DWS-Actuarial-Newsletter-Q1-2013

Volume 3, Issue 1 – First Quarter 2013
Actuarial Analyst – Bermuda: International P&C firm seeks an Actuary
to serve in a reserving role. Work will focus financial reporting and price
monitoring. (#37538)
Senior Consultant – Bermuda: Premier consulting firm seeks FCAS,
FIA or FIAA to lead a team of Actuaries on Bermuda-based consulting
engagements. Will work with senior-level clients and firm partners.
Solvency II and captives experience a plus. (#36652)
Senior Analyst – Bermuda: Leading non-life insurance company is
seeking a senior analyst for role working with risk analysis, catastrophe
modeling and property catastrophe pricing. (#36289)
Assistant Vice President – Bermuda: Insurance broker seeks candidate
with about 5 years accounting/insurance experience. Work will include
assisting in portfolio management and frequent interaction with clients.
Candidates with an accounting designation a plus. (#35673)
Solvency II Director – Bermuda: Regulatory organization seeks an
individual to manage its solvency assessment framework and market
analysis program. Must have at least 12 years experience with risk
assessment and financial analytical support. (#34839)
800-837-8338 / 312-867-2300 actuaries@dwsimpson.com www.dwsimpson.com
By: Maureen Matous
As the largest Actuarial & Analytics Recruitment Firm, DW Simp-
son fields several questions about the steps required for an Actu-
ary to take to be employed in Bermuda. Below you will find the
basics of what you’ll need to know in order to start working in the
cutting edge (re)insurance and risk capital of the world.
Bermuda is 21 square miles and has an estimated population of
60,000. It houses one of the largest reinsurance markets in the
world and has become a hub for commercial insurance. Addition-
ally, it is a highly attractive location for tourists.
To secure a position in Bermuda, you will need to interview in the
company’s office on the island, even if the company has offices
near you elsewhere in the world. If you are a US, Canadian or UK
Citizen visiting the island, you will be able to enter the island upon
presentation of a valid passport. You are able to be on the island
typically up to 90 days.
Should a company in Bermuda extend to you an offer of employ-
ment (and you accept), the company will secure a work permit for
you prior to your arrival to begin your job. This can take anywhere
from one to six months. Most work permits issued will be valid for
up to six years. In extremely rare cases, there exist work permits
available to expatriates that will allow them to stay on the island
up to 10 years. They are granted only to “key employees of certain
companies on the islands,” e.g. CEOs. An interesting fact about
work permits in Bermuda: when they are up for renewal (usually
every three years), the company must advertise the role you’re in
locally - in the Royal Gazette newspaper - and first give full con-
sideration to Bermudian citizens. If a qualified Bermudian cannot
be found, the company will be able to renew the work permit of a
non-Bermudian.
Continued on page 2
Actuary – Bermuda: Client seeks Actuary with solid financial reporting
experience. Responsibilities will include: risk management, asset liability
management, cash flow testing and reserving. FSA designation desired.
Experience working with annuity products a plus. (#36281)
Financial Actuary – Bermuda: Reputable life reinsurance company
seeks FSA Actuary. Work will include ALM model support, running cash
flow testing and pricing models for annuity products. Previous life insurance
experience preferred. Competency with valuation software a plus. (#37512)
Finance Expert – Bermuda: Diversified financial services corporation
seeks a finance expert with substantial investment/banking experience.
This position will be responsible for managing and supervising a team of
financial analysts. Actuarial background desired. Solid understanding of
international regulatory standards is strongly preferred. (#37452)
Vice President – Insurance Management – Bermuda: Multinational
insurance broker seeks candidate with about 7+ years experience.
Chief responsibilities include insurance/reinsurance accounting and
GAAP reporting for different regions. Candidates holding an international
accounting designation preferred. (#35671)
Vis-a-Vis: Bermuda Work Visas
S P O T L I G H T I N G T R E N D S
A C T U A R I A L J O B S I N B E R M U D A

A few additional points to consider if you plan to seek employment on the island… due to
the Bermudian government’s need to regulate the population on this small island, if you
are married and you and your spouse are non-Bermudians with more than two children,
it is highly unlikely that you will be able to secure employment in the Public or Private sec-
tor. The Bermuda government strictly enforces the two children limit to families entering
the island.
