Captive Manager

Relm Insurance Ltd.; Hamilton; On-site; GBP 85,000 - 110,000; Full time

Job summary

A leading insurance firm in Scotland is seeking a VP, Captive Manager to oversee captive insurance solutions. This role requires strategic thinking and strong expertise in insurance and reinsurance. Responsibilities include managing client relationships, ensuring regulatory compliance, and developing business plans. Ideal candidates will have at least 7 years of experience in the captive management industry and hold a Bachelor’s degree in a relevant field. Competitive salary and opportunities for professional growth are offered.

Qualifications

• Minimum 7 years of experience in the insurance, reinsurance, or captive management industry.
• Strong understanding of insurance and reinsurance principles, underwriting, and claims processes.
• Proficient in financial reporting and understanding of actuarial principles.

Responsibilities

• Oversee the management and operation of captive insurance solutions.
• Serve as the main point of contact for clients utilizing captive insurance solutions.
• Develop and maintain strong relationships with clients, understanding their needs.

Skills

Client relationship management

Strategic thinking

Financial analysis

Analytical skills

Organizational skills

Education

Bachelor’s degree in Risk Management, Insurance, Finance, or related field

Job description

Based in Bermuda, Relm Insurance Ltd. (“Relm”) is the first IIGB (Innovative Insurer General Business) insurer regulated by the Bermuda Monetary Authority (“BMA”). We work with forward-thinking entrepreneurs and innovative companies that are pioneering new horizons in technology, Digital Assets, AI, and the Cannabis/Alternative Medicine spaces. We understand how challenging it can be to get coverage for emerging sectors, which is why our proposition to the marketplace is so critical: New Risks, Understood.

WHAT WE ARE LOOKING FO

RThe VP, Captive Manager is responsible for overseeing the management and operation of captive insurance solutions within Relm Insurance. This role requires a combination of strategic thinking, strong technical experience and expertise in insurance and reinsurance using captives, and strong client relationship management skills. The Captive Manager will serve as the primary liaison between the company and its clients, ensuring that all regulatory and business requirements are met, the captives operate efficiently, and deliver optimal value

WHAT YOU WILL

• DOServe as the main point of contact for clients utilizing captive insurance solution
• s.Develop and maintain strong relationships with clients, understanding their needs and providing tailored insurance solution
• s.Facilitate regular communication with clients, including providing updates on captive performance, regulatory compliance, and strategic opportunitie
• s.Support clients in evaluating their risk management strategies and identifying ways the captive can enhance their overall risk management progra
• m.Oversee the day-to-day operations of captives, including underwriting, claims management, and financial reportin
• g.Coordinate with internal and external stakeholders to ensure timely and accurate completion of financial statements, regulatory filings, and other compliance requirement
• s.Collaborate with actuaries, auditors, tax advisors, and legal counsel to ensure captives operate within all applicable regulations and best practice
• s.Develop annual business plans and budgets for captive entities, ensuring alignment with client and company objective
• s.Ongoing review, update, development and implementation of policies and procedures to ensure the organization remains compliant with local regulatory requirements and industry best practices governing captives, including financial reporting, solvency requirements, and corporate governanc
• e.Develop periodic management metrics/reports including key risk indicators (KRIs) and key performance indicators to identify, mitigate and escalate risks, deficiencies and potential breache
• s.Ensure that appropriate due diligence documentation is obtained and any required sanctions screening is performed prior to execution of agreemen
• t.Collaborate with Product development team to review and ensure that captive solutions offered align with BMA license condition
• s.Monitor incoming transfers and payments requests within captive cells to identify any transactions requiring escalation to Complianc
• e.Collaborate with the business development team to promote captive insurance solutions to prospective client
• s.Provide insights and recommendations on captive formation, feasibility studies, and structuring options based on client needs and risk profile
• s.Identify opportunities to enhance the captive’s value proposition, including exploring reinsurance options, multi-line or multi-year structures, or portfolio diversificatio
• n.Monitor the financial performance of captives, ensuring profitability, adequate reserving, and capital adequac
• y.Oversee premium collection, claims payments, and investment activities within the captive structur
• e.Provide regular reports and analysis to clients and internal stakeholders regarding financial results and trend
• s.Collaborate with the Finance team to provide required information to ensure timely and accurate periodic financial reporting and annual audited financial statement

WHAT YOU WILL N

• EEDBachelor’s degree in Risk Management, Insurance, Finance, Business Administration, or a related field. Advanced degrees (MBA, CPCU, ARM) would be considered a pl
• us.Minimum 7 years of experience in the insurance, reinsurance, or captive management indust
• ry,Proven track record of leading and managing captive insurance programs and working with alternative risk transfer solutio
• ns.Strong understanding of insurance and reinsurance principles, underwriting, and claims process
• es.Knowledge of captive insurance regulations, solvency requirements, and tax consideratio
• ns.Experience with financial analysis, risk management, and insurance product program desi
• gn.Excellent interpersonal and client relationship management skil
• ls.Strong organizational and project management abiliti
• es.Exceptional problem-solving, analytical, and decision-making skil
• .Proficient in financial reporting and understanding of actuarial principl