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Manulife’s Reinsurance Operations (Manulife Re) in Barbados provides service in the Affiliate Reinsurance and Property and Casualty Retrocession lines of business. Manulife Re writes business worldwide from our office in Barbados through three legal entities – Manufacturers Life Reinsurance Limited (MLRL), the Barbados Branch (BBD Branch), and Manufacturers Property & Casualty Limited (MPCL).
The Barbados Life Operations reinsures affiliate business from our Asia partners (primarily Japan and Singapore) to assist Manulife’s global businesses in aligning their local capital requirements, accounting and risk management objectives with that of the global parent. MLRL is a profitable and quickly-growing operation, with US$400 million in expected annual net earnings and US$25 billion in assets under management at year-end 2022.
MPCL offers third-party retrocession coverage and provides a valuable service to its clients, offering customer-focused solutions to help them manage the earnings volatility that results from large catastrophic property and aviation events. MPCL is a thriving business that generates expected annual net earnings of approximately US$60 million.
The AVP & Actuary is the intended successor to the Chief Financial Officer, MLRL of the Barbados Life Reinsurance team located in Bridgetown, Barbados. The role provides an excellent opportunity to help manage the fast-growing business within MLRL. Under the direction of the Chief Financial Officer, MLRL, the AVP & Actuary manages the pricing of the various affiliate Life Insurance and Wealth product transactions, supports ALM and legal entity risk and capital management, and leads projects on actuarial and financial reporting for both Life and P&C sides of the business as well as to help develop Barbados actuarial talent.
The AVP & Actuary is accountable for the actuarial function in Barbados, including general oversight of pricing and risk management activities. The AVP & Actuary will lead the design of new affiliate reinsurance transactions for Manufacturers Life Reinsurance Limited and the Barbados Branch customized to meet the specific needs of the business unit, and amending existing treaties when appropriate. The AVP & Actuary is accountable for the monitoring and reporting of collateral requirements, as they impact the MLRL legal entity. The AVP & Actuary will work with the CFO of MLRL who is responsible for investment and risk management and for monitoring the performance of the affiliate reinsurance. The AVP & Actuary is also involved in the actuarial functions for MPCL, the Property and Casualty Retrocessionnaire (New Business Plan, return on capital and profitability reporting, special case pricing) ensuring accuracy and appropriateness.
Reporting to the Chief Financial Officer, MLRL, a challenging opportunity currently exists for an AVP & Actuary who can work independently, manage cross-segment working groups and is an out-of-the-box thinker who can find win-win solutions to unique problems. The position is a unique combination of pricing, financial reporting, and risk management responsibilities.
- Manage legal entity integrity and pricing processes/methods for the various affiliate Life Insurance and Wealth transactions on an arm’s length basis to ensure they meet Manulife’s reputation risk and transfer pricing standards.
- Validate the appropriateness of models, pricing methodologies and assumptions used in the pricing of the affiliate transactions in accordance with Pricing standards, Underwriting and Related Party Transactions policies.
- Lead annual review of Underwriting, Investment, and other legal entity policies to enhance pricing and risk management oversight. Propose policy changes to legal entity management and Board of Directors.
- Interact/negotiate with senior management of other Manulife business units in Asia, structuring transactions either on a structured or full risk basis, crafting treaty language and ensuring that ALM, tax and accounting issues are appropriately addressed and documented.
- Maintain oversight of all MLRL and BBD Branch treaties, legal documents and internal approvals to enhance annual Audit and OSFI B3 reporting.
- Monitor the ongoing performance of the legal entities and in-force transactions by reviewing quarterly earnings and remittances. Work with clients in the other Segments (mainly Asia) to enhance remittances and resolve any issues that arise.
- Collaborate with ALM and Investment teams to execute strategies facilitating implementation of Asia investment strategies, while optimizing the risk-return trade-off.
- Proactively seek and implement solutions to measure, manage and address risks facing the business, including market, underwriting, product and tax risks.
- Take a lead role in quarterly management reporting including ALCO, Investment Committee and Board of Directors, seeking to enhance the value of information provided.
- Lead pricing and financial analysis/projects for P&C business as required.
- Develop expertise on the pricing, valuation and capital standards applicable to the Manulife Group and for jurisdictions applicable to affiliate business.
- Demonstrate leadership in functional and business capacities. Support and develop Actuarial staff on various Life reinsurance and P&C pricing projects.
- Interact with local regulator and industry groups on changes to regulatory and tax frameworks that impact the business.
What motivates you?
- You obsess about customers, listen, engage and act for their benefit.
- You think big, with curiosity to discover ways to use your agile approach and enable business outcomes.
- You thrive in teams and enjoy getting things done together.
- You take ownership and build solutions, focusing on what matters.
- You do what is right, work with integrity and speak up.
- You share your humanity, helping us build a diverse and inclusive work environment for everyone.
What can we offer you?
- A competitive salary and benefits packages.
- A growth trajectory that extends upward and outward, encouraging you to follow your passions and learn new skills.
- A focus on growing your career path with us.
- Flexible work policies and strong work-life balance.
- Professional development and leadership opportunities.
Our commitment to you
- Values-first culture
We lead with our Values every day and bring them to life together.
- Boundless opportunity
We create opportunities to learn and grow at every stage of your career.
- Continuous innovation
We invite you to help redefine the future of financial services.
- Delivering the promise of Diversity, Equity and Inclusion
We foster an inclusive workplace where everyone thrives.
- Championing Corporate Citizenship
We build a business that benefits all stakeholders and has a positive social and environmental impact.
About Manulife and John Hancock
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Asia, Canada, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. At the end of 2022, we had $1.3 trillion (US$1.0 trillion) in assets under management and administration, including total invested assets of $0.4 trillion (US $0.3 trillion), and segregated funds net assets of $0.3 trillion (US$0.3 trillion). We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.
Manulife is an Equal Opportunity Employer
At Manulife/John Hancock, we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals. We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour, ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.
It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process. All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife/John Hancock policies. To request a reasonable accommodation in the application process, contact firstname.lastname@example.org.