Risk Manager

Who we are

GIG Gulf (a Fairfax company) is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer in the Middle East and North Africa, with presence in 12 markets including the United Arab Emirates, Bahrain, Oman, Qatar, Saudi Arabia, Algeria, Egypt, Iraq, Jordan, Kuwait, Lebanon, and Turkey. GIG Group reported consolidated assets of US$ 4.01 billion and $84 million net profit for the year 2024. The majority shareholder of GIG Group is Toronto based Fairfax Financial Holding, a global leader in insurance and reinsurance with a presence in 40 markets.

GIG Gulf is an 'A' rated regional insurer with a top 5 position in each of its markets (UAE, Oman, Qatar, Bahrain). GIG Gulf has been present in the region for over 70 years with a strategic focus on both growth and investments and is a one stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs and individual customers throughout UAE, Oman, Bahrain, and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi. Our strategic objectives and guiding principles are focused on Regional Growth, Customer Experience and Digital Transformation.

GIG Gulf has created a diverse and inclusive working environment and culture with a workforce of over 800 employees, with over 60 nationalities, across 15 branches and retail shops region-wide and over 1 million customers. GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. We are obsessed with customer feedback and continuously evolving to become the region's digital insurer of reference, committed to running our operations in a responsible, sustainable way.

Job purpose:

To contribute and to develop risk management activities across different risk areas. Primary focus would be on Insurance risks (Reserving, Reinsurance, Underwriting and Product reviews) but also supporting on Financial and Operational disciplines to deliver a comprehensive risk framework to the business whilst being sensitive to the business requirements.

Key Responsibilities:

• Conduct a 2nd opinion on reserves for Life and P&C Lobs to ensure the appropriateness of reserves.
• Conduct pricing peer reviews and sensitivity analysis exercises on large deals and new products.
• Perform stress tests on different risk factors to set risk appetite limits and regularly monitor exposure against these limits.
• Update, maintain and develop stochastic models for CAT and Large losses for the purpose of reinsurance modelling, pricing, and optimization. Provide quantitative and qualitative output to support the Risk management 2nd opinion on reinsurance.
• Contribute to financial risk management activities such as Assets Liability Matching, Credit Risk Assessment, and liquidity monitoring.
• Support on a need basis the internal control and operational risk activities.

Operational & Technical Responsibilities:

• Challenge on technical, actuarial, financial, operational and reinsurance topics and express valid arguments to support findings, opinions and recommendations.
• Proactively suggest pragmatic solutions to enhance operations and business.

Essential Requirements:

• Actuarial background or graduate in any discipline preferably mathematics, statistics, or engineering.
• 1-3 years as actuary, Risk Manager, or holding a technical function in an insurance or reinsurance company or in a consulting environment.
• Sound knowledge of actuarial concepts and analysis.
• Strong skills on actuarial modelling and coding on R and VBA.
• Relationship Management skills to deal with the different stakeholders locally (Actuarial, Finance, Reinsurance, and Underwriting teams) and across the Group.
• Ability to identify the salient points in complex topics and formulate clear and straight to the points communication to business executives.
• Ability to understand and utilize established solutions and various new tools and systems.
• Detail oriented and at the same time have the global picture in mind.
• Highly motivated and able to work on various projects, in a highly demanding environment with various stakeholders.
• Excellent communication and presentation skills both verbal and written.
• Team player.