About the LH1 Madrid Hub (LH1 MAD)Together with the Hubs in Munich and London, LH1 MAD forms the Life and Health 1 division of Munich Re, LH1 MAD aims to become an increasingly relevant player in the generation of new business for Munich Re through its initiatives in Southern Europe and Latin America, while maintaining its stable and profitable portfolio in the region.To achieve its ambition, LH1 MAD has focused its growth strategy on scaling the traditional Protection business in Life and Health, shaping it via Business Transformation (Automated UW, B2B2C Cooperation Models, and Product Development), and expanding its Financial Reinsurance solutions across the region.The Risk and Pricing department based in Madrid is responsible for providing LH1 MAD with best-in-class actuarial and risk management services, ensuring the Hub’s rapid growth occurs sustainably and in line with the Group’s underwriting guidelinesAbout the roleThe Risk Consultant works closely alongside colleagues in LH1 MAD, the LH1 Risk Management team, and within Munich central functions in strengthening the LH1 Madrid’s Actuarial and Enterprise Risk Management capabilities.In addition to this, they will support the ongoing production of internal reports required, such as the Annual Risk Report, The Market/Deal Assessment processes and Operational risks analysis.LH1 MAD has a regional responsibility along the Southern Europe (Spain, Portugal, Italy, and Malta) and Latin America, with close contact with the offices of MR in Milán, Malta, Sao Paulo, Bogota and Mexico City. This responsibility encompasses all Life and Health Protection and Financial Reinsurance contracts. The collaboration with Non-Life is relevant as all MR offices operate under the one-roof concept, especially with the local compliance officers, but RM is not responsible for the compliance processes.The position will be based in Madrid.Your Job Actuarial Risk ManagementReview of large and complex transactions, especially with respect to financial, operational, legal and reputational risk, in line with the defined risk appetite.Review changes to pricing bases, product designs and pricing toolsWorking collaboratively with other LH1 Risk Management units on projects and reviewsEnterprise Risk ManagementRisk reporting to LH1 CRO,



LH1 MAD management and central functionsInternal business governance activity within LH1 MADDelivery of the operational risk management frameworkReview and assessment of other risk types e.G. market, credit, reputation, concentration, liquidity etc.Second line treaty wording review General Risk ManagementSupport the LH1 MAD to write and maintain profitable commercial business and innovation initiatives, in line with the business strategy and risk appetite, acting as a Business/Risk PartnerPromote Risk Management principles, develop the LH1 MAD risk strategy, and communicate and raise awareness of Risk Management within the regionMaintain and improve the LH1 MAD risk management framework, policies and processesDevelop the LH1 MAD risk strategy and appetite including product limits, striking the balance between risk guidelines and commercial demandsPeriodically represent Risk Management in special initiatives (e.G. product developments and business improvements)Be a point of reference for the business for guidelines and control processesYour profileEssentialAt least basic knowledge and experience of the following areas:University graduate or equivalent; qualified actuaryExperience in Actuarial Risk ManagementLife pricing experience, in particular areas of Life Protection, Health and Reinsurance StructuringConfidence and diplomacy to challenge peers and manage upwardsEffectively dealing with senior stakeholdersAbility to build an understanding of internal and external client strategy and needsAt least basic knowledge and experience of Enterprise Risk Management methodologies and frameworksExperience delivering projects and flexible working styleCommercial awareness and pragmatism; and diplomacy andtactQuestioning nature / intellectual curiositySelf-awareness, ability to act on constructive feedbackVery good English proficiency, Spanish would be a plusDesirableA postgraduate qualification in insurance or risk management (e.G. CERA)Significant experience in the LH insurance market,



preferably in reinsurance, risk management, pricing or consultingUnderstanding of key features of a reinsurance contractGood knowledge of the protection market’s key products and featuresUnderstanding and familiarity with a range of Reinsurance Structuring solutionsUnlock your potentialDiversity, Equity & Inclusion: we embrace the power of differences and are convinced that diversity fosters innovation and resilience and enables us to act braver and better.Continuous Learning: we believe that continuous learning is a key differentiator and critical for building new skills and accelerating growth.Career Mobility: we actively support career mobility, and our strong global and regional presence offers a wealth of career growth opportunities for you.Rewards & RecognitionCompetitive salary: appropriate compensation for your high level of commitment.Retirement provision: state of the art in-house pension solutions.Work-life balance: promoting the compatibility of family and work in addition to overall work-life balance.Health management: focus on your physical and mental health far beyond legal requirements. Hybrid working: we offer you a very adaptable approach.* Munich Re not only stands for fairness with regard to its clients; it is also an equal opportunities employer. Severely disabled candidates will also be prioritized, if equally qualified.Diversity, Equity & InclusionAt Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographicbackgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

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