PRINCIPAL ACTUARY – INSURANCE SUPERVISION – BERMUDA – ONLY 10% TAX – HR109
About this opportunity
Our client is seeking the services of a skilled and capable individual to work as a Principal – Actuary in their Supervision (Insurance) Department. Reporting to an Assistant Director, the Principal – Actuary will manage a team of professionals responsible for regulatory supervision activities, including monitoring and critically assessing insurers’ performance with informed insight, analysing regulatory reporting and undertaking appropriate supervisory actions in accordance with legislation and/or strategic business goals.
Key responsibilities:
Undertaking reviews of prudential and financial filings by regulated insurance entities to evaluate compliance with existing laws, regulations, policies, codes, plans and procedures and preparing reports for discussion and action
Assisting in performing technical reviews on reserves and models, processing applications and carrying out analysis on more complex commercial or technical areas
Developing plans and executing on-site reviews and prudential meetings with insurance entities
Monitoring insurance entities for compliance by review, analysis and timely, direct follow-up with company representatives
Communicating review findings by preparing final reports and discussing findings with management and insurers
Conducting thought leadership research on technical life (re)insurance and other actuarial topics and sharing these with management
Playing an active role in leading efforts to streamline and automate supervisory processes and enhancing the overall supervisory offering
Building scalable life (re)insurance analytic capabilities to enable informed insight and support regulatory and operational teams
Building and embedding horizon-scanning capabilities to assess alternative futures for supervised entities and the Bermuda life (re)insurance sector, thus enabling proactive and informed supervision
Providing training to the wider Department on life (re)insurance trends, drivers, and emerging themes
Providing advice and senior-level technical actuarial support to regulatory or operational teams
Providing first-line leadership to a team of Senior Analysts
Motivating and monitoring performance and overseeing the development of team members in the achievement of departmental objectives
Performing other related work and special projects as assigned by management in accordance with competencies normally associated with the post
What you’ll need
A professional actuarial designation from a recognised institution or professional body such as FSA, FIA, FFA, FCIA or CERA
A minimum of seven (7) years relevant work experience, of which at least three (3) years should be at a senior level working within a regulated financial services sector, preferably in life (re)insurance and/or at a financial services regulator
Rating agency, enterprise risk management and life insurance knowledge will be an advantage
In-depth understanding of the Bermuda regulatory framework or other risk-based supervision regimes, such as Solvency II, mainly as they apply to long-term insurance products
Understanding of the key pillars of risk-based supervision, such as economic balance sheet, standard formula, internal capital model, Own Risk and Solvency Assessment (ORSA), Bermuda Solvency Capital Requirement (BSCR), stress tests, including Asset Liability Management (ALM), cash flow and solvency stress tests
Familiarity with modelling tools such as Excel, R, Matlab, Python and other actuarial software
Experience conducting or participating in on-site reviews, credit rating reviews, forensic accounting reviews, investigations or inspections
Proficiency with insurance and investment accounting for reviewing and analysing financial statements
Compelling evidence of knowledge and expertise in evaluating corporate governance structures, corporate culture, risk management frameworks and/or internal controls
The ability to work in a fast-paced environment with a high degree of accuracy
Accountability for work and proactive with assigned tasks
A willingness to work outside normal business hours as required
How to apply
To apply, attach your résumé or include a link to your LinkedIn profile
If you don't provide one of the above, we can't progress your application
For reasons of confidentiality and to ensure best match for positions, our normal practice is to submit applications to employers only after we have had a Career Consultation with candidates. In the event that you are not shortlisted for this particular vacancy, your details will be held on file and considered for other relevant opportunities.
Our clients are equal opportunity employers and value diversity. They do not discriminate on the basis of race, religion, colour, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status. If you believe you deserve an exceptional career, we’ll help make it happen.
