About the Role
This executive position leads the build out and ongoing oversight of the enterprise risk management (ERM) framework for a newly formed Bermuda reinsurance company. The role includes responsibility for the company's risk framework, policies, and appetite and is essential for identifying, measuring, monitoring, and managing risks across the organization. It ensures compliance with Bermuda regulatory requirements and provides strategic risk guidance to senior management and the Board of Directors. Additionally, this role provides independent second-line review and challenge of proposed reinsurance transactions, assessing transaction structure, pricing assumptions, capital implications, and alignment with the company's risk appetite framework.
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Key Responsibilities and Duties
- Designs, implements, and oversees a comprehensive enterprise risk management framework, including risk management policies, procedures, risk registers, and risk appetite statements aligned with enterprise standards.
- Provides independent second-line review and challenge of reinsurance transactions, sidecars, and related strategic opportunities, assessing key risk exposures, pricing and assumption reasonableness, capital implications, downside scenarios, and consistency with the company's risk appetite framework.
- Owns the development, documentation, and filing of the CISSA and related regulatory submissions, providing independent assessment and challenge of the company's solvency position, BSCR methodologies, and capital adequacy monitoring.
- Serves as a primary risk contact for the Bermuda Monetary Authority (BMA).
- Establishes robust risk identification, assessment, control activities, and monitoring mechanisms covering all key risks, focusing on reinsurance and liability risk, asset-liability matching, investment risk, valuations, capital adequacy, and liquidity management.
- Leads operational and outsourcing risk measurement, monitoring, and mitigation initiatives.
- Provides second-line oversight of operational, technology, cyber, and model risk, leveraging enterprise capabilities.
- Develops comprehensive risk committee reporting packages, delivers regular risk reporting to senior management and the Board, and maintains effective relationships with Board committees.
- Partners closely with key business functions (e.g., Actuarial, Investment, Finance & Accounting, Legal, Operations) on risk matters while preserving the independence of the risk function.
- Stays current with regulatory changes, industry trends, and emerging risks affecting the reinsurance sector.
Educational Requirements
- University degree preferred.
Work Experience
- 10+ years of relevant experience required.
Physical Requirements
- Sedentary work environment.
Career Level
Preferred Qualifications
- Actuarial credential (FSA, ASA, FIA, or equivalent) preferred but not required.
- Demonstrated ability to independently assess reinsurance risk and evaluate the risk and pricing of reinsurance transactions.
- Substantive Bermuda regulatory experience, including direct BMA interaction and CISSA development and filing.
- Experience establishing risk frameworks and producing analysis and regulatory filings directly in a newly formed or scaling entity.
- Experience in life insurance, annuity, retirement, or asset-intensive reinsurance businesses.
Anticipated Posting End Date:
2026-12-31
Actual base salary may vary based upon relevant experience, time in role, base salary of internal peers, prior performance, business sector, and geographic location. In addition to base salary, the competitive compensation package may include, depending on the role, participation in an incentive program linked to performance.
