What is your current role, and how did you end up in it?
I am the chief actuary of Markel International, the international arm of Markel Corporation. I joined Terra Nova in 1997 as a part-qualified actuary and qualified in 1999. In 2000 Markel bought Terra Nova and the next few years were hectic as we restructured the business into a single syndicate – from seven – and an insurance company, with a team of underwriters accessing capacity from both. I was actively involved in this and, in 2003, was made chief actuary. Since then we have added capital modelling and catastrophe management to the team and I joined the Board in 2008.
What is the defining moment of your career to date?
The acquisition of Terra Nova by Markel is really what has defined my career. This is a great company to work for; if you work hard and communicate openly and honestly, without any politics, then the opportunities keep coming. I guess that’s why I am lucky enough to have been here so long. Had things turned out differently I imagine I would have changed jobs more often. Solvency II has had a significant impact on my role in the last five years and not always in a completely positive way. But today we are reaping the benefits as we now have an approved internal model, so we can the project behind us and get on with using it from day-to-day.
In your opinion, what prepared you best to take on a Chief Actuary role?
The maths degree and the exams are taken as read. When I was at school I did some amateur dramatics and musicals and I think this prepared me well for presenting at some of the more lively reserving meetings that we had with our new owners after the acquisition. I think this helped me stand out as an actuary that people were happy to deal with and one who is happy to deal with people.
What is the biggest challenge you face as Chief Actuary within this market?
Our challenge as actuaries is to deliver a valuable and cost-effective service to our employers whilst also meeting an increasing list of regulatory demands, including the legacy of Solvency II, which are not visible to the underwriters on the front-line. At the same time we know that developments in data and technology are both threatening actuaries’ traditional methods and creating opportunities and challenges that I believe we are well-equipped to meet. I believe that as a profession we should be challenging our traditional methods in the same way that Steve Jobs and Elon Musk challenged the status quo in their industries.
In 2016 what is your aim for defining the actuarial and analytics division within your firm?
To make the work we have done on Solvency II deliver performance benefits to the company; to help our underwriters deliver our target of sustainable profitability; to do both of these whilst delivering good value for money.
When did you first join the Institute & Faculty of Actuaries, and what advice would you give to those students looking to emulate your career path?
I joined the institute in 1994. My advice would be to find an organisation with strong balance sheet and culture that fits yours and then get your head down.
If you had your time again, what would you do, career-wise?
Teach maths and run the first XI cricket team at a school in the country.
Please share your favourite piece of trivia with our readers!
Everyone knows that the Great Fire of London started on Pudding Lane. Did you know it was finally put out at Pie Corner?
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