Reinsurance Operations Manager

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 Reinsurance Operations Director to ensure that reinsurance contracts are properly administered and accounted for on an end-to-end basis. The Manager - Reinsurance Operations will learn the terms and conditions for assigned contracts make premium payments bill and collect reinsured losses review system calculations send account statements and calculate premium adjustments all on a timely basis. The Manager Reinsurance Operations will be an authority escalation position reviewing and approving transactions and accounts.

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 projects.

Responsibilities:

• 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

• Learn the pertinent terms and conditions for each assigned reinsurance contract

• In coordination with the Reinsurance Procurement Team set up the reinsurance contract and attachment criteria in the Companys reinsurance system

• Monitor and validate periodic reinsurance system calculations of reinsurance balances

• Identify and remediate data or system issues affecting the accuracy of automated calculation of reinsurance balances

• Quantify any necessary periodic financial statement adjustments related to reinsurance balances to support the monthly financial close

• Assist in the preparation analysis and review of Schedule F

• Analyze and explain periodic financial results for each assigned reinsurance contract

• Prepare premium adjustments account statements and ceded loss notices/bills including calculation of any reinstatement premium on a timely basis

• Record and reconcile cash transactions (e.g. ceded premium payments ceded loss collections premium adjustments etc.) on a timely basis

• 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

• Ensure cash transactions are accurately applied in the reinsurance system

• Lead in supporting the booking and collections of Assumed Quota Share Reinsurance

• 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:

• 5 - 7 years of relevant work experience in the insurance industry

• Bachelors degree preferably in a business-related field of study Accounting a plus but not

• 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 proactive pragmatic detail-oriented problem-solving and reconciliation skills

• Demonstrate the ability to work effectively either independently or within a group and to communicate proactively and clearly both verbally and in writing with team members and Management

**This is not a fully remote position. Applicants must sit in our Morristown NJ office on our hybrid work schedule.**

Salary range specific to for this role: $00 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.