Syndicate Accountant

3 weeks ago

London, United Kingdom Hiscox Ltd Full time

Job Type:
Permanent

Build a brilliant future with Hiscox

About Hiscox

As an international specialist insurer, we are far removed from the world of mass insurance products, selectively focusing on key areas of expertise and strength, all of which is underpinned by a culture that encourages us to challenge convention and always look for a better way.

Defined by our strong moral fibre we prioritise above all else the principle of doing what we say we will. Insuring the unique and interesting, our search for talent is the same. We empower our people to think creatively, challenge the status quo and approach things with a purposeful lens. This results in us being able to provide the type of insurance solutions which are often too complex for other insurance companies, we find a way where others give up.

Our straight-talking culture is not for everyone but allows us to strive to improve everything we do and never settle. Trust is integral to how we operate, and it allows us to work in an environment where every role has a prominent level of autonomy; freedom to forge your path and help set the wider agenda is evident in all parts of the organisation. Through embracing an environment that brings together people who are unique and interesting we are ensuring we build a company where teams do not all think the same - this, combined with a culture where courage to say what you think is not only actively encouraged but is central to our business model has defined our success.

If you thrive in a challenging and collaborative environment where you are trusted to work instinctively and know the company will stretch, you to your full potential look no further.

The Role

Reporting to the Manager - Syndicate Accounting and Reporting, you will be involved in executing the full financial controllership duties for our three managed syndicates, managing agent and corporate member. This will include maintenance of the whole ledger controllership process, such as reviewing, producing, maintaining, reconciling, and analysing accounting ledgers, followed by financial analytics and business partnership with Business units on KPIs and result management and comprehensive external/internal reporting function. This will require you to communicate and collaborate with different areas of the business such as actuarial, underwriting, risk and compliance, group finance in performing the tasks assigned. Moreover, you will have a role in overseeing Finance projects, including ongoing improvements for IFRS 17, implementation of controls framework, as well as other ad hoc projects when needed. You will also work closely with the Head of Syndicate Accounting and Reporting in building an effective finance function and implementing actions to improve controllership efficiencies in ledger controllership, business partnership, group, and external reporting etc. and in strengthening the syndicate financial control framework.

The role involves working in a Finance team which is split across two locations in London and Colchester.

Key Responsibilities
  • Manage all aspects of the production of the three Syndicate accounting ledgers, the ledger for the managing Agent and corporate member, through to the month end, quarter end and year end GL Close.
  • Making sure the BU financials are correct in the ledgers and any gaps are quickly reported to BU leads and fixed in time for WDT close. Timely engagement with BUs to understand missing data if any.
  • Preparing management reports and analysing business unit performance, evaluating how actual and forecast results differ from initial plans, identifying problems and possibilities and offering advice/support to business leaders are the ways of managing business partnership.
  • Take a structured approach to drive collaboration between business functions and all areas of Group Finance. Holding regular discussions with Finance Managers, Actuarial functions, and other business unit accounting teams to discuss movements, issues and solutions.
  • Develop excellent timely & accurate financial reporting and tracking of the business's strategic objectives for the functions you support in line with agreed KPI's.
  • Production and review of Lloyd's quarterly and annual regulatory returns including QMA, SITUS, NAIC, TRIA, TPD, SIS, UK Tax, Annual Accounts for Syndicates, Managing Agent, and Corporate Member etc.
  • Ensure the internal deadlines for group financial reporting schedules are met and queries answered in a timely manner.
  • Preparation and presentation of Lloyds results commentary including BS, P&L and other KPIs for governance committee.
  • Managing the Corporate Member accounting and reporting requirement internally to group and externally to regulators.
  • Build relationships with stakeholders in Group finance, Actuarial, Syndicate reporting, IT functions to improve the quality of information reported both internally within the group and externally to Lloyd's.
  • Managing the service to different stakeholders such as reserving, Syndicate FP&A, group etc., and completing the process handovers/hand backs with various departments accurately as per the schedule.
  • Managing group reporting requirements for all Managed Syndicates, Managing Agent, Corporate member and associated non-Insurance entities.
  • Active involvement in key finance projects namely the Corporate Governance Control framework, Reporting solution implementation etc.
  • Be the key point of contact for technical queries with regards to syndicate financial accounting and reporting.
  • Provide business unit performance analysis, assessing actual and forecast deviation from initial plans, highlighting issues and opportunities and providing guidance business leaders.
  • Work closely with the management in developing and enhancing the syndicate financial control framework.
  • Drive the development and implementation of processes to create reporting efficiencies and facilitate the production of accurate financial information.
  • Assist Syndicate Accounting and Reporting Manager in financial controllership and related reporting and close activities.
  • Ensuring all technical, non-technical and control account balance sheet reconciliations are prepared and reflect true analysis on the differences if any.
  • Build relationship with the auditors ensuring audit queries are answered and closed off in a timely manner.
  • Ensure effective financial control framework is in place and is operating effectively. Timely updating the control framework or introducing new controls where required for the process changes.
  • Ensuring group accounting policies are adhered while performing the accounting and reconciliations.
  • Identify areas for process improvement and follow through to implementation, resulting in a best-in-class Finance function.
  • Manage, coach and mentor members of the team on the intricacies of Syndicate Accounting and Reporting.
Skills/ Qualifications/ Experience required.
  • Be a qualified accountant and/or have relevant experience in a senior accounting and Lloyds Reporting role.
  • Be educated to degree level and/or have relevant demonstrable experience in syndicate financial accounting and reporting.
  • Have excellent working knowledge of Lloyd's reporting requirements.
  • Possess excellent IT skills, with exposure to data modelling software and accounting ledger being a real benefit due to the nature of the reporting required in the role.
  • Have had exposure to distributed teams and relationship building with stakeholders who are also not located within the same location.
Preferential / Advantageous

Prior experience of Lloyds Reporting

Exposure to IFRS 17, or technical accounting standard

Diversity, Inclusion and Hybrid working

At Hiscox we care about our people. We hire the best people for the job and we're committed to diversity and creating a truly inclusive culture, which we believe drives success. We have also learned that working life doesn't always have to be in the office and support hybrid ways of working to encourage a healthy work life balance.

We anticipate the successful candidate for this role will be in the office approximately 2 days a week

We see it as the best of both worlds: structure and sociability on one hand, and independence and flexibility on the other.

You can follow Hiscox on LinkedIn, Glassdoor and Instagram (@HiscoxInsurance)

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Work with amazing people and be part of a unique culture #J-18808-Ljbffr

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