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Senior Reinsurance Accountant

Posted 25/06/2024
London, Greater London
Full time

Company client currently recruiting for a Senior Reinsurance Accountant with a insurance client we work with in London.

Our client is a leading global reinsurance and insurance organisation with a focus on creating long term value. The international insurance team provides high profile services across Europe serving key stakeholders. As part of expansion the ceded reinsurance activities which are currently centralised will transfer over to this brand new international finance team based in London. One role sits within the syndicate side whilst the other is focused on Asia Pac.

Key accountabilities:

Reinsurance Accounting

* Manage and oversee the accounting for reinsurance contracts.
* Set up Treaties (Quota share, Surplus, Excess of Loss, Automatic Facultative) and facultative reinsurance contracts in the ceded reinsurance accounting system (XL Pro), including relevant contract details (e.g. aggregates, retentions, inuring coverage, exclusions, adjustable features, etc).
* Validate reinsurance contracts set up and calculation (e.g. QS, RIPS, adjustments premiums, etc) in XL Pro ensuring consistency with the placement team's contract intention and contract documentations.
* Ensure and deliver timely quarterly financial reconciliations of ceded reinsurance related accounts in support of the Everest Group's consolidated US GAAP financial statements and local accounting and regulatory standards.
* Accounting of ceded balances held outside of XL Pro (e.g. manual adjustments).
* Support in the transition from manual (excel spreadsheet) to systems (XL Pro) based ceded processes.

Reporting and Statements

* Prepare and analyse financial reports related to reinsurance activities.
* Prepare on a timely basis, ceded accounts, bordereaux and recording of related ceded payable and recoverable amounts.
* Support the delivery of requested data to actuarial teams to meet reserving requirements and to the Syndicate managing agent to meet local and regulatory reporting requirements.
* Ensure timely collection and payment of ceded reinsurance balances.

Additional duties include:

* Support the design, implementation and maintenance of a consistent control framework, which is compliant with Sarbanes-Oxley, covering both reinsurance placement and accounting.
* Support the design and implementation of a closing calendar and controls relating to the ceded reinsurance operations which meet International and Divisional quarterly closing calendar deadlines.
* Ensure compliance with accounting standards, regulations, and internal policies related to reinsurance accounting.
* To work closely with the Head of International RI Accounting on recurring and ad hoc requirements, including audits, Reinsurance MI, documentations, reconciliations.
* Knowledge/experience with Global XL Pro system or other RI system is highly desirable.
* Knowledge of SQL is preferred.
* Assist in additional projects/tasks as assigned.

If this sounds like a role you are interested in , Please apply and a consultant will reach out to suitable applicants to discuss further.

Oliver James Associates

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