Insurance CFO

Insurance CFO Services and Recruitment

FD Capital places fractional, interim, and permanent CFOs for insurance businesses across the UK — from Lloyd’s managing agents and London market syndicates to regional insurers, MGAs, reinsurers, and insurtech businesses. Adrian Lawrence FCA, founder of FD Capital and a Fellow of the ICAEW, oversees every insurance CFO mandate personally. Our network includes CFOs with direct experience of Solvency II regulatory capital, IFRS 17 insurance contract accounting, PRA supervisory engagement, and the Lloyd’s market reporting framework — the technical depth that insurance businesses specifically require.

The insurance CFO operates in one of the most technically demanding finance environments in financial services. The interaction between underwriting performance, reserve adequacy, regulatory capital, and investment returns creates a finance function that is structurally more complex than most other regulated industries. Finding a CFO who can manage all of these dimensions simultaneously — and who can engage with the PRA and Lloyd’s with authority — requires a recruiter who understands the sector. FD Capital has placed insurance CFOs since 2018.

Call 020 3287 9501 or email recruitment@fdcapital.co.uk. Shortlists typically delivered within three to seven working days.

“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

What Makes an Insurance CFO Different

The CFO of an insurance business navigates a financial environment that is fundamentally distinct from other financial services sectors. The combination of long-tail liability accounting, actuarial dependency, regulatory capital requirements under Solvency II, and the IFRS 17 transition creates technical demands that a generalist CFO — even one with significant financial services experience — is rarely equipped to meet without prior insurance-specific exposure.

Solvency II regulatory capital

PRA-regulated insurance businesses are subject to the Solvency II regulatory framework — the EU-derived capital adequacy regime that the UK has retained and adapted post-Brexit as UK Solvency II. The insurance CFO is responsible for the Solvency Capital Requirement (SCR) calculation, the Minimum Capital Requirement (MCR), and the production of the Solvency and Financial Condition Report (SFCR) and Regular Supervisory Report (RSR). The Own Risk and Solvency Assessment (ORSA) — the insurance equivalent of the ICAAP — is typically co-owned by the CFO and the Chief Actuary. The PRA’s insurance supervision framework sets the regulatory expectations that insurance CFOs are required to meet.

IFRS 17 insurance contract accounting

IFRS 17 — which replaced IFRS 4 for accounting periods beginning on or after 1 January 2023 — fundamentally changed how insurance contracts are measured and presented in financial statements. The standard introduces the General Measurement Model (GMM), the Premium Allocation Approach (PAA) for short-duration contracts, and the Variable Fee Approach (VFA) for participating contracts. The CFO must ensure the business’s accounting policies are correctly applied, that the Contractual Service Margin (CSM) calculation and release is accurately reflected, and that the transition has been implemented in a way that satisfies the external auditors and the PRA. Insurance CFOs with direct IFRS 17 implementation experience are among the most sought-after in the market. The ICAEW’s IFRS 17 guidance provides the technical framework that FD Capital’s insurance CFO candidates are assessed against.

Technical reserves and actuarial interface

Insurance CFOs work closely with actuaries on the calculation and certification of technical reserves — the liabilities the insurer holds against future claims. The CFO must understand the actuarial methodologies well enough to challenge the reserve estimates, assess the appropriateness of reserve movements, and ensure the financial statements reflect a fair and accurate view of the claims liability. The relationship between the Chief Actuary and the CFO is one of the defining dynamics of the insurance finance function, and CFOs who manage this relationship effectively are significantly more valuable than those who treat actuarial output as a black box.

Investment portfolio management and ALM

Insurance companies hold significant investment portfolios — the float that supports their insurance liabilities. The CFO is responsible for the financial oversight of the investment portfolio: ensuring the asset-liability matching (ALM) strategy is financially appropriate, overseeing investment performance reporting, and managing the interaction between investment returns and the regulatory capital position. In life insurance and annuity businesses, where long-duration liabilities require carefully matched long-duration assets, the ALM responsibility is among the most technically demanding aspects of the CFO role.

