Senior Associate, Solvency and Capital Reporting

Bermuda Req #623

Thursday, May 11, 2023

Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world’s leading providers of legacy reinsurance solutions. They work with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $55 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group. Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Re’s roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Re’s leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities. Their deep insurance experience and proprietary risk modeling capabilities allow them to structure bespoke transactions that benefit both insurance companies and their policyholders. Fortitude Re continues to strengthen its ability to pursue further growth and provide innovative solutions for the global insurance industry. Click here for more information about Fortitude Re.

The Senior Associate, Solvency and Capital Reporting candidate will be a member of the Fortitude Re capital management team, which serves the company by reporting and monitoring capital in alignment of regulatory reporting, strategic planning, and market expansion needs of Fortitude Re. The role will support the Statutory Financial Statements (SFS), Economic Balance Sheet (EBS) and Bermuda Solvency Capital Requirements (BSCR) reporting. The position reports to the Bermuda-based Vice President, Solvency and Capital Reporting and 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%).

What You Will Do:

• Produce the quarterly SFS, EBS and BSCR filings for Fortitude’s Group and Bermuda insurance entities.

• Work cross-functionally and collaboratively with finance, investments and actuarial teams for data needs and reconciliations to complete the filings.

• Assist in the preparation of quarterly management deck slides to be presented to the executive committee to summarize results.

• Perform journal entries to the SFS and EBS general accounting systems and produce reports as part of the quarterly close process.

• Perform quarterly analysis for changes of the solvency positions and key metrics for management review

• Support all finance and capital activities as part of the annual SFS, EBS and BSCR filings including regulatory approvals and disclosures.

• Monitor and evaluate emerging developments regarding SFS, EBS and BSCR.

• Execute controls and reviews as designed as part of the control framework, and implement control improvements as necessary.

• Assist in the evaluation of new business and preparation of proforma BSCR filings and required documentation in order to execute new transactions.

What You Will Have:

• Bachelor’s degree or higher, preferably in accounting, mathematics, economics, or related fields.

• Professional designation of CPA or equivalent.

• 5+ years of experience, working within insurance or a public accounting firm, specializing in capital (Solvency II or BSCR) reporting and Bermuda Monetary Authority filings.

• Working knowledge of accounting and financial processes including risk and financial controls.

• 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.

• Life insurance experience considered an asset.

The base salary range for this role is $119,000-$129,000 and will be commensurate with candidate experience. Pay ranges for candidates may differ based on the cost of labor in that location. In addition to base salary, all employees are eligible for an annual bonus based on company and individual performance as well as a generous benefits package.

What We Offer:

We offer competitive benefits in a fast-paced, dynamic and nimble culture including:

Unlimited PTO policy
Paid company holidays
Up to 16 hours per year of paid volunteer time
Competitive 401(k) plan
Paid parental leave
Tuition reimbursement
Health, vision, dental, and life insurance with additional access to health and wellness programs
Flexible working environment

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.

We are committed to being an equal opportunity employer and evaluate qualified applicants without regard to race, color, religion, sex, pregnancy (including childbirth, lactation and related medical conditions), national origin, age, physical and mental disability, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, diversity of thought and any other characteristic protected by applicable law.

To all recruitment agencies: Unless you have been requested to work on this position, or other positions with Fortitude Re, please do not forward any resumes to Fortitude Re employees. Fortitude Re is not responsible for any fees related to unsolicited resumes.

Other details

Job Family FA - Finance
Job Function Sr Associate
Pay Type Salary

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Bermuda