Reinsurance Accountant Responsibilities:
The Reinsurance Accountant will have the responsibility for the accounting and financial reporting of reinsurance including both the booking of reinsurance premium (receivable/payable) and losses (reinsurance recoverable/payable), financial reporting (including Schedule F) and cash clearing and settlement. The position will work in coordination with the Reinsurance Manager and company affiliates and will also assist in internal reinsurance report preparation as part of the quarterly close process.
Reinsurance Accountant duties will include, but are not limited to:
- Calculate subject premium under each respective treaty to determine and record reinsurance premium in the general ledger. Includes verifying and/or recalculating subject premiums reported by company affiliates.
- Record reinsurance payables and recoverables in the general ledger.
- Reconcile cash payments received from both company affiliates and external reinsurers and brokers to ensure appropriate entries in the general ledger.
- Coordinates with company affiliates to determine the final treaty adjustments and settlements with both company affiliates and external reinsurers and brokers.
- Assists in the annual treaty renewal process by reviewing documentation prepared by the reinsurance department, including treaty abstracts, premium deposit allocations and reinsurer participations (includes identifying changes), and communicating updates and changes to company affiliates.
- Assists the Reinsurance Manager with the annual collateral review and prepares periodic letter of credit drawdowns
- Assists in the preparation of periodic rating agency surveys for reinsurance data.
- Assists in the preparation of the annual review of reinstatement exposures.
- Assists in responding to reinsurance related ad-hoc requests.
- Performs analytics and other diagnostics as appropriate to provide management insight into large or unusual fluctuations.
- Assists in the preparation of the preliminary and final Schedule F.
- Assists with other accounting activities, which may or may not be reinsurance related, as part of the quarterly close process.
- Assists with special projects, which may or may not be reinsurance related.
- Bachelor’s degree from four-year college or university in Accounting.
- Minimum 2 – 3 years of property & casualty reinsurance experience.
- Attention to detail, methodical, accurate and accustomed to documenting work.
- The ability to work independently or in a team structured environment to meet common goals, objectives and deadlines.
- Ability to collaborate with all levels of staff and management.
- Strong planning and organization skills.
- Ability to organize, prioritize and manage work to meet deadlines with minimal supervision.
- Excellent knowledge of Microsoft Excel and proficient in Microsoft Word, PowerPoint or other data based applications.
- Strong communication skills on multiple platforms.
- Ability to effectively present information to management.
- Proficiency with SAP Crystal Reports.
- Proof reading experience paired with ability to identify inconsistencies.
- Ability to make informed decisions and handle pressure.
- Flexibility and tenacity.
- Excellent customer service skills.
- Strong problem solving skills, in particular in situations where only limited standardization exists.
- Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
The employee is regularly required to sit; occasionally required to reach with hands and arms; frequently required to stand and walk. The employee must occasionally lift and/or move up to 25 pounds.
The noise level in the work environment is usually quiet.