Head Actuarial Services – Waica Reinsurance Corporation Plc


VACANCY ANNOUNCEMENT: Head Actuarial Services


Introduction of the Corporation WAICA Re is one of the fastest growing reinsurance companies in Africa. WAICA Re is headquartered in Freetown (Sierra Leone) and operates through four (4) Regional Offices across Africa namely Lagos (Nigeria), Accra (Ghana), Abidjan (Cote d’Ivoire) and Tunis (Tunisia). It also has four (4) Subsidiary Companies namely, WAICA Re Zimbabwe Limited in Harare (Zimbabwe), WAICA Re Kenya in Nairobi(Kenya), an investments company namely WAICA Re Capital, Accra (Ghana) and WAICA Re (United Kingdom). WAICA Re is rated by A.M. Best with a Financial Strength Rating of B+and a long-term Issuer Credit rating of “bbb” with a stable outlook.

Re announces the vacancy of the position of Head Actuarial Services to be based in any of our operating countries.


Job purpose

The Head Actuarial Services role is responsible for managing the Actuarial function of the Group supporting both life and non-life Departments. The work will include providing specialist support of the valuation process and provide insights on the Group risk financial results and performance, while ensuring appropriate controls. The Head Actuarial Services reports to the Group Chief Finance Officer.


Job duties and responsibilities

  • IFRS development and implementation through supporting and providing guidance on various elements of IFRS 17 development for the corporate business including data and infrastructure development, policy and methodology formulation, transition calculations, actuarial modelling support, actuarial and finance process enablement
  • Develops rates, rating plans and pricing strategies using actuarial techniques and competitive analyses
  • Develops product pricing levels, factors and methods to ensure premium and revenue flow and profit margins for the various product lines consistent with corporate strategic goals.
  • Applies actuarial methods and principles to obtain rate indications, complete projects, analyse results and make recommendations
  • Proposes improvements in the accuracy and sophistication of pricing and forecasting models
  • Research on emerging trends, competitive conditions and operational changes
  • Assists with evaluating loss and loss adjustment expense reserve adequacy
  • Reconciles data used in pricing and reserving models to Company financial data
  • Manage Actuarial Department to ensure department goals and objectives are met.
  • Provide the Group with actuarial valuations of the impact of any proposed new product designs on an as-needed basis.
  • Provide the Group with regular and ad hoc reports which communicate current and future near- and long-term projections of financial performance of the various product lines to facilitate corporate decision and the development of corporate strategies and goals.
  • Works with the Finance Department to develop reserve amounts for premium deficiency reserves on a regular or as-needed basis.
  • IBNR calculations and Data Analysis.
  • Provide specialist support of the valuation process and provide insights on the group risk financial results and performance, while ensuring appropriate controls, including market consistent embedded value, Analysis of surplus and embedded value, solvency capital calculation and earnings at risk
  • Develop and maintain tools to analyse actuarial data and results to enhance management reporting


Candidate Profile


Qualified Actuary Institute



  • 5+ years’ relevant actuarial experience.
  • Experience in non-life and life insurance valuations
  • Knowledge of IFRS1 7
  • Prophet, DCS, VBA, SQL or any other program knowledge would be advantageous



  • Strong technical skills and attention to detail
  • Ability to communicate effectively to diverse technical and non-technical audiences
  • Ability to collaborate effectively
  • Ability to work on a range of deliverables
  • Ad-hoc projects: Support the delivery of relevant projects objectives.


Application Procedure

Interested Candidates for this role shall be required send an Application letter and a CV to vacancies@waicare.com. CVs will be shortlisted as soon as received Closing date for application: 15 February 2022

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