Job Description
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 Vice President, Portfolio Risk is a senior leadership role within the Enterprise Risk Management function, specifically within the Market Risk team, responsible for overseeing and enhancing the frameworks for analysis, monitoring, and management of portfolio risk across the enterprise. Reporting to the Senior Vice President, Head of Market Risk, this role leads the execution and continuous enhancement of risk frameworks covering portfolio risk, economic capital, and related risk measures.
The VP, Portfolio Risk plays a critical role in identifying, assessing, and mitigating portfolio, and broader balance sheet risks through advanced quantitative analysis, stress testing, scenario design, and independent risk oversight. This role works closely with the Credit Risk Officer to ensure comprehensive coverage of portfolio risk exposures and alignment across market and credit risk oversight activities. The position requires strong technical expertise, strategic thinking, and the ability to influence senior business partners across Investments, Actuarial, Finance, Capital Management, and Treasury. The role ensures portfolio risk practices align with enterprise risk appetite, economic capital frameworks, and evolving regulatory expectations.
What You Will Do:
- Lead the development, enhancement, and governance of the economic capital framework, ensuring appropriate measurement of portfolio risks and alignment with capital adequacy and risk appetite objectives.
- Partner with teams across ERM in the execution and continuous enhancement of market, liquidity, portfolio, and ALM risk management frameworks, policies, and procedures in alignment with enterprise risk appetite and financial risk governance.
- Be an active partner in designing, implementation, and overseeing enterprise-level stress testing, scenario analysis, and sensitivity testing frameworks to evaluate portfolio and balance sheet resilience.
- Support the team in identification, measurement, and monitoring of interest rate, credit spread, equity, foreign exchange, liquidity, and balance sheet risks.
- Assess the impact of portfolio risks on economic capital, regulatory capital under base and stressed scenarios.
- Provide independent review and effective challenge of investment strategies, asset allocations, new investment proposals, complex transactions, and hedging programs from an overall portfolio risk perspective.
- Support the team in risk assessment of hedging and other risk mitigation strategies, ensuring effectiveness from both quantitative modeling and operational governance perspectives.
- Partner closely with the Credit Risk Officer to ensure integrated oversight of market and credit exposures across portfolios.
- Collaborate with Investments, Actuarial, Finance, Capital Management, and Treasury to strengthen asset-liability management frameworks for both in-force portfolios and new business initiatives.
- Contribute to enterprise-wide stress testing exercises and capital impact assessments in collaboration with ERM leadership.
- Monitor compliance with applicable regulatory frameworks (e.g., NAIC, BMA, RBC, or equivalent) and rating agency expectations related to portfolio risks.
- Deliver regular portfolio risk reporting, including emerging risk assessments and actionable insights, to senior management and risk committees.
- Drive enhancements in portfolio risk models, analytics infrastructure, data governance, and reporting capabilities to improve transparency and decision support.
- Lead cross-functional initiatives involving complex financial analytics or risk transformation efforts.
- Manage and develop a team of risk professionals, including performance management, coaching, talent development, and succession planning.
- Support internal audits, regulatory examinations, and external reviews related to portfolio risk management.
- Promote a collaborative, accountable, and high-performance team culture aligned with organizational objectives.
What You Will Have:
- Graduate degree in Financial Engineering, Mathematics, Statistics, Actuarial Science, Finance, or related quantitative discipline.
- 15+ years of progressive experience in insurance, reinsurance, investment management, portfolio risk management, market risk, credit risk, liquidity risk, asset-liability management, economic capital modeling, or investment and insurance risk management.
- Demonstrated experience leading risk professionals or complex cross-functional initiatives.
- Strong quantitative and modeling expertise, including experience with interest rate, equity, credit, volatility, correlation and portfolio models.
- Deep knowledge and experience with portfolio risks, economic capital methodologies and capital adequacy assessment processes.
- Deep knowledge of fixed income asset classes, structured products, private and alternative assets, derivatives, and their associated risk profiles.
- Strong understanding of life and annuity insurance liability characteristics and asset-liability management principles.
- Familiarity with reinsurance industry, regulatory and capital regimes (e.g., NAIC, BMA, RBC, or equivalent).
- Experience designing and executing stress testing frameworks and scenario analysis for capital and liquidity impact assessment.
- Advanced proficiency in Excel and PowerPoint; experience with data analytics tools such as SQL, Power BI, or similar platforms.
- Demonstrated ability to code in at least one programming language (e.g., Python, Julia, C++).
- Strong analytical, problem-solving, and decision-making capabilities.
- Excellent written, verbal, and presentation skills, with experience communicating complex risk topics to senior leadership.
- Professional designation such as CFA, FRM, PRM, or FSA preferred.
- Experience presenting to Risk Committees or Board-level stakeholders preferred.
- Experience overseeing derivatives and hedging program risk management preferred.
- Experience working within Bermuda regulatory frameworks preferred.
#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
$220,000—$260,000 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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