Senior Specialist – Liability and Capital Modelling, 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 Senior Specialist – Liability and Capital Modelling in our Supervision (Insurance, Funds and Corporate Authorisations) Department. Reporting to the Director, the Senior Specialist – Liability and Capital Modelling will be responsible for leading and managing a Team responsible for the supervision of liabilities (insurance and non-insurance), regulatory capital and liability modelling, including Scenario-Based Approach (SBA) and Standard Approach (StdA) frameworks.

• Providing strategic oversight of supervisory assessments of liabilities (insurance and non-insurance) and regulatory capital, ensuring consistency, rigour, and regulatory compliance
• Conducting in-depth reviews of insurer liability calculations and actuarial opinions, providing expert feedback on assumptions, methodologies, and scenario outputs to support rigorous supervisory assessments
• Engaging directly in capital adequacy analysis, including assessment of capital instruments, intra-group transactions, and scenario/stress testing outputs, validating model outputs and providing hands-on insights for supervisory decision-making
• Identifying, monitoring, and assessing related-party or intra-group transactions affecting liabilities, capital quality or eligibility
• Supervising and guiding the development, validation, and maintenance of liability and capital models supporting supervisory reviews
• Ensuring insurer models accurately reflect product features, particularly for life and annuity products, including guarantees, optionality and risk exposures
• Overseeing integration of stress testing, scenario analysis, and forward-looking assessments into supervisory models
• Promoting a robust model risk management framework, including governance, documentation, validation and challenge processes
• Actively participating in the development, refinement, and validation of liability and capital models, ensuring they reflect product features, regulatory requirements, and risk exposures, and providing technical input to the Team’s modelling activities
• Ensuring the Team has deep knowledge of insurer products and that all relevant features are captured accurately in insurer liability models and highlighted in supervision processes
• Providing expert guidance on complex or innovative products to inform supervisory review, capital assessment, and model validation
• Ensuring the Team monitors emerging risks (e.g., climate, longevity, cyber, macroeconomic developments) that could impact liabilities, capital, or model outputs
• Promoting strong governance, internal controls, and adherence to supervisory standards across review and modelling functions
• Providing forward-looking insights to support solvency assessments, capital planning, and enterprise risk management
• Collaborating with other supervisory teams (actuarial, investment, etc.) to ensure a coordinated, holistic approach to balance sheet supervision
• Representing the Authority in local, regional, and international forums on liabilities, capital and modelling frameworks
• Contributing to policy development, technical guidance, and refinement of supervisory frameworks and methodologies
• Performing other related work and special projects as assigned by management in accordance with competencies normally associated with the post

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