Volume 3, Issue 1 – First Quarter 2013 Actuarial Analyst – Bermuda: International P&C firm seeks an Actuary to serve in a reserving role. Work will focus financial reporting and price monitoring. (#37538) Senior Consultant – Bermuda: Premier consulting firm seeks FCAS, FIA or FIAA to lead a team of Actuaries on Bermuda-based consulting engagements. Will work with senior-level clients and firm partners. Solvency II and captives experience a plus. (#36652) Senior Analyst – Bermuda: Leading non-life insurance company is seeking a senior analyst for role working with risk analysis, catastrophe modeling and property catastrophe pricing. (#36289) Assistant Vice President – Bermuda: Insurance broker seeks candidate with about 5 years accounting/insurance experience. Work will include assisting in portfolio management and frequent interaction with clients. Candidates with an accounting designation a plus. (#35673) Solvency II Director – Bermuda: Regulatory organization seeks an individual to manage its solvency assessment framework and market analysis program. Must have at least 12 years experience with risk assessment and financial analytical support. (#34839) 800-837-8338 / 312-867-2300 [email protected]www.dwsimpson.com By: Maureen Matous As the largest Actuarial & Analytics Recruitment Firm, DW Simp- son fields several questions about the steps required for an Actu- ary to take to be employed in Bermuda. Below you will find the basics of what you’ll need to know in order to start working in the cutting edge (re)insurance and risk capital of the world. Bermuda is 21 square miles and has an estimated population of 60,000. It houses one of the largest reinsurance markets in the world and has become a hub for commercial insurance. Addition- ally, it is a highly attractive location for tourists. To secure a position in Bermuda, you will need to interview in the company’s office on the island, even if the company has offices near you elsewhere in the world. If you are a US, Canadian or UK Citizen visiting the island, you will be able to enter the island upon presentation of a valid passport. You are able to be on the island typically up to 90 days. Should a company in Bermuda extend to you an offer of employ- ment (and you accept), the company will secure a work permit for you prior to your arrival to begin your job. This can take anywhere from one to six months. Most work permits issued will be valid for up to six years. In extremely rare cases, there exist work permits available to expatriates that will allow them to stay on the island up to 10 years. They are granted only to “key employees of certain companies on the islands,” e.g. CEOs. An interesting fact about work permits in Bermuda: when they are up for renewal (usually every three years), the company must advertise the role you’re in locally - in the Royal Gazette newspaper - and first give full con- sideration to Bermudian citizens. If a qualified Bermudian cannot be found, the company will be able to renew the work permit of a non-Bermudian. Continued on page 2 Actuary – Bermuda: Client seeks Actuary with solid financial reporting experience. Responsibilities will include: risk management, asset liability management, cash flow testing and reserving. FSA designation desired. Experience working with annuity products a plus. (#36281) Financial Actuary – Bermuda: Reputable life reinsurance company seeks FSA Actuary. Work will include ALM model support, running cash flow testing and pricing models for annuity products. Previous life insurance experience preferred. Competency with valuation software a plus. (#37512) Finance Expert – Bermuda: Diversified financial services corporation seeks a finance expert with substantial investment/banking experience. This position will be responsible for managing and supervising a team of financial analysts. Actuarial background desired. Solid understanding of international regulatory standards is strongly preferred. (#37452) Vice President – Insurance Management – Bermuda: Multinational insurance broker seeks candidate with about 7+ years experience. Chief responsibilities include insurance/reinsurance accounting and GAAP reporting for different regions. Candidates holding an international accounting designation preferred. (#35671) VIS-A-VIS: BERMUDA WORK VISAS SPOTLIGHTING TRENDS ACTUARIAL JOBS IN BERMUDA
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Volume 3, Issue 1 – First Quarter 2013
Actuarial Analyst – Bermuda: International P&C firm seeks an Actuary to serve in a reserving role. Work will focus financial reporting and price monitoring. (#37538)
Senior Consultant – Bermuda: Premier consulting firm seeks FCAS, FIA or FIAA to lead a team of Actuaries on Bermuda-based consulting engagements. Will work with senior-level clients and firm partners. Solvency II and captives experience a plus. (#36652)
Senior Analyst – Bermuda: Leading non-life insurance company is seeking a senior analyst for role working with risk analysis, catastrophe modeling and property catastrophe pricing. (#36289)
Assistant Vice President – Bermuda: Insurance broker seeks candidate with about 5 years accounting/insurance experience. Work will include assisting in portfolio management and frequent interaction with clients. Candidates with an accounting designation a plus. (#35673)
Solvency II Director – Bermuda: Regulatory organization seeks an individual to manage its solvency assessment framework and market analysis program. Must have at least 12 years experience with risk assessment and financial analytical support. (#34839)
As the largest Actuarial & Analytics Recruitment Firm, DW Simp-son fields several questions about the steps required for an Actu-ary to take to be employed in Bermuda. Below you will find the basics of what you’ll need to know in order to start working in the cutting edge (re)insurance and risk capital of the world.
