Location Warren, NJ Posted September 24, 2020 Category Finance
Mitsui Sumitomo Marine Management U.S.A., Inc. is one of the worlds top ten property/casualty insurance carriers with over 40,000 employees worldwide.
The Investment Accountant is responsible for executing investment transactions for MSIA, MSU and MSIGS Self-Managed Investment Portfolio. Analyzes and reports activity and performance of MSIA, MSU and MSIGSs self-managed portfolio and external portfolio on a monthly basis. Ensures completeness and accuracy of all investment transactions entered by Clearwater/FIS iworks and records the same in General Ledger on a US Stat, US GAAP and IFRS/MS&AD Accounting basis.
- Responsible for GAAP and Statutory investment accounting functions for MSIA/MSU/MSIGS investment portfolio.
- Ensure that financial controls and investment accounting policies and procedures are maintained, and enhanced where necessary and appropriate.
- Demonstrated experience with investment products, including fixed income Govt, Agency, Munis, Corp, MBS/CMO, Z-Tranche, equities and ETF funds.
- Ensure accurate and timely processing and accounting of investment transactions, including:
- Monitoring movement of securities
- Corporate actions
- Pricing analysis
- Accruals, Coupons, amortization and accretion, mark to market adjustments, MBS factors, MBS paydowns and accretions
- Posting and reconciliation of the investment portfolio activity each month.
- Prepare standard and customized monthly investment reports for management and financial statement purposes.
- Coordinate with Clearwater Analytics/FIS on various monthly and quarterly deliverables
- Ongoing maintenance of customized Clearwater/FIS features, as well as on-going data integrity, reconciliation and reporting issues.
- Work with Clearwater to implement changes and enhancements to the financial reporting process.
- Assists with the computation and processing of other-than-temporary impairments and the documentation of key inputs, conclusions and controls.
Quarterly Investment Analysis
- Conduct thorough review of monthly transactions, including checking for compliance with Investment Guidelines.
- Calculation of consolidated portfolio returns and yield on a quarterly basis.
- Prepare the Board of Directors Investment Package and the Investment Committee Package which is utilized by the CFO during the Board of Directors meeting and the Investment Committee meeting. These packages consist of portfolio analysis, unrealized gains analysis, cash flow analysis, investment income analysis (both YTD and QTD), yield analysis, bond maturity analysis, and minimum capital investments requirement analysis in accordance with NYIL.
- Research and provide commentary for the top 5 unrealized loss issuers on the Watch List.
- Present the Watch List during the Investment Committee meeting on occasion.
- Responsible for taking minutes during the Investment Committee Meeting on occasion.
- Research and report reasons for Investment related Balance sheet and Income statement fluctuations.
- Coordinate the scheduling for the Investment Committee meeting on occasion.
Prepare Quarterly and Yearly Filings
- Complete investment related STAT filings. This includes eFreedom, Notes to financials, General Interrogatories, Supplemental Investment Risks Interrogatories, and NY Interrogatories.
- Complete investment related components of quarterly US GAAP financials.
- Complete the investment portions of the annual Audited Combined Financial Statements and Supplementary Information for E&Y for both STAT and GAAP.
- Complete the investment portions of the Supplemental Rating Questionnaire for AM Best. This includes the Fixed Income Portfolio Analysis, Common Stock Portfolio Analysis, Interest Rate Sensitivity, Five Largest Issuer Exposures, and Collateralized Balance Sheet Items.
- Report investment related components of Japan GAAP (DIVA, Asset impairment Forms 1 and 2).
- Conduct asset impairments tests/analysis on bonds and equities on US Stat, US GAAP and IFRS/MS&AD Accounting basis.
- Responsible for obtaining copies of the NY Certificates of Deposit and the NY Certificates of Compliance for year-end.
- Responsible to know GAAP and statutory accounting principles related to Schedule D and investments.
- Analyze and monitor the consolidated MSIG investment portfolio.
- Monitor all cash levels (Investment Related and Operational) and make recommendation for purchases when the balances are higher than stipulated on the investment guidelines.
- Stay up-to-date with current NY insurance laws related to investments and ensure we are in compliance with the same.
- Stay compliant with state deposit requirements.
- Monitor Equity and Fixed Income Markets using the Bloomberg Terminal.
- Monitor external portfolio managers for compliance with MSMM issued Portfolio Manager Investment Guidelines.
- Coordinate the quarterly scheduling of the performance review meetings with all three portfolio managers (BBH, GSAM, and DB).
- Maintain a professional relationship with outside portfolio managers and brokers. Seek feedback on available investment opportunities.
- Update Investment Committee charters as and when needed.
- Work with the legal department to finalize all paperwork required for new investment accounts or state deposit custodian account set up.
- Work with Clearwater/FIS to create custom reports to comply with STAT and GAAP reporting requirements.
- Work with Tax to provide investments data from Clearwater/FIS or Bloomberg on an as requested basis.
- Work closely with Japanese Investment reps by providing Investment related information that is utilized during the Investment Committee & Board of Directors meetings.
- Work closely with internal and external auditors by providing all requested supporting documents related to the investment portfolio.
- Other projects and/or assignments as assigned by Investment Accounting Manager
Education and Experience Required:
- Bachelors degree in Accounting or related field is required
- 2-5 years of investment experience is required
- Thorough knowledge of GAAP requirements as they relate to investment accounting. Fixed Income and Equity Securities Experience (Govts, Munis Corporates, MBSs Corporate accounts)
- Strong Analytical skills and aptitude for figures/financial information
- Scheduled D/Insurance experience required
- CPA a plus
The Company is an Equal Opportunity / Affirmative Action employer, all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, or protected veteran status.
Warren, New Jersey
Financial Services, Accounting