VP, Solvency and Capital Reporting
Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. the company entered into a series of L&A and P&C reinsurance transactions with AIG and received an initial capitalization of ~$3 BN. The transactions represented ~$37 BN of reserves supported by ~$40 BN of invested assets. During this time, AIG also entered into a long-term partnership with The Carlyle Group, with Carlyle acquiring 19.9 % ownership. Then in 2019, The Carlyle Group and T&D announced acquisition of majority interest in Fortitude Re from AIG. This allowed for a new long-term shareholder base for the company while maintaining a strong capital position for supporting reinsurance obligations. here for more information about Fortitude Re.
This role will be a member of the Fortitude Re capital management team, which serves the company by reporting and monitoring capitalin alignment of regulatory reporting, strategic planning, and market expansion needs of Fortitude Re.The role will specialize in leading the Economic Balance Sheet (EBS) and Bermuda Solvency Capital Requirements (BSCR) reporting. The position is expected to work closely with departments across the organization including actuarial, accounting, investments and risk management teams.
The position will be located in the Fortitude Re office in Bermuda. Minimal travel is expected (0%-10%).
- Lead the financial reporting team responsible for quarterly Economic Balance Sheet (EBS) and Bermuda Solvency Capital Requirements (BSCR) filings for Fortitude’s Group and Bermuda insurance entities
- Produce quarterly analysis for changes of the solvency positions and key metrics for management review.
- Serve as the key contact for the capital management team to the Bermuda Monetary Authority (BMA) on all matters regarding the EBS and BSCR. Complete all necessary applications required for filings.
- Maintain the EBS general accounting systems and implement improved reporting capabilities as necessary
- Interpret and explain regulatory rules to various internal functional areas and stakeholders, and seek clarification from the BMA were necessary. Monitor and evaluate emerging developments regarding EBS and BSCR.
- Work cross-functionally and collaboratively with finance, investments and actuarial teams for data needs and reconciliations to complete the filings.
- Maintain appropriate control environment to meet the requirements as defined by the Company’s Internal Controls over Finance Reporting (ICFR) Program and the Model Risk Policy standards, and remediate findings based on internal reviews
- Develop accounting policy documentation regarding the company’s positions of the EBS and BSCR reporting guidelines
- Manage, coordinate and implement all period-end closing processes.
- Assist in the evaluation of new business and preparation of proforma BSCR filings and required documentation in order to execute new transactions
- Manage a team of Bermuda based professionals in order to delivery timely results and cover full range of responsibilities
- Bachelor’s degree or higher, preferably in accounting, mathematics, economics, or related fields
- Professional designations of CPA, or Chartered Accountant or equivalent
- 12+ years of experience, working within insurance or a public accounting firm, specializing in EBS and BSCR reporting
- Strong knowledge of accounting and financial processes including risk and financial controls, as well as long term or general insurance products
- Ability to understand and apply Bermuda laws, regulations and compliance requirements
- Working knowledge of investments and insurance products
- Good analytical skills and ability to adopt a creative approach to solving complex process problems
- Ability to manage multiple work assignments and meet time commitments
- Strong oral and written communication skills
At Fortitude Re, we believe that diversity and inclusion are critical to our future and our mission- creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.
- Job Family FA - Finance
- Job Function VP
- Pay Type Salary