Bermuda is 21 square miles and has an estimated population of 60,000. It houses one of the largest reinsurance markets in the world and has become a hub for commercial insurance. Addition-ally, it is a highly attractive location for tourists.
To secure a position in Bermuda, you will need to interview in the company’s office on the island, even if the company has offices near you elsewhere in the world. If you are a US, Canadian or UK Citizen visiting the island, you will be able to enter the island upon presentation of a valid passport. You are able to be on the island typically up to 90 days.
Should a company in Bermuda extend to you an offer of employ-ment (and you accept), the company will secure a work permit for you prior to your arrival to begin your job. This can take anywhere
from one to six months. Most work permits issued will be valid for up to six years. In extremely rare cases, there exist work permits available to expatriates that will allow them to stay on the island up to 10 years. They are granted only to “key employees of certain companies on the islands,” e.g. CEOs. An interesting fact about work permits in Bermuda: when they are up for renewal (usually every three years), the company must advertise the role you’re in locally - in the Royal Gazette newspaper - and first give full con-sideration to Bermudian citizens. If a qualified Bermudian cannot be found, the company will be able to renew the work permit of a non-Bermudian.
Continued on page 2
Actuary – Bermuda: Client seeks Actuary with solid financial reporting experience. Responsibilities will include: risk management, asset liability management, cash flow testing and reserving. FSA designation desired. Experience working with annuity products a plus. (#36281)
Financial Actuary – Bermuda: Reputable life reinsurance company seeks FSA Actuary. Work will include ALM model support, running cash flow testing and pricing models for annuity products. Previous life insurance experience preferred. Competency with valuation software a plus. (#37512)
Finance Expert – Bermuda: Diversified financial services corporation seeks a finance expert with substantial investment/banking experience. This position will be responsible for managing and supervising a team of financial analysts. Actuarial background desired. Solid understanding of international regulatory standards is strongly preferred. (#37452)
Vice President – Insurance Management – Bermuda: Multinational insurance broker seeks candidate with about 7+ years experience. Chief responsibilities include insurance/reinsurance accounting and GAAP reporting for different regions. Candidates holding an international accounting designation preferred. (#35671)
Vis-a-Vis: Bermuda Work Visas S P O T L I G H T I N G T R E N D S
A C T U A R I A L J O B S I N B E R M U D A
A few additional points to consider if you plan to seek employment on the island… due to the Bermudian government’s need to regulate the population on this small island, if you are married and you and your spouse are non-Bermudians with more than two children, it is highly unlikely that you will be able to secure employment in the Public or Private sec-tor. The Bermuda government strictly enforces the two children limit to families entering the island.
On a related note, if you are in a relationship but not married (and a citizen of US, Canada or UK), your significant other will be able to enter the island on a 90 day tourist visa. However, if he/she would like to work in Bermuda (and remain unmarried), it is likely he/she will need to have a “hard to find” skill set, similar to an Actuary, that would allow a company to secure a work permit for him/her. For citizens of the UK and Canada, salaries in Bermuda are virtually tax free. For U.S. citizens, the first $90,000 in compensation is tax free; all compensation above $90,000 is subject to US tax laws.
If you’re able to make a move to Bermuda, we highly recommend it. This small island can provide a variety of experience that can pave the way to a prosperous career!
Keith Archibald Forbes . (1992). In Bermuda Online. Retrieved 12-21-2012, from http://www.bermuda-online.org/employwp.htm. dWs
In the last Quarterly DW Simpson newsletter, I extolled the career benefits of working in the cutting-edge and dynamic (re)insurance market of Bermuda. And while the crux of this Quarterly newsletter is focused on navigating a career move to Bermuda, my column will speak to one of the island’s treasures outside of the vibrant (re)insurance industry. And that treasure is 88-year-old Johnny Barnes.
Johnny Barnes is a retired bus driver who, every Monday through Friday morning, still is active with the majority of commuters filing into Hamilton, the (re)insurance business hub and Bermuda’s primary city.
