Bermuda Chief Financial Officer

Bermuda CFO Recruitment

FD Capital recruits and places Chief Financial Officers and Finance Directors for businesses based in Bermuda — including the reinsurance and insurance groups that make Bermuda the world’s leading offshore (re)insurance centre, insurance-linked securities fund managers, captive insurance companies, private equity and hedge fund vehicles, family offices, and businesses navigating Bermuda’s new 15% corporate income tax regime introduced under the OECD Pillar Two framework from January 2025. Adrian Lawrence FCA, founder of FD Capital and a Fellow of the ICAEW, leads every Bermuda mandate personally. FD Capital has direct operational knowledge of Bermuda: one of our directors worked in Hamilton for several years, and our Bermuda placements reflect that firsthand understanding of the island’s financial community, regulatory environment, and professional culture.

Bermuda is a British Overseas Territory of approximately 64,000 people on 21 square miles of islands in the North Atlantic. Its financial services sector is among the most sophisticated in the world relative to its size, managing (re)insurance premiums exceeding $171 billion annually according to the Bermuda Monetary Authority. The combination of robust regulatory oversight under the BMA — which has achieved Solvency II equivalence recognition from the EU and reciprocal jurisdiction status from the US National Association of Insurance Commissioners — and a business environment with no personal income tax, no capital gains tax, and (until 2025) no corporate income tax has made Bermuda the natural domicile for the world’s leading reinsurance groups. ICAEW qualification carries significant weight in Bermuda’s professional community, and UK-qualified CFOs are actively sought by Bermuda businesses that need internationally recognised credentials.

Call 020 3287 9501 or email recruitment@fdcapital.co.uk to discuss your Bermuda CFO requirement. FD Capital’s Bermuda service is client-facing: we find CFOs for businesses, not roles for candidates.

“Adrian worked with us as our Fractional CFO for six months and we are genuinely grateful for the contribution he made. His financial expertise and calm, professional approach gave us confidence in our numbers and supported better decision-making across the business. I would recommend Adrian and FD Capital without hesitation.”

— Josh Haugh, MAS Technicae Group (International) Ltd, West Sussex

Bermuda’s Corporate Income Tax: The Most Significant Change in a Generation

Bermuda enacted the Corporate Income Tax Act 2023 in December 2023, introducing a 15% corporate income tax effective for fiscal years beginning on or after 1 January 2025. This is — by the Bermuda government’s own description — “the most fundamental tax reform in Bermuda’s modern history.” The CIT applies specifically to Bermuda entities that are members of multinational enterprise groups with annual revenue of €750 million or more — aligning with the OECD’s Pillar Two Global Minimum Tax framework agreed by over 140 nations.

For the largest reinsurance groups, investment managers, and private capital businesses domiciled in Bermuda, the CIT has created an immediate and significant CFO-level requirement that did not exist before 2025. The taxable income calculation is based on book income — similar to the GloBE rules — with adjustments for creditable foreign taxes and the Economic Transition Adjustment, a mechanism that allows Bermuda businesses to recognise historical economic contributions when calculating their CIT liability. The CFO must now manage:

CIT registration and return filing with the Bermuda Tax Authority for each entity in scope, with accurate calculation of taxable income from financial statement profits adjusted for the CIT-specific modifications. Deferred tax accounting under IFRS or US GAAP for the CIT liability, which represents a new and significant accounting judgement area for businesses that previously had no deferred tax to manage. Pillar Two interaction — because Bermuda’s CIT qualifies as a “covered tax” for Pillar Two purposes, it is included in the calculation of the Bermuda group’s effective tax rate, potentially reducing or eliminating top-up taxes that would otherwise be due to other jurisdictions. Tax credit optimisation — Bermuda introduced substance-based tax credits for the insurance and reinsurance industry, utilities infrastructure businesses, and community development activities that can reduce CIT liability. The CFO must assess eligibility and manage the claims process. Smaller businesses and those outside MNE groups above the €750m threshold continue to pay zero corporate income tax, but must understand the scope rules and monitor their group position as businesses grow.

Bermuda’s Reinsurance and Insurance Sector

Bermuda is the world’s most significant offshore reinsurance domicile. The island’s 25 members of the Association of Bermuda Insurers and Reinsurers collectively wrote more than $171 billion in gross premium for property and casualty insurance in 2023. Global reinsurance groups including PartnerRe, RenaissanceRe, Axis Capital, Aspen Insurance, Arch Capital, Lancashire, and Everest Re are all Bermuda-based or have principal Bermuda operations. The Bermuda insurance market has survived and grown through multiple catastrophe loss years — Hurricanes Katrina, Sandy, Harvey, Irma, and Maria; COVID-19 pandemic losses; and the 2017 and 2022 catastrophe seasons — demonstrating the resilience of the BMA regulatory framework and the depth of Bermuda’s reinsurance capital base.

