Insurance Risk Manager

About You and the Role:

The Risk Management Function is central to Enstar’s governance and decision-making. It supports key regulatory and business deliverables, including solvency assessments, model validation, risk reporting and independent reviews of strategic initiatives and transactions. Reporting to the Head of Insurance, Model and Transaction Risk & EMAL CRO, the Insurance Risk Manager is responsible for leading the delivery of material insurance and model risk activities, translating detailed analysis into independent second-line conclusions and recommendations. The role manages defined areas of the Insurance Risk plan, exercises judgement over the scope and depth of reviews, and escalates material matters to the Head of Insurance & Model Risk.

The successful candidate will lead significant workstreams with limited supervision, determine the appropriate analytical approach within agreed parameters, and be accountable for the quality and timely delivery of conclusions and recommendations. The role will coordinate input from analysts and subject matter experts and will escalate material judgements, limitations and differences of view to the Head of Insurance & Model Risk. Insurance risk includes capital adequacy, reserving, underwriting and reinsurance credit risk. The role requires strong quantitative judgement, a practical understanding of insurance and actuarial matters, and the ability to convert detailed analysis into concise conclusions and recommendations.

What you will be doing:

Insurance Risk Management

• Manage the delivery of agreed components of the Insurance Risk plan, working closely with the Head of Insurance & Model Risk, entity CROs and regional risk teams.
• Independently assess capital adequacy, reserving, underwriting and reinsurance credit risks, identifying material issues and providing proportionate, evidence-based challenge to the first line.
• Manage quarterly second-line reviews of reserving movements, concentrations and emerging experience, including setting the review scope, coordinating analysis, challenging key assumptions, reviewing supporting work and recommending matters for escalation.
• Maintain insurance risk monitoring and reporting against the approved risk appetite framework, recommend enhancements to metrics and thresholds, and escalate where required.
• Plan and lead deep-dive reviews into material or emerging insurance risk topics, agreeing scope, completing analysis and presenting practical recommendations.
• Support the development of the Insurance and Model Risk frameworks, policies and standards, and manage their implementation and consistent application across assigned activities.

Model Risk Management

• Plan and lead model validation workstreams covering internal capital, reserving, forecasting and other material financial models, including review of data, methodology, calibration, implementation, controls and outputs.
• Determine the detailed testing approach for assigned validations, review testing performed by analysts and form initial findings and recommendations for escalation.
• Implement and monitor the Model Risk Management framework across assigned activities, maintaining relevant model inventory, classification, validation-planning and issue-tracking information and recommending enhancements as necessary.
• Coordinate with model owners, subject matter experts and external validators, following findings through to agreed resolution and escalation where required.
• Support validation activity linked to Lloyd’s and other regulatory submissions, ensuring work is well evidenced and delivered to required standards and deadlines.

Transactions and Strategic Initiatives

• Lead assigned Insurance and Model Risk workstreams within transaction reviews, coordinating analysis and specialist input and escalating material issues as needed.
• Assess complex or unfamiliar structures using relevant actuarial and financial analysis, identifying key assumptions, downside exposures and areas for further challenge.
• Prepare concise risk opinions and recommendations for senior management, committees and Boards, ensuring conclusions are supported by clear evidence.
• Monitor completed transactions against original expectations and identify material changes in the risk profile.

Stress and scenario testing

• Lead individual stress and scenario-testing exercises within the methodology and agreed priorities, including coordinating inputs, revie…