Reinsurance Accountant

UFG Career • Cedar Rapids, IA

2d

About The Position

UFG is currently hiring for a Reinsurance Accountant to assist in the preparation of accounting, reporting, and analysis of United Fire Group’s (UFG) reinsurance transactions. This role prepares supporting documents and performs procedures to ensure all ceded and/or assumed reinsurance activity is properly recorded in accordance with GAAP and statutory accounting principles while maintaining data integrity across subledger and financial reporting systems. Working closely with other members of the Reinsurance Team, the Reinsurance Accountant aids with treaty execution activities, cash settlements, and reconciliations. This individual also assists in implementing process improvements, strengthening internal controls, and supporting both external and internal audit requests. The ideal candidate demonstrates strong analytical skills, a principle understanding of reinsurance accounting practices, and the ability to work both independently and collaboratively in a complex insurance environment.

Requirements

• Bachelor’s degree in Accounting or Finance required.
• 1 - 3 years of reinsurance or insurance accounting experience
• Principle understanding of GAAP and statutory accounting principles.
• Analytical and problem-solving skills with attention to accuracy and detail.
• Strong proficiency in Microsoft Excel (pivot tables, VLOOKUP, complex formulas)
• Strong communication and collaboration skills across cross-functional teams.
• Ability to handle multiple priorities, meet deadlines, and work effectively in a dynamic environment.
• Ability to work both independently and collaboratively in a team setting
• Process understanding mindset with ability to identify and implement efficiency enhancements
• Critical thinking skills and sound professional judgment

Nice To Haves

• Certified Public Accountant (CPA) or progress toward certification preferred.
• Prior experience within property and casualty insurance, preferred
• Experience with financial systems or reinsurance subledgers desirable.

Responsibilities

• Prepare ceded and/or assumed reinsurance journal entries, reconciliations, and supporting schedules for monthly, quarterly, and annual closings.
• Assist with the preparation of reinsurance-related financial statement disclosures, statutory schedules, and management reports.
• Prepare reinsurance results and analyze variances, providing insights and explanations to team members.
• Review treaty terms and documentation to understand accounting treatment (i.e., GAAP, statutory accounting principles).
• Collaborate with business partners across actuarial, underwriting, claims, and finance to resolve discrepancies and ensure data integrity.
• Support cash settlement processes, including billing, collections, and reconciliations of reinsurance receivables and payables.
• Prepare SOX-compliant documentation, ensuring adherence to company policies and internal control requirements.
• Assist with audit requests, including internal controls and testing evidence.
• Participate in continuous improvement initiatives aimed at optimizing processes, standardizing reporting, and automating data flow.
• Support system enhancements and testing related to reinsurance accounting or financial reporting applications.
• Collaborate with cross-functional teams including operations and IT to support finance transformation initiatives designed to modernize systems and standardize financial processes.
• Perform other duties as assigned to support the reinsurance team and company goals

Benefits

• Annual incentive compensation
• Medical, dental, vision & life insurance
• Accident, critical Illness & short-term disability insurance
• Retirement plans with employer contributions
• Generous time-off program
• Programs designed to support the employee well-being and financial security.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Number of Employees: 1,001-5,000 employees