Specialist - Liability and Capital Modelling Review, Supervision (IFCA) in Bothwell

Specialist – Liability and Capital Modelling Review

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 Specialist – Liability and Capital Modelling Review in our Supervision (Insurance, Funds and Corporate Authorisations) Department. Reporting to the Senior Specialist – Liability and Capital Modelling, the Specialist – Liability and Capital Modelling Review will be responsible for the supervision of liabilities (insurance and non-insurance) and regulatory capital, including review of Scenario-Based Approach (SBA) and Standard Approach (StdA) frameworks as implemented by regulated insurers. The successful candidate will also be responsible for evaluating insurer-developed liability and capital models, filings, actuarial opinions, and governance practices, providing structured recommendations to ensure compliance, robustness, and consistency across supervised entities.

This is a key role for the Authority and the postholder will be responsible for but not limited to:

• Evaluating SBA model applications, material model changes, and related filings from regulated entities
• Reviewing actuarial opinions and actuarial report findings for both SBA and StdA entities, providing structured feedback on methodology, assumptions, and compliance
• Assessing assumptions, methodologies, calibration, governance, and regulatory compliance
• Reviewing all material liabilities (insurance and non-insurance), including off-balance sheet and contingent obligations, to ensure completeness and reasonableness
• Assessing the quality, eligibility, and loss-absorbing capacity of regulatory capital, including evaluation of instruments against solvency criteria (permanence, subordination, encumbrance, flexibility of distributions)
• Monitoring ongoing compliance with capital requirements, including capital injections, refinancing transactions, dividends, and other balance sheet actions to ensure continued eligibility and adequacy
• Conducting forward-looking capital adequacy analysis, incorporating stress testing, scenario analysis, internal model outputs, capital management plans, and emerging risks
• Ensuring capital aligns with the insurer’s risk profile, business strategy, and internal risk appetite
• Identifying and monitoring intra-group and related-party transactions that may materially affect the quality or eligibility of capital
• Applying analytical frameworks and supervisory challenger tools to test, validate, and benchmarking insurer models and outputs
• Identifying inconsistencies, weaknesses, and areas requiring remediation, providing evidence-based insights
• Supporting enhancements to supervisory methodology, including internal models and review processes
• Evaluating the robustness of insurer governance frameworks, model risk management practices, and documentation standards
• Assessing the impact of emerging risks (e.g., climate, longevity, cyber, macroeconomic shifts) on liabilities and capital adequacy
• Ensuring that assumptions, controls, and processes meet regulatory expectations and supporting prudent risk management
• Contributing to the development and refinement of technical guidance, manuals, and internal frameworks to support consistent supervisory approaches
• Conducting benchmarking and comparative studies across supervised entities to identify leading practices, areas of divergence, and opportunities for improvement
• Engaging with supervised entities to clarify expectations, provide feedback, and promoting enhancements in implementation and governance
• Providing actionable insights to inform supervisory decisions, capital planning, and enterprise risk management strategies
• Collaborating with actuarial, risk, investment, and policy teams to ensure a coordinated and holistic supervisory perspective across the balance sheet
• Supervising and mentoring direct reports, providing guidance on technical reviews, model assessment, and supervisory reporting
• Representing the Authority at local, regional, and international meetings, conferences, seminars, and technical working groups involving regulatory peers, government agencies, and industry participants
• Performing related work and special projects as assigned by management in accordance with competencies normally associated with the post

This position requires a proven technical and business background, therefore, the post-holder must have:

• A Master’s degree in actuarial science, statistics, mathematics, finance, economics, or a related quantitative discipline; or a Bachelor’s degree in one of the above fields with a relevant professional qualification from a recognised institution or professional body
• A minimum ten (10) years of relevant experience with at least five (5) years at a senior level in actuarial modelling, risk modelling, insurance supervision, financial risk management, or a related quantitative field
• Demonstrated experience in:
  • Reviewing or validating actuarial or risk models
  • Assessing regulatory filings and technical submissions
  • Evaluating reserve methodologies, actuarial opinions, and scenario analysis
  • Conducting technical reviews or on-site examinations
  • Preparing structured supervisory reports
  • Collaborating with cross-functional supervisory teams
• Prior experience with scenario-based regulatory frameworks, internal model validation, or capital assessment processes is a strong asset

If you are looking for a challenging opportunity in a team environment, we invite you to submit your application online via our ‘Careers at BMA’ page on.www.bma.bm/vacancies. Applications for this position must be received no later than 04 September 2026.

Bermuda Monetary Authority is an Equal Opportunity Employer

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

Professionalism, Integrity, Accountability, Adaptability, Collaboration