On a related note, if you are in a relationship but not married (and a citizen of US,
Canada or UK), your significant other will be able to enter the island on a 90 day tourist
visa. However, if he/she would like to work in Bermuda (and remain unmarried), it is likely
he/she will need to have a “hard to find” skill set, similar to an Actuary, that would allow a
company to secure a work permit for him/her. For citizens of the UK and Canada, salaries
in Bermuda are virtually tax free. For U.S. citizens, the first $90,000 in compensation is
tax free; all compensation above $90,000 is subject to US tax laws.
If you’re able to make a move to Bermuda, we highly recommend it. This small island can
provide a variety of experience that can pave the way to a prosperous career!
Keith Archibald Forbes . (1992). In Bermuda Online. Retrieved 12-21-2012, from
http://www.bermuda-online.org/employwp.htm. DWS
GOOD MORNING, WITH LOVE!
By: Bob Morand
President and Managing Partner
In the last Quarterly DW Simpson
newsletter, I extolled the career
benefits of working in the cutting-edge
and dynamic (re)insurance market of
Bermuda. And while the crux of this
Quarterly newsletter is focused on
navigating a career move to Bermuda,
my column will speak to one of the
island’s treasures outside of the
vibrant (re)insurance industry. And that
treasure is 88-year-old Johnny Barnes.
Johnny Barnes is a retired bus
driver who, every Monday through
Friday morning, still is active with
the majority of commuters filing into
Hamilton, the (re)insurance business
hub and Bermuda’s primary city.
Today, instead of driving these
commuters on his bus, Johnny
welcomes them to Hamilton with
his heart. Every morning, as early
as 4:00 am, Johnny stands on the
Foot of the Lane traffic roundabout
on the eastern edge of town for six
hours, waving and blowing kisses
to the parade of commuters on
scooters, on bicycles and in cars. He
also tells them that he loves them.
It’s a remarkable sight and experience,
really. I usually go for a run early in
the morning along the mile-and-a-half
stretch of Front Street that leads from
the Fairmont Princess hotel to Johnny’s
perch at the edge of town, where there
also is a full-size bronze statue in his
honor.Johnnyalwaysissmiling,waving,
blowing kisses…and sharing his love.
It’s really a nice start to the day. DWS
Vis-A-Vis: Bermuda Work Visas continued
S P O T L I G H T I N G T R E N D S
D W S I M P S O N P R O M O T I O N S
Dave Benton – Partner, Retained Search Services
Dave re-joined DW Simpson Global Actuarial Recruit-
ment in 2007 as Director - Retained Search Services
after five years in an actuarial recruiting capacity for
an insurance company and consulting firm. In his
current role with DW Simpson, Dave leads the recruit-
ing and client management processes for all of DW
Simpson’s retained searches/clients. Dave also serves as
DW Simpson’s representative on the Society of Actuar-
ies (SOA) Employers Advisory Council as well as the
International Association of Black Actuaries (IABA)
Corporate Advisory Council.
Marianne Westphal – Senior Director
Marianne joined DW Simpson in 2003, bringing with her several years of insurance
experience. In her current role, Marianne leads a recruiting team and work with expe-
rienced actuaries of all levels. Additionally, she has written several articles for industry
publications and co-leads DWS’s internal Training and Professional Development
Program.
Maureen Matous – Manager
Maureen joined On-Campus Resources (DW Simpson’s sister company) in 2005. In
this role, she managed clients full-cycle college recruiting processes. She transitioned
to the DW Simpson division in 2008. Currently, Maureen is a Manager working with
experienced actuaries. She attends actuarial seminars and is active with groups such as
the Chinese Actuarial Club (CAC), Korean American Actuarial Society (KAAS) and
International Association of Black Actuaries (IABA).
