We’ve got a position available for a solvency and reserving actuary
Company: Porcupine Union
Purpose of position:
Be responsible for the calculation and oversight of technical provisions, solvency capital requirements (SCR), and related regulatory actuarial deliverables in accordance with the Prudential Standards under the South African Insurance Act. The role requires detailed experience in non-life insurance and strong command of actuarial reserving methodologies, regulatory capital modelling, and actuarial governance.
Responsibilities:
- Perform and sign off on reserving calculations for statutory, regulatory, and internal financial reporting purposes
- Monitor and validate technical provisions in line with IFRS 17, SAM, and ORSA requirements
- Produce and maintain actuarial reserving models and ensure proper documentation
- Contribute to the calculation of the Solvency Capital Requirement (SCR) using the standard formula or partial internal model
- Provide inputs and support to the Own Risk and Solvency Assessment (ORSA) process
- Assist in reinsurance optimization analysis and its impact on solvency and reserving
- Engage with auditors, regulators (PA, FSB), and internal stakeholders (finance, underwriting, risk)
- Contribute to the development and maintenance of actuarial policies, including reserving and data quality policies
- Provide actuarial input into pricing and product development from a capital and reserved perspective
- Mentor junior actuarial staff and review their work.
Requirements:
- Fellow of the Actuarial Society of South Africa (FASSA) or equivalent international qualification
- Minimum 5 years’ post-qualification experience in a non-life insurance actuarial role
- Deep understanding of non-life reserving techniques (e.g., Chain Ladder, Bornhuetter-Ferguson)
- Strong knowledge of South African regulatory frameworks, including SAM, IFRS 17, and the Insurance Act
- Proficient in actuarial modelling software (e.g., ResQ, Prophet, R, Python, Excel)
- Experience in building and validating solvency capital models is advantageous
- Strong report writing and communication skill
- Ability to work independently and manage competing priorities under tight deadlines
Skills and Attributes:
- Prior experience engaging with the Prudential Authority or conducting sign-off actuarial functions
- Knowledge of economic scenario generators, stress and scenario testing methodologies
- Ability to interpret complex data and present insights to executive and board stakeholders
- Demonstrated leadership and mentorship capability
Should you not receive any feedback within ten (10) working days after the closing date, please accept your application as unsuccessful.
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