Chief Financial Officer (CFO) – SMF2
Location: London
Regulatory Classification: Senior Management Function 2 (SMF2)
Business: Lloyd’s Managing Agency
About the Opportunity
Miryco is working with a new and ambitious Lloyd’s-focused business that is seeking to appoint a Chief Financial Officer (CFO) to lead the financial management and control function of its proposed Managing Agency.
This is a significant leadership opportunity for an experienced insurance finance professional to help establish and develop the financial infrastructure, governance and controls required to support a new Managing Agency and its growing portfolio of syndicates.
The successful candidate will hold responsibility for the Managing Agency's financial strategy, financial reporting, planning, budgeting, treasury and financial control environment. Working closely with the Board and other senior executives, the CFO will play a key role in establishing a robust, scalable finance function that meets Lloyd’s and wider regulatory expectations.
The role will also involve close engagement with the development and launch of new syndicates, ensuring appropriate financial oversight, reporting arrangements and control frameworks are embedded from the outset.
The appointment will be subject to the relevant regulatory approval requirements for SMF2.
Key Responsibilities
Financial Leadership and Strategy
- Lead the financial management function of the Managing Agency, ensuring appropriate financial governance, planning and control.
- Develop and implement the Managing Agency's financial strategy, aligned with its business plan and longer-term growth objectives.
- Provide financial insight and strategic advice to the Board and senior management, supporting effective decision-making.
- Lead the preparation of annual budgets, financial forecasts, business plans and associated financial projections.
- Monitor financial performance against budget, investigate variances and recommend appropriate corrective action.
- Establish appropriate financial management information and key performance indicators to support Board oversight and business planning.
Financial Reporting and Control
- Establish and maintain robust financial reporting and accounting processes for the Managing Agency.
- Oversee the preparation of management accounts, statutory financial statements, financial forecasts and other required reporting.
- Ensure appropriate accounting policies, financial controls, delegations of authority and reconciliations are implemented and maintained.
- Oversee the Managing Agency's own financial position, cash flow, liquidity and expenditure.
- Manage relationships with external auditors, tax advisers and other financial service providers.
- Ensure appropriate arrangements are in place for the quality, accuracy and timeliness of financial information.
- Develop and maintain finance policies and procedures appropriate to the size, complexity and development of the business.
Capital and Solvency
- Oversee the Managing Agency's financial resource requirements and capital adequacy in line with applicable regulatory and Lloyd’s requirements.
- Support capital planning, financial projections and stress and scenario analysis.
- Ensure appropriate monitoring, reporting and escalation arrangements are in place for financial and capital risks.
- Work closely with the Chief Actuary, Chief Risk Officer and other senior stakeholders on relevant capital, solvency and financial risk matters.
- Ensure the Managing Agency maintains appropriate financial resilience as the business develops and expands.
Syndicate Finance and Financial Oversight
- Establish appropriate financial oversight and reporting arrangements to support syndicates operating under the Managing Agency.
- Ensure clear accountability, financial controls and reporting responsibilities are defined between the Managing Agency, syndicates and relevant third-party service providers.
- Oversee financial information and reporting provided by outsourced administrators and other external providers, ensuring appropriate review and challenge.
- Support the financial planning and operational readiness of new syndicates as they are developed and incorporated under the Managing Agency.
- Ensure appropriate finance processes are established for syndicate reporting, financial performance monitoring and regulatory submissions.
- Work closely with underwriting, actuarial, risk and operations teams to ensure financial information supports effective business management.
- Monitor syndicate financial performance and identify material issues, emerging trends and areas requiring escalation.
Lloyd’s and Regulatory Engagement
- Support the financial elements of the Managing Agency's development, including the Lloyd’s Making it Happen process and the preparation of relevant financial plans, forecasts and supporting documentation.
- Ensure appropriate processes are established to meet applicable Lloyd’s, PRA and FCA financial and regulatory reporting requirements.
- Act as a senior point of contact for finance-related matters with Lloyd’s, regulators, external auditors and other relevant stakeholders.
