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AVP, Financial and Risk Actuary

Jan 07, 2021

Position title: AVP, Financial and Risk Actuary
Department: Actuarial
Reports to: CFO
Location: Hamilton, Bermuda

About Us

Our client is a specialist Bermudian life reinsurance company and a subsidiary of large life group. The mission is to build a global, diversified and lasting life insurance company. The focus is providing excellent policyholder service and delivering sustainable financial results within a well-controlled risk framework. The Company will grow the business through the acquisition/reinsurance and management of in-force portfolios and aims to be a leader in resolving significant overcapacity in highly mature life insurance markets, acquiring life insurers’ non-core businesses.

The Role

This is an opportunity to join a growing entrepreneurial life insurance organization. The AVP, Financial and Risk Actuary is a high visibility and hands-on role designed for an actuary with experience of modelling and risk analysis.

This role is responsible for:

  • the production, analysis and presentation of the forecast and planned [Bermuda Economic Balance Sheet basis] financial results and dividend expectations for the Company
  • stress and scenario testing and analysis in support of the Company's risk framework
  • development of projection capabilities on other basis, such as US GAAP and various other accounting basis as needed for collateral requirements (e.g., IFRS, SII, etc.)
  • product development and actuarial elements of key strategic initiatives

The style of the ideal candidate must be hands-on, focused and direct to be impactful in this fast-paced, entrepreneurial culture. The selected candidate will uphold the highest standards of financial integrity, financial discipline and transparency.

Essential Responsibilities

Financial Planning and Analysis

  • Specification of actuarial model office runs to support financial plan and embedded value, including assumption development
  • Incorporation of model office output into projection model, including calculation and application of manual adjustments, quantification of synergy benefits, projection of Tier 1 capital credit, and assessment of collateral interactions
  • Analysis of results and assessment of the risks and sensitivities to achievement of the plan
  • Present findings to senior management
  • Work with Treasury Finance and Risk teams to provide information needed for financing activities or stakeholder communications
  • Recommendation of process or methodology changes to improve planning exercise

Risk Management

  • Liaise with Risk on specification of routine or ad hoc stress testing scenarios
  • Specify model office runs in support of stress testing
  • Execution of semi-annual stress testing exercise, and other ad hoc stress testing as necessary
  • Regular forecasting and stress testing of collateral requirements and recommendations for management
  • Work with CRO to evaluate new or proposed initiatives for impact on the risk position of the Company, and recommend changes to stress testing approach or parameters as required
  • Ownership and implementation of model risk guideline
  • Periodic analysis of experience underlying key actuarial assumptions

Product Development and Strategic Initiatives

  • Work with the new business teams to identify potential markets for reinsurance to Bermuda
  • Actuarial technical input to key projects. Current examples:
    • Development of KPIs for investment portfolio rotation
    • Pricing methodology development
    • Application for credit rating
    • Develop KPIs for measuring value levers as new business is onboarded

About You

Your experience/skills

  • FSA, FIA or equivalent preferred. ASA with equivalent experience required
  • 8+ years of life insurance experience preferred with range of experience, including valuation, financial reporting, and modeling
  • Familiarity with Bermuda Solvency Regime (preferred) or comparable solvency based reserving regime (Solvency II, Canadian IFRS, Cash Flow Testing, etc.)
  • Bachelor’s Degree in Actuarial Science, Mathematics, Finance, Statistics, or related area

Your technical competencies

  • Excellent presentation skills, both verbal and written in order to interact knowledgably and with impact both internally and externally
  • Superior project management ability and drive-for-results mentality
  • Keen ability to think and act strategically; planning for the long term while balancing the short and long-range needs of the organization
  • Demonstrates high standards regarding the quality and thoroughness of business and technical analysis


Please forward a detailed resume in confidence to:

PricewaterhouseCoopers Executive Search


Tel: 441-295-2000

For further information on this job contact us at


Contact us

Alistair McNeish

Director, Human Resource Services, PwC Bermuda

Tel: +1 441 298 9708

Linda Holmes

Human capital consulting, PwC Bermuda

Tel: +1 441 298 9706

Lyndsay McCabe

Client Administrator, PwC Bermuda

Tel: +1 441 298 9705

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