The Fidelis Partnership is a leading privately-owned, Bermuda-based Managing General Underwriter, which, through its subsidiaries, is a global underwriter of property, bespoke and specialty insurance and reinsurance products. The Fidelis Partnership is one of the largest Managing General Underwriters globally and its operations also include outwards reinsurance, claims handling, exposure management and portfolio analytics. The Fidelis Partnership also sponsors and incubates specialist MGAs through its Pine Walk platform. The Fidelis Partnership is separately owned and managed from the ownership and management of Fidelis Insurance Group.
Across product lines and geographies, we focus on three diversified pillars: reinsurance, specialty and bespoke solutions. We are truly diversified. Our long-standing partnerships with capital providers and quota share partners make us nimble. Our breadth of expertise and capabilities deliver outstanding market returns.
The role
Fidelis is searching for a talented, experienced Head of Compliance to join its leadership team. The Head of Compliance will have the opportunity to work closely with the senior leadership team to define, drive and execute the company’s global compliance oversight program.
The Compliance Team consists of dedicated resources for Financial Crime (Sanctions & AML), Compliance Monitoring, Conduct and Regulatory Matters – 10+ headcount. This person will also have regular and direct access to the Deputy Group Chairman, General Counsel, Executive Committee and Management Committee Members, Senior Underwriters and other functional leaders. The Head of Compliance will assume the Senior Management Function (SMF) 16 designation for the UK entity (regulated by the FCA) and will report directly to the Board on at least a quarterly basis.
The role will offer broad access to this exciting business as part of a team that covers the entirety of the rapidly growing Group. This includes required oversight of TFP’s activities for two Lloyd’s of London syndicates (working with a leading Managing Agency), Pine Walk MGAs and international expansion. The individual will be expected to act independently and to manage the execution of a proportionate Compliance Oversight Program with little day-to-day oversight.
The Head of Compliance is a senior position and will be expected to use their skills to help influence our nimble and innovative business. This role will provide unique insight and access into the world-class underwriting process along with all other key functions for the business.
The Head of Compliance will have to bring strong leadership experience and domain expertise. They will have to demonstrate that they are highly organised, detail orientated and an effective stakeholder manager. This person will need to be a strong communicator (written and verbal) with a high level of emotional intelligence. We are looking for someone with significant experience in both Specialty or General Insurance and Compliance with a preference for those that have worked in the Lloyd’s of London and/or international markets.
The Head of Compliance will need to work closely with both the Group Chief Risk Officer, General Council, Director of Underwriting Operations and Head of Claims to embed the respective Compliance Oversight activities across the Group.
Key accountabilities
Provide assurance that the Fidelis Partnership complies with all material respects with internal policies, laws and regulations applicable to their activities, including activities authorised and regulated by the Financial Conduct Authority (“FCA”), the Central Bank of Ireland (“CBI”), the Bermuda Monetary Authority (“BMA”) and other regulators
Design and implement adequate company Compliance Oversight programmes over key areas of Compliance requirements including Sanctions, Licensing, Anti-Money Laundering, Regulatory Matters, Conduct, and Policy Governance. This includes defining applicable
Maintain strong levels of engagement and cooperation with Compliance and related functions from TFP’s key business partners, with a particular focus on the Fidelis Insurance Group
Draft and deliver quarterly Compliance updates to the Group and Entity Boards
Maintain a team to effectively monitor compliance with current and new regulatory requirements that may arise through new standards, products, jurisdictions or partnership organisations
Work closely with the Managing Agency to ensure all Compliance-related requirements relating to the Fidelis syndicates are met
Monitor and communicate important regulatory and legal developments to the Board(s) and senior management
Maintain all FCA compliance records and liaise with FCA on queries and reporting requirements
Maintain regulatory filings/renewals – diarising, preparing and organising filings to the FCA and other regulators and renewal of regulatory memberships
Review and monitor compliance programmes
Ensure effective relationships are maintained with any services provided (e.g., software, resource augmentation and subject matter expertise) to TFP’s Compliance function
Provide assistance regarding compliance-related questions
Supervise training and competence requirements in conjunction with Human Resources, and where appropriate procure and/or provide appropriate training
Oversee the firm's policy on gifts and entertainment and other core policies
