SVP, Investment Accounting Controller

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. Click here for more information about Fortitude Re.

The SVP, Investment Accounting Controller leads our Investment Accounting department. The Investment Accounting department is responsible for the accurate accounting, financial statement disclosures and compilation of monthly and quarterly investment data for multiple legal entities, multiple accounting basis, and distinct reinsurance portfolio maintenance. This includes analysis of portfolio market values, net investment income, realized gains and losses, investment yields, investment balances by asset class, etc.

This leader will need to transform the Investment Accounting department for a high growth company. This key leadership position is responsible for building and developing a high-performing team, building out the investment accounting systems, integrating new investment portfolios, and developing investment accounting controls to company standard and continuously improving the operating environment.

The ideal candidate must have demonstrated leadership and transformation experience, investment accounting and financial reporting experience for a life and annuity insurance company or reinsurance company as well as public company experience. This position requires the business and financial acumen to handle complex situations.

This position reports to the Chief Accounting Officer and leads a team of investment accounting professionals and managers. This role will be aligned to our Nashville, TN office on a hybrid basis.

What You Will Do:

Leadership:

• Build and lead a high-performing team of investment accounting leaders and professionals, providing mentorship and guidance to develop skills aligned with team priorities (a leader of leaders)
• Manage team priorities and workloads to ensure that work is well-balanced across the department without key person dependencies
• Model excellent leadership behaviors
• Cultivate a culture of continuous learning so all team members understand our investment portfolio positions and roles are cross trained. Identify and facilitate training, coaching and development to enhance team capabilities and enable career growth.

Continuous improvement of the operating environment:

• Foster a continuous improvement / growth mindset culture across the team. Develop after action plans with strong execution on clear concrete remediation plans to evolve the operating environment
• Work with Data & Analytics to automate data feeds, journal entries, reconciliations and reporting / analytics

Getting the books right:

• Manage and enhance review procedures to verify that investment data is appropriately posted to the general ledger for all basis of accounting within agreed timeframes
• Act as the Chair for the Investments Pricing and Valuation Committee to execute on Fortitude's governance requirements to provide Executive Management transparency of portfolio valuation judgements.
• Monitor and assess the team's performance in conducting accurate and well documented reconciliations across all investment financial applications (e.g. SAP, Clearwater, FactSet, Data Lake, etc.) with appropriate corrections in source systems as needed.
• Provide company standard for workpapers compliant with corporate governance policies including, but not limited to, end user control standards that minimize back and forth between reviewers, internal auditor or external auditors. Areas found to be deficient are addressed and remediated in a timely manner.
• Work with the New Transaction Integration team to absorb new transactions into business-as-usual activities
• Ensure that accounting conclusions are properly documented and maintained. As an example, validate that positions have been evaluated for potential VIE / VOE treatment and that investment listings are complete.

Analysis:

• Have a strong understanding of what the portfolio performance expectations should be in various economic environments to help inform analysis performed by the Investment Accounting team
• Implement framework to ensure timely granular analysis and attribution (including but not limited to investment yield analysis) is performed to determine that the numbers are right and proactively identify issues
• Provide insights to users of the actual investment information to understand the story behind the numbers
• Partner closely with Forecasting team to share updates to forward-looking expectations

Reporting:

• Develop a consistent reporting package that can be used by all stakeholders for financial reporting / planning purposes
• Lead a quarterly call with Executive leaders and critical stakeholders to walk through investment valuation procedures and actual investment results / analysis
• Provide detailed investments data for Economic Balance Sheet calculation and Bermuda reporting and US NAIC RBC reporting
• Assist in preparation quarterly earnings report and audited financial statements including footnotes
• Assist in compilation of quarterly and yearly footnotes, MD&A, Statutory investment exhibits, debt reporting covenants, pricing committee and audit committee reports

Controls and Audit:

• Build and maintain the investment accounting internal control environment to company standard
• Facilitate and assist with internal and external audit, related testing and complete audit work papers for interim and Year-end audits

What You Will Have:

• Demonstrated progressive leadership of large teams including multiple management levels
• Demonstrated experience building / transforming organizations and operating environments
• Mentor and develop the investment accounting team, providing guidance and opportunities for professional growth
• Drive innovation and adoption of new technologies and ways of working
• Foster a collaborative and inclusive team culture, encouraging teamwork and mutual respect.
• Ability to develop and implement long-term strategic plans that align with the organization's financial goals and investment strategies
• Minimum 10 years accounting experience, with 8 or more years of investment accounting experience with an insurance company or public accounting firm
• Bachelor's Degree or Graduate Degree in Accounting, Finance or Economics preferred.
• Professional accounting designation, CPA or Equivalent required.
• Investments reporting and public company controls experience required
• Demonstrated strong analytical and project management skills
• Demonstrated ability to apply U.S. GAAP and STAT investment accounting principles and reporting and experience with Life, Annuities and Property Casualty lines of business
• Proven track record for exceeding expectations on various, simultaneous projects with tight deadlines
• Capable of communicating and expressing ideas clearly and concisely, in both written and verbal formats
• Review forecasts and trends and identify potential issues and opportunities
• Ability to build and maintain working relationships with internal and external asset managers, accounting, compliance, actuarial, management, and systems team from early career to executive level
• Experience with Clearwater investment accounting platform highly desired

#LI-Hybrid

The base salary range for this role is listed below and will be commensurate with candidate experience. Pay ranges for candidates may differ based on the cost of labor in that location. 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.

Base Salary Range

$250,000-$300,000 USD

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.

To all recruitment agencies: Unless you have been requested to work on this position, or other positions with Fortitude Re, please do not forward any resumes to Fortitude Re employees. Fortitude Re is not responsible for any fees related to unsolicited resumes.

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