Overview
Job Title: Head of North America Compliance & Regulatory Affairs
Division: General Management - Risk & Compliance
Reports to: As per Beazley's organisation chart
Key Relationships:
Internal:
- 2nd Line: Group Chief Risk Officer; Group Head of Compliance, North America CRO, Wholesale and European platform CROs and Heads of Compliance and their teams, Group Heads of ERM, Operational Risk and Insurance Risk and their teams, Head of 2nd Line Assurance and team, Heads of Centres of Expertise (CoEs) for Financial Crime, Data Protection and Legal Risk; Business Manager to the Group CRO and team.
- North America: Chair and members of the North America Management Committee (NAMC), BICI, BAIC and BUSA Board members, Level 1/2/3 agent(s) for BIC (Beazley's Canada business), members of the North America risk committees, North America CFO North America business partners from People & Sustainability.
- Group: Group Risk and Regulatory committee members, Group, UK and EU CUOs and teams; Service Company Underwriting Management, Group Head of Corporate Governance and Company Secretary, Group Head of Operations and his SLT (Procurement, CISO, IT, UCO), Legal Counsel for Ceded Re, Group Head of Exposure Management, Group Chief People & Sustainability Officer, Group Head of Internal Audit, Product Wordings team.
External:
Connecticut Insurance Department supervisors and their senior personnel; applicable US state regulatory contacts including State Insurance Commissioners; key NAIC representatives/ senior personnel; North America Lloyd's personnel; external auditors; key external legal, consultancy and service partners.
Job Summary: As part of the global compliance function within the 2nd Line, lead the North America compliance function to deliver an effective service that enables the business to meet regulatory expectations and supports the strategy of the North America businesses within the wider Group strategy.
FSLA Status: Exempt
Key Responsibilities
As Head of North America Compliance
- Leadership/Management
- Oversee the delivery of the North America Compliance Plan on an annual basis, including Regulatory Engagement and Government Affairs strategy, Horizon Scanning priorities, Training focus areas, and Legal Risk objectives, all aligned to the overarching 2nd Line strategy as set by the Group Chief Risk Officer.
- Work closely with the North America CRO to enable their delivery of the Risk Management agenda and all associated formal reporting.
- Support the North America CRO to ensure the North America 2nd Line of Defence shows up as a collaborative and collegiate directorate.
- Maintain relationships with key stakeholders and senior leaders across Beazley's businesses, ensuring Compliance is seen as a skilled function that enables the Group's strategy safely and cost effectively.
- Maintain an effective management team and communication strategy for the North America Compliance function with regular 1:1s for direct reports, management team meetings, and whole-function touchpoints throughout the year.
- Participate in and contribute to the global compliance function Senior Leadership Team.
- Oversee onboarding processes and CPD/training to ensure new joiners are utilized effectively and deployed safely when working on regulatory processes.
- Maintain effective development and succession plans.
- Advise on, and ensure BICI, BAIC, BUSA and BIC maintain compliance with all relevant US and Canada legal and regulatory requirements and, where applicable, overseas licensing and legal requirements for multinational or cross-border programmes.
- Ensure the North America Compliance leadership team maintains adequate oversight of its activities to comply with regulatory processes and support sound management. Specifically, ensure staffing aligns with business needs; activities are appropriate for the 2nd Line; all regulatory and product filings and reporting are prepared timely and accurately; all rate and form filings comply with state laws; licensing requirements are known and met; action alerts are implemented; conflicts of interest policies are addressed; legal risk is managed with owners; compliance training for underwriters and staff is provided; guidance on regulatory and market conduct exams is available; policies, guidance, registers and frameworks are maintained and accessible; regulatory breaches are communicated to risk committees, NAMC, Group committee and the Board as necessary and managed with regulators; Beazley trades only with licensed brokers; Lloyd's authorisations are properly registered; represent North America Compliance at Group committees and working groups as required; support the North America CRO in strategic, technical and reporting responsibilities and keep leadership aware of regulatory developments not part of BAU; represent North America Compliance at NAMC or other boards on request.
