Assumed Reinsurance Accountant

We are seeking an Assumed Reinsurance Accountant position to join our Assumed Reinsurance team in the New York area. The Assumed Reinsurance team works within the Reinsurance Operations team and the position reports to an Assumed Reinsurance Accounting Supervisor. The position is located in our New York area office.

As an Assumed Reinsurance Accountant, you will provide inward proportional treaty and non-proportional treaty management and account processing, technical accounting reconciliations, and financial and business compliance support.

Responsibilities

• Assist, learn and then perform reinsurance accounting for reinsurance business such as analyzing, identifying and maintaining accurate treaty accounts
• Undertake technical analysis and processing responsibilities, incorporating complex inward proportional and non-proportional treaties
• Work with the team to generate and analyze reports including production and analysis of monthly and quarterly reports as part of the close process, including identification of anomalies and resolution
• Process and prepare treaty accounts and analyze related statistics
• Review accuracy of closing and documents of rendered accounts, cash calls, premium and loss reserve deposits
• Partner with cash department for overdue balances to reduce accounts receivables and manage receivables and suspense amounts
• Manage Contingent Commissions, Sliding Scale Commissions, Retrospective Rate Adjustments and Premium Adjustments and processing accounts ensuring for accurate data
• Collaborate with internal and external clients to resolve queries or technical issues

Qualifications

• Minimum 3 years of accounting with Reinsurance experience preferred and a strong customer service orientation needed.
• Industry designations a plus (i.e. ARe, AINS).  Understanding of insurance and reinsurance principles is preferred.
  • Knowledge of property and casualty preferred
  • Understanding of Genius and SAP Accounting systems is preferred
• Technical skillsets including Microsoft Excel Pivot Tables and V-Lookups and MS PowerPoint required
• Ideally an understanding of proportional treaty claim handling and event claims or willing to learn and gain knowledge preferred
• Analytical mindset with the ability to adapt in a dynamic environment
• Ability to effectively communicate information and ideas
• Ability and/or desire to train and mentor junior staff

Salary Range: $65,000– $90,000 Actual compensation for this role will depend on several factors including the cost of living associated with your work location, your qualifications, skills, competencies, and relevant experience.

At Sompo, we recognize that the talent, skills, and commitment of our employees drive our success. This is why we offer competitive, high-quality compensation and benefit programs to eligible employees.

Our compensation program is built on a foundation that promotes a pay-for-performance culture, resulting in higher incentive awards, on average, when the Company does well and lower incentive awards when the Company underperforms.  The total compensation opportunity for all regular, full-time employees is a combination of base salary and incentives that gets adjusted upfront based on overall Company performance with final awards based on individual performance. 

We continuously evaluate and update our benefit programs to ensure that our plans remain competitive and meet the needs of our employees and their dependents.  Below is a summary of our current comprehensive U.S. benefit programs:

• Two medical plans to choose from, including a Traditional PPO & a Consumer Driven Health Plan with a Health Savings account providing a competitive employer contribution.
• Pharmacy benefits with mail order options
• Dental benefits including orthodontia benefits for adults and children
• Vision benefits
• Health Care & Dependent Care Flexible Spending Accounts
• Company-paid Life & AD&D benefits, including the option to purchase Supplemental life coverage for employee, spouse & children
• Company-paid Disability benefits with very competitive salary continuation payments
• 401(k) Retirement Savings Plan with competitive employer contributions
• Competitive paid-time-off programs, including company-paid holidays
• Competitive Parental Leave Benefits & Adoption Assistance program
• Employee Assistance Program
• Tax-Free Commuter Benefit
• Tuition Reimbursement & Professional Qualification benefits

Sompo International is an equal opportunity employer committed to a diverse workforce. M/F/D/V