Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world's leading providers of legacy reinsurance solutions. They work with the world's leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $111 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group. Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Re's roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Re's leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities. Their deep insurance experience and proprietary risk modeling capabilities allow them to structure bespoke transactions that benefit both insurance companies and their policyholders. The AVP, Financial Reporting Manager will be a key member of the Fortitude Life and Annuity Valuation team, which serves the company by supporting valuation and financial reporting requirements for US GAAP and Statutory accounting for reinsurance and acquired businesses. This position will report to the VP, Valuation Actuary and will be responsible for performing the consolidation and financial reporting of Fortitude Re's Life and Annuity business, including actuarial account reconciliations. This role will be remote.
What You Will Do:
Consolidate valuation results for financial reporting purposes across Fortitude's lines of business including Traditional Life, Universal Life, Variable UL, Payout Annuity, Fixed and Indexed Deferred Annuity and Accident & Health (A&H)/LTC within financial reporting timelines. Serve as the technical expert and supervise all technical aspects of the valuation actuarial team to update, run, and report on all US GAAP and Statutory liabilities for Life and Annuity contracts assumed by Fortitude Re. Establish and conduct periodic unlocking of Deferred Gain, Cost of Reinsurance Asset and VoBA Liability schedules. Development and maintenance of the robust control infrastructure. Lead and support US statutory annual statement annual reporting and Bermuda annual Statutory Financial Statement reporting. Support development and maintenance of a production valuation data and calculation environment for multiple valuation models, primarily Axis. The environment will be data centric, minimize the use of spreadsheets, and have a robust control infrastructure. The data environment will tie to the Fortitude Ledger or values reported to ceding companies. Support the technical aspects in developing and automating the reporting infrastructure with an emphasis on building repeatable processes with built-in review capability. Work with internal and external auditors in their periodic reviews. Assist in the review, understanding, and interpretation of results. Provide technical expertise in formally explaining variations in earnings versus the best estimate expectation and prior period. Communicate consolidated results to senior management through memos, PowerPoint presentations, and providing insights and answers to questions. Mentor and guide junior team members, fostering a culture of continuous learning and development. Contribute to team capability-building through best practice sharing, peer review, and development of standard tools and templates. What You Will Have: Undergraduate degree required with finance, accounting, actuarial science and other quantitative fields preferred. 6+ years of experience, ideally dealing with valuation, financial reporting and analysis for insurance/reinsurance and/or insurance accounting. Associateship of the Society of Actuaries (ASA), Fellowship of Society of Actuaries (FSA) or a recognized accounting designation (CPA or equivalent) preferred. Strong working knowledge of US GAAP and US Statutory accounting principles and reporting requirements. Technical experience with US GAAP and US Stat valuation a plus. Project management, detail oriented, and strong organizational skills. Excellent mathematical, analytical and problem-solving skills with attention to detail. Mathematical, accounting, and actuarial knowledge; digital literacy; proficiency in financial modeling and financial principles. Problem solving and a basic business sense of financial, accounting and economic aspects of the business. Proficient with MS Word, Excel, and strong ability to work with and understand data. Excellent written and oral communication skills. Highly motivated, results- and goal-oriented with the ability to manage multiple projects within financial reporting timelines. Base Salary Range: $150,000 USD - $170,000 USD In addition to base salary, all employees are eligible for an annual bonus based on company and individual performance as well as a generous benefits package. At Fortitude Re, our strength has always come from our people. Our success is deeply rooted in our ability to embrace the unique attributes, perspectives and experiences of every individual within our company. Fostering a culture of inclusion and belonging where everyone—regardless of background, race, religion, sexual orientation or gender identity—feels valued and respected is a foundation of our culture. We are committed to being an equal opportunity employer and evaluate qualified applicants without regard to race, color, religion, sex, pregnancy (including childbirth, lactation and related medical conditions), national origin, age, physical and mental disability, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, diversity of thought and any other characteristic protected by applicable law. Referrals increase your chances of interviewing at Fortitude Re by 2x Seniority level Executive Employment type Full-time Job function Accounting/Auditing and Finance Industries> Technology, Information and Internet
