Destination: Bermuda?

Bermuda is a thriving location within the actuarial and financial services sector. We spoke to Ross Watts, Director Non-Life Actuarial at Emerald Group, to find out how the market is evolving and how candidates can explore the new opportunities emerging in 2024.

For many actuaries, brokers, underwriters or commercial sales specialists, a role overseas is a career highlight and those who experience working life in Bermuda have an unmatched professional and personal experience. Emerald Group has a broad range of roles in Bermuda for ambitious candidates, as well as proven expertise in supporting candidates who want to relocate.

Ross explains why Emerald Group is often the first choice for candidates keen to explore this specific market.

“Within our international team, we recognise the importance of Bermuda as a target destination for our candidates. We’ve focused on building a deep understanding of our Bermudian clients and the local market, so that we can place the right candidates in the right roles and facilitate relocation. We have regular contact with current, previous and future clients, as well as keeping in touch with candidates we’ve placed into this market. This means we keep ahead of sector patterns and trends to identify and support employment opportunities.”

So what does the Bermudian market look like in 2024?

“We’re seeing persistent growth in some companies, who are expanding in new and innovative ways to support global changes in the market. For example, many are hiring creatively on skill set, looking for underwriters and technical sales or data analytics skills, rather than just traditional broker experience. We also see established international businesses moving to the island: this isn’t a new trend, but is reflected of the strength of Bermuda as an international centre for insurance and reinsurance.”

With growth comes opportunity and a busy, competitive job market means the right candidates can further their careers in an incredible location.  Ross explains what clients look for in job applicants,

“With such a reinsurance-heavy focus, many clients are looking for experience in the London market or a similar level mature market.  Exposure to international insurance or reinsurance markets is often a key criteria for clients. Some companies want to bring innovation into their team and seek experience and qualities that will support this. Above all, clients want employees that will hit the ground running and contribute quickly within new or established teams.”

How complex is the move from an immigration and financial perspective?

“Financially, the incentives are a huge draw. It’s an extremely expensive place to live, but the combination of significantly higher salaries, bonuses, housing, tax and long-term incentives can mean that successful candidates find themselves at great financial advantage.” Ross continues, “We help candidates understand the relative financial impact of their package, and Emerald Group can also give initial guidance about immigration requirements. For example, actuaries are in particular demand at the moment and Bermudian immigration have carefully considered delays that immigration may cause to employment.  They have addressed the potential impact this could have on corporate growth by looking at regulatory requirements and timescales for processing visa applications, to minimise delays and support the country’s commercial goals.”

Ross has some very clear advice for candidates keen to explore a move to Bermuda.

“If you see a role in Bermuda as part of your future career, start planning now. An early conversation with Emerald Group means that we can ensure you’re gaining the experience that Bermudian companies are looking for. We can give you guidance on the qualifications, knowledge and skillset you should be building, as well as explaining the type of candidates you’ll be up against, giving you the best chance of securing a role. For actuaries, we always advise that you are qualified before you apply for roles: combining this with early guidance from us will ensure you build a fantastic CV that will really help us to get you noticed.”

And finally, Ross has some very practical advice about relocation,

“As well as talking practically about professional qualifications and experience, I often have detailed conversations with candidates about the reality of relocation. Packing up your life to move overseas can be daunting: understanding the process involved and considering the personal and family impact is essential, and will ensure that you’re ready and fully committed when that dream job comes along.”

For a confidential conversation about employment opportunities in Bermuda, contact Ross Watts on +44 (0)207 283 2520 or via email at ross.watts@emerald-group.com.