Chief Pricing and Reserving Actuary

Date: 1 Dec 2025

Location:

Sandton, Gauteng, ZA

Company: Sanlam Group

What will you do?

This role will be in the Santam Re & International business unit, based in Cape Town. This suitably qualified and experienced individual is responsible for the following for all operational geographies: leading all actuarial functions relating to pricing, reserving and portfolio risk assessment for all classes of non-life reinsurance business. The role requires a combination of technical actuarial acumen, strategic thinking, and a desire to innovate through the optimal use of data for insightful decision-making. The Chief Pricing and Reserving Actuary will ensure that the business remains sustainably profitable, sufficiently reserved across all classes and geographies, that its policies and procedures are best in class, and that the outcomes are principally aligned with the Santam Group’s internal model.

What will make you successful in this role?

Pricing Leadership

Design, implement and refine pricing frameworks for inward treaty reinsurance at a class of business level.
Model and monitor the expected performance and actual margin on new business and strategic partnerships per underwriting year.
Maintain a good understanding of current market conditions as well as the impact of same on technical pricing and required margins to achieve our return on capital target.
Work with the corporate brokers supporting strategic partnerships to obtain CAT model outputs and calibrate pricing reviews around same.
Support the underwriting team through the new business and renewal cycles to ensure that written lines go out on time.
Use of appropriate AI / ML / RPA tools to support better decisioning through improved processes which produce fresh insights.
Clear communication of business performance to the EXCO team to support agile decision-making.
Ownership of the Santam Group’s internal buydown pricing program and the negotiation of the terms of these arrangements on behalf of the Santam Re & International team.

Reserving Leadership

Design, implement and refine existing reserving methodologies to align to best in market practices.
Lead the quarterly reserve sufficiency and stress testing exercise to ensure that the business maintains sufficient reserve stock. This entails reviewing the sufficiency of (amongst others) IBNR, IBNER, ULAE per class of business, per cedent, per territory and per underwriting year to ensure that the business is adopting an appropriate tail risk profile for each cedent.
Ensure the accuracy and alignment of the reserving data in the underlying source systems with the values reported by the finance team.
Use of appropriate AI / ML tools per class of business, per territory to evaluate claims development patterns and late emergence trends.
Development of a reserving dashboard which provides additional insights into: reserve stock per cedent, modelled vs. actual margin to date, claims development vs. expected run off pattern, etc.
Support the finance team with the calculation of the IFRS 17 technical reserves monthly to ensure accurate financial reporting.
Close collaboration with the finance team to develop an internal cost allocation model to drive insights at a cedent level down to net insurance result.

Group Engagement

At least quarterly engagement with the GCUO and GCRO regarding pricing and reserving projects, as well as upcoming focus areas and overall business performance.
Work closely with the Group CRO’s office to ensure that the business remains sufficiently reserved and that modelled outcomes are principally aligned with the Santam Group’s internal model.

Governance, Compliance and Controls

Ensure that a sound system of internal controls is in place over all processes within functional areas.
Ensure that standard operating procedures are documented for all core functions within the pricing and reserving teams, including the preparation of a risk and control matrix in collaboration with the Governance and Compliance Manager.
Collaborate with internal and external assurance providers through the respective reporting cycles, as required.

Qualifications and Experience

You are a Fellow of the Actuarial Society of South Africa (FASSA) with at least 10 years of post-qualification experience, in progressively senior roles.
You have deep experience in non-life insurance pricing and reserving (ideally non-life reinsurance) and have a deep understanding of all classes of non-life reinsurance.
You have strong analytical and problem-solving skills, with the vision to see solutions beyond current system / process capabilities.
You have implemented AI / ML / RPA solutions which have achieved the required outcomes in either pricing or reserving for a reinsurer / non-life insurer.
You have a strong command over actuarial pricing and reserving tools used in non-life reinsurance or primary insurance businesses.
You are technically strong in IFRS 17, Solvency II and can explain complex concepts at all levels – from senior management to new career entrants.
You have excellent communication and presentation skills and enjoy working cross-functionally building relationships across an organisation.
You can adapt, and thrive, in a fast-paced and evolving environment where you will need to roll up your sleeves.
You have a proven track record of delivering meaningful, impactful work throughout your career.

About us

Santam Re & International is a treaty underwriter offering capacity across multiple lines of business including property, motor, engineering, casualty and marine. We write on our own A- rated paper and have lines in Africa, Asia, India, Central and Eastern Europe, China, and Turkey. Santam Re & International operates as a division of Santam, South Africa’s leading short-term insurance company and a certified Top 5 employer in 2025.