Director of Reinsurance Accounting

The Company

Client is a market-leading specialty insurer that offers a wide range of property and casualty insurance products to corporations, professional firms, and individuals through retailers, wholesalers, and program administrators. Their companies are rated A (Excellent) by A.M. Best with over $2B in GPW.

The Role

The Ceded Re Accounting Director will be responsible for overseeing and managing the Ceded reinsurance accounting function within the organization, with a primary focus on ensuring accurate and timely recording and reporting of ceded reinsurance transactions. The director will collaborate closely with internal stakeholders, such as underwriting, claims, and finance teams, as well as external reinsurance partners, to ensure compliance with accounting standards and optimize reinsurance recoveries. This role requires a strong understanding of reinsurance principles, accounting expertise, and strong leadership.

Responsibilities

• Manage, coach, and develop a staff of 5 reinsurance accountants
• Develop and implement accounting policies and procedures for ceded reinsurance operations
• Review and validate ceded reinsurance transactions, ensuring accuracy, completeness, and adherence to accounting standards
• Oversee the preparation and submission of ceded reinsurance premium payments and billing statements to reinsurers
• Monitor and reconcile ceded reinsurance accounts, investigating and resolving any discrepancies
• Manage quarterly cede experience report generation for ceded premiums, losses, and commission
• Provide support during internal and external audits by gathering and organizing relevant documentation, responding to auditor inquiries, and assisting in the preparation of audit schedules and work papers related to ceded reinsurance
• Provide oversight and administration of collateral requirements. Assess the collateral requirements specified in reinsurance contracts to determine the type and amount of collateral that reinsurers must provide
• Analyze the terms and conditions of the contracts, including thresholds, triggers, and specific collateral arrangements, monitoring the ongoing compliance with collateral requirements
• Track status of collateral arrangements, including the amount and form of collateral provided, and ensure that reinsurers meet their contractual obligations
• Prepare accurate and timely financial reports related to ceded reinsurance, including statements of ceded premiums, ceded losses, and commissions
• Conduct periodic analysis of ceded reinsurance data, identifying trends, patterns, and potential areas for improvement
• Collaborate with the finance team to ensure proper integration of ceded reinsurance data into financial statements and reports
• Establish and maintain strong relationships with reinsurers, brokers, and other external partners
• Collaborate with underwriting and claims teams to ensure proper understanding and execution of reinsurance contracts
• Participate in contract negotiations and discussions with reinsurers to optimize terms and conditions
  
  
  

Qualifications

• Bachelor's degree in accounting, finance, or a related field
• CPA highly desired
• Experience in reinsurance accounting, preferably in a managerial role
• In-depth knowledge of reinsurance principles, contracts, and terminology, including quota share, facultative and XOL reinsurance
• SQL and other relevant database management tools is preferred but not required
• Proficient in accounting software and financial reporting systems.