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This document is intended as an informal addendum to job descriptions for this type of vacancy (often called
Account Manager or Account Executive) in Bermuda, the Cayman Islands or the British Virgin Islands. It is
not intended to supersede any job-specific information provided from the employer and is for general guidance
only.
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Insurance management
More about the role
Financial Accountant
&
Insurance Management
As you may already have surmised from the main job description, in the same way as you would have
responsibility for handling a portfolio of clients as a Senior at an audit firm, with an insurance management
company you assume responsibility for the financial & management accounting and reporting for a portfolio
of insurance-related companies (known as ‘captives’) who are clients of the insurance management company
(i.e. of your potential new employer)
Such a role will usually involve preparing (and later reviewing/consolidating) financial statements each
quarter-end plus full financial statements under US GAAP/ Canadian GAAP/ International Financial
Reporting Standards at year-end, in liaison with the external auditors
In between these period-ends, you will have other responsibilities related to these client companies: such as
formulating budgets, ratio analysis, making sure the client is up to date with payments, reviewing material
insurance losses (claims), assessing investment income and administration etc. It’s quite varied work and
there’s a steep learning curve at the beginning but after about six months you should settle into it even if you
don’t already have financial services or international reporting experience
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As a general rule, you must be a qualified accountant (ACA, CA, ACCA, CPA) with excellent technical and
communication/interpersonal skills, particularly as you may often be liaising with US-based clients.
If you want to read further, the Hamilton Recruitment website includes additional, in-depth technical
information on the Insurance sector.
Benefits to your career
Candidate requirements
The really attractive aspect of this type of role is that you get experience of a whole new area i.e. Financial
Services, particularly as the Insurance sector is closely tied in with Investments. At the risk of over-simplifying,
the main asset in any insurance company is investments/cash and the main liability is in provisions for
insurance claims
You also get effective experience as a Financial & Management Accountant on a variety of companies, which
is a highly-portable skill to take to any future employer, even if you don’t take into account the insurance-
specific and international reporting experience you will have picked up on the way
Opportunities such as this type of position are popular with candidates seeking to explore non-audit options
on the Islands. Depending on the jurisdiction, you can usually expect to receive a tax-free salary paid in
US dollars, as well as additional benefits such as a bonus and medical/life insurance, plus full work permit
sponsorship and paid relocation
Note that many candidates will elect to stay longer than the initial two-year standard contract period and
develop their career in this tax-free and appealing environment, and employers will be keen to encourage
such management potential. This means that if you want to stay longer than the initial period then it’s
highly likely to be a possibility
Additional information
