Steve Mills Email & Phone Number

Hartlip, Kent

SSC Actuaries was the consultancy business that I ran while contracting.Ran through a dry run process for developing loss functions (via least squares Monte Carlo) for a major insurer, identifying where existing Excel and R tools and the instructions for using them needed to be improved if the process were to work successfully in a production environment. Designed, calibrated and validated listed equity, private equity, property and interest rate volatility internal models for a European insurer. This included identifying suitable data sources, performing statistical tests on data, unsmoothing autocorrelated returns, trying different distributions and calibration methodologies, separating volatility movements into principal components.Provided an Expert Witness statement.Helped an Independent Expert with the documentation of Internal Expert and Supplementary Reports on two Brexit-related Part VII transfers.Supported a credit risk team on internal model development. Documented mortgage credit risk model, mortgage fair value methodology, mortgage rating model. Designed & actioned test plans for bond spread calibration model, mortgage spread/migration model and the model that calculated the matching adjustment following stress (and portfolio rebalancing). Designed a new approach to validating capping of mortgage spread stresses.Helped a major insurer understand impact on credit risk capital as a result of changes to the modelling methodology for transitions and defaults.Developed a number of internal model modules for a major insurer. This included design, calibration, testing, benchmarking and documentation of equity, interest, credit spread, default/migration and persistency models.Supported an annuity provider on a number of different tasks. Mark to model asset valuation, potential impact of reinsurance defaults, review of assumptions underlying business plan, changes to counterparty risk model, review of stability of counterparty risk model.

London, United Kingdom

One of a team of actuaries supporting the supervisors of life insurance companies. Provided actuarial advice on Part VII transfers, with profits runoff plans and the credit taken for management actions within the calculation of capital requirements. Also developed and deliveried training courses and kickstarted the development of an FCA approach to reviewing ORSAs.

London, United Kingdom

Co-leader of the market risk specialism and line actuary (ie provider of advice to the supervisor) for a number of life insurers of different sizes. Firm-specific work has included ICA reviews, internal model reviews, investment policy reviews (governance, hedging plans, liquidity swaps), capital management reviews, runoff plans (for both with-profit and non-profit firms), corporate finance (Part VII transfers, debt refinancing), approval of AFH appointments, conduct-related issues. Cross-industry work included development of approaches to reviewing market risk models and providing actuarial input to unit pricing reviews.

London, United Kingdom

Designed, built and managed the derivative-based strategies that protected Prudential's solvency through the 2008-09 market turmoil. Ensured that appropriate controls and financial reporting tools/techniques were in place. Developed the concept of solvency frontiers to help management understand market risk.

London, United Kingdom

Heavily involved in the creation of a new annuity company and the transfer of an existing block of annuity business into it, including analysis of the financial impact of the transfer for both internal and FSA purposes.

London, United Kingdom

More interesting jobs included reinsurance to close calculations for a Lloyds life syndicate, recommending point-of-sale investment return assumptions to the FSA, helping a company gain authority to write life insurance business in the UK, ICA guidance for a company seeking UK authorisation, corporate finance models for M&As and new companies, stochastic modelling of shared appreciation mortgages. Internal point of reference on market consistent valuation, including development of auditing standards and staff training. Also regularly involved in any projects related to market risk or ALM.While with PwC, my presentation skills developed significantly. My talks at the 2005 and 2006 Life Conventions received higher feedback scores for both presentation style and content than all others at both events.

London, United Kingdom

Acted as the link between the reinsurance company (GeneralCologne Re) and the derivative house (Gen Re Financial Products).

Maldon, Essex

Beale Dobie was a traded endowment dealer. I headed the department that was responsible for buying endowment policies from policyholders that would otherwise have surrendered.

Chatham, Kent

As well as controlling the statutory valuation, my BAU responsibilities included monthly embedded value profit estimates, bonus declarations, unit pricing and monitoring investment policy and investment performance. Project managed the development and introduction of policy reviews (and cash switching) on unit linked PHI and mortgage endowments: this included developing the underlying actuarial methodologies and speccing all of the calculation routines to the programmers.

Haywards Heath, West Sussex

Valuation role, mainly relating to life insurance but also including the development from scratch of valuation and experience investigation processes for the firm’s general insurance arm.

Stevenage, United Kingdom

Supported pricing actuary.

Mmath, Mathematics, Pass (There Was Only Pass, Fail And Distinction To Be Fair)

Activities and Societies: Won my oar with Christ’s III in the 1986 May Bumps. We hit LMBC VI, Emmanuel III, Queens' III and Churchill III..

Ma, Mathematics, Christ'S College, First

Let's add some colour to this. My final year courses were: - Foundations Of Quantum Mechanics - Applications Of Quantum Mechanics.