Today, instead of driving these commuters on his bus, Johnny welcomes them to Hamilton with his heart. Every morning, as early as 4:00 am, Johnny stands on the Foot of the Lane traffic roundabout on the eastern edge of town for six hours, waving and blowing kisses to the parade of commuters on scooters, on bicycles and in cars. He also tells them that he loves them.
It’s a remarkable sight and experience, really. I usually go for a run early in the morning along the mile-and-a-half stretch of Front Street that leads from the Fairmont Princess hotel to Johnny’s perch at the edge of town, where there also is a full-size bronze statue in his honor. Johnny always is smiling, waving, blowing kisses…and sharing his love. It’s really a nice start to the day. dWs
Vis-a-Vis: Bermuda Work Visas continued
S P O T L I G H T I N G T R E N D S
D W S I M P S O N P R O M O T I O N SDave Benton – Partner, Retained Search Servicesdave re-joined dW simpson Global actuarial recruit-ment in 2007 as director - retained search services after five years in an actuarial recruiting capacity for an insurance company and consulting firm. in his current role with dW simpson, dave leads the recruit-ing and client management processes for all of dW simpson’s retained searches/clients. dave also serves as dW simpson’s representative on the society of actuar-ies (soa) employers advisory Council as well as the international association of Black actuaries (iaBa) Corporate advisory Council.
Marianne Westphal – Senior Directormarianne joined dW simpson in 2003, bringing with her several years of insurance experience. in her current role, marianne leads a recruiting team and work with expe-rienced actuaries of all levels. additionally, she has written several articles for industry publications and co-leads dWs’s internal Training and Professional development Program.
Maureen Matous – Managermaureen joined on-Campus resources (dW simpson’s sister company) in 2005. in this role, she managed clients full-cycle college recruiting processes. she transitioned to the dW simpson division in 2008. Currently, maureen is a manager working with experienced actuaries. she attends actuarial seminars and is active with groups such as the Chinese actuarial Club (CaC), korean american actuarial society (kaas) and international association of Black actuaries (iaBa). Margit Vogele – Managermargit joined dW simpson Global actuarial recruitment in 2006 and is currently working on a team serving experienced actuaries of all disciplines and quantitative risk professionals. Previously, margit was a Lead recruiter on the entry Level team at dWs. she has attended numerous meetings and seminars across the united states and Canada and has experience presenting to hundreds of students looking to break into the actuarial profession. dWs
Bermuda Q&a with Justin Levine, FCasBy: Kristyn SakelarisIn order to provide some insight into getting a job in Bermuda and making the transition to island life, DW Simpson talked with Justin Levine, an actuary who more recently moved to Bermuda. When Justin started interviewing for an on-island position he was living in the Northeast and was a new FCAS with three years of work experience that included reinsurance pricing.Q: Describe the interview process when you were considering roles in Bermuda. A: I was targeting reinsurance companies specifically, but my company actually writes a fair amount of insurance as well. I had one phone interview with this reinsurance company in July. Two months later (September), they flew me to Bermuda for the in-person interviews. Still two months later (November), I began my first day of work in Bermuda. The reason for the four month delay between the phone interview and the first day was mostly related to the immigration process. It just so happened that I only interviewed with one company which ended up being a good fit.Q: How did you go about finding housing? Where there any hurdles that you encountered with the move?A: My company provided a relocation specialist to work with me. The initial contact with this person began before even moving to the island. We discussed what type of places I was looking for. So before I even got to the island she knew how many bedrooms, what price range, how close to town, etc.My first day of work involved leaving the office early to be driven around the island looking at houses that met my criteria.There were no hurdles per se. Just make sure you have a firm understanding of whether or not your housing allowance is “se it or lose it,” or “keep what you don’t spend.” A lot of companies are changing it from the latter to the former. Also, make sure you have a clause in your lease that forces the landlord to pay for:
(i) Your water tank if it gets empty.(ii) Hurricane preparation (boarding up the house, providing a generator, etc.)(iii) Hotel accommodations (or pro-ration of your rent if your house is unlivable during a hurricane)
