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