Senior Technical Accountant Ceded Reinsurance
Senior Technical Accountant Ceded Reinsurance
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Job Description
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Were looking for someone who has these abilities and skills:
- Bachelors degree in business finance accounting or a related area or equivalent work experience.
- Years of experience in Finance and/or Reinsurance industry or equivalent combination of training and experience.
- Proven efficiency in ability to multitask with attention to detail.
- Proficient in Microsoft Office (Excel Word Access).
- Excellent research and analytical skills robust financial reconciliation skills.
- Display excellent customer relation skills as well as result driven.
FIND your future
AXA XL the P&C and specialty risk division of AXA is known for solving complex risks. For midsized companies multinationals and even some inspirational individuals we dont just provide re/insurance we reinvent it.
How By combining a comprehensive and efficient capital platform datadriven insights leading technology and the best talent in an agile and inclusive workspace empowered to deliver top client service across all our lines of business property casualty professional financial lines and specialty.
With an innovative and flexible approach to risk solutions we partner with those who move the world forward.
Learn more at
AXA XL is committed to equal employment opportunity and will consider applicants regardless of gender sexual orientation age ethnicity and origins marital status religion disability or any other protected characteristic.
At AXA XL we know that an inclusive culture and a diverse workforce enable business growth and are critical to our success. Thats why we have made a strategic commitment to attract develop advance and retain the most diverse workforce possible and create an inclusive culture where everyone can bring their full selves to work and can reach their highest potential. Its about helping one another and our business to move forward and succeed.
Five Business Resource Groups focused on gender LGBTQ ethnicity and origins disability and inclusion with 20 Chapters around the globe
Robust support for Flexible Working Arrangements
Enhanced family friendly leave benefits
Named to the Diversity Best Practices Index
Signatory to the UK Women in Finance Charter
Learn more at AXA XL is an Equal Opportunity Employer.
Sustainability
At AXA XL Sustainability is integral to our business strategy. In an everchanging world AXA XL protects what matters most for our clients and communities. We know that sustainability is at the root of a more resilient future. Our 202326 Sustainability strategy called Roots of resilience focuses on protecting natural ecosystems addressing climate change and embedding sustainable practices across our operations.
Our Pillars:
Valuing nature: How we impact nature affects how nature impacts us. Resilient ecosystems the foundation of a sustainable planet and society are essential to our future. Were committed to protecting and restoring nature from mangrove forests to the bees in our backyard by increasing biodiversity awareness and inspiring clients and colleagues to put nature at the heart of their plans.
Addressing climate change: The effects of a changing climate are far reaching and significant. Unpredictable weather increasing temperatures and rising sea levels cause both social inequalities and environmental disruption. Were building a net zero strategy developing insurance products and services and mobilizing to advance thought leadership and investment in societalled solutions.
Integrating ESG: All companies have a role to play in building a more resilient future. Incorporating ESG considerations into our internal processes and practices builds resilience from the roots of our business. Were training our colleagues engaging our external partners and evolving our sustainability governance and reporting.
AXA Hearts in Action: We have established volunteering and charitable giving programs to help colleagues support causes that matter most to them known as AXA XLs Hearts in Action programs. These include our Matching Gifts program Volunteering Leave and our annual volunteering day the Global Day of Giving.
Senior Technical Accountant (Ceded Reinsurance)
London England United Kingdom
Ceded Reinsurance is a strategic function within AXA XL in charge of defining and implementing the reinsurance strategy as well as administrating all reinsurance treaties through their lifecycle. Ceded Re is part of the AXA XL Risk Management function the AXA XL Chief Risk Officer being member of AXA XL Leadership team.
Ceded Re Operations team is responsible for the administration of all Treaty Reinsurance business written within AXA XL. Ceded Re Operations is composed of 4 key poles: Technical Operations Technical Accounting Data & Operations Reporting and Central Operations.
This role resides within the Ceded Reinsurance Technical Accounting team based in UK which is responsible primarly responsible for:
- Overseeing settlement of all Ceded Premiums in line with AXA XL payment guidelines and the recovery of all Ceded Recoveries (ca. USD 3bn per year) processed within the AXA XL systems;
- Collaterals collection (ca. USD9bn)
- Overseeing BDX releases to reinsurers;
- Performing credit control of all balances within their remit including Bad & Aged debt Management for both treaty and aged Facultative portfolios (over a year) on a global basis to assist with reduction of large and aged debt.
