Reinsurance Accounting

Job Summary

We are seeking experienced professionals for the role of Reinsurance Accounting . The candidate will be responsible for managing accounting, reconciliation, reporting, and settlement activities related to reinsurance contracts. The role requires strong accounting expertise, analytical skills, and knowledge of reinsurance financial processes to ensure accurate financial reporting, compliance with accounting standards, and timely settlements with brokers and reinsurers.

Key Responsibilities

• Record and maintain accounting transactions related to reinsurance premiums, claims, commissions, recoveries, and settlements.

• Prepare and post journal entries, accruals, adjustments, and reclassifications related to reinsurance activities.

• Perform General Ledger (GL) reconciliations, account reconciliations, and resolve outstanding discrepancies.

• Review and reconcile ceded premium, loss, commission, and recoverable balances.

• Monitor and manage reinsurance receivables, payables, and recoverables to ensure timely collection and settlement.

• Prepare and process bordereaux, statements of accounts, settlement statements, and financial reconciliations.

• Support month-end, quarter-end, and year-end closing activities.

• Prepare financial reports, management reports, and regulatory filings including Schedule F, Schedule P, and other statutory reporting requirements.

• Review reinsurance claims billings and ensure accurate accounting treatment of recoveries and claim settlements.

• Ensure compliance with US GAAP, accounting policies, internal controls, and regulatory requirements.

• Collaborate with underwriting, claims, finance, audit, and onshore stakeholders for accounting validation and reporting activities.

• Analyze reinsurance financial data and provide insights on balances, trends, and variances.

• Support internal and external audits by providing schedules, reconciliations, and supporting documentation.