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 | [email protected] | (441) 295 5278
Professionalism, Integrity, Accountability, Adaptability, Collaboration