- The individual will be required to:
- Manage the collaterals collection for US entities (ca. USD9bn) liaising with ca. 150 brokers or reinsurers;
- Contribute to the technical accounting processes for the US entities;
- Participate to the Ceded Re transformation plan as Subject Matter Expert;
- Develop and maintain influential relationships with all interna (ESS team claims underwriting and middle office) and external stakeholders (brokers reinsurers auditors).
DISCOVER your opportunity
ENVIRONMENT AND CHALLENGES:
Mandate
- As of Q4 2024 Ceded Re manages $9bn of collaterals (LOC Trust or Funds Held) across 150 reinsurers required to avoid Solvency Capital charge in the US responsible to oversee the effective claims recoveries process of Procede Related business 1/3 of the ceded operations for AXA XL Insurance segment).
- The reinsurance accounting specialist manages relationship with Core Brokers and reinsurers involved in the collaterals management process (Guy Carpenter AJG / Willis AON Lockton) to ensure smooth collaboration and high quality of services.
Exposure
This individual will be expected to liaise with internal and external customers to include:
- Internally with ESS (Shared Services India) Actuaries Finance Underwriting Claims IT and Legal.
- Externally with Core Brokers Reinsurers Banks (for collateral purposes) andAuditors
- Communication
- Excellent written and oral communications skills.
- Excellent organization and prioritization skills
MAIN ACTIVITIES
- Bordereaux Issuance: Oversee the bordereaux release to brokers and reinsurers (Procede related).
- Credit Control and Cash Collection: Manage the ca. $6bn collaterals collection process to mimimize Capital Charge in the US and Credit control and cash collection process to ensure fast collection process and avoid bad debt provisions or write offs.
- Relationship with Core Brokers: Manage the relationship with reinsurers and brokers for collaterals. Report timely any issue.
- Regulatory and Operational Reporting: Contribute to the production and submission on time of regulatory reporting (e.g. Schedule F in the US) and all operational reporting required for operating (e.g. credit control RI dashboard .
- Ad hoc: Contribute or lead appropriately and on time any ad hoc requests from Group (e.g. credit risk exposure) Risk Management (e.g. presentation to the AXA XL Audit Risk and Compliance Committee or Reinsurance Committee) or finance team (e.g. Tax audits).
DETAILED ACTIVITIES
- Managing the collateral process ensuring proper collateral is in place at yearend for statutory purpose to reduce the Schedule F penalty exposure for Greenwich Insurance Company.
- Organize and manage the redesign project to its conclusion at year end 2023 getting all collateral amended to Greenwich as pool leader from XLRA.
- Manage the daily activity with regards to collateral decreases and withdrawals ensuring our clients receive the proper communication regarding the activity around their Letters of Credit Trusts accounts and Funds withheld as well as the Multi beneficiary trusts.
- Responsible for the gathering of ceded reinsurance exposure data and communicating it to the reinsurers and brokers for yearly collateral increases and decrease.
- Maintain a collateral inventory updated daily with any new activity and the reconciliation of Ceded Re inventory to the Financial Risk Managers monthly report.
- Work closely with Technical Operations as well as the Technical Accounting staffs in India who supports the collateral process and creation of the database for reporting exposures to our clients.
- Work closely with the Reinsurance segment our actuaries and our London counterparts to ensure proper exposure calculations and the reduction of potential schedule F penalties.
- Manage and develop enhanced reports and reconciliations to streamline the collateral process and report accurate and timely information to both internal and external customers.
- Develop recommend and implement continuous improvements to processes reports and technology solutions.
- Acquire and command the knowledge of the systems used within the company (Genius ProCede Access and Documentum)
- Assist in the daily activities of Technical Accounting (cash processing invoicing collections and reporting to upper management and other internal customers also working closely with our India support team to ensure accurate and timely delivery of all tasks required.
- Assist in the management of audits and ensuring that all supporting documentation is delivered in a timely manner to EY FIC and internal audit.
- Training the offshore team
Required Experience:
Senior IC
Employment Type
Full-Time