BMA regulatory framework and insurance classes

The Bermuda Monetary Authority regulates and supervises Bermuda’s financial services industry under a framework that has earned international recognition for its rigour and commercial sophistication. The BMA’s insurance regulatory framework classifies commercial insurers and reinsurers into classes based on their risk profile and business type: Class 3A and 3B for smaller and medium commercial insurers, Class 4 for the largest commercial (re)insurers, and Class E for long-term (life) insurers. The CFO of a BMA-regulated (re)insurer is responsible for the Annual Statutory Financial Return filed with the BMA, which includes the audited statutory financial statements, the Enhanced Capital Requirement calculations, the ORSA (Own Risk and Solvency Assessment), and the Group Supervisor reporting for Bermuda-headquartered groups. This is a specific and demanding regulatory reporting responsibility that requires direct BMA framework experience to discharge effectively.

IFRS 17 and US GAAP insurance accounting

Bermuda reinsurance groups typically report under either IFRS or US GAAP depending on their investor base and listing status. IFRS 17 — which replaced IFRS 4 for insurance contracts from January 2023 — has fundamentally changed how (re)insurance liabilities are measured and reported, requiring the CFO to manage the actuarial and accounting interface that IFRS 17 creates, oversee the Contractual Service Margin calculations, and explain the new measurement model to investors and analysts. US GAAP insurance accounting under ASC 944 has also been updated, with the Financial Accounting Standards Board’s targeted improvements to the long-duration contracts guidance (LDTI) applying from 2023 for most entities. The CFO of a Bermuda reinsurer must be technically current on whichever framework applies and must manage the quarterly and annual close process to the timetable that institutional investors and equity analysts expect. FD Capital specifically assesses every Bermuda (re)insurance CFO candidate on their IFRS 17 or ASC 944 LDTI familiarity as a core criterion. See our insurance CFO page for UK insurance sector context.

Insurance-linked securities and catastrophe bonds

Bermuda is the global centre for insurance-linked securities — catastrophe bonds, industry loss warranties, collateralised reinsurance structures, and other risk transfer instruments that transfer (re)insurance risk to capital markets investors. Major ILS fund managers including Nephila Capital, Fermat Capital Management, and Aeolus Capital Management are based in Bermuda, alongside the ILS issuance platforms of the major reinsurance groups. The CFO of an ILS fund manager manages the financial reporting of the management entity, the fund administration oversight for the collateralised vehicles through which risk is transferred, the fair value measurement of the ILS positions under IFRS 9, and the investor reporting that satisfies the institutional allocators — pension funds, endowments, and sovereign wealth funds — who provide the capital. This is a highly specialist CFO profile that combines reinsurance technical knowledge with capital markets financial management expertise. FD Capital maintains a specific ILS-experienced CFO network for Bermuda mandates.

Captive insurance

Bermuda is a major captive insurance domicile, home to hundreds of captives established by large corporations to self-insure their own risk exposures. The Finance Director or CFO of a Bermuda captive manager oversees the financial management of the captive programme — including premium calculations, reserve adequacy, investment management of the captive’s assets, and regulatory reporting to the BMA under the applicable captive insurance class. The introduction of the CIT for larger groups adds a new compliance dimension to captive management that the CFO must understand and monitor.

Beyond Insurance: Other CFO-Relevant Sectors

Private equity and alternative investments

Bermuda hosts a number of private equity fund vehicles and alternative investment structures, often alongside or complementary to Cayman-domiciled funds. The Bermuda Stock Exchange (BSX) provides a listing venue for debt securities and fund shares used by international businesses seeking a regulated listing. The CFO of a Bermuda PE vehicle manages the fund accounting, carried interest waterfall calculations, and LP reporting obligations alongside the BMA regulatory requirements applicable to investment businesses registered under the Bermuda Investment Business Act. See our recruiting a CFO with PE experience page for PE sector context.

Family offices and private wealth

Bermuda’s political stability as a British Overseas Territory, its English common law legal framework, and its well-established fiduciary and trust industry have made it an attractive domicile for multi-generational family wealth structures. The CFO of a Bermuda family office manages the consolidated financial reporting of the family’s investment portfolio, the regulatory compliance of any BMA-regulated entity within the family structure, and the financial governance expected by the family’s external auditors and banking partners. See our family office CFO page for context.