Perform horizon scanning for any potential impacts to the Compliance requirements for TFP relating to new regulations, products, markets or emerging areas
Maintaining Compliance Governance Framework (e.g., policies, procedures and frameworks), including annual reviews
Identify, develop and deliver Compliance training
Work with the Group General Counsel in maintaining regulatory relationships
Manage the day-to-day activities of the Compliance function
Other ad hoc duties as required
Board and Committee membership
Group Operational Review Group (Chair)
Group Delegated Performance Management Group (Member)
Group Disclosure Committee (Member)
Group Product Oversight Group (Member)
Group Management Committee (Regular attendee)
Key stakeholders include:
The Fidelis Partnership Boards and Risk Committees
Fidelis Insurance Group – General Counsel, CRO, Deputy Chairperson, Head of Internal Audit, Underwriting, Finance, Claims, Pine Walk (MGAs) and Lloyd’s of London Managing Agency
The Fidelis Partnership functional leaders in London, Dublin, Bermuda, Brussels and Abu Dhabi
Asta Managing Agency as the managing agency for Syndicate 3123
Key service providers, including offshore support in Noida, India
Heads of functions across The Fidelis Partnership
Skills & experience
University degree in relevant course of study
Strong preference for candidates with advanced degree or relevant industry qualifications
Strong academic background and mathematical acumen
Experience with managing risks around outsourcing of key business services
10+ years’ experience in the Insurance sector (Compliance, Legall, Risk Management, External/Internal Audit)
Additional experience in the wider Insurance industry is a plus
Microsoft Office skills, in particular Microsoft Excel, PowerPoint and PowerBI
Experience working with Financial Regulators across multiple jurisdictions (e.g., PRA/FCA, CBI, BMA, FSRM)
Must be a strong critical thinker who can develop a strong understanding of the business and translate the related requirements into pragmatic applications
Must be able to balance working on detailed projects and maintaining the ability to step back to understand enterprise risks
Must be able to respond positively during busy periods through multi-tasking and effective prioritization against needs of business
Other
The Fidelis Partnership Ethos
At The Fidelis Partnership, we aim to be different while making a difference.
We set the standard for quality in our industry. Guided by our expertise, our clients can take unique and material risks with confidence.
Our approach is tailored and designed to deliver excellence for our clients. We are trailblazers, creating unique solutions in the (re)insurance space.
We are experts. Our brokers and clients value the depth of our knowledge and experience. We leverage state-of-the-art underwriting technology to be a market leader.
We believe sound ethics make for good business. We deliver value for our customers, investors and communities while actively avoid trading with industries that cause harm to people, the environment and animals.
We pride ourselves in creating a workplace that prizes execution, meritocracy, Diversity & Inclusion. Our people herald from countless backgrounds and are united by ambition and the unabashed desire to deliver excellence every day. We provide a competitive environment that helps people cultivate themselves professionally and personally and balance a rigorous workplace with a mindset that prioritises environmental and charitable activities in our communities worldwide.
Our ethos dictates our decisions and actions. It unites us as a team of experts and colleagues and provides us with a compass for ensuring we deliver our best to every stakeholder we serve.
Diversity, Equity & Inclusion
Diversity & Inclusion in the workplace
Insofar as possible, we aim to ensure the composition of our workforce reflects the make-up of the local community
We have specific programmes in all our offices to support diversity within the hiring process, e.g. internship and scholarship award programmes
This is a particular focus in Bermuda, where we engage actively with local organisations to source diverse talent and provide coaching/mentoring for underrepresented groups
We aim to maintain a focus on equal opportunities across all stages of hiring process
We measure and minimise the pay gap where possible.
Bring Your Whole Self to Work
Our vision is for a workplace culture where differences are valued and where diversity of background, experience and thought are welcomed. We want to create an environment where all employees, regardless of who they are, are given equal opportunities for career progression and enjoy fair reward from their and The Fidelis Partnership's successes. This will be driven by a workforce that embraces Diversity & Inclusion at every level, in every department across The Fidelis Partnership.
To ensure that all candidates have a fair opportunity to show their abilities during the recruitment process, adjustments may be required. If your physical or mental health or disability may necessitate an adjustment, please contact fidelis@avenciaconsulting.com to discuss. All information relating to your health or disability will be treated in accordance with our data protection policy.