Q: What documentation did you have to provide in order to work there? How did you find the immigration process?A: Passport, birth certificate, police record and drug test.The process of coming to the island is really controlled by immigration rather than your specific company. As mentioned before, the process lasted about 4 months.Q: Did you have a spouse and/or children join you? If you did not, are you aware of others who have come to the island with a family? What was their experience?A: I came here when I was single, in my mid-twenties and with no children. I do not know any of the details of those who came with children.Q: What were some surprises you encountered (positive or negative)?A: As a guy in my mid-twenties when I made the move, reading some literature online made me a bit hesitant about the social ramifications of being stuck on a 22 square-mile island in the middle of the Atlantic. The average expat who works in insurance is probably closer to the mid-thirties.I have found it is a lot easier to make friends and participate socially than the online reading made it seem. You just have to be a little proactive.I have found the tension between local Bermudians and expats to be a lot less of an issue that I initially feared. In fact, I haven’t had any negative experiences (due to expat/local issues) with any Bermudians in the three years I have been here.Q: Would you make the move again? Why or why not?A: I do not regret my decision to come here. It made sense professionally, financially and was an adventurous move. That being said, it is critical that your compensation is adequate enough to enjoy life here. It is a very expensive island to live on. Being a single guy, I felt comfortable with my compensation. It would have taken a lot more thought to move a wife and kids here. Schools are expensive. I have heard of some nursery schools that charge $18K USD a year. A nice 3 bedroom close to town and on the water might cost over $6K USD/month. Unless your significant other also is able to get a job here, you might be saving a lot less than you think. dWs
A S k A N A C T U A R y S P O T L I G H T I N G T R E N D S By: Marianne Westphal & Angie Wachholz
As Mark Twain once said, “You go to heaven if you want - I’d rather stay here in Bermuda.” And it seems a lot of people are following suit, both for a visit and to move there to live and work. Given a continued strong interest in Bermuda for both work and play, we put together a list of some interesting facts & figures about the island…that many locals like to call “The Rock.”
• Bermuda is named for Spain’s Juan de Bermúdez, who sighted the islands in the early 1500s. Bermuda was thought to be uninhabited until around 1609, when a British ship sailing for Virginia was wrecked on nearby reefs and es-tablished a settlement. Currently it is a British Overseas Territory.
• Bermuda’s one cent coin is sometimes nicknamed the “Hog(ge) Penny,” as there is a pig printed on the back of the coin. The pig was a feature of the original currency due to the many wild pigs which once inhabited the island. They are thought to have descended from pigs that swam ashore from Span-ish and Portuguese ships in the 16th century.
• The largest sectors of the economy in Bermuda are government employment, off-shore business and tourism. Ber-muda has the highest number of captive insurers in the world – there are over 1,200 captive insurance companies. Bermuda’s position as an international insurance center also makes it a hub for actuarial roles. Some have noted that Bermuda has the most actuaries per capita in the world.
• Bermuda is a hub for golfers as evi-denced by Bermuda’s claim to the most golf courses per square mile in the world.
• There are no bodies of fresh water in Bermuda, no rivers or fresh water lakes. All the fresh water that isn’t imported is rainwater that is collected. This has impacted the architecture of the island as rainwater collection in new construc-tion is mandated by law.
• Though it’s sometimes thought of as one island, Bermuda is actually made up of approximately 140 islands. The mainland is comprised of 8 islands, con-nected by bridges, and is 3 miles wide at its maximum width, and 22 miles long.
• There are 15,000 registered scooters in Bermuda; this is a key form of trans-portation. In fact, tourists may not rent cars in Bermuda and aren’t allowed to drive in any case as drivers licenses in Bermuda are only issued to Bermudians and residents.
• Bermuda is known for its pink beaches. These occur due to tiny red sea crea-tures that get swept up in the tide, color-ing the beaches in this unusual hue. dWs
Bermuda Facts & Figures
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C O M P A N y E V E N T S
Recently Retained Actuarial JobsRETAINED – Actuary – Midwest USA: Leading insurance corporation seeks Actuary to join a team responsible for pricing health insurance products. Underwriting experience is required. Position is open at the ASA/FSA-level. Solid forecasting and/or reserving experience desired. (#37833)
RETAINED – Actuarial Vice President – Southeast USA: Immediate need for Actuarial Vice President with ACAS/FCAS designation. Commercial lines insurance back-ground required. Experience with pricing/reserving & STAT/GAAP desired. Solid catastrophe modeling skills preferred. (#35604)
RETAINED – Chief Actuary – West USA: Regional health insurance company seeks qualified Actuary to add to staff. Work will include individual/group pricing, reserving and performing forecasting functions. Experience with Medicare/Medicaid preferred. (#36053)
RETAINED – Managing Director – Northeast USA: Lead-ing global consultancy firm seeks direct-entry Director for their Life Actuarial practice. Strong business development abilities as well as a broad background in life insurance will be vital to this role. Successful candidates will be seasoned consultants with strong leadership skills. (#37182)
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