Reinsurance Accountant

ICW Group•San Diego, CA

1d•$61,979 - $97,737•Hybrid

About The Position

The Reinsurance Accountant prepares and analyzes financial information to provide accurate, useful information to management and support decision-making. The role helps ensure accounting processes and financial statements are completed thoroughly and accurately in accordance with company standards. It supports accurate and timely accounting for the company’s assumed reinsurance portfolio, processing broker bordereaux and statements and recording premium, loss, commission, and cash activity in accordance with underlying treaties. The position also prepares and reconciles reinsurance general ledger accounts and supports month-end, quarter-end, and year-end close. This is a high-volume, deadline-driven accounting and operations role that tracks transactions from receipt through resolution and coordinates handoffs among teams. The Reinsurance Accountant works with brokers, Operations, Underwriting, Actuarial, Internal Audit, and others, and contributes to controls and process improvements that support accurate and complete reinsurance financial information. The role has no supervisory responsibilities.

Requirements

At least 2 years of related accounting experience, or an equivalent combination of education and experience.
Working knowledge of general accounting, accounts payable, accounts receivable, and/or entry-level accounting.
Understanding of Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) regulations.
Experience with process-driven, high-volume, or workflow-based work and comfort managing queues, deadlines, and team handoffs.
Strong attention to detail and ability to review work for accuracy and identify errors and omissions.
Proficiency in Excel for tracking, reconciling, and analyzing data.
Effective oral and written communication skills and ability to interact with management, employees, brokers, and auditors.
Ability to work independently and meet stringent deadlines.
Proficiency in Microsoft Office Suite applications.

Nice To Haves

Bachelor’s degree from a four-year college or university, preferably with a major or emphasis in Accounting, Finance, or a related field.
Experience in insurance or reinsurance accounting or operations.
Willingness to adopt new tools and automation to improve review and reconciliation processes.

Responsibilities

Enter and review broker bordereaux and statements covering premiums, losses, commissions, and brokerage, completing a review checklist for each item.
Record initial premium bookings, allocate premiums to annual statement lines, process adjustments and endorsements, and calculate premium earnings.
Record claims and loss activity reported on bordereaux and statements, allocate losses to annual statement lines, and confirm cash is cleared only after the related claim is recorded.
Ensure recorded transactions comply with the reinsurance contract.
Monitor contractual reporting schedules and payment terms, and apply and settle cash with brokers.
Follow up with broker accounting departments on delayed, large, or exception payments and complex premium or claim bordereaux; set up trust accounts and collateral as required; and flag anomalies.
Monitor the shared intake folder and mailbox daily, and log and track broker bordereaux, statements, and correspondence through completion.
Manage high-volume transactions against deadlines and service targets, prioritizing by due date, size, and complexity.
Coordinate handoffs with Operations and Underwriting, including claims and cash calls, to ensure items are entered and owned by the appropriate team.
Build and maintain relationships with broker accounting departments and clients as needed.
Prepare income statements, balance sheets, consolidated and other accounting statements, and reports.
Review general ledger accounts, prepare journal entries, and reconcile reinsurance accounts between the reinsurance administration system and the general ledger.
Identify, research, resolve, and follow up on reconciling items and inefficiencies in department policies and procedures.
Analyze financial reports and records and recommend accounting treatment for reserves, assets, and expenditures.
Maintain an assigned section of the statutory financial statements.
Follow internal controls, including segregation of duties, and do not review or approve one's own entries.
Review and verify journal entries, bordereaux entries, and accounting classifications entered by others; document and escalate errors or omissions.
Assemble, create, and reconcile month-end accounting entries and resolve discrepancies.
Prepare asset, liability, and capital account entries by compiling and analyzing account information.
Maintain desk procedures, checklists, and tracking logs, and follow up on aged or outstanding items until resolved.
Support internal and external audits by preparing documentation and responding to requests.
Communicate effectively, solve problems, and contribute ideas and tools to improve department processes, including checklists, automation, and review procedures.
Accurately provide internal information to state agencies and work with them to complete requirements.
Prepare ad hoc reinsurance reports and memos for management.
Assist with preparation of the Quarterly and Annual Statement Schedule F.
Update and reconcile reinsurance-related general ledger accounts.
Calculate and record quarterly adjustments, including commuted treaty reserve adjustments and reinsurance reserves, and upload changes in ceded reinsurance reserves to the general ledger.