ICW Group continues to grow at an impressive rate, particularly in the assumed and ceded reinsurance realm. We are looking for a Senior Reinsurance Accountant to manage the increase in assumed reinsurance transactions. If you want to work for a growing company that has endless potential, apply today!
PURPOSE OF THE JOB
The purpose of this job is to manage assumed and ceded reinsurance transactions in support of the companys financial growth goals. The position will oversee reinsurance accounting activities in support of the Accounting department goals and objectives.
ESSENTIAL DUTIES AND RESPONSIBILITIES
Manages records of ceded reinsurance transactions.
- Prepares and monitors the recoverable aging report.
- Interacts with reinsurance brokers and reinsurance companies.
- Works with the claims department, brokers, and reinsurance companies to resolve disputed items.
- Reviews reinsurance contracts/agreements and applies parameters to accounting of transactions.
- Audits past reinsurance files for accuracy and completeness.
- Calculates and records ceded premium, reinstatement premium, commissions, and profit commission transactions per reinsurance contracts specifications.
- Calculates and monitors swing-rated treaties.
- Audits and reconciles the ceded loss transactions entered in the system for accuracy, completeness, and compliance with reinsurance contract specifications.
- Posts LOC for cedents who are not admitted in a particular domicile.
Manages records of assumed reinsurance transactions.
- Records initial premium booking with allocation of premiums to annual statement lines (ASL), along with premium adjustments or other endorsements.
- Calculates premium earnings.
- Records all invoices/bordereaux with premium, losses, commission, brokerage etc. (including allocation of losses to ASL).
- Ensures all recorded transactions are in-line with the reinsurance contract.
Creates financial statements and reports.
- Prepares ad-hoc reinsurance reports/memos as required by management.
- Assists in the preparation of Quarterly and Annual Statement Schedule F.
- Updates and reconciles all reinsurance related General Ledger accounts.
- Calculates and records quarterly adjustments, such as commuted treaties reserve adjustment, reinsurance reserve, and uploads changes in ceded reinsurance reserves into SAP.
Oversees for all aspects of the day-to-day activities of the reinsurance accounting (both assumed and ceded).
- Oversees all reinsurance accounting activities, including helping to train and review the work of the Reinsurance Accountant.
- Supports implementation of new reinsurance systems.
- Designs bordereaux when the company enters into new reinsurance contracts.
- Builds and maintains relationships with accounting departments of brokers and clients as needed.
- Monitors contractual reporting timing and payment terms, along with settlement of funds to/from various brokers.
- Follows up with accounting department of reinsurance brokers for any delayed, large payments, exception payments, review of complex premium and/or claim bordereaux, setting up trust accounts and collaterals as required, being aware of any reporting/accounting anomalies.
- Supports budget and planning activities of the Assumed Reinsurance team.
- Reviews current processes and collaborates with other departments to streamline processes, data integrity, and administration.
Manages collection and billing of reinsurance receivables and payables.
- Prepares ceded premium statements and bordereau.
- Pays ceded payables, and calculates the annual premium adjustments.
- Collects ceded paid losses / loss expense recoverables.
- Mitigates non-admitted assets through timely collections of balances due and establishment of LOCs for outstanding liabilities per reinsurance treaty terms.
- Serves as a backup resource for the Accounting Department as needed.
EDUCATION AND EXPERIENCE
Bachelors Degree from a college or university with a major or emphasis in Accounting, Finance, or related field; or equivalent combination of education and experience required. Minimum 6+ years of professional level experience working in an accounting role preferably in the insurance industry required.
KNOWLEDGE AND SKILLS
Advanced knowledge of computer applications related to accounting and financial management systems. Requires advanced knowledge of Accounting theory and principles, as well as advanced analytical and quantitative skills. Comprehensive knowledge of Generally Accepted Accounting Principles and Practices (GAAP) and Financial Accounting Standards (FASB) regulations. Proven ability to communicate effectively, both orally and in writing, and to interact effectively with management, employees, representatives of federal and state governments and external auditors. Must have ability to convey complex financial issues to non-financial users. Ability to work independently and meet stringent deadlines. Ability to collect, analyze, and summarize data and prepare clear, concise financial reports for complex accounting concepts. Ability to design and produce various ad-hoc reports. Advanced skills in Microsoft Office suite applications.
While performing the duties of this job, the employee is regularly required to sit. The employee is occasionally required to reach with hands and arms and climb or balance. The employee must frequently lift and/or move up to 20 pounds.
This position maps to an Individual Contributor. Additional competencies required: none.