VP, Derivatives Accounting

Company Overview

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 its leadership go back many decades.

Fortitude Re is establishing a Center of Excellence (CoE) for derivative accounting expertise, governance, and reporting. This CoE will own accounting and reporting across GAAP, STAT, Bermuda SFS, and EBS, ensuring accuracy, regulatory compliance, and transparency. As Vice President of Derivatives Accounting, you will command all derivative transactions, lead automation initiatives, and translate complex derivative activity into insights for senior leadership, regulators, and auditors.

You will report to the SVP, Investment Accounting Controller.

• Lead Fortitude Re’s Derivatives Accounting & Reporting Center of Excellence (CoE), serving as the enterprise hub for expertise, governance, and reporting.
• Own end‑to‑end derivative accounting and reporting across GAAP, STAT, Bermuda SFS, and EBS.
• Ensure all derivative transactions are processed completely, accurately, and on time, holding teams and vendors accountable.
• Oversee Clearwater processing, ensuring data quality, reconciliations, and mapping to SAP are correct.
• Hold Clearwater and other vendors accountable for service‑level performance and elevate issues when SLAs are not met.
• Drive future‑state automation and AI adoption to streamline reconciliations, exception management, and reporting.
• Direct daily and monthly derivative reconciliations across Clearwater, custodians, counter parties, and the general ledger.
• Oversee valuation governance, including price validations, vendor comparisons, stale‑price monitoring, and override approvals.
• Lead preparation of derivative disclosures for GAAP/STAT financial statements, NAIC schedules, and Bermuda filings.
• Ensure derivative results are reported by legal entity, accounting basis, and reinsurance deal, linking outcomes to treaty economics.
• Investigate and resolve valuation and income variances, ensuring transparency and appropriate documentation.
• Provide insightful performance analysis and narratives to the CFO, CIO, and senior leadership.
• Coordinate with Risk, Treasury, and Front Office Investments to ensure data integrity and alignment with ALM strategies.
• Partner with the Actuarial function to ensure derivative results flow accurately into reserves and capital reporting.
• Maintain SOX and internal control compliance for all derivative accounting and reporting processes.
• Present results, assumptions, and governance matters to senior committees, auditors, and regulators.
• Lead derivative‑related audit responses and ensure documentation is complete, accurate, and timely.
• Manage and mentor a team of resources to ensure high‑quality execution.
• Champion a culture of process improvement, accountability, and cross‑functional collaboration.
• Serve as Fortitude Re’s senior voice on derivative accounting in discussions with regulators, rating agencies, and external auditors.

• Bachelor’s degree in Accounting, Finance, or related field (CPA strongly preferred).
• 12+ years of accounting experience with a focus on derivatives and capital markets.
• Deep knowledge of multi‑basis accounting and reporting (GAAP, STAT, Bermuda SFS, EBS).
• Demonstrated ability to ensure complete, accurate, and timely processing of complex derivative portfolios.
• Experience leading Clearwater Analytics operations.
• Strong technical expertise in valuation governance, including price validation, vendor comparisons, overrides, and stale‑price monitoring.
• Proven ability…