Gibraltar Reinsurance Company Ltd. (Gibraltar Re) and Lotus Reinsurance Company Ltd. (Lotus Re) are looking to fill a newly created Vice President, Head of Actuarial Regulatory Guidance role. This will report to the Chief Actuary.

This position will involve; providing guidance on the interpretation and implementation of new regulations set out by the Bermuda Monetary Authority (BMA), providing support and guidance to quantify potential changes, staying abreast of the regulatory landscape, providing independent 1^st line challenge to the actuarial function and deputising for the Chief Actuary as required. This position will also be responsible for providing guidance related to, and contributing to key regulatory submissions such as documentation requirements to support block transactions and regulatory approvals.

The position will provide the Vice President with the opportunity to shape the strategic priorities of the Actuarial Team, they will gain a broad experience across a range of actuarial disciplines and collaborate across actuarial and non-actuarial teams, including Finance, Treasury, Global Portfolio Management, Audit and Risk Management.

Primary responsibilities include, but are not limited to:

• Work closely with Chief Actuary in Bermuda to establish and maintain a robust actuarial regulatory oversight framework designed to ensure the actuarial function operates within the boundaries of the applicable laws and regulations
• Responsible for organisation of key regulatory submissions such as documentation requirements to support block transactions, special regulatory approvals such as permission to use certain asset classes as well as other adhoc regulatory requests
• Provide insight to the actuarial team with regards to the interpretation and implementation of regulatory changes
• Monitor the regulatory landscape, ensuring key stakeholders are kept abreast of regulatory changes as well as supporting them to understand how the changes may impact existing business and future transactions
• Support the senior leadership team in managing the relationship with the Bermuda Monetary Authority as well as supporting other adhoc regulatory interactions
• Report and track regulatory action, to ensure actions are implemented within the timeframe agreed with the regulator
• Support the Chief Actuary in preparation for committee meetings as well as supporting with reviewing and challenging regulatory fillings such as the BSCR template and CISSA submissions
• Support the Chief Actuary in their attestation of the appropriateness of the assumptions used within the SBA model as well as confirmation on compliance with the regulatory requirements
• Provide oversight and challenge on assumption changes, documentation and governance
• Deputise for the Chief Actuary which may include participating at various board and committee meetings
• Lead the first-line review and challenge of the actuarial function, including reviewing and strengthening the control environment across the actuarial function to foster a positive risk culture within the first-line
• Lead the first-line oversight of model risk management, in particular providing oversight and challenge to model changes within the Scenario Based Approach (SBA)
• Lead the development and maintenance of appropriate challenger models to support the overall model risk management framework
• Lead interactions with the second-line to support the enterprise view of the overall risk environment
• Collaborate and engage with key stakeholders: Lotus Re actuarial team, BU actuarial teams, Finance and Controllers, Modelling, Treasury, Global Portfolio Management, Audit (internal and external), Risk Management, and Assumptions Team
• Support and help drive future Bermuda reinsurance transaction related projects

Qualifications:

• Bachelor’s Degree Required Credentialed actuary – FSA, FIA (CERA or international equivalent preferred)
• 8+ years of actuarial, insurance, risk and reinsurance related work experience required
• Experience supporting regulatory engagement and interaction (BMA  or other)
• Knowledge of risk management and control design
• Knowledge of EBS, Solvency II, US GAAP
• Knowledge of Japanese Life products would be beneficial
• Pricing experience a strong plus