Principal - Actuary, Supervision (Insurance, Funds and Corporate Authorisations) Department

The Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as a Principal - Actuary in our Supervision (Insurance, Funds and Corporate Authorisations) Department. Reporting to an Assistant Director - Actuary, the Principal - Actuary will be responsible for managing a team of professionals responsible for regulatory supervision activities, including monitoring and critically assessing insurers’ performance with informed insight, analysing regulatory reporting and undertaking appropriate supervisory actions in accordance with legislation and/or strategic business goals.

•    Undertaking reviews of prudential and financial filings by regulated insurance entities to evaluate compliance with existing laws, regulations, policies, codes, plans and procedures and preparing reports for discussion and action
•    Assisting in performing technical reviews on reserves and models, processing applications and carrying out analysis on more complex commercial or technical areas
•    Developing plans and executing on-site reviews and prudential meetings with insurance entities
•    Monitoring insurance entities for compliance by review, analysis and timely, direct follow-up with company representatives
•    Communicating review findings by preparing final reports and discussing findings with management and insurers
•    Conducting thought leadership research on technical life (re)insurance and other actuarial topics and sharing these with management
•    Playing an active role in leading efforts to streamline and automate supervisory processes and enhancing the overall supervisory offering
•    Building scalable life (re)insurance analytic capabilities to enable informed insight and support regulatory and operational teams
•    Building and embedding horizon-scanning capabilities to assess alternative futures for supervised entities and the Bermuda life (re)insurance sector, thus enabling proactive and informed supervision
•    Providing training to the wider Department on life (re)insurance trends, drivers and emerging themes
•    Providing advice and senior-level technical actuarial support to regulatory or operational teams
•    Providing first-line leadership to a team of Senior Analysts
•    Motivating and monitoring performance and overseeing the development of team members in the achievement of departmental objectives
•    Performing other related work and special projects as assigned by management in accordance with competencies normally associated with the post

•    A professional actuarial designation from a recognised institution or professional body such as FSA, FIA, FFA, FCIA or CERA
•    A minimum of seven (7) years relevant work experience, of which at least three (3) years should be at a senior level working within a regulated financial services sector, preferably in life (re)insurance and/or at a financial services regulator
•    Rating agency, enterprise risk management and life insurance knowledge will be an advantage
•    In-depth understanding of the Bermuda regulatory framework or other risk-based supervision regimes, such as Solvency II, mainly as they apply to long-term insurance products
•    Understanding of the key pillars of risk-based supervision, such as the economic balance sheet, standard formula, internal capital model, Own Risk and Solvency Assessment (ORSA), Bermuda Solvency Capital Requirement (BSCR), stress tests, including Asset Liability Management (ALM), cash flow and solvency stress tests
•    Familiarity with modelling tools such as Excel, R, Matlab, Python and other actuarial software
•    Experience conducting or participating in on-site reviews, credit rating reviews, forensic accounting reviews, investigations or inspections
•    Proficiency with insurance and investment accounting for reviewing and analysing financial statements
•    Compelling evidence of knowledge and expertise in evaluating corporate governance structures, corporate culture, risk management frameworks and/or internal controls

•    The ability to work in a fast-paced environment with a high degree of accuracy
•    Accountability for work and proactive with assigned tasks
•    A willingness to work outside normal business hours as required

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

If you are looking for a challenging opportunity in a team environment, we invite you to submit your application via our ‘Careers at BMA’ page at www.bma.bm/vacancies. Applications for this position must be received no later than 22 September 2026. 

BMA House | 43 Victoria Street, Hamilton HM 12 | careers@bma.bm | (441) 295 5278