SMF20 Chief Actuary Recruitment

Appoint a PRA-Approved Chief Actuary for Your Insurer

Exec Capital places the SMF20 Chief Actuary function at UK insurers and reinsurers regulated under Solvency II. The Chief Actuary is a PRA-designated Senior Management Function and one of the most technically demanding regulated appointments an insurer makes — the holder owns the firm’s actuarial function, its technical provisions and the actuarial advice on which capital adequacy and reserving decisions rest. Every SMF20 search is led personally by Adrian Lawrence FCA.

We work with insurers, reinsurers, Lloyd’s managing agents and large non-directive firms to identify Chief Actuary candidates who combine the technical authority the role demands with the judgement, communication and regulatory credibility to hold a Senior Management Function. This is a specialist, credential-heavy search into a defined actuarial talent pool.

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What the SMF20 Function Is

Under the Senior Managers and Certification Regime for insurers, SMF20 is the Chief Actuary function. It is a PRA-designated Senior Management Function required at Solvency II firms and large non-directive insurers, held by the individual with overall responsibility for the firm’s actuarial function. A related but distinct function, SMF20a, is the With-Profits Actuary, required at firms writing with-profits business.

The Chief Actuary holds a Statement of Responsibilities, must be PRA-approved before taking up the role, and is subject to the Duty of Responsibility and the Conduct Rules. The role carries specific regulatory obligations around the actuarial function — overseeing the calculation of technical provisions, expressing an opinion on the firm’s underwriting policy and reinsurance arrangements, and contributing to the effective implementation of the risk management system. It is a governing regulated function, not simply the most senior actuarial title on the organisation chart.

Why SMF20 Recruitment Is Different

Technical authority and regulated accountability combined

The Chief Actuary is one of the few roles where deep technical mastery and personal regulatory accountability are inseparable. The holder must command the actuarial detail — reserving, capital modelling under Solvency II, technical provisions — while also carrying the fitness-and-propriety, governance and communication expectations of a Senior Management Function. Assessing an SMF20 candidate means testing both dimensions: the actuarial credibility to be trusted by the board and regulator on the numbers, and the judgement and standing to own the accountability that comes with the function.

A credential-defined, specialist pool

Chief Actuary candidates are almost always Fellows of the Institute and Faculty of Actuaries with extensive post-qualification experience in the relevant line of business — general insurance, life, reinsurance or the firm’s specific market. The pool is defined and finite, and the strongest candidates are typically in post. Reaching them requires a research-led, direct and confidential approach rather than advertising. Where the appointment sits on an authorisation or year-end timetable, our urgent SMF appointment service applies.

Fit to the firm’s actuarial maturity

The right Chief Actuary for an established composite insurer is rarely the right one for a growing specialty writer or an insurtech-native carrier building its actuarial function. We calibrate the search to the firm’s scale, business mix and the maturity of its existing actuarial and risk functions — matching not just the technical specialism but the stage of the firm.

Who We Place as SMF20

• Fellows of the Institute and Faculty of Actuaries (FIA) with significant post-qualification experience in the relevant class of business;
• A track record leading or deputising in an actuarial function at a Solvency II insurer, reinsurer or Lloyd’s managing agent;
• Command of technical provisions, reserving and capital modelling under the Solvency II framework;
• Experience of the actuarial function’s regulatory obligations and of engaging with the PRA;
• The communication and governance credibility to hold a Senior Management Function and advise a board.

Where a firm writes with-profits business, the separate SMF20a With-Profits Actuary function may also be required — we advise on and search for both. Chief Actuary appointments frequently sit alongside a Chief Risk Officer (SMF4) search, given the close working relationship between the actuarial and risk functions.

How the SMF20 Search Works

Step 1 — Briefing. A structured conversation covering the firm’s business mix, Solvency II status, the actuarial function’s maturity, the regulatory timetable and the assessment criteria.

Step 2 — Research and identification. A structured mapping of qualified actuaries with the relevant class-of-business and leadership experience.

Step 3 — Approach and assessment. Confidential direct approach and assessment against both the technical brief and the Senior Management Function expectations.

Step 4 — Shortlist and appointment. A shortlist with assessment commentary, then support through interviews, offer, and the PRA approval and Statement of Responsibilities process.

Frequently Asked Questions

Is the Chief Actuary a mandatory SMF?

The SMF20 Chief Actuary function is required at Solvency II firms and large non-directive insurers. The specific requirement depends on the firm’s regulatory classification, which we confirm at briefing. It is PRA-approved.

What is the difference between SMF20 and SMF20a?

SMF20 is the Chief Actuary function, responsible for the firm’s actuarial function overall. SMF20a is the With-Profits Actuary function, required specifically at firms writing with-profits business. A firm may need one or both.

Does the Chief Actuary have to be a qualified actuary?

In practice, yes — Chief Actuary candidates are Fellows of the Institute and Faculty of Actuaries with extensive post-qualification experience, and the PRA assesses fitness and propriety including the technical competence the role requires.

How long does an SMF20 search take?

Typically four to six weeks to first shortlist, reflecting the specialist, credential-defined pool. We build to the firm’s regulatory and reporting timetable.

Chief Actuary Compensation: UK Market

Chief Actuary compensation varies with the firm’s size, class of business and whether the role sits at a Solvency II insurer, a Lloyd’s managing agent or a large non-directive firm. As broad benchmarks:

• Chief Actuary — smaller / specialty insurer: £120,000–£180,000 base plus bonus
• Chief Actuary — mid-size Solvency II insurer: £180,000–£280,000 base plus bonus and, in some cases, LTIP
• Chief Actuary — large insurer / reinsurer: £280,000–£450,000+ base with significant bonus and long-term incentives
• Interim Chief Actuary — day rate: typically £1,200–£2,500 per day depending on firm size and mandate

We provide firm-specific benchmarking as part of every brief; our SMF salary guide sets out the wider picture across the Senior Management Functions. Interim actuarial engagements are subject to HMRC’s off-payroll working rules.

Why Exec Capital for Your SMF20 Search

Chief Actuary appointments reward a search partner who understands both the actuarial market and the regulatory weight of the function. Exec Capital conducts every SMF20 mandate as a retained, research-led search led personally by the founder — not delegated to a consultant team — with candidates assessed against both their technical credibility and their readiness to hold a Senior Management Function. We work confidentially, we build to the firm’s regulatory and reporting timetable, and we present shortlists where every candidate has been personally assessed against the brief. For firms building or upgrading an actuarial function, we also advise on how the Chief Actuary role should sit alongside the risk and underwriting functions to satisfy the PRA’s expectations on governance.

Sources and Further Reading

• FCA — Senior Managers and Certification Regime
• FCA — SM&CR: Guide for insurers
• Institute and Faculty of Actuaries
• Bank of England / PRA — prudential regulation of insurers