Head of Finance

  • Type: Direct Hire
  • Job #335

Our client is a specialist solutions provider for European life insurers, and encompasses a number of subsidiaries in Bermuda and across Europe.

Our client is seeking a highly proactive individual with a hands on approach to developing and maintaining finance operations within the Bermuda team, delivering financial reporting information and supporting the on boarding of new reinsurance transactions for the entity, while also providing finance support to our clients other Bermuda-based subsidiaries.

Reporting directly to the CFO, the Head of Finance will work collaboratively with the finance team located in Europe

Key Responsibilities:


o Perform IFRS and Economic Balance Sheet (EBS) accounting for local and Group purposes, and to meet cedent reporting requirements

o Lead the preparation and delivery of annual IFRS financial statements for Group reporting and regulatory reporting purposes, and assist with the preparation of the BMA annual statutory filing

o Oversee the calculation, preparation and recording of journal entries on a monthly and quarterly basis

o Develop and maintain a framework of controls around financial reporting processes

o Prepare financial plans including balance sheet and income statement projections

o Review cedant reported accounts such as monthly reporting of claims, premiums, surrender benefits

o Review and analyse investment accounting, and develop scalable processes to ensure adequate controls around investment reporting

o Analyze quarterly results and report on variances to expectations, at a treaty level and overall entity level, to support with the delivery of balance sheet performance metrics

o Assist with the determination of the reinsurance accounting treatment of new transactions under IFRS and EBS, and the preparation of supporting documentation

o Provide monthly reporting and analysis of expenses vs budgets

o Serve as the main contact for internal and external auditors for audits of reinsurance operations and accounting.


o Facilitate the on boarding of new reinsurance transactions including funds flow documentation and financial impact assessments

o Prepare settlement and accounting schedules as part of executing new reinsurance treaties

o Work with the CFO to develop scalable processes to support growth in assets under Management

o Work with Group Treasury to manage liquidity including expense budgets and forecasting

o Prepare management information and analysis to key governance committees, including the Board.

o Overall responsibility for the accounts payable function in Bermuda

Desired Experience and skills

o Qualified accountant with experience working within a life reinsurance financial reporting function

o Experience of working within quarterly financial reporting cycles including preparation of accounts, analysis, and preparation of management reporting packs

o Experience of preparing and delivering IFRS financial statements

o Experience of managing a corporate bank account and monitoring company liquidity needs

o Understanding of technical accounting for asset intensive life reinsurance under IFRS and EBS bases.

o Familiarity with investment accounting under IFRS and EBS.

o Proven ability to develop and maintain effective financial reporting processes and controls with proven rigour and attention to detail.

Interested candidates should send their C.V. accompanied with a covering letter to James Fitzsimons at james@elevateselection.ie

Showcase Your Talent to Bermuda

Elevate believes in forging long term relationships which is why many of our candidates choose us for their career management. Submit your resume here to start your journey with us.