Director of Reinsurance Accounting

Position Summary: We are seeking a highly skilled and detail-oriented Reinsurance Accounting Executive to join our team at a leading commercial property and casualty insurance company. The Reinsurance Accounting Executive will be responsible for managing and overseeing all reinsurance accounting operations, ensuring accurate and timely recording of reinsurance transactions, and maintaining compliance with industry regulations. This role requires a strong understanding of reinsurance accounting principles and practices, excellent analytical skills, and the ability to collaborate effectively with cross-functional teams.

Responsibilities:

Reinsurance Accounting Management:

• Manage the day-to-day operations of the reinsurance accounting department, including transaction recording, reconciliation, and reporting.
• Review and analyze reinsurance contracts, ensuring accurate interpretation and implementation of accounting guidelines.
• Develop and maintain accounting policies and procedures related to reinsurance activities, ensuring compliance with applicable regulations and industry standards.
• Oversee the preparation and distribution of reinsurance billing statements to external reinsurers and ensure timely collection of premiums.

Financial Reporting and Analysis:

• Prepare accurate and timely financial reports related to reinsurance activities, including statements of accounts, premium and claim analyses, and reconciliations.
• Analyze financial data to identify trends, anomalies, and potential areas for improvement, and provide insights and recommendations to management.
• Collaborate with the finance team to ensure seamless integration of reinsurance accounting data into the overall financial reporting process.

Reconciliation and Dispute Resolution:

• Conduct regular reconciliations of reinsurance accounts, identifying and resolving discrepancies in a timely manner.
• Investigate and resolve disputes or discrepancies related to reinsurance contracts, collaborating with underwriters, claims professionals, and external reinsurers as necessary.
• Monitor and track reinsurance recoverables and ensure prompt collection of outstanding amounts.

Compliance and Audit:

• Ensure compliance with regulatory requirements, accounting standards, and internal controls related to reinsurance accounting.
• Coordinate internal and external audits related to reinsurance accounting, providing necessary documentation and support to auditors.
• Stay updated with changes in reinsurance accounting regulations and industry best practices, and recommend adjustments to processes and procedures as needed.

Team Collaboration and Leadership:

• Foster a collaborative and supportive work environment, promoting teamwork, knowledge sharing, and professional development within the reinsurance accounting team.
• Provide guidance and mentorship to junior team members, facilitating their growth and development.
• Collaborate with other departments, including underwriting, claims, and finance, to ensure effective communication and coordination of reinsurance accounting activities.

Requirements:

• Bachelor's degree in accounting, finance, or a related field. CPA or equivalent certification is preferred.
• Proven experience in reinsurance accounting within the insurance industry, preferably in the commercial property and casualty sector.
• Strong knowledge of reinsurance accounting principles, practices, and regulations.
• Proficient in using accounting software and Microsoft Office applications, particularly Excel.
• Excellent analytical and problem-solving skills, with attention to detail.
• Strong organizational and time management abilities, with the ability to prioritize and meet deadlines.
• Effective communication and interpersonal skills, with the ability to collaborate with cross-functional teams.
• Ability to adapt to a fast-paced and dynamic work environment.
• Knowledge of reinsurance systems and platforms (e.g., RMS, AIR, or similar) is a plus.