Sr Ceded Reinsurance Accountant

Job Description

Are you looking for your next opportunity?

Sompo has a unique opportunity for a Senior Ceded Re Accountant on our Ceded Reinsurance team.

Sompo’s Ceded Reinsurance team is a globalized customer focused, dedicated and professional organization.  The team is responsible for the purchasing and management of Ceded Reinsurance placements.  The Ceded Accounting staff will provide accurate and timely production of financial statements, production reports, client receivables/payables and be actively involved in cash processing, collection and disbursement as well as any ad-hoc project requests. Additionally, be able to identify and research issues arising from processes and producing/communicating results in an accurate and timely manner, in order to achieve department standards and meet service level expectations. 

The position is dedicated to supporting the Assumed Internal Reinsurance Vehicle business function and the position will report through the Ceded Reinsurance Operations and Accounting Organization. The position will report to the AVP, Ceded Re Accounting Manager.

Location: This position will be based out of our New York City (1221 Avenue of the Americas) office. We strive for collaboration which is why we offer a work environment where our employees thrive and develop long lasting careers. The team structure will align to the front-end business functions of Property, Casualty, Assumed Treaty Reinsurance and Specialty.  

Our business, your impact, our opportunity:

What you’ll be doing:

• Prepare monthly, quarterly, and ad-hoc reports in support of the financial close.
• Review assumed statements of accounts, bordereaux, and XOL claims for alignment with contract terms.
• Assist in overseeing the intercompany accounting close processes and reconciliations to ensure intercompany reconciliation breaks are researched and addressed in a timely manner.
• Analyze large sets of data to create reinsurance reports for management review.
• Preparation and approval of journal entries and payments for various treaty and XOL claims settlements.
• Coordinate reporting and financials postings with the Corporate Controller, Actuarial and Ceded Reinsurance Teams.
• Monitor cedent deliverables to ensure alignment with contract terms, i.e., premium adjustments, timelines for statements of account and bordereaux, etc.
• Maintain documentation to support internal and external audit requests and SOX compliance.
• Participate in critical assumed reinsurance implementations projects.
• Handle additional assumed accounting responsibilities as deemed priority by management.

What you’ll bring:

• Bachelor’s degree, preferably in Accounting/Finance, or equivalent combination of education and work experience.
• Minimum of 5 years’ experience within the Reinsurance industry, finance or accounting preferred
• Advanced proficiency with Microsoft Excel (Pivot Tables, vLookups, SUMIFs)
• A team player who exhibits excellent verbal and written communication skills to be utilized in collaborating with internal and external customers.
• Detail oriented, organized, and proficient at solving complex issues with a high level of accuracy.
• Ability to work in a fast paced, high volume team environment with rapidly changing priorities and demands.
• Familiarity with various systems and reporting tools such as SAP FSRI, SAP FSCD, SAP GL, and SAP BW / BOBj.

Salary Range: $95,000 – $135,000 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

In today’s world, what do we stand for?

Ethics and integrity are the foundation of delivering on our commitment to you. We believe that core values drive success, and that when relationships are held in the highest regard, there is nothing that cannot be accomplished. At Sompo, our ring is more than a logo, it is a symbol of our promise. Click here to learn more about life at Sompo.

Sompo is an equal opportunity employer and we intentionally value inclusion and diversity. Above all, we want you to work in an environment that respects everyone’s unique contributions – we are passionately committed to equal opportunities. We do not discriminate based on race, color, religion, sex orientation, national origin, or age.