Assistant Director - Hamilton, United Kingdom - Bermuda Monetary Authority

Bermuda Monetary Authority

Verified Company

Hamilton, United Kingdom

2 weeks ago

Posted by:

Tom O´Connor

beBee Recruiter

Description

Description:

Assistant Director

Supervision (Insurance) Department

Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as an Assistant Director in our Supervision (Insurance) Department.

Reporting to the Deputy Director, the Assistant Director will function as a centre of competence for the supervision of the active run-off acquirers, mainly on the P&C side within the Supervision (Insurance) Department and will have the responsibility for designing and implementing the Authority's insurance supervision, risk framework and market analysis programme.

This is a key role for the Authority and the post-holder will be responsible for but not limited to:

Leading the ongoing risk-based supervision of select run-off insurers and advising supervisory teams in the supervision department; participating in and/or leading supervisory colleges with other regulators
Performing together with respective supervisory teams' onsite inspections, reviewing and performing deskbased analyses of financial statements and returns of insurers, including risk management strategy, governance, capitalisation and reserving approach
Functioning as a centre of competence within the supervisory department, leading the internal runoff forum and continuously improving the supervisory approach and regulation for the runoff sector
Identifying and monitoring trends and emerging risks for the runoff market
Generating market reports and analysis
Developing and conducting training for supervisory staff
Closely collaborating with experts in the Supervision (Actuarial) Department on technical matters
Representing the Authority at various local/international meetings, conferences, and associations to keep abreast of industry trends
Actively participating in the licencing process for insurers, primarily in those seeking to be licensed in the runoff/legacy sector

The position requires a proven technical and business background.

Therefore, the post-holder must have:

A Master's degree or equivalent qualification in Actuarial Science, Mathematics, Statistics, Finance, Accounting, or a related quantitative field
A professional designation such as FCAS, ACAS, FIA, FCIA, CFA or other similar actuarial, financial, or accounting designations
A minimum of ten years' relevant postgraduate experience, of which at least five years should be at a senior level in the Non-Life (P&C) (re) insurance industry
Significant experience in the runoff market, preferably working for an active runoff player in actuarial, risk management, business development or other relevant areas.
Strong knowhow and insights in relevant fields, such as reserving, capital modelling, pricing, and risk management.
Strong skills to assimilate facts, analyse and prioritise information and derive an opinion
Excellent leadership, interpersonal and communication skills; the ability to interface with the financial sector, industry associations and various international regulatory bodies
The ability to collaborate closely with and explain complex technical concepts to "nonactuarial" colleagues and drive collaboration across departments

Bermuda Monetary Authority is the integrated regulator of the financial services sector in Bermuda. We offer the opportunity for broad exposure to international regulatory issues, special projects and a variety of work experiences.

16 May 2023.

Bermuda Monetary Authority is an Equal Opportunity Employer