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Bermuda
Onsite
Title:
Head of Actuarial, Technical ProvisionsCompany:
Everest Reinsurance (Bermuda), Ltd.Job Category:
AnalyticsJob Description:
About Everest:
Everest is a global leader in risk management, rooted in a rich, 50+ year heritage of enabling businesses to survive and thrive, and economies to function and flourish. We are underwriters of risk, growth, progress and opportunity. We are a global team focused on disciplined capital allocation and long-term value creation for all stakeholders, who care deeply about our impact on communities and the wider world.
About the Role:
This role is responsible for the end-to-end ownership of technical provisions within a Bermuda Monetary Authority (BMA) regulated environment, with a strong emphasis on operating under direct regulatory supervision. The Actuary will lead the calculation, validation, and reporting of discounted reserves, premium provisions, and cash flow projections in line with BMA requirements, while ensuring ongoing compliance with evolving supervisory expectations.
In addition to core reserving responsibilities, the role reflects the increased governance, documentation, and regulatory engagement required of firms under BMA supervision. This includes readiness for regulatory review, enhanced reporting standards, and maintaining a high level of transparency across all actuarial processes.
The position plays a critical role in supporting the Economic Balance Sheet (EBS), capital adequacy (ECR/BSCR), and Group/international reporting, requiring close coordination with Finance, Risk, and Group Actuarial teams.
Key Responsibilities
Technical Provisions & Reserving
Lead the calculation and validation of technical provisions, including discounted loss reserves and premium provisions, in accordance with BMA valuation standards.
Develop, enhance, and maintain actuarial cash flow models used for reserve projections and discounting.
Apply and operationalize quarterly BMA-prescribed discount rates, ensuring timely updates to models, assumptions, and outputs.
Perform detailed reserve analysis, including experience studies, sensitivity testing, and assumption setting.
Ensure alignment and reconciliation between Bermuda statutory valuations and Group reporting bases.
Regulatory Reporting & BMA Supervision
Take ownership of actuarial deliverables within Bermuda statutory financial reporting, including the Economic Balance Sheet (EBS).
Lead actuarial contributions to the annual Bermuda Solvency Capital Requirement (BSCR) filing, including preparation, validation, and documentation.
Support quarterly statutory reporting cycles, ensuring that even lighter-touch submissions are backed by robust underlying analysis and controls.
Calculate, monitor, and explain movements in the Enhanced Capital Requirement (ECR) ratio.
Maintain full compliance with BMA rules, guidelines, and technical specifications for valuation and capital reporting.
Act as a key actuarial contact for BMA supervisory interactions, including:
Responding to regulatory queries and information requests.
Supporting onsite inspections and thematic reviews.
Preparing materials for regulatory meetings and discussions.
Ensure all actuarial processes, methodologies, and assumptions are clearly documented, justified, and defensible under regulatory scrutiny.
Monitor and implement changes in BMA regulatory requirements, including updates to discounting frameworks, capital rules, and reporting templates.
Governance, Controls & Documentation
Strengthen actuarial governance frameworks to meet the expectations of a supervised environment.
Maintain comprehensive documentation of models, methodologies, assumptions, and controls to ensure audit and regulatory readiness.
Implement and maintain robust model validation, peer review, and change control processes.
Ensure traceability and reproducibility of all actuarial results.
Support internal and external audits, including addressing findings and remediation actions.
Stakeholder Management
Act as the primary Bermuda-based actuarial resource for technical provisions and regulatory matters.
Partner closely with Finance, Risk, and Group Actuarial teams to ensure consistency in assumptions and reporting.
Communicate complex actuarial and regulatory topics clearly to senior management and non-technical stakeholders.
Provide insight into reserve and capital movements, including drivers of change and emerging risks.
Qualifications & Experience
Qualified actuary (FCAS or equivalent).
Strong experience in P&C reserving, technical provisions, and discounting methodologies.
Direct experience with BMA regulation or similar regimes (e.g., Solvency II) strongly preferred.
Experience supporting regulatory interactions, audits, or supervisory reviews is highly desirable.
Familiarity with EBS, BSCR, and ECR frameworks.
Skills
Advanced actuarial modeling skills (Excel, VBA, or actuarial software such as ResQ).
Strong understanding of discounted cash flow techniques and reserve variability.
Knowledge of regulatory capital frameworks and financial reporting.
Ability to manage complex datasets and reporting processes.
High attention to detail and strong control mindset.
Ability to operate effectively in a highly regulated and evolving environment.
Strong organizational skills with the ability to manage quarterly and annual reporting pressures.
Clear and confident communicator, particularly in regulatory and senior stakeholder settings.
Proactive and capable of working independently as a dedicated Bermuda-based actuarial lead
What if I don’t meet every requirement? At Everest we are dedicated to building an inclusive and authentic workplace. So, if you are excited about this role but your past experience doesn’t align perfectly with every element in the job description, we still encourage you to apply. You may be just the right candidate for this or other roles. Please let us know if you need any accommodations throughout the application or interview process.
Our Culture
At Everest, our purpose is to provide the world with protection. We help clients and businesses thrive, fuel global economies, and create sustainable value for our colleagues, shareholders and the communities that we serve. We also pride ourselves on having a unique and inclusive culture which is driven by a unified set of values and behaviors. Click here to learn more about our culture.
All colleagues are held accountable to upholding and supporting our values and behaviors across the company. This includes day to day interactions with fellow colleagues, and the global communities we serve.
Type:
RegularTime Type:
Full timePrimary Location:
BermudaAdditional Locations:
