The Market Risk function, within Enterprise Risk Management, is responsible for overseeing market, liquidity, portfolio, and asset-liability management (ALM) risks across the organization’s investment portfolios and balance sheet. The function provides independent risk oversight of interest rate, credit spread, equity, foreign exchange, liquidity, and concentration exposures, as well as asset-liability alignment.

The team is responsible for the development, enhancement, and governance of the economic capital framework related to the portfolio risks, ensuring appropriate measurement of risk exposures and alignment with capital adequacy and enterprise risk appetite objectives. The function also designs and executes stress testing, scenario analysis, and sensitivity testing frameworks to assess portfolio and balance sheet resilience under adverse market and liquidity conditions. This includes overseeing all aspects of the risk at Fortitude Life and Annuity Company (FLIAC).

Through robust analytics, forward-looking risk assessments, and capital impact analysis, the team supports proactive risk identification and mitigation. The function partners closely with Investments, Actuarial, Finance, Capital Management, Treasury, and Credit Risk to ensure risks are effectively measured, monitored, and managed within the approved enterprise risk appetite, capital framework, and regulatory requirements, supporting informed decision-making and long-term balance sheet resilience.

Position Summary

The AVP, Market Risk and ALM and Hedging role is part of our growing Market Risk team under the Enterprise Risk Management function. In this capacity, you will support the safeguarding our company's financial health and ensuring the successful implementation of our risk management strategies. Your range of responsibilities include overseeing the risk management of our hedging programs, evaluating and monitoring the performance of these programs. Building quantitative risk and valuation models to test and validate the various models sued by stakeholders across various asset classes including equity, fixed income and currency derivatives, and equity and rate stochastic volatility models. Ensuring adherence to ALM and hedging guidelines while working with internal stakeholders in ALM, Hedging, Treasury and Finance teams to support innovative solutions and strategies to optimize the balance sheet and augment the existing ALM framework. This position is responsible for supporting the Chief Risk Officer of FLIAC in day-to-day oversight of the risk management of hedging activities across the various hedging programs including the FLIAC legal entity (Fortitude Re’s Variable Annuity book of business). This position reports to the Senior Vice President, Head of Market Risk and Chief Risk Officer of FLIAC legal entity. This position initially is individual contributor and does not have any direct reports.

What You Will Do:

• Lead the advancement of methodology and implementation of Fortitude Re's market risk analytics and reporting, ensuring that proper information is captured within risk reports allowing for an insightful, transparent, and effective risk management and oversight across ALM and Hedging programs.
• Analyze and assess the impact of market risks on both the asset side and insurance liabilities, including interest rate risk, spread risk, equity risk, and liquidity risk. Communicate the observations and insights with our various internal stakeholders to help drive better decisions to manage the risk of our balance sheet.
• Collaborate closely with the Hedging and Trading team on day-to-day risk management efforts across the derivatives book and assets and liabilities in our balance sheet. Proactively identify and analyze potential market risk exposures across our balance sheet and, as well as collaborate and contribute to the development and implementation of robust hedging strategies.
• Analyze and evaluate the effectiveness of existing and proposed hedging programs (e.g., Equity, Interest Rate, New Business Market Risk, FX, and Fund Basis risk) from both quantitative modeling and operational perspectives, recommending hedging strategies to optimize market risk mitigation and enhance portfolio performance and PnL.
• Identify issues, gaps, and research solutions as related to asset liability management practice, with a focus on optimizing risk management for firm’s balance sheet with specific insurance liabilities.
• Stay abreast of evolving regulatory requirements and industry best practices in Market Risk management, hedging strategies and ALM, leveraging knowledge to support enhancing Fortitude Re's existing risk management strategies and framework.
• Collaborate with Investments, Actuarial, Finance, Capital Management, and Treasury to strengthen asset-liability management, liquidity and hedging risk management frameworks for both in-force portfolios and new business initiatives.
• Maintain a deep understanding of insurance liability dynamics and their impact on the company's risk profile, including the liabilities of the new reinsurance deals.
• Monitor compliance with applicable regulatory frameworks (e.g., NAIC, BMA, RBC, or equivalent) and rating agency expectations related to ALM, Hedging and Liquidity risks.
• 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, Quantitative Finance, Actuarial Science, or related discipline with strong quantitative finance aptitude.
• Minimum of 7-12+ years of experience in market risk management, asset-liability management, and hedging and trading risk management, with a demonstrated understanding of the complexities in insurance liabilities.
• Demonstrated experience leading risk professionals or complex cross-functional initiatives.
• Strong quantitative and modeling expertise in derivatives, including experience with interest rate, equity, credit, volatility, correlation and portfolio models.
• Strong quantitative and modeling skills, including experience with industry-standard risk management software and both market risk and insurance liability models.
• 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).
• Demonstrated knowledge and understanding of various financial derivative models (interest rate, stochastic volatility, equity, etc.), and economic scenario generators is desired.
• Deep knowledge of fixed income asset classes regarding their risk profiles is preferred.
• 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, interpersonal and presentation skills, with experience communicating complex risk topics to senior leadership.
• Professional designation such as CFA, FRM, PRM, or Associate or Fellowship in the Society of Actuaries (ASA/FSA) is a plus.
• Proven ability to work independently and within a team environment.
• High attention to detail and highly organized with strong follow-through skills.
• Fast learner and adaptable to a fast-paced environment.

Preferred Qualifications

• Experience leading projects and influencing stakeholders.
• Experience overseeing derivatives and hedging program risk management.
• Experience working within Bermuda regulatory frameworks.

#LI-Hybrid

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