AVP, Corporate Ceded Reinsurance

Odyssey•Stamford, CT

About The Position

Odyssey Reinsurance Company (OdysseyRe) is the global reinsurance arm of Odyssey Group, one of the world’s leading providers of reinsurance and specialty insurance. OdysseyRe offers a broad range of property, casualty, and specialty reinsurance products, providing capital and risk management solutions for clients to efficiently manage economic risk, through a network of branch and representative offices across North America, Latin America, EMEA (Europe, Middle East & Africa), AsiaPacific and London. OdysseyRe is an equal opportunity employer with excellent benefits and a strong commitment to providing training and opportunities for our staff. We provide employees an innovative, enriching environment and take great pride in their career growth. OdysseyRe is rated A+ (Superior) by AM Best and AA- (Very Strong) by Standard and Poor’s. Odyssey Group is a subsidiary of Fairfax Financial Holdings Limited, which is traded on the Toronto Stock Exchange under the symbol FFH. The Corporate Ceded Reinsurance AVP is responsible for managing the corporate retrocession reinsurance team and the accounting and administration of intercompany and Fairfax affiliate reinsurance contracts and 3rd party reinsurance contracts. The successful candidate is expected to be an expert in reinsurance accounting, particularly ceded/retro. This position will also be expected to maintain and/or manage the following: Global Cat retrocessional program, Run Off retrocessional programs, Fairfax Internal Reinsurance Vehicle (“FIRV”) accounting and administration (assumed and ceded), Consolidated ceded results analysis, Ceded reinsurance collateral requirements, Ceded Budgets, Quarterly / Annual Statement Reporting requirements, Fairfax quarterly reporting requirements.

Requirements

Expert in reinsurance accounting, particularly ceded/retro
Knowledge of pro rata and excess of loss reinsurance contracts, facultative certificates and general understanding of reinsurance treaty wording
Strong analytical and decision-making skills
Ability to effectively and independently manage workload while exhibiting sound judgment
Exceptional presentation and communication skills, both written and verbal
Strong communication skills and ability to effectively interact with all levels of internal and external business partners
Comfortable interacting on phone as well as in person with reinsurance brokers and markets
Strong knowledge of insurance/reinsurance terminology
Proficient in computer programs used for completing the duties described above, such as Microsoft Excel, Word, Outlook, etc.
A Bachelor’s degree in finance/accounting or equivalent work experience
10 years of previous experience in reinsurance accounting
Extensive understanding of reinsurance accounting concepts or techniques

Responsibilities

Managing the corporate retrocession reinsurance team
Managing the accounting and administration of intercompany and Fairfax affiliate reinsurance contracts and 3rd party reinsurance contracts
Maintaining and/or managing the Global Cat retrocessional program
Maintaining and/or managing Run Off retrocessional programs
Maintaining and/or managing Fairfax Internal Reinsurance Vehicle (“FIRV”) accounting and administration (assumed and ceded)
Maintaining and/or managing Consolidated ceded results analysis
Maintaining and/or managing Ceded reinsurance collateral requirements
Maintaining and/or managing Ceded Budgets
Maintaining and/or managing Quarterly / Annual Statement Reporting requirements
Maintaining and/or managing Fairfax quarterly reporting requirements
Reviews treaty structures and wording including renewal submission data
Reviews existing processes and procedures and makes recommendations to enhance efficiencies
Manage the Global quarterly collateral requirements
Liaison and support the Mexico accounting team concerning Latin American retro covers
Supervising the billing and collection of retro recoveries and identifying collection issues and recommending appropriate action to be taken
Calculation of recoveries / reinstatement premiums
Consolidation of ceded results for all Odyssey branches
Preparation of Schedule F and Bad Debt (Quarterly responsibility)
Ceded budgets and outlooks (Quarterly responsibility)
Ceded collateral requirements (Quarterly responsibility)
Balance sheet reconciliation (Quarterly responsibility)
Cat Review Autopsy Reports (Quarterly responsibility)
ORH consolidated ceded LOB reporting (Annual responsibility)
Preparation of various notes to the financials (Annual responsibility)
Preparation of Schedule F and Bad Debt (Annual responsibility)
Interact with senior management / department heads of legal, actuarial, claims, accounting and corporate accounting and external audit