Vice President Finance, Mid-Sized Insurance Company

VICE PRESIDENT, FINANCE

Our client, a highly-regarded insurance firm is experiencing tremendous growth. They have retained us to recruit a Vice President Finance to fill this newly-created position. Based in Toronto but doing business across Canada, our client’s organization has grown over the last thirteen years overseen by an engaged and talented leadership team. That team has established a respected and enjoyable work culture which has resulted in very low turnover and high levels of internal progression. 

Reporting to the CFO, the Vice President will be responsible for directing the day-to-day management of the financial reporting, investments, capital and planning functions of the company. In addition to the responsibilities outlined above, the VP Finance adds strategic context to the organization by understanding the key drivers of the business, and will enhance reporting standards to support the company’s strategic plans, in addition to analytics and management reports to ensure that optimal business decisions are made.

KEY RESPONSIBILITIES & ACCOUNTABILITIES:

1. Financial Strategy & Leadership:

• Collaborate with the CFO to develop and implement the company’s financial strategy, ensuring alignment with corporate goals and regulatory requirements.
• Lead the finance team (currently comprised of eight individuals reporting through three Directors) in managing day-to-day financial operations, including financial reporting, financial planning, and analysis, investments and capital management.
• Provide strategic financial insights and recommendations to the executive leadership team to support decision-making.

2. Regulatory Compliance & Reporting:

• Ensure compliance with regulatory requirements, lead the preparation and submission of regulatory reports, ensuring accuracy, timeliness, and compliance with all applicable guidelines.
• Stay up to date with changes in OSFI regulations and oversee the implementation of necessary changes to maintain compliance.

3. Financial Reporting & Control:

• Oversee the preparation of monthly, quarterly, and annual financial statements, ensuring adherence to International Financial Reporting Standards (IFRS).
• Ensure strong internal controls over financial reporting and compliance with external audit requirements.

4. Risk Management & Governance:

• Collaborate with risk management teams to assess financial risks and ensure appropriate mitigation strategies are in place.
• Support the CFO in managing capital adequacy and risk exposure, aligning with the company’s risk appetite and regulatory requirements.
• Oversee the implementation and maintenance of strong governance practices, ensuring the integrity of financial processes and data.

5. Capital Management & Financial Planning:

• Implement and maintain processes to prudently manage the Company’s capital to achieve capital strength and efficiency.
• Oversee the development of capital forecasts. 

6. Investment Management:

• Optimize the investment portfolio to maximize investment yield while maintaining a capital-efficient, high-quality investment portfolio, under the oversight of the Investment Committee of the Board.

7. Team Leadership & Development:

• Lead, mentor, and develop a high-performing finance team, fostering a culture of excellence, collaboration, and continuous improvement.
• Promote a results-driven environment that encourages innovation and accountability.

FIRST YEAR PRIORITIES

After the initial 6 to 12 months in the role, the successful candidate will have: 

• Understood the company’s operations, financial structure, key financial drivers and business landscape including regulations, competitors and market trends.
• Established professional relationships with key individuals within the company and its stakeholders, and be viewed as a strong finance partner. 
• Integrated well within the Finance team, and within the organization as a whole. 
• Assessed existing processes and internal controls and related documentation and implemented improvements to operational efficiency and/or risk mitigation.
• Collaborated with IT and operations teams to ensure the company leverages technology to enhance financial processes, data analytics and customer experience.
• Enhanced financial forecasting and budgeting models that incorporate various economic scenarios.

EDUCATION / EXPERIENCE / SKILLS / REQUIREMENTS

• University degree in finance, business or economics with a C.P.A. designation recognized in Canada. Other designations are also beneficial, but not necessarily required, such as a CFA.   
• 10-15 years’ work experience; experience gained in progressive financial roles in property & casualty or life insurance sector will be most beneficial. 
• Strong understanding of IFRS and financial reporting standards, particularly IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments.
• Proven experience in financial reporting, planning, budgeting, forecasting, and analysis and investment management.
• Demonstrated leadership and people management skills, with a track record of building and developing high-performing teams.
• Demonstrated experience in working effectively as a team within his/her peer group. 
• Highly regarded from a technical perspective by auditors, audit committees and investment committees. 
• In-depth knowledge of OSFI regulations and experience working with regulators.
• Strong communication skills at all levels.
• Demonstrated ability to take on additional responsibilities in the organization as required.
• Demonstrated sense of urgency, and a strong team spirit.

ATTRACTIONS

This new role represents an opportunity to work in a collegial environment in a smart organization with strong ownership, experienced leadership with a strong track record of success. This role will be attractive to someone who wishes to make a significant impact in a nimble organization where decisions and implementation can happen more quickly than in larger entities. As the company continues to grow, there may be opportunities to advance. 

While we thank everyone for their interest, please be advised that only those who most closely match our client’s requirements will be contacted.