Senior Reinsurance Accountant

Job Description - Senior Reinsurance Accountant (78002826D20240610)

Job Number:

Senior Reinsurance Accountant (78002826D20240610)

DISCOVER your opportunity

London, UK

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

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.

What will your essential responsibilities include?

• The position's 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 AXA XL’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.

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.

FIND your future

AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. For mid-sized companies, multinationals and even some inspirational individuals we don’t just provide re/insurance, we reinvent it.

How? By combining a comprehensive and efficient capital platform, data-driven insights, leading technology, and the best talent in an agile and inclusive workspace, empowered to deliver top client service across all our lines of business − property, casualty, professional, financial lines and specialty.

AXA XL is committed to equal employment opportunity and will consider applicants regardless of gender, sexual orientation, age, ethnicity and origins, marital status, religion, disability, or any other protected characteristic.

At AXA XL, we know that an inclusive culture and a diverse workforce enable business growth and are critical to our success. That’s why we have made a strategic commitment to attract, develop, advance and retain the most diverse workforce possible, and create an inclusive culture where everyone can bring their full selves to work and can reach their highest potential.

The U.S. pay range for this position is USD 53,000 - 95,000. Actual pay will be determined based upon the individual’s skills, experience, and location. We strive for market alignment and internal equity with our colleagues’ pay.

AXA XL is an Equal Opportunity Employer.

Location

Location: GB-GB-London

Work Locations

GB London 20 Gracechurch Street, London, EC3V 0BG

Job Field

Finance

Schedule

Full-time

Job Type

Standard