SMCR and PRA regulatory relationship

Insurance CFOs at PRA-regulated firms hold Senior Manager Function designations under SMCR — typically SMF2 (Chief Finance Function) or SMF4 (Chief Risk Function) in dual-regulated firms. The CFO manages the PRA supervisory relationship across capital adequacy, regulatory reporting, and the financial aspects of ORSA — including the PRA’s supervisory engagement programme and the annual regulatory returns. CFOs without prior PRA supervisory experience will face a significant learning curve in this aspect of the role.

Insurance Sub-Sectors: CFO Requirements by Business Type

Insurance encompasses a diverse range of business models, each with distinct CFO requirements. FD Capital’s network covers insurance CFOs across the full range of insurance sub-sectors.

Lloyd’s managing agents and syndicates

Lloyd’s is the world’s specialist insurance and reinsurance market, operating through a unique structure of syndicates, managing agents, and the Lloyd’s Corporation. The CFO of a Lloyd’s managing agent is responsible for both the managing agent’s own finances and the financial reporting of the syndicate — including the annual accounting return, the Syndicate Business Forecast, and the quarterly reporting to Lloyd’s under the Market Reform Agenda. The Lloyd’s reporting and statistics framework sets the specific reporting obligations that Lloyd’s managing agent CFOs must meet. CFOs with Lloyd’s market experience are a scarce and consistently in-demand segment of FD Capital’s insurance CFO network.

General insurance — personal lines and commercial

General insurance CFOs in personal lines and commercial insurance businesses manage the interaction between underwriting performance (combined ratio, loss ratio, expense ratio), reserve development, and regulatory capital under Solvency II. The short-tail nature of most general insurance lines means that reserve adequacy is typically reviewed and updated more frequently than in life insurance — and that underwriting cycle management is a more prominent financial management challenge. CFOs with experience of managing finance through an underwriting cycle — including soft market conditions that compress margins — bring specific value to general insurance businesses.

Life insurance and annuities

Life insurance CFOs manage significantly longer liability durations than general insurance CFOs — with provisions potentially stretching decades into the future. The CFO must understand embedded value reporting, the with-profits management framework where applicable, and the Variable Fee Approach under IFRS 17 that applies to many life insurance contracts. The interaction between the investment portfolio duration and the liability duration — and the financial impact of interest rate movements on both — is a defining technical challenge in life insurance CFO roles.

Reinsurance

Reinsurance CFOs operate at the intersection of insurance technical accounting and the complex contractual structures of treaty and facultative reinsurance arrangements. The accounting for inwards and outwards reinsurance — including the recognition and measurement of reinsurance assets under IFRS 17, the management of outwards reinsurance programmes, and the financial oversight of catastrophe exposure — requires specific experience that a general insurance background does not automatically provide.

Managing General Agents (MGAs)

MGAs are intermediaries that hold binding authority from capacity providers to underwrite insurance business on their behalf. The MGA CFO manages a business model that combines underwriting performance oversight with the financial management of the MGA itself — including delegated authority agreement accounting, bordereaux reporting, and the financial controls that capacity providers require from delegated underwriters. MGAs are frequently FCA-regulated and are a growing segment of the London insurance market. The Association of British Insurers provides guidance on MGA regulatory and reporting standards relevant to CFOs in this segment.

Insurtech

Insurtech businesses combine the technical accounting demands of an insurance business — or the financial reporting obligations of an MGA or capacity provider — with the growth dynamics of a technology startup. The CFO must manage both the insurance finance function and the SaaS or technology business model metrics that investors and PE backers expect. See our fintech CFO page for the broader technology-enabled financial services CFO profile.

Engagement Models for Insurance CFOs

Fractional Insurance CFO

The most appropriate model for smaller insurers, MGAs, and insurtech businesses that require CFO-level regulatory oversight without the cost of a full-time appointment. A fractional insurance CFO works two to four days per week, providing Solvency II capital monitoring, IFRS 17 technical accounting oversight, and PRA regulatory relationship management. See our outsourced CFO service for how this engagement model operates in practice.

