Job Description

Principal - Supervision (Insurance) Department

Location:

Hamilton City, Bermuda

Salary:

$149,000 - $154,000 per annum

We are seeking an experienced and capable professional to join our Supervision (Insurance) Department as a

Principal

. Reporting to an Assistant Director, the Principal will lead a team responsible for regulatory supervision activities, including monitoring insurer performance, overseeing regulatory reporting, and implementing supervisory actions in line with legislation and strategic objectives.

This is a senior-level position that plays a key role in ensuring effective oversight of Bermuda's insurance sector.

Key Responsibilities

Lead and oversee regulatory supervision of insurance companies, including on-site reviews, financial analysis, and capital model assessments. Utilise risk assessment methodologies to evaluate compliance with laws, regulations, and policies, identifying issues and preparing detailed reports for management. Develop agendas, attend prudential meetings with financial entities, and provide recommendations and corrective action plans as required. Monitor local and international developments in the insurance industry, including regulatory changes, accounting standards, and market trends. Review applications, regulatory submissions, and staff reports to determine appropriate supervisory actions. Represent the department at local and international meetings, conferences, and seminars with regulatory bodies, government agencies, and industry stakeholders. Provide subject matter expertise and guidance to both management and industry participants. Manage and mentor a small team (1-2 direct reports), including performance management, professional development, and training needs assessment. Undertake projects and other responsibilities in line with departmental goals.

Requirements

Master's degree (or equivalent professional qualification) in insurance, finance, accounting, or a related discipline. Minimum of 7 years' relevant experience, with at least 3 years in a senior role within a regulated financial services environment, preferably insurance, general insurance, or financial services regulation. Strong technical and business background with proven supervisory and leadership skills. Experience in forensic investigations or inspections is desirable.

Compensation & Benefits

Salary:

$149,000 - $154,000 per annum

Performance Bonus:

Average 9.5%

Vacation:

25 days per year

Probation:

6 months

Health Insurance:

75% employer contribution

Pension:

7.5% employer contribution (of 10% total)

Social Insurance:

100% employer contribution

Relocation Support (for overseas hires):

45 days temporary accommodation Initial airfare (including dependents) Initial relocation subsidy of $10,000

Important Note

Applicants are strongly advised to research the cost of living in Bermuda against the offered salary before applying.

Job Type: Full-time

Pay: From 1,100,000.00 per year

Application question(s):

Salary Expectations? Are you willing to relocate to Hamilton City, Bermuda (with a relocation package)?
Work Location: Remote