Group Actuary For a Large International Carrier

The client is a leading specialty (re)insurance group with operations in Lloyd’s and the London Market, supported by an overseas parent company. They maintain a global portfolio and have a team of 35 actuaries to lead reserving, pricing, and capital initiatives.

The client’s Group Actuary was retiring after 20 years, during a pivotal phase of modernising actuarial operations. The CFO sought a successor who could balance continuity with transformation, focusing on pricing innovation, reserving modernisation, and strategic collaboration with the parent’s global ambitions. The role required not only technical expertise but also exceptional leadership and cultural alignment to integrate into a newly formed executive team, including new leadership and several other changes.

The client sought candidates with transformational expertise and a record of leading change, especially in actuarial reserving. It was also critical to find a leader who could seamlessly adapt to the culture of the client and its parent company.

The client also wanted to prioritise diverse representation on the shortlist. However, the talent pool was limited by the fact that candidates at this level often view roles like this as lateral moves rather than promotions.

Another key consideration was the transition from a long-serving leader to a new appointee. The new hire needed to respect and build upon their predecessor’s legacy while bringing a fresh perspective to propel the organisation forward.

• Our team carried out rigorous research to identify a universe of 165 potential candidates, focusing on in-house actuaries and select management consultants.
• We conducted extensive stakeholder interviews to refine the ideal candidate profile, aligning it with strategic priorities.
• By leveraging market intelligence and precise messaging, we engaged candidates effectively, addressing their career motivations.
• The longlist comprised 44% female and 25% ethnic minority candidates, with the shortlist maintaining 40% female and 30% ethnic minority representation.
• Weekly client updates and psychometric assessments provided clarity and momentum, ensuring alignment at every stage.

• The longlist featured 16 individuals, with a strong focus on leaders from Lloyd’s and international insurance markets.
• The final shortlist of 10 included a chief actuary known for innovative predictive analytics integration and a global head of actuarial respected for leading large-scale actuarial transformations across EMEA.
• The appointed candidate was a head of reserving, recognised for her strategic leadership and ability to modernise reserving practices.

The client’s first-choice candidate accepted the offer with a material package uplift. Her strategic vision and cultural alignment with the new leadership team were key factors in her appointment. Post-placement feedback has confirmed her transformative impact, particularly in fostering collaboration and driving process modernisation.

While the offer was extended and accepted within three months, the timeline was extended because our client chose to wait for the candidate’s bonus payout from their current employer before asking them to resign. This approach carried risks, including potential reconsideration, changes in personal circumstances, or the candidate being offered increased responsibilities by their employer. Our careful communication and regular engagement ensured a successful outcome.