AVP, Reinsurance Operations

Coaction Global•Morristown, NJ

12d•$185,000 - $225,000

About The Position

At Coaction, we’re a unique mix of leaders, achievers, thinkers, and team players with a high-performance mindset and a diverse skillset. We bring our industry expertise together to continually push the boundaries of what insurance can be for our clients. The successful candidate will be part of a team that works closely with the Vice President - Reinsurance Operations to ensure that reinsurance contracts are properly administered and accounted for on an “end-to-end” basis. The AVP - Reinsurance Operations is a supervisory and leadership position that manages the staff responsible for providing notice to reinsurers, updating monthly, quarterly, and annual reinsurance financial schedules. Additional responsibilities include identifying process and internal control improvements, maintaining documentation in accordance with the Company’s policies and procedures, and assisting with miscellaneous related ad hoc projects. In addition, the position coordinates the annual financial audit, coordinates, and schedules reinsurer audits when necessary

Requirements

7 - 10 years of relevant work experience in the insurance industry
Bachelor’s degree, preferably in a business-related field of study – Accounting a plus, but not required
Ability to engage with and present to senior stakeholders on a range of complex topics
Ability to provide guidance on both administrative and technical levels
Considerable experience working with reinsurance collections
Working knowledge and experience with various forms of reinsurance (e.g., XOL, Q/S, Facultative, etc.)
Familiarity with US GAAP & STAT insurance and reinsurance accounting and reporting
Advanced MS Excel skills, and familiarity with MS Access, SQL and other data analysis tools is a plus
Organized, clear, and effective verbal and written communication
Strong organizational and multitasking capabilities, with the flexibility to re-prioritize as needed
Proven record of initiative-taking, pragmatic, detail-oriented problem-solving and reconciliation skills
Working knowledge of Sapiens / URS reinsurance operations system a significant plus

Responsibilities

Planning and coordinating efforts between actuarial, claim and finance departments to ensure accurate and timely reporting of critical information to senior stakeholders
Monitoring Reinsurance Operations’ internal controls and recommending revisions as needed
Establishing overall departmental objectives and priorities in support of organizational goals
Organizing departmental resources, planning, and tracking workflow, and developing systems to monitor and direct assignments and efforts of staff to achieve goals
Learn and understand Coaction’s business and reinsurance programs, including all relevant informational workflows
Learn and understand the insurance and reinsurance systems used to record and maintain data necessary for reinsurance-related operational activity, financial accounting, reporting, and analysis
Monitor and validate periodic reinsurance system calculations of reinsurance balances
Quantify any necessary periodic financial statement adjustments related to reinsurance balances to support the monthly financial close
Analyze and explain periodic financial results for each assigned reinsurance contract
Review and approve escalated transactions, accounts, adjustment and ceded loss notices and billings produced by analysts based on individual authority letters.
Follow-up on cash collections for ceded recoverable balances and prepare reinsurance premium payments
Lead and mentor Reinsurance Analysts providing guidance and training
Effectively communicate with and respond to reinsurance brokers and/or reinsurers
Collaborate with other departments (e.g., Actuarial, Reinsurance Procurement, Finance, IT, etc.) to complete various ad hoc projects