Senior Reinsurance Accountant

at  XL Catlin

SENIOR REINSURANCE ACCOUNTANT

Exton, PA I USA
AXA XL is looking for a highly organized and analytical Senior Reinsurance Accountant to join the Ceded Reinsurance Team in Exton, PA.
Responsibilities include analyzing and implementation of reinsurance treaty agreements protecting Axa XL group, identifying terms and conditions, analysis of 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
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What will your essential responsibilities include?

• The positions primary component involves managing reinsurance program in place ensuring that: complex reinsurance contracts are correctly interpreted to determine the accurate accounting for it; all entities covered are accounted for in relevant systems. To accomplish this the candidate must exercise independent judgment and discretion about matters of material financial impact to Axa XL’s financial stability.
• The position’s primary goal is to sustainably improve AxaXL’s net risk/return profile with an emphasis on enhancing shareholder value. That entails Reinsurance contract setup in appropriate systems; Ceded Premium booking/billing/payment; Loss recovery calculation; Recoveries collection from reinsurers.
• Work closely with actuarial team to have correct reinsurance premium allocation based on global treaty terms to make sure that the ceded transactions booked in the ledger reflect the allocation provided for each relevant system.
• Partner with Ceded Re Buyers and the Business Units to prepare & evaluate ceded premium allocation to accurately impact business unit financial results
• For the Global ceded recoveries management, primary responsibilities align with management of multi system/ manual calculations of global claim aggregation/exhaustion; actuarial allocation to multiple systems of claim recoveries, reinstatement premiums, monitoring the AAD (Annual Aggregate deductibles) as well as management of multisystem commutation activities and/or execution of individual commutations
• The position is responsible for month-end, quarter-end and year-end closing processes of the assigned reinsurance program for all relevant systems technical accounts. Communicate and resolve issues with the business units finance teams and reinsurance intermediaries impacting efficient execution of ceded reinsurance programs.
• The position requires understanding of NAIC requirements for Schedule F as well as New York State Department of Financial Services requirements for insurance company financial statement preparations as it relates to reinsurance transactions. The position requires assistance in preparation of quarterly Schedule F statement for the whole insurance segment and successful submission to CDCA. It involves Identifying, investigating and documenting the differences found in the reconciliation process.
• The job duties involve direct and continuous communications with external clients regarding our contractual agreements accounting/cash flow as well as requires management of the company’s collateral process, to ensure that proper collateral is in place at year-end for statutory reporting requirements and reduction of Schedule F penalties.
• The position requires management of the daily activity with regards to collateral decreases and withdrawals, ensuring our clients receive the proper communication and documentation regarding the activity around their Letters of Credit, trust accounts and funds withheld as well as the Multi beneficiary trusts
• Develop, recommend, and implement continuous improvements to processes, reports and technology solutions
• Training the offshore team
• Performing monthly data quality/verification process and explaining any discrepancies found
• Acquire and command the knowledge of the systems used within the company (ProCede, WINS, CH GENIUS, Hartford GENIUS, The Frame, Global Claims System, Documentum)

You will report to Head of Regional Accounting Operations, Ceded Reinsurance, United States.
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We’re looking for someone who has these abilities and skills:

REQUIRED SKILLS AND ABILITIES:

• Bachelor’s Degree in business, finance, accounting or a related area
• Moderate 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.

• The positions primary component involves managing reinsurance program in place ensuring that: complex reinsurance contracts are correctly interpreted to determine the accurate accounting for it; all entities covered are accounted for in relevant systems. To accomplish this the candidate must exercise independent judgment and discretion about matters of material financial impact to Axa XL’s financial stability.
• The position’s primary goal is to sustainably improve AxaXL’s net risk/return profile with an emphasis on enhancing shareholder value. That entails Reinsurance contract setup in appropriate systems; Ceded Premium booking/billing/payment; Loss recovery calculation; Recoveries collection from reinsurers.
• Work closely with actuarial team to have correct reinsurance premium allocation based on global treaty terms to make sure that the ceded transactions booked in the ledger reflect the allocation provided for each relevant system.
• Partner with Ceded Re Buyers and the Business Units to prepare & evaluate ceded premium allocation to accurately impact business unit financial results
• For the Global ceded recoveries management, primary responsibilities align with management of multi system/ manual calculations of global claim aggregation/exhaustion; actuarial allocation to multiple systems of claim recoveries, reinstatement premiums, monitoring the AAD (Annual Aggregate deductibles) as well as management of multisystem commutation activities and/or execution of individual commutations
• The position is responsible for month-end, quarter-end and year-end closing processes of the assigned reinsurance program for all relevant systems technical accounts. Communicate and resolve issues with the business units finance teams and reinsurance intermediaries impacting efficient execution of ceded reinsurance programs.
• The position requires understanding of NAIC requirements for Schedule F as well as New York State Department of Financial Services requirements for insurance company financial statement preparations as it relates to reinsurance transactions. The position requires assistance in preparation of quarterly Schedule F statement for the whole insurance segment and successful submission to CDCA. It involves Identifying, investigating and documenting the differences found in the reconciliation process.
• The job duties involve direct and continuous communications with external clients regarding our contractual agreements accounting/cash flow as well as requires management of the company’s collateral process, to ensure that proper collateral is in place at year-end for statutory reporting requirements and reduction of Schedule F penalties.
• The position requires management of the daily activity with regards to collateral decreases and withdrawals, ensuring our clients receive the proper communication and documentation regarding the activity around their Letters of Credit, trust accounts and funds withheld as well as the Multi beneficiary trusts
• Develop, recommend, and implement continuous improvements to processes, reports and technology solutions
• Training the offshore team
• Performing monthly data quality/verification process and explaining any discrepancies found
• Acquire and command the knowledge of the systems used within the company (ProCede, WINS, CH GENIUS, Hartford GENIUS, The Frame, Global Claims System, Documentum