Margit Vogele – Manager
Margit joined DW Simpson Global Actuarial Recruitment in 2006 and is currently
working on a team serving experienced actuaries of all disciplines and quantitative
risk professionals. Previously, Margit was a Lead Recruiter on the Entry Level team at
DWS. She has attended numerous meetings and seminars across the United States and
Canada and has experience presenting to hundreds of students looking to break into
the actuarial profession. DWS

Bermuda Q&A with Justin Levine, FCAS
By: Kristyn Sakelaris
In order to provide some insight into getting a job in Bermuda and making the transition
to island life, DW Simpson talked with Justin Levine, an actuary who more recently
moved to Bermuda. When Justin started interviewing for an on-island position he was
living in the Northeast and was a new FCAS with three years of work experience that
included reinsurance pricing.
Q: Describe the interview process when you were considering roles in Bermuda.
A: I was targeting reinsurance companies specifically, but my company actually writes
a fair amount of insurance as well. I had one phone interview with this reinsurance
company in July. Two months later (September), they flew me to Bermuda for the in-
person interviews. Still two months later (November), I began my first day of work in
Bermuda. The reason for the four month delay between the phone interview and the
first day was mostly related to the immigration process. It just so happened that I only
interviewed with one company which ended up being a good fit.
Q: How did you go about finding housing? Where there any hurdles that you
encountered with the move?
A: My company provided a relocation specialist to work with me. The initial contact
with this person began before even moving to the island. We discussed what type
of places I was looking for. So before I even got to the island she knew how many
bedrooms, what price range, how close to town, etc.
My first day of work involved leaving the office early to be driven around the island
looking at houses that met my criteria.
There were no hurdles per se. Just make sure you have a firm understanding of
whether or not your housing allowance is “se it or lose it,” or “keep what you don’t
spend.” A lot of companies are changing it from the latter to the former. Also, make
sure you have a clause in your lease that forces the landlord to pay for:
(i) Your water tank if it gets empty.
(ii) Hurricane preparation (boarding up the house, providing a generator, etc.)
(iii) Hotel accommodations (or pro-ration of your rent if your house is unlivable during
a hurricane)
Q: What documentation did you have to provide in order to work there? How
did you find the immigration process?
A: Passport, birth certificate, police record and drug test.
The process of coming to the island is really controlled by immigration rather than your
specific company. As mentioned before, the process lasted about 4 months.
Q: Did you have a spouse and/or children join you? If you did not, are you aware
of others who have come to the island with a family? What was their experience?
A: I came here when I was single, in my mid-twenties and with no children. I do not
know any of the details of those who came with children.
Q: What were some surprises you encountered (positive or negative)?
A: As a guy in my mid-twenties when I made the move, reading some literature online
made me a bit hesitant about the social ramifications of being stuck on a 22 square-
mile island in the middle of the Atlantic. The average expat who works in insurance is
probably closer to the mid-thirties.
I have found it is a lot easier to make friends and participate socially than the online
reading made it seem. You just have to be a little proactive.
I have found the tension between local Bermudians and expats to be a lot less of an
issue that I initially feared. In fact, I haven’t had any negative experiences (due to
expat/local issues) with any Bermudians in the three years I have been here.
Q: Would you make the move again? Why or why not?
A: I do not regret my decision to come here. It made sense professionally, financially
and was an adventurous move. That being said, it is critical that your compensation
is adequate enough to enjoy life here. It is a very expensive island to live on. Being a
single guy, I felt comfortable with my compensation.
It would have taken a lot more thought to move a wife and kids here. Schools are
expensive. I have heard of some nursery schools that charge $18K USD a year. A
nice 3 bedroom close to town and on the water might cost over $6K USD/month.
Unless your significant other also is able to get a job here, you might be saving a lot
less than you think. DWS
A s k A n A ctuar y By: Marianne Westphal & Angie Wachholz
As Mark Twain once said, “You go to
heaven if you want - I’d rather stay here
in Bermuda.” And it seems a lot of people
are following suit, both for a visit and to
move there to live and work. Given a
continued strong interest in Bermuda for
both work and play, we put together a list
of some interesting facts & figures about
the island…that many locals like to call
“The Rock.”
• Bermuda is named for Spain’s Juan de
Bermúdez, who sighted the islands in
the early 1500s. Bermuda was thought
to be uninhabited until around 1609,
when a British ship sailing for Virginia
was wrecked on nearby reefs and es-
tablished a settlement. Currently it is a
British Overseas Territory.