- Support regulatory engagement, reviews and information requests relating to the Managing Agency's financial position, resources, controls and reporting.
- Maintain awareness of changes to relevant accounting standards, financial regulation and Lloyd’s requirements, ensuring their implications are assessed and addressed.
- Ensure material financial risks, control weaknesses and reporting issues are escalated appropriately to the Board and relevant committees.
Governance and Leadership
- Operate as the senior finance executive and SMF2 Chief Financial Officer, subject to regulatory approval.
- Provide clear, timely and accurate financial reporting to the Board and relevant governance committees.
- Contribute to the development of the Managing Agency's governance framework, financial risk management and internal control environment.
- Work collaboratively with the CEO, Chief Actuary, Chief Risk Officer, Compliance and other senior stakeholders.
- Establish and develop the finance function, ensuring appropriate capabilities, systems, resources and processes are in place as the business grows.
- Oversee relevant outsourced finance activities and maintain appropriate governance and oversight of third-party service providers.
- Promote a strong culture of financial discipline, accountability, transparency and effective risk management.
Skills and Experience Required
We are seeking an established finance leader with strong insurance industry experience and the technical capability and regulatory understanding required to operate as CFO of a Lloyd’s Managing Agency.
The successful candidate will ideally demonstrate:
- A recognised professional accountancy qualification, such as ACA, ACCA or CIMA.
- Significant senior-level experience within insurance, ideally in the Lloyd’s market or a Lloyd’s Managing Agent.
- A strong understanding of Managing Agency operations, Lloyd’s governance and the relationship between a Managing Agency and its syndicates.
- Previous experience in a CFO, Finance Director, Deputy CFO or equivalent senior finance leadership role, or demonstrable readiness to undertake this level of responsibility.
- Strong knowledge of financial reporting, budgeting, forecasting, financial controls and business planning.
- Experience with insurance accounting, syndicate financial reporting and relevant regulatory reporting requirements.
- A strong understanding of capital management, solvency and the financial resource requirements applicable to insurance businesses.
- Familiarity with Lloyd’s requirements and the Making it Happen process, ideally including the financial planning and readiness requirements associated with establishing new syndicates or a Managing Agency.
- Experience establishing, improving or scaling a finance function, including developing processes, controls, systems and reporting arrangements.
- Experience managing outsourced service providers and providing appropriate oversight and challenge.
- The ability to engage effectively with Boards, regulators, Lloyd’s, auditors and other senior stakeholders.
- Excellent analytical, communication and decision-making skills, together with the ability to translate complex financial matters into clear commercial advice.
- A proactive, hands-on approach, with the flexibility to help build the finance function while maintaining appropriate control and governance standards.
Personal Attributes
The successful candidate will be commercially minded, pragmatic and comfortable working in a developing business environment.
They will combine strong technical financial expertise with the ability to build relationships, influence senior stakeholders and provide constructive challenge. They will also understand the importance of maintaining financial discipline and regulatory compliance while supporting the growth and development of a new Managing Agency.
Why Apply?
This is an opportunity to take a foundational CFO position within a proposed Lloyd’s Managing Agency, helping shape the financial infrastructure and governance of the business from an early stage.
The role offers significant exposure to the Board, Lloyd’s and the wider insurance market, together with the opportunity to build a finance function and support the financial development of new syndicates.
For an experienced insurance finance professional looking for a broader leadership role with genuine influence over strategy, governance and business development, this represents an opportunity to make a meaningful contribution to the establishment and long-term success of a new Lloyd’s platform.
If you are an experienced insurance finance leader with the technical expertise, commercial judgement and regulatory understanding to take on an SMF2 appointment, we would be keen to hear from you.
For similar opportunities, follow Miryco Consultants on LinkedIn at https://www.linkedin.com/company/miryco-consultants-ltd/.
Please note, should you not be contacted within ten working days of submitting your application, unfortunately you have not been shortlisted for this position.
