Zoe Bolton, from Bolton Associates, interviews Jon Tilman, Charles Taylor Managing Agency
What is your current role and how did you end up there?
I’m currently Chief Actuary at Charles Taylor Managing Agency, a new Lloyd’s managing agent. We have The Standard Syndicate, a specialist Marine & Energy insurer, under management right now but our aim is to become a major “turnkey” operation managing several syndicates. I’d always worked at large companies before but the chance to be in at the beginning and grow a business was too good an opportunity to pass up. 2016 should be an exciting time for us.
What’s been the defining moment of your career so far?
I think that would have to be my three year secondment to the US with The Hartford just before the Millennium. It was my first global role and set me up for everything that came afterwards. It was culturally very interesting as well, what surprised me was how much you learn about your own culture when you can observe it from a distance.
What has prepared you best for a CA role?
I’ve always seen myself more as a business person than an actuary really. During my career I’ve always taken on different roles – I’ve worked at a reinsurer, broker, consultancy, insurer and now at a Lloyd’s managing agent. And with the new Chief Actuary Practising Certificate that’s just been introduced, breadth of experience is a must.
What’s your biggest challenge as CA in this market?
I would say there are two dominant features at the moment. The first is the continuing soft market and in this environment analytics and risk selection become so important. We’re lucky in that The Standard Syndicate is backed by The Standard Club, one of the oldest P&I Clubs, with a remit to provide products and services to its high quality membership. So there’s a strong alignment of interests which means we should outperform. And the second is coping with the ever-increasing volume of regulation. We’re only ever asked to do more; things are never taken off the list.
In 2016 what are you aiming to do with the actuarial function in your firm?
We realise that in the current market environment we can’t be satisfied with “market” performance, we have to do better. So making use of all possible data sources and translating that into better pricing analytics, risk selection and portfolio optimisation is a major objective this year. We’re also preparing for the day when we have additional syndicates under management so everything we set up now has to be future-proofed.
When did you join the Institute and Faculty of Actuaries and what advice would you give young actuaries?
I joined the Institute, as it was then, in 1986. My advice to young actuaries is always to get a breadth of experience and not to specialise in any particular field too early. When I was at Tillinghast, it always amazed me that student actuaries would leave to become the most junior member of a large team at a big firm. A consultancy is a great place to start because it gives you experience of many different types of projects working with a wide variety of knowledgeable people.
If you had your time again, what would you do career wise?
Well, I expect you want me to say an astronaut or something…..but I’m not going to!
Favourite item of trivia?
The fact that the 2nd, 3rd and 4th U.S. Presidents all died on the 4th of July. Amazing.
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