Senior Reinsurance Accountant

3 weeks ago

London, Greater London, United Kingdom AXA Group Full time

Senior Reinsurance Accountant

AXA XL is seeking a highly organized and analytical Senior Reinsurance Accountant to join the Ceded Reinsurance Team in London, UK.

Responsibilities include analyzing and implementing reinsurance treaty agreements, identifying terms and conditions, and analyzing premium/commission/claim registration and other attachment criteria.

The candidate will interact with a diverse group of internal & external personnel, including Actuaries, Senior Underwriters, Ceded Reinsurance Buyers and Brokers, and Senior Management.

Key Responsibilities

  • Manage reinsurance programs, ensuring complex reinsurance contracts are correctly interpreted and accurately accounted for.
  • Sustainably improve Axa XL's net risk/return profile by enhancing shareholder value through reinsurance contract setup, ceded premium booking/billing/payment, loss recovery calculation, and recoveries collection from reinsurers.
  • Work closely with the actuarial team to ensure correct reinsurance premium allocation based on global treaty terms.
  • Partner with Ceded Re Buyers and Business Units to prepare and evaluate ceded premium allocation, impacting business unit financial results.
  • Manage global ceded recoveries, including multi-system/manual calculations of global claim aggregation/exhaustion, actuarial allocation to multiple systems of claim recoveries, reinstatement premiums, and monitoring AAD (Annual Aggregate deductibles).
  • Responsible for month-end, quarter-end, and year-end closing processes of assigned reinsurance programs for all relevant systems technical accounts.
  • Communicate and resolve issues with business units' finance teams and reinsurance intermediaries impacting efficient execution of ceded reinsurance programs.
  • Understand NAIC requirements for Schedule F and New York State Department of Financial Services requirements for insurance company financial statement preparations as it relates to reinsurance transactions.
  • Assist in preparation of quarterly Schedule F statement for the whole insurance segment and successful submission to CDCA.
  • Identify, investigate, and document differences found in the reconciliation process.
  • Manage daily activity regarding collateral decreases and withdrawals, ensuring clients receive proper communication and documentation regarding Letters of Credit, trust accounts, and funds withheld.
  • Develop, recommend, and implement continuous improvements to processes, reports, and technology solutions.
  • Train the offshore team.
  • Perform monthly data quality/verification process and explain any discrepancies found.
  • Acquire and command knowledge of systems used within the company (ProCede, WINS, CH GENIUS, Hartford GENIUS, The Frame, Global Claims System, Documentum).

You will report to the Head of Regional Accounting Operations, Ceded Reinsurance, United States.

Requirements

  • Bachelor's Degree in business, finance, accounting, or a related area.
  • Modest to extensive reinsurance accounting experience required.
  • Experience in Finance and/or Reinsurance industry or equivalent combination of training and experience.
  • Knowledge of various forms of reinsurance, specifically XOL contracts as relates to loss application and calculation.
  • Understanding of functions pertaining to ceded reinsurance accounting is required.
  • Successful completion of industry professional designations – CPCU, AIAF, or ARe preferable.
  • Excellent written and oral communications skills.
  • Proven efficiency in ability to multitask, with attention to detail.
  • Proficient in Microsoft Office (Excel, Word, Access). Knowledge of SQL is preferred.
  • Excellent research and analytical skills, robust financial reconciliation skills.
  • Display excellent customer relation skills, as well as result-driven.

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