“FD Capital has supported SBS Insurance Services over the past three years through the provision of a Fractional FD/CFO. Their expertise has made a significant difference in professionalising our finance function and delivering accurate, timely management information — exactly what our business needed to grow with confidence.”

— Tracey Rees, COO, SBS Insurance Services Ltd

CFO Engagement Models and Compensation in Bermuda

Permanent Bermuda-based CFO

Permanent CFO appointments are standard for the established reinsurance groups, ILS managers, and larger financial services businesses that are the primary drivers of Bermuda CFO demand. FD Capital conducts retained executive search for permanent Bermuda mandates, headhunting from a specific target list of executives with the right combination of insurance or financial services sector expertise and offshore market experience. Bermuda’s small professional community means that passive candidates — those not actively seeking a move — are the primary source for most senior appointments, and a relationship-led search process is essential.

Interim and fractional arrangements

Interim CFO appointments arise in Bermuda when a permanent CFO departs ahead of hurricane season — one of the most intensive periods in a reinsurance CFO’s calendar — or when a business faces a specific programme such as a CIT implementation, a BMA ORSA review, or an IFRS 17 transition. Fractional arrangements suit smaller ILS fund managers, captive managers, and family offices below the scale that justifies a full-time CFO appointment. FD Capital places both interim and fractional CFOs for Bermuda mandates. See our interim CFO and fractional CFO pages for detail.

Bermuda CFO: Compensation Guide

Bermuda’s no-personal-income-tax environment makes USD-denominated packages significantly more attractive on a net basis than comparable UK sterling salaries. Cost of living in Hamilton is high — particularly housing — and package structures reflect this. FD Capital advises on current market compensation levels for Bermuda mandates at brief stage. See our CFO salary guide for UK benchmarking context.

Frequently Asked Questions

Do all Bermuda businesses now pay the 15% corporate income tax?

No. The Bermuda CIT applies only to entities that are members of multinational enterprise groups with annual revenue of €750 million or more. Smaller businesses and independent Bermuda companies continue to pay zero corporate income tax. However, all Bermuda businesses should understand whether they fall within an MNE group that is in scope, as the revenue threshold applies at the group level rather than the Bermuda entity level. For businesses in scope, the CIT has been effective since 1 January 2025. FD Capital recommends that Bermuda businesses seeking a CFO specifically assess candidates on their CIT and Pillar Two awareness for all mandates going forward.

Can you find a CFO with BMA regulatory experience?

Yes. FD Capital’s network includes executives who have managed BMA-regulated (re)insurance entities, produced Annual Statutory Financial Returns to BMA standards, completed ORSA processes, and engaged with the BMA on supervisory matters. For mandates where BMA-specific experience is critical — particularly for Class 4 or Class E insurer CFO roles — we will advise on the realistic candidate pool and may need to extend our search to executives currently in Bermuda or in comparable regulatory jurisdictions (Cayman, Jersey, or UK Lloyd’s market).

How does working in Bermuda compare to other offshore financial centres for a UK CFO?

Bermuda is operationally more demanding than Jersey or Guernsey in terms of the physical distance from the UK (a 7-hour flight from London) and the adjustment to a small island community. The compensation premium reflects this. The financial services work — particularly in reinsurance and ILS — is technically sophisticated and professionally rewarding in a way that is difficult to replicate in any other jurisdiction. For UK CFOs with deep insurance or reinsurance sector experience, Bermuda is one of the most compelling global career destinations. FD Capital’s direct operational knowledge of Hamilton — through our director who worked there — means we can give candidates and clients an accurate picture of what Bermuda life involves.

Is FD Capital placing candidates seeking Bermuda roles, or finding CFOs for client businesses?

Client businesses only. FD Capital recruits CFOs for Bermuda businesses that need senior finance leadership. We do not operate as a placement service for UK executives seeking to relocate to Bermuda. If you are a business with a Bermuda CFO requirement, call 020 3287 9501. If you are a CFO seeking a Bermuda role, visit our candidate registration page to join our network.

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International Finance Directors & CFOs | Cayman Islands CFO Recruitment | Jersey Finance Directors & CFOs | Guernsey Finance Directors & CFOs | Channel Islands Finance Directors | Isle of Man CFO Recruitment | Dubai CFO Recruitment | Insurance CFO | Investment Management CFO | Family Office CFO | Fractional CFO | Interim CFO | CFO Executive Search | CFO Salary Guide