Manager Outwards Reinsurance Accounting Operations

at  Liberty Specialty Markets

DESCRIPTION & REQUIREMENTS

Role Title: Manager Outwards Reinsurance-Accounting Operations
Department: Finance
Team: Accounting Operations
Location: London
Type: Permanent

About the Role:

• Reporting to the Head of Outwards Reinsurance - Accounting Operations, the role will have particular ownership of end-to-end Finance processes – including calculation, processing, analysis and reporting - for specified strategic outwards reinsurance arrangements in LSM.

About the Department & Team:

• Finance in Liberty Specialty Markets (LSM) consists of circa 100 FTE and has a number of key roles:
• To partner the business to enhance decision making with a focus on strategy, planning, analysis and reporting. Support is provided both to the three management ‘Pillars’ – Specialty, Commercial and Reinsurance – and also to the supporting functions within LSM
• To utilise our legal entity platform in the most cost and capital efficient manner complimenting and supporting the LSM strategy;
• To ensure that all external financial reporting requirements (statutory, regulatory, tax, capital etc.) are fulfilled. LSM consists of a Lloyd’s Syndicate, a UK insurance company with European branches and a number of service companies and cover holder companies
• To report to our US Parent on standard monthly requirements and ad-hoc requests on both a pillar and a legal basis
• To ensure superior management of our investments, cash and all financial risks
• To give finance operations support to the business and finance
• Finance strives for continuous improvement in all areas and aims for excellent customer service, supported by quality and efficient processes, all operating within a robust control environment.

Key Responsibilities:

• Accounting: working closely with various departments in the business, lead the coordination of new RI initiatives or changes in existing arrangements for Accounting Operations. Challenge and feed into the operational and accounting design and support Accounting Operations management. On implementations ensure data is available and readily accessible, to understand, calculate and appropriate account for (in accordance with UK and US GAAP). Accounting Methodologies and decisions are to be documented alongside processes.
• Performance Analysis/Review/Sign-off: to ensure preparations of detailed PL/BS positions of the arrangements with detailed analysis of the main drivers of actual: Month, year and inception to date. Coordinate senior management and stakeholder review and sign-off.
• Reporting to Group: to manage, supervise, prepare or assist with various monthly and quarterly parent company reporting requirements in close coordination with various internal departments.
• Stakeholder Relationships: Confidence and ability to discuss complicated process flows with people on multiple levels of seniority.
• Staff Supervision: Develop and lead team members to enhance their skillsets, knowledge and business relationships with the view to enabling the team and further enhancing the high performing culture.
• Reserving analysis: partner with actuarial department for reserving, analysing actuarial inputs into Finance reinsurance processes, providing reconciled and understood adjustments and balances at appropriate granularity.
• Regulatory reporting: to manage, assist with various reinsurance regulatory requirements in coordination with the LSM External reporting team
• Finance Programme and business readiness: Provide direct input to and support other team members in the Finance Programme deliverables with respect to the future state processes of the strategic outwards reinsurance arrangements
• Other and Ad-hoc: to assist other reinsurance accounting team members (and wider finance as appropriate) to respond to other ad-hoc information requests.

Skills and Experience:

• Qualified Accountant
• Extensive financial and management reporting experience is essential.
• Knowledge and experience of insurance accounting under US GAAP is essential. UK/Lux GAAP beneficial.
• Strong understanding of the drivers of underwriting results from both a commercial and an accounting perspective.
• Strong ability to understand outwards reinsurance arrangements and the accounting thereof.
• Naturally analytical with high level of accuracy and attention to detail
• Ability to work in a tight deadline environment
• Proven ability to develop and build processes with enhanced efficiency and control
• Experience of liaising with different teams and combining multiple data sources to solve problems
• Experience of reporting for a US Parent company is beneficial
• Knowledge of Liberty’s business is a benefit
• Experience of managing people is preferred, including leading teams and developing staff
• Strong Excel skills.
• Experience of using SAP and related reporting tools for booking entries and reporting results is beneficial

About Liberty Specialty Markets (LSM)
Liberty Specialty Markets is part of Global Risk Solutions and the broader Liberty Mutual Insurance Group, which is a leading global insurer. We offer a breadth of world-class insurance and reinsurance services to brokers and insureds in all major markets.

Our people are key to our success. That is why “Put People First” is one of the five Liberty values which unite us as a global organisation. We bring this to life for our colleagues through:

• Offering a vibrant and inclusive environment and committing to their career development.
• Promoting diversity, equity and inclusion (DEI). Our Inclusion Matters framework and employee-led networks strengthen the diversity of our workforce and our inclusive environment.
• Reinforcing that collaborating together to share our unique perspectives help us make better decisions, deliver innovative solutions and pursue our ambitious goals.
• A supportive culture, which includes promoting a healthy work-life balance and working flexibly.

For more information, please follow the links below:
https://www.libertyspecialtymarkets.com/gb-en/careers/working-for-us
https://www.libertyspecialtymarkets.com/gb-en/careers/diversity-inclusion-wellbeing/diversity-and-inclusion

About the Role:

• Reporting to the Head of Outwards Reinsurance - Accounting Operations, the role will have particular ownership of end-to-end Finance processes – including calculation, processing, analysis and reporting - for specified strategic outwards reinsurance arrangements in LSM

Key Responsibilities:

• Accounting: working closely with various departments in the business, lead the coordination of new RI initiatives or changes in existing arrangements for Accounting Operations. Challenge and feed into the operational and accounting design and support Accounting Operations management. On implementations ensure data is available and readily accessible, to understand, calculate and appropriate account for (in accordance with UK and US GAAP). Accounting Methodologies and decisions are to be documented alongside processes.
• Performance Analysis/Review/Sign-off: to ensure preparations of detailed PL/BS positions of the arrangements with detailed analysis of the main drivers of actual: Month, year and inception to date. Coordinate senior management and stakeholder review and sign-off.
• Reporting to Group: to manage, supervise, prepare or assist with various monthly and quarterly parent company reporting requirements in close coordination with various internal departments.
• Stakeholder Relationships: Confidence and ability to discuss complicated process flows with people on multiple levels of seniority.
• Staff Supervision: Develop and lead team members to enhance their skillsets, knowledge and business relationships with the view to enabling the team and further enhancing the high performing culture.
• Reserving analysis: partner with actuarial department for reserving, analysing actuarial inputs into Finance reinsurance processes, providing reconciled and understood adjustments and balances at appropriate granularity.
• Regulatory reporting: to manage, assist with various reinsurance regulatory requirements in coordination with the LSM External reporting team
• Finance Programme and business readiness: Provide direct input to and support other team members in the Finance Programme deliverables with respect to the future state processes of the strategic outwards reinsurance arrangements
• Other and Ad-hoc: to assist other reinsurance accounting team members (and wider finance as appropriate) to respond to other ad-hoc information requests