- Regulator Relations
- Responsible for BAU regulator relations for North America businesses; develop and maintain Government Affairs and Regulatory Engagement strategy aligned to the Group; maintain key relationships with senior regulators; manage regulatory relationships with state regulators (e.g., Connecticut) for admitted and surplus products; oversee information requests, exams responses and regulator communications; prepare executives for regulator meetings; ensure regulator messaging is circulated internally; attend NAIC meetings representing Beazley; act as local relationship contact for US Lloyd's in coordination with UK teams; oversee horizon scanning at federal/state levels and NAIC initiatives and advise leaders accordingly.
- Strategy
- Utilise a high degree of business judgment to advise executives and senior management to help the company achieve goals and develop competitive advantages; continuously assess ways of working and identify improvements, including technology and organisational design, for adequate Compliance resources.
- Risk
- Accountable for effective management of North America Compliance-owned risks and for liaison with the North America CRO and Risk Management in managing incidents; support risk culture and ensure Compliance culture aligns with Group values.
- Brand Champion
- Build Beazley's brand with regulators and external stakeholders as a well-run, ethical company; evaluate and participate in trade associations as appropriate.
- Internal Relations
- Position Compliance within Beazley; maintain close working relationships with North America Boards and Committees; ensure regular communication with all staff on compliance issues and training.
- General
- Adhere to Beazley's core values in all interactions: Be Bold, Strive for Better, Do the Right Thing; comply with policies and local regulatory expectations; undertake required training; demonstrate integrity, customer focus and ethical behavior; keep up to date with Beazley standards and processes; participate in Beazley committees or working groups as notified.
Candidate Specification
Education and Qualifications
Knowledge, Experience and Skills
- In-depth P&C experience: extensive knowledge of regulatory/compliance requirements in the insurance industry
- Legal practice experience - essential
- Thorough knowledge of state and federal laws and regulations for insurers
- Cross-border licensing knowledge desirable
- Proven management experience
- Proven ability to build strong relationships with stakeholders
- Strong business acumen: solution oriented
- Understanding of the Lloyd's of London model advantageous but not required
- Regulator relations experience in an insurance company desirable
- Aptitude and Disposition
- Good at motivating others
- Interested in nurturing new talent
- Highest degree of integrity/discretion
- Strong written and verbal communication skills
- Analytical with attention to detail
- Organized; ability to meet deadlines
- Ability to negotiate with internal and external parties
- Firm but diplomatic
- Friendly and approachable
Who We Are
Beazley is a specialist insurance company with over 30 years' experience helping people, communities and businesses to manage risk around the world. Our mission is to inspire our clients and people with the confidence and freedom to explore, create and build – to enable businesses to thrive. Our clients want to live and work freely and fully, knowing they benefit from advanced thinking in the insurance market. Our goal is to become the highest performing sustainable specialist insurer.
Our products include cyber & tech, marine, healthcare, financial institutions and contingency; covering risks such as weather, film production or protection from deadly weapons.
Our Culture
We have a mix of cultures, experiences, and backgrounds with Beazley's global presence. Our values drive how we work and treat people and customers.
- Be bold
- Strive for better
- Do the right thing
We are committed to diversity, inclusion and sustainability and provide a flexible, collaborative environment. We encourage applications from all backgrounds.
Explore internal career development opportunities: Internal Pathways, iLearn, LinkedIn Learning, Mentorship, external sponsorship, tuition reimbursement, and secondments.
The Rewards
- Opportunities to build professional relationships and advance your career
- Competitive base and discretionary bonus
- Medical, dental, vision insurance; life and disability insurance
- 401(k) with 5% match
- 25 days PTO (approx.), holidays, home office stipend, lunch, travel reimbursement, lifestyle allowance
- Parental leave up to 26 weeks
- Supports volunteering
- Flexible working policy
Salary will be tailored to location and experience. Estimated compensation range: $240k - $265k per year plus discretionary bonus.
Don't meet all the requirements? Beazley encourages applicants from diverse backgrounds to apply if excited about the role, even if every requirement is not met.
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