• Bermuda’s one cent coin is sometimes
nicknamed the “Hog(ge) Penny,” as
there is a pig printed on the back of
the coin. The pig was a feature of the
original currency due to the many wild
pigs which once inhabited the island.
They are thought to have descended
from pigs that swam ashore from Span-
ish and Portuguese ships in the 16th
century.
• The largest sectors of the economy in
Bermuda are government employment,
off-shore business and tourism. Ber-
muda has the highest number of captive
insurers in the world – there are over
1,200 captive insurance companies.
Bermuda’s position as an international
insurance center also makes it a hub for
actuarial roles. Some have noted that
Bermuda has the most actuaries per
capita in the world.
• Bermuda is a hub for golfers as evi-
denced by Bermuda’s claim to the most
golf courses per square mile in the
world.
• There are no bodies of fresh water in
Bermuda, no rivers or fresh water lakes.
All the fresh water that isn’t imported is
rainwater that is collected. This has
impacted the architecture of the island
as rainwater collection in new construc-
tion is mandated by law.
• Though it’s sometimes thought of as
one island, Bermuda is actually made
up of approximately 140 islands. The
mainland is comprised of 8 islands, con-
nected by bridges, and is 3 miles wide
at its maximum width, and 22 miles
long.
• There are 15,000 registered scooters in
Bermuda; this is a key form of trans-
portation. In fact, tourists may not rent
cars in Bermuda and aren’t allowed to
drive in any case as drivers licenses in
Bermuda are only issued to Bermudians
and residents.
• Bermuda is known for its pink beaches.
These occur due to tiny red sea crea-
tures that get swept up in the tide, color-
ing the beaches in this unusual hue. DWS
Bermuda Facts & Figures

1800 West Larchmont Ave, Chicago, IL 60613
p: (800) 837-8338 / f: (312) 951-8386
http://www.dwsimpson.com
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SYDNEY | LONDON | SINGAPORE | HONG KONG | DUBAI | ZURICH | FRANKFURT
DW Simpson will be attending the following
Meetings, Seminars and Conferences:
 ASNA Convention
January 4 – 6
Winnipeg Convention Centre
Winnipeg, MB
 Extreme Weather Insurance Risk
Management Congress
January 23 – 24
Crowne Plaza Times Square
New York, NY
 CAC Lunar New Year Celebration Dinner
TBD
 RAA - Cat Modeling Seminar
February 12 – 14
Loew’s Portofino Bay Hotel
Orlando, FL
 SOA ReFocus Meeting
March 3 – 6
The Cosmopolitan
Las Vegas, NV
 CAS Ratemaking & Product
Management Seminar
March 11 – 13
Hyatt Regency Huntington Beach Resort & Spa
Huntington Beach, CA
C O M PA N Y E V E N T S
Recently Retained Actuarial Jobs
RETAINED – Actuary – Midwest USA: Leading insurance
corporation seeks Actuary to join a team responsible for
pricing health insurance products. Underwriting experience
is required. Position is open at the ASA/FSA-level. Solid
forecasting and/or reserving experience desired. (#37833)
RETAINED – Actuarial Vice President – Southeast USA:
Immediate need for Actuarial Vice President with ACAS/
FCAS designation. Commercial lines insurance back-
ground required. Experience with pricing/reserving & STAT/
GAAP desired. Solid catastrophe modeling skills preferred.
(#35604)
RETAINED – Chief Actuary – West USA: Regional health
insurance company seeks qualified Actuary to add to staff.
Work will include individual/group pricing, reserving and
performing forecasting functions. Experience with Medicare/
Medicaid preferred. (#36053)
RETAINED – Managing Director – Northeast USA: Lead-
ing global consultancy firm seeks direct-entry Director for
their Life Actuarial practice. Strong business development
abilities as well as a broad background in life insurance will
be vital to this role. Successful candidates will be seasoned
consultants with strong leadership skills. (#37182)
www.dwsimpson.com/retained
Mission Statement
To be the premier search firm specializing in the
placement of Actuaries and related quantitative
professionals throughout the world; to be
recognized for the best service, integrity and
forthrightness that the firm brings to each and
every business relationship; and to be willing at all
times to sacrifice short-term gain for the
long-term good of our clients and candidates.

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