PRA) by general insurers and reinsurers. Our principal aim is to help ensure that general insurance firms and groups are adequately controlled and capitalised. The department is composed of qualified and part qualified actuaries and technical insurance risk specialists. The department leads on general insurance risk monitoring and assessments associated with underwriting, reserving, capital, catastrophe risk, exposure management, reinsurance, cyber, market risk and Part VII transfers. GIRS plays a central role in a number of exciting initiatives, such as: the Bank’s climate change work; the introduction of Solvency UK; Dynamic General Insurance Stress Tests. This an exciting time to join the Bank and we are looking for candidates keen to make an impact. Job Description The Reinsurance Risk Technical Specialist role requires working closely with other Risk Specialists / Subject Matter Experts, Supervision and Policy colleagues, building relationships with other areas of the Bank where appropriate. This is to ensure we are able to assess the risks that firms and their activities within the market present to our statutory objectives. The specialised knowledge and thought leadership of Risk Technical Specialists is essential in ensuring suitable risk-based and proportionate regulatory responses, based on technical reviews, approvals or research are implemented. Our work is broad and varied and there are opportunities to get involved in a wide range of activities. The Bank of England promotes flexibility in our approach to hiring and we will right size the role to your preferred working pattern whether that is full time, part time, job share or flexible working. Examples of the activities that the Reinsurance Risk Specialist would be involved in include: Reviewing the effectiveness of outwards reinsurance risk management frameworks and governance. Producing and disseminating reinsurance risk assessments, technical guidance and recommendations to support firm supervision. Providing technical insight and guidance into how reinsurance protections are designed and expected to operate. Monitoring the trends and assessing the risks within the global reinsurance market. Reviewing the strength and contract clarity of outwards reinsurance contract wordings Assessing the financial strength and stability of reinsurance counterparties and collateral arrangements. Assessing the impact that outwards reinsurance has on underwriting performance, claim reserves, catastrophe loss estimates and regulatory capital requirements. Reviewing the reinsurance credit risk elements of internal models, including applications for model changes. Review, validation and analysis of regulatory reporting. Carrying out horizontal reviews across a number of firms within a sector. Working with the community of actuaries and technical networks to shape the regulatory approach to assessing interdependent and/or correlated insurance risks that impact multiple technical areas and aspects of firms’ business models. Potential to get involved with shaping emerging regulatory policy. Engaging with individual firms specifically, or a number of firms at industry events. Ad hoc projects such as reviewing Part VII Transfers, Actuarial Function Reports, stress testing and ORSA reports and other technical firm support required. Role Requirements Minimum Criteria Strong technical knowledge and experience across a range of reinsurance topics, such as reinsurance product coverages, reinsurance programme structure design and placement, risk management processes, contract wordings, counterparty assessments, credit risk modelling, reinsurance recovery processes, dispute resolution Strong problem-solving and analytical skills. Able to explain complex technical issues in a simple and accessible manner, using a combination of written, spoken and numerically-based communication approaches. Essential Criteria Strong relationship and stakeholder management ability, including experience of regular interaction with senior executives. Effective working autonomously and as part of cross-functional teams. Able to effectively multi-task across projects. Desirable Criteria Strong commercial awareness with 5-10 years insurance industry experience working in a variety of commercial environments. Understanding of the relevant regulatory frameworks and supervisory approach including Solvency II. Breadth of experience across roles and organisations. Ability to develop/coach more junior members of staff. A professional qualification is not essential but would be beneficial We will ensure that individuals with disabilities are provided reasonable adjustments to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Our Approach to Inclusion The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public. We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed. For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders. Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application. Salary and Benefits Information We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate. We offer a salary as follows: Leeds circa £77,920 - £89,000 London circa £86,580 - £99,900 In addition, we also offer a comprehensive benefits package as detailed below: A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year. A discretionary performance award based on a current award pool. A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits. Private medical insurance and income protection. National Security Vetting Process Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice. The Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis. The Application Process Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process. Closing Date: This role closes on 18th Feb 2025. The assessment process will comprise of two interview stages. Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.