AVP, Reinsurance Accounting
Share
Job Location:
Morristown, NJ - USA
Monthly Salary:
$ 185000 - 225000
Posted on:
5 hours ago
Vacancies:
1 Vacancy
Job Summary
At Coaction were a unique mix of leaders achievers thinkers and team players with a high-performance mindset and a diverse skillset. We bring our industry expertise together to continually push the boundaries of what insurance can be for our clients.
The successful candidate will be part of a team that works closely with the Vice President - Reinsurance Operations to ensure that reinsurance contracts are properly administered and accounted for on an end-to-end basis. The AVP - Reinsurance Operations is a supervisory and leadership position that manages the staff responsible for providing notice to reinsurers updating monthly quarterly and annual reinsurance financial schedules.
Additional responsibilities include identifying process and internal control improvements maintaining documentation in accordance with the Companys policies and procedures and assisting with miscellaneous related ad hoc addition the position coordinates the annual financial audit coordinates and schedules reinsurer audits when necessary
Responsibilities
- Planning and coordinating efforts between actuarial claim and finance departments to ensure accurate and timely reporting of critical information to senior stakeholders
- Monitoring Reinsurance Operations internal controls and recommending revisions as needed
- Establishing overall departmental objectives and priorities in support of organizational goals
- Organizing departmental resources planning and tracking workflow and developing systems to monitor and direct assignments and efforts of staff to achieve goals
- Learn and understand Coactions business and reinsurance programs including all relevant informational workflows
- Learn and understand the insurance and reinsurance systems used to record and maintain data necessary for reinsurance-related operational activity financial accounting reporting and analysis
- Monitor and validate periodic reinsurance system calculations of reinsurance balances
- Quantify any necessary periodic financial statement adjustments related to reinsurance balances to support the monthly financial close
- Analyze and explain periodic financial results for each assigned reinsurance contract
- Review and approve escalated transactions accounts adjustment and ceded loss notices and billings produced by analysts based on individual authority letters.
- Follow-up on cash collections for ceded recoverable balances and prepare reinsurance premium payments
- Lead and mentor Reinsurance Analysts providing guidance and training
- Effectively communicate with and respond to reinsurance brokers and/or reinsurers
- Collaborate with other departments (e.g. Actuarial Reinsurance Procurement Finance IT etc.) to complete various ad hoc projects
Qualifications
- 7 - 10 years of relevant work experience in the insurance industry
- Bachelors degree preferably in a business-related field of study Accounting a plus but not
- Ability to engage with and present to senior stakeholders on a range of complex topics
- Ability to provide guidance on both administrative and technical levels
- Considerable experience working with reinsurance collections
- Working knowledge and experience with various forms of reinsurance (e.g. XOL Q/S Facultative etc.)
- Familiarity with US GAAP & STAT insurance and reinsurance accounting and reporting
- Advanced MS Excel skills and familiarity with MS Access SQL and other data analysis tools is a plus
- Organized clear and effective verbal and written communication
- Strong organizational and multitasking capabilities with the flexibility to re-prioritize as needed
- Proven record of initiative-taking pragmatic detail-oriented problem-solving and reconciliation skills
- Working knowledge of Sapiens / URS reinsurance operations system a significant plus
Salary range specific to for this role : $185000-$225000 discretionary incentive bonus benefits depends on various factors including without limitation individual and organizational performance. The offered rate of compensation will be based on individual education experience and addition employees are eligible for standard benefits package including paid time off medical dental and retirement.
Equal Opportunity Employer
Coaction is an Equal Employment Opportunity employer. Coactions policy is not to discriminate against any applicant or employee based on race color religion national origin gender age sexual orientation gender identity or expression marital status mental or physical disability and genetic information or any other basis protected by applicable law. Coaction also prohibits harassment of applicants or employees based on any of these protected categories.
If your application is selected you will receive an email directly from the Coaction Recruiting Team at asking you to contact a member of the Coaction Recruiting Team. Any other method of contact may be fraudulent.
Key Skills
- Presentation Skills
- Risk Management
- Financial Services
- IFRS
- Banking
- Pricing
- Analysis Skills
- Securities Law
- Investment Banking
- Relationship Management
- Strategic Planning
- Leadership Experience
About Company
Coaction creates unrivaled value for customers by exceeding expectations, accomplished through a unique performance culture and desire to succeed at uncommon challenges.