Interim Insurance CFO

Full-time or near-full-time cover for a regulatory submission period, an IFRS 17 implementation project, a change of control, or a CFO transition. Interim insurance CFOs are experienced in landing quickly in regulated environments and can manage the PRA supervisory relationship from the first week. See our interim CFO recruitment page for availability and terms.

Permanent Insurance CFO

Appropriate for established insurance businesses where the complexity of the regulatory capital framework, IFRS 17 accounting, actuarial interface, and investment portfolio oversight requires a dedicated full-time CFO. All permanent mandates are conducted as retained executive searches with shortlists within three to seven working days. See our CFO recruitment page for the full permanent appointment process.

What to Look for in an Insurance CFO

Solvency II regulatory capital experience. Direct prior experience of the SCR calculation, ORSA process, SFCR production, and PRA supervisory engagement is the most important technical differentiator for insurance CFO candidates. This experience cannot be substituted by general financial services competence.

IFRS 17 implementation or operating experience. CFOs who have personally overseen an IFRS 17 implementation or who have produced financial statements under the new standard are significantly more effective in insurance finance roles than those who have only read about the standard. The pace of IFRS 17 queries from auditors and the PRA requires practical familiarity, not theoretical knowledge.

Actuarial literacy. The ability to engage constructively with actuaries — to understand their methodologies, challenge their assumptions, and translate their output into financial statements — is a core competence for insurance CFOs. FD Capital specifically assesses candidates’ actuarial literacy as part of every insurance CFO evaluation.

SMCR Senior Manager Function experience. Prior SMF2 designation in an insurance business, and a clean regulatory record with the PRA and FCA, is strongly preferred for all insurance CFO mandates. FD Capital verifies regulatory records for every candidate presented.

Professional qualification. The majority of insurance CFOs in FD Capital’s network hold ACA qualifications from the ICAEW, providing the technical accounting foundation required for IFRS 17, regulatory capital, and the audit of complex insurance liabilities.

Insurance CFO: Salary and Day Rates

For a full breakdown of CFO compensation see our CFO salary guide. For fractional engagement costs see our fractional CFO pricing guide.

Frequently Asked Questions

Does an insurance CFO need to be PRA-approved?

In most PRA-regulated insurance businesses, the CFO will hold an SMF2 (Chief Finance Function) designation under SMCR, which requires FCA and PRA approval as a senior manager. For Lloyd’s managing agents, additional Lloyd’s-specific approval requirements apply. FD Capital specifically checks candidates’ regulatory records and SMF experience as part of every insurance CFO assessment.

How does IFRS 17 affect the insurance CFO role?

IFRS 17 significantly increased the technical demands on the insurance CFO — introducing new measurement models, a more complex presentation of insurance contract profitability through the Contractual Service Margin, and additional disclosure requirements. CFOs who have been through an IFRS 17 implementation or have produced their first set of financial statements under the standard have direct experience that commands a significant premium in the market. For businesses still working through IFRS 17 implementation challenges, FD Capital can identify CFOs with specific technical expertise in the areas causing difficulty.

Can a fractional CFO manage Solvency II capital reporting?

Yes — for smaller insurers and MGAs where the Solvency II reporting obligations are less complex. A fractional CFO working two to three days per week can own the SCR monitoring, manage the ORSA process, and produce the regulatory returns alongside an internal finance team. For Lloyd’s managing agents and larger insurers with more complex capital structures, the volume and technical complexity of regulatory reporting typically requires a permanent or full-time interim CFO.

Do you place insurance CFOs outside London?

Yes. While the Lloyd’s and London market mandates are concentrated in the City, FD Capital places insurance CFOs across the UK — including regional general insurance groups, life insurance businesses, and insurtech companies outside London. Many insurance CFO roles now include hybrid working arrangements, broadening the available candidate pool.

Related CFO and Finance Director Services

Insurance businesses considering a CFO appointment may also be interested in: Outsourced CFO Services | Fractional CFO | Interim CFO | Financial Services CFO | Fintech CFO | Investment Management CFO | Banking CFO | CFO Recruitment | Fractional CFO Pricing | CFO Salary Guide