Chief Financial Officer, Bermuda

Title:

Chief Financial Officer, Bermuda

Company:

Everest Reinsurance (Bermuda), Ltd.

Job Category:

Finance

Job Description:

About Everest

Everest is a leading global reinsurance and insurance provider, operating for nearly 50 years through subsidiaries in the Europe, Bermuda, Canada, Singapore, US, and other territories. Our strengths include extensive product and distribution capabilities, a strong balance sheet, and an innovative culture. Throughout our history, Everest has maintained its discipline and focuses on creating long-term value through underwriting excellence and strong risk and capital management. But the most critical asset in this organization is our people. 

Everest is a growth company offering Property, Casualty and specialty products among others, through its various operating subsidiaries located in key markets around the world. Everest has been a global leader in reinsurance with a broad footprint, deep client relationships, underwriting excellence, responsive service and customized solutions. Our insurance arm draws upon impressive global resources and financial strength to tailor each policy to meet the individual needs of our customers.

About the Job:

Everest Group is seeking a Chief Financial Officer for its Bermuda operations. The position will be based in Hamilton, Bermuda, and will report into the Chief Financial Officer of the Reinsurance Global division, with a dual reporting line to the Chief Executive Officer of the Bermuda operations.

Everest is looking for a dynamic leader to be responsible for the financial management, regulatory and compliance affairs of the three Bermuda legal entities of the Everest Group. The position will oversee all aspects of the finance functions including organizing and ensuring proper execution of the accounting process, establishing best practices, and ensuring all financial reporting requirements are met on a timely basis.

In addition, the position will liaise and coordinate with the Reinsurance Group Finance functions, and work transversally across the Everest global organization, both within finance and with other functions.

The position will lead and set goals for the local finance team and will organize the finance department of the Bermuda operations to embrace improvement of finance processes and tools and run a “best-in-class” financial function.

The candidate is expected to possess strong communication, presentation and analytical skills that will facilitate the identification, documentation, and organization to shepherd process improvement.  The candidate will be an independent thinker with the ability to synthesize and distill multiple data sources to draw actionable recommendations. The candidate will have experience in the (re)insurance/financial services industry.

Accounting and Finance

The position is expected to lead and set goals for the Finance team, delivering high service standards, and to embrace the following responsibilities:

• Ensuring that all reporting requirements (Annual, Quarterly and ad-hoc) of the Bermuda entities are met on time and to the standards required by the local regulatory authorities (Bermuda Monetary Authority “BMA”),

• Act as a bridge to all Branches / Subs of the Everest Group with respect to any financial asks from the local Regulators or other external third parties.

• Foster excellent working relationships with other departments within the Group: Enterprise Risk Management, Treasury, Reinsurance Accounting, Investment Accounting, Internal Audit and Tax, and feed into their processes where appropriate. Ensure adherence to Everest Finance rules, procedures, and policies, on controls over financial reporting.

• Ensure requests from Internal and External Auditors are addressed, ensure full compliance, build and maintain controls as appropriate.

• Review and sign off on significant and/or ad-hoc transactions such as dividends, loans, material accounting changes, commutations, capital events, etc.

• Review and handle tax developments, in Bermuda. Assist internal and external Tax managers in preparing the tax returns and tax strategies. Provide support for the evaluation of tax impacts of transactions to/from Bermuda (such as VAT tax in the UK or US tax impacts).

• Review and sign-off on Private Equity investments made by the Group investment office for the legal entities domiciled in Bermuda. Ensure investment reporting is aligned with BMA practices and standards.

• Oversee all elements of closing the books. Ensure all accounts are reconciled and reviewed, review intercompany reconciliations and settlements.

• Review, adapt and use the accounting systems (Oracle) to ensure maximum efficiency.

• Coordinate with Local and Group actuaries for the quarterly assessment of reserves, and ad-hoc reserve studies. Ensure compliance with Everest Group actuarial practices and local standards.

• Ensure Account Payable and Expense Management process operates effectively including the adoption of Concur, along with actively monitoring expense drivers and working with the business to ensure most efficient cost structure.

• Review of outsourced Payroll twice monthly runs for accuracy including quarterly Payroll tax filings to the Bermuda Government.

• Manage the Branches and subsidiaries of the Bermuda legal and handle local filings as needed.

Bermuda Reporting

The position of Chief Financial Officer will work closely with the Chief Executive Officer to liaise with the Bermuda Monetary Authority (BMA), on various topics such as:

• Function as Principal Representative (PR) to the Bermuda Monetary Authority and be Lead person for Onsite visits.

• Keep the BMA briefed on all relevant developments within the three operating entities and Branches including managing quarterly meetings with BMA representatives.

• Ensure the accurate monthly accounting of the Life run-off book and year end actuarial review of same.

• Build links from Everest group accounting system (Oracle) to the BMA models to streamline end-to-end reporting.

Capital and Financial Planning

Monitor Capital level and ensure efficient use of Capital structure, review Asset-Liabilities matching, cashflow planning and Forex alignments.

• Work with Group finance to develop the Plan and prepare forecasts of financial statements (income statement, balance sheet, cash flows) of the legal entities,

• Assist treasury in using the cash flow forecasts to aid with liquidity planning,

• Coordinate ad-hoc with Treasury and Group finance to optimize the use of Capital on Bermuda balance sheets,

• Review of new Re/Insurance deals and other material transactions and assess impacts to Capital, Cash Flows and other significant financial metrics that might be impacted.

• Manage encumbered assets, non-admitted items, letter-of-credit, collateral requirements, and other off-balance sheet items to maintain efficiency, while driving benefits of Reciprocal jurisdiction and Certified Reinsurer status of each local legal entities,

Operational

• Present the quarterly financial statements to the Board and relevant Committees. Ensure that presentations and board materials are accurate and complete and look to develop them to align with the Board’s vision and ad-hoc requests.

• Look for Variance Analysis and Budget process improvements.

• Oversee any updates to Sarbanes Oxley documentation to reflect the processes and controls of the new accounting system (Oracle)

• Support group (Reinsurance Finance, Group Accounting, or other operational departments) on any requests for information – to support group GAAP reporting, Rating agencies or investors’ queries.

• Oversee ABIR, Dept. of Statistics, Registrar of Companies survey requests.

• Build strong working relationship with Risk Management and Legal department to ensure complete adherence to local and group regulatory and legal framework. 

• Develop and oversee the Finance Department and build appropriate bench strength for succession planning.

People Leadership

• Set strategy and goals for local team.

• Supervise, manage, and motivate team on a daily basis.

• Lead by example; embrace Everest colleague behaviors.

• Attract, select, and develop talent.

Required Skills and Abilities

• Qualified accountant (CA, CPA, ACCA or equivalent) with at least ten years post-qualification experience in the (re)insurance industry.

• Extensive current working knowledge of Bermuda regulatory accounting and reporting requirements for Class 4 Companies as well as proficiency with US GAAP.

• Strong financial acumen with ability to communicate and express ideas both clearly and concisely with Senior Executives, Regulators and Auditors.

• Approach tasks proactively, with a keen ability to execute and deliver results in a fast-paced environment.

• Executive leadership experience and proven ability to lead, train and inspire.

• Experience with Oracle General Ledger not required, but a strong plus.

Type:

Regular

Time Type:

Full time

Primary Location:

Bermuda

Additional Locations:

N/A