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Chief Financial Officer, Great Lakes

Location London, United Kingdom Job type Full-Time Work mode Hybrid Job level Management & Leadership Job ID 13481 Company Munich Re Employment type Regular Area of expertise Finance, Accounting & Controlling
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Our Purpose:

Together, we engage with everything we have and are, to help humankind act braver and better.

About Great Lakes Insurance:

As specialty provider of primary insurance services in the UK, Great Lakes London Branch (“GLLB”) is a substantial segment within Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral insurance platform of Munich Re Group’s Global and Specialty Insurance (GSI) Unit. 

Great Lakes Insurance UK Limited (“GLLS”), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency and speciality insurance business in the UK.

About the role:

As Chief Financial Officer (CFO) your role will collectively with other Board members, advising, governing, overseeing policy, directing, and providing leadership and general promotion of the Company so as to support its mission in accordance with its value proposition as the Munich Re preferred service provider. 

As the financial steward of the organisation, you will lead a large and diverse finance team which is charged with governing the implementation of our business plan in accordance with shareholder’s expectations and executing leadership responsibility for all finance and reserving functions. As part of the accountable Executive team, you will maintain and develop values and reputation of the Company, in particular manage the relationship with all regulatory bodies and be a trusted advisor to the local Board of Directors. 

Key Responsibilities:

  • Manage the direct reporting lines from the UK finance and finance actuarial teams, plan and steer capacities and oversee the service and project deliveries of the outsourced finance activities 
  • Accounting of all technical and non-technical items and interfaces to external parties such as agents, pools, banks, insurers and reinsurers in addition to overseeing the service company interaction of MRUKS with other Munich Re units based in London. 
  • Planning, forecast and controlling of financial activities and operational performance, technical, non technical and cash management. Budgeting and cost planning and controlling for UK units serviced by MR UK Services 
  • Oversight and steering of all local capital management activities, including asset liability management, dividend policy and stakeholder management thereof both locally and with the headquarter. 
  • Management of all cash flows and bank accounts, in line with all regulatory requirements and restrictions (e.g. i.e. trust funds and tied assets). 
  • Financial reporting in the UK and according to several accounting regimes (mainly UK-GAAP, IFRS and HGB), including the consolidation into MR and ERGO Group.
  • Managing relationships with external auditors and reporting bodies, such as PRA, FCA etc., and with central divisions of the Group. 
  • Accounting and reporting of the Munich Re UK Services Plan and the related pensions schemes of MR UK Service Ltd.
  • Tax reporting and compliance across multiple tax regimes with special focus on transfer pricing and international taxation items. Management of the relationship with external tax authorities (e.g. HMRC) and external tax advisors, including personal liability as SAO for tax compliance. 

General Duties and Tasks:

  • Development and implementation of the market strategy:
  • Expand the Company’s position as preferred enabler for agency business
  • Further increase the high proportion of tailor-made transactions and innovative solutions.
  • Client centricity and business development: 
  • Drive stringent delivery of the Company’s value proposition and excellent positioning 
  • Build a high-class network and conduct negotiations with important internal and external clients. 
  • Risk control:
  • Oversight and control of major risk categories (e.g. conduct risk) in collaboration with the Compliance and Risk function
  • Regular risk reporting to the Board and its Committees
  • Leadership & management:
    • Active people management and coaching to ensure the highest standards
    • Provide line and functional management 
    • Optimize knowledge / qualifications and resource deployment in the teams 
    • Set ambitious targets in line with GLISE’s and Munich Re Group’s expectations 
  • Firm building: Collaborate with interdependent functional owners (e.g. CEO, COO) and peers (e.g. GSI, ERGO) to maximize MR Group’s opportunities
  • Support business development through effective process and system solutions, multiply knowledge and advise international Munich Re Group units

Key Skills & Experience:

Essential:

  • Meet fit and proper requirements of EIOPA for approved persons and UK Senior Management Regime 
  • Extensive experience in financial, tax and regulatory reporting under IFRS and UK-GAAP 
  • Excellent understanding and deep experience in General Insurance and/or P&C reinsurance
  • Sound knowledge of cash management and asset management principles 
  • Experience in Solvency II and in related supervisory activities 
  • Profound knowledge of MR reporting, planning, controlling and steering processes 
  • Multiple years of experience in relevant management positions in a financial department 
  • Well-experienced in the communication to and interaction with regulatory bodies (i.e. PRA/FCA) 
  • Comfortable and credible in terms of meeting with the Board, senior management within the Group and with senior clients and brokers

Desirable:

  • London market experience as well as experience with agencies and delegated underwriting authorities (MGA’s) 
  • Chartered Financial Accountant (ACCA), CIMA, FIAA, CFA or similar professional qualification 
  • Audit or Tax consultancy background  
  • Experience in managing larger teams of more than 20 FTE in multiple legal settings 
  • Able to manage large multi-million budgets and high risk projects with strong operational impact 
  • Proven track record in managing projects as well as in implementing change management processes and projects under stress situations 
  • Sound IT system and process knowledge, i.e. FSRI, GT and bespoke feeder systems (DFEnS) and databases  
  • Experience in assessing and evaluating financial statements and business plans. M&A and corporate finance experience is a plus 
  • International experience working abroad with multinational teams 

Personal attributes:

  • High gravitas as a Senior Manager and Board member of MR UK Services and Great Lakes Insurance UK Ltd 
  • Several years in leading diverse teams, with a demonstrated ability to bring people together from across difference disciplines, reporting lines, business units and geographic locations
  • Outstanding stakeholder management capabilities, with an eye for detail yet an ability to judge commercial imperatives and encourage balance in decision-making
  • Excellent presentation and communications skills with adaptive communication styles for varied audiences and stakeholder groups 
  • An overarching curiosity and ability to encourage that spirit within teams to ensure that finance has strong, respective – and when necessary, a critical voice, in all matters across the organization 
  • “Can do” attitude with the ability to see things through 

People Leaders:

You are aware of your role (as a leader) in being able to influence your team structure and culture to promote principles of diversity and inclusion

You strive to continuously educate yourself on best practice for inclusive leadership

You demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well

You support a culture in which high ethical conduct is recognised, valued and embodied by all

You treat everyone fairly and with respect

You are responsible for recruiting new talent within your team, in addition to other people management responsibilities such as task management, providing regular feedback, having continuous conversations, development planning/career discussions etc. 

You are also responsible for driving the performance of your team to meet the business’ strategic goals and objectives. 

You will consider the impact on the wider business when planning and making decisions.

You will be considered part of the Senior Management Team.

The development of your team is of significant importance to you, you embrace and promote development and act as a Talent Broker, continuously looking for opportunities for them to expand their skills, knowledge and experience.

Qualifications and Educational Requirements:

  • University degree in Finance, Economics or Law  
  • Detailed knowledge of technical insurance and reinsurance accounting 

Regulatory & Conduct Requirements:

  • The CFO role is also responsible in respect to both GLLS and GLG for:
  • Representing Compliance SMF internally and externally as first point of contact, e.g. with HQ and Group Finance, business units, the PRA, FCA and other relevant regulatory bodies
  • Understanding the responsibilities and adhering to the requirements of undertaking a regulated role under the Senior Manager and Certification Regime 
  • Satisfying all regulatory reporting requirements in collaboration with the reporting function
  • Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship
  • Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules

Benefits

You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%

We are one of the few employers to offer fully paid  6months family leave for times when you need it the most.

About us

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn

You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Please note application closing date : 10th July 2026

Apply Now

Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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