SVP, Head of Financial Reporting (Jersey City)
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. Fortitude Re continues to strengthen its ability to pursue further growth and provide innovative solutions for the global insurance industry. The Senior Vice President, Financial Reporting is responsible for managing the financial reporting and related controllership activities of the company. This role will lead financial reporting activities, including US GAAP / SEC, Management (non-GAAP), US Statutory / NAIC and Bermuda Regulatory (SFS / EBS) accounting and financial reporting for all Fortitude related entities, including management of the underlying accounting and reporting teams. This strategic leadership role ensures the accuracy, integrity, and timeliness of financial reporting while driving compliance and operational efficiencies. Reporting directly to the Chief Accounting Officer, the SVP, Financial Reporting will oversee a team of finance professionals, including controllers and accountants, fostering a culture of excellence and continuous improvement. The SVP, Financial Reporting role influences others across the organization regarding accounting policies, practices, and procedures and communicates with key external stakeholders. This role is instrumental in strengthening the organization’s financial management system, ensuring accurate financial reporting, and driving process efficiencies. This role will be based in our Jersey City, NJ office on a hybrid basis. What You Will Do: Oversee the preparation and consolidation of financial statements for the respective operating entities and the entire group in compliance with US Generally Accepted Accounting Principles (GAAP), SEC, Management (non-GAAP), US NAIC Statutory and Bermuda Monetary Authority (BMA) required Statutory Financial Statements (SFS) and Economic Balance Sheet (EBS) regulatory bases. Ensure high quality audit support for all numbers within the financial statements. Lead a team responsible for development and production of quarterly and annual financials for U.S. domiciled entities GAAP/SEC financials. Lead a team that will be responsible for development and production of quarterly and annual financial reporting under U.S. Statutory filings. Which includes statutory annual and quarterly statements (bluebooks, greenbooks, yellowbooks) for multiple life insurance companies and ensure compliance with State and National Association of Insurance Commissioners (“NAIC”) regulatory guidelines, and present statutory results to senior management and the board of directors of the individual legal entities. Lead the financial reporting team responsible for quarterly EBS and Bermuda Solvency Capital Requirements (BSCR) filings for Fortitude’s Group and Bermuda insurance entities. Produce quarterly analysis for changes of the solvency positions and key metrics for management review. Prepare financial statement level reconciliation analysis of the multiple accounting basis to GAAP (E.g., STAT to GAAP, SFS to GAAP, EBS to GAAP, Management to GAAP) reconciliation and analysis. In partnership with Accounting Policy, research new accounting policies and assist in ensuring effective reporting implementation. Interpret and explain regulatory rules to various internal functional areas and stakeholders and seek clarification from the BMA were necessary. Monitor and evaluate emerging developments regarding NAIC, EBS and BSCR regulations. Develop accounting policy documentation regarding the company’s positions of NAIC, EBS and BSCR reporting guidelines. Transform external financial reporting processes to streamline and standardize processes (leveraging technology) across the various financial statements to enhance the overall quality of financial reporting and auditability. Ensure that we have a best-in-class operating model. Partnering with Finance Operations, oversee quarter-end, and year-end financial close processes, ensuring timely and accurate financial reporting. Support New Transactions Integration team with the development and execution plans to effectively implement GAAP, NAIC, SFS & EBS accounting changes (e.g., LDTI, CECL). Work cross-functionally and collaboratively with finance, investments and actuarial teams for data needs and reconciliations to complete the financial statement disclosures and regulatory filings. Provide financial analysis and present key insights to the Disclosure Committee, Executive Team, Audit Committee, and Board of Directors. Collaborate with Financial Reporting & Analysis (FP&A) to facilitate accurate management reporting (including non-GAAP key performance measurements, segment reporting, etc. Responsible for preparing Management’s Discussion & Analysis (MD&A)) and contributing to rating agency and investor reporting. Establish and monitor operational performance metrics for the team. Support evolving business needs such as legal entity restructurings and debt issuances with high-quality financial reports and analysis. Financial Systems & General Ledger Management Collaborate closely with the controllership organization in developing the general ledger systems strategy, ensuring integration, accuracy, and efficiency in financial reporting and general ledger management. Provide recommendations to the controllership organization regarding the general ledger structure and chart of accounts, ensuring consistency and compliance across all entities and accounting bases. Provide recommendations to effectively maintain the GAAP, NAIC, SFS & EBS general ledger accounting systems and implement improved reporting capabilities, as necessary. Collaborate with Data & Analytics, IT, Finance Transformation, and other finance teams to enhance system functionalities, streamline financial reporting processes, and improve data integrity. In partnership with Accounting Operations, Data & Analytics, Finance Transformation and Finance Operations, lead initiatives to implement and optimize financial software and ERP systems (e.g., SAP, Workday) to drive automation and efficiency. Establish system controls, maintain data accuracy, and ensure alignment with financial policies and reporting standards. Reinsurance Financial Management Ensure accurate and timely financial reporting of intercompany and external reinsurance transactions. Review and reconcile the financial reporting deliverables generated by the Sidecar entity(ies) related to Fortitude Re. Audit, Internal Controls, Compliance & Risk Management Partner with Financial Controls in leading the efforts to mature internal controls over financial reporting to comply with SOX/MAR requirements. Design and maintain robust internal control frameworks to ensure financial accuracy, mitigate risks and remediate findings based on internal reviews and audits. Manage the US & Bermuda statutory financial statement audit/exam process, including working directly with external auditors & examiners to meet audit reporting deadlines and resolve issues, as needed. Responsible for the overall coordination of financial reporting with regulators and participates in examinations by regulators. May serve as the key contact for the capital management team to the BMA and NAIC on matters regarding EBS, BSCR, and RBC. Complete all necessary applications required for filings. Conduct risk assessments and implement controls to address emerging risks. Ensure compliance with financial policies, regulatory requirements, debt covenants and accounting standards. What You Will Have: Bachelor’s degree in Accounting, Finance, or a related field; MBA or CPA (or equivalent) required. Public accounting experience in assurance. 15 years of progressive financial management experience, with at least 5 years in a senior leadership role. Extensive knowledge of (re)insurance industry accounting principles, financial reporting standards, and regulatory compliance. Strong knowledge of GAAP, NAIC, SFS & EBS financial reporting requirements. Proven experience in M&A, investor reporting, and regulatory financial reporting. Demonstrated success in team leadership, strategic planning, and financial operations management. Proficiency in financial software and general ledger systems (e.g., SAP, Oracle). Strong analytical, communication, and interpersonal skills. High level of integrity, accountability, and ability to manage multiple
