Reinsurance Analyst

CNA Financial Corp.•Chicago, IL

60d•$47,000 - $78,000

About The Position

The Reinsurance Analyst position resides in the Reinsurance Services team and will support a number of key operations within the team. The Analyst will assist with captive and asset management. The broad range of support will present a great opportunity to learn how Insurance and Reinsurance works in the global market. It will also provide the chance to develop new technology skills and welcomes problem solving ideas/solutions for process improvement. Open to candidates that are new college grads to those with 1-2 years of experience. Under broad supervision, investigates, analyzes, and processes assumed and ceded reinsurance accounts working within specific limits of authority and utilizing policies and guidelines, reviews treaties, determines liability and compensability determines balances due to and from brokers/reinsureds/reinsurers, notifies and pursues outstanding, assumed, and ceded balances in accordance with applicable reinsurance contract terms and conditions.

Requirements

Strong knowledge of insurance/reinsurance accounting/claims principles, practices and procedures.
Good interpersonal and communication skills. Ability to effectively interact with all levels of CNAs internal and external business partners.
Ability to work independently.
Strong analytical and problem solving skills.
Ability to exercise independent judgment and effectively resolve assumed and ceded reinsurance issues within scope of responsibility.
Knowledge of Microsoft Office Suite and other business-related software.
Bachelors degree in accounting or finance preferred.
Typically a minimum of two years of accounting and/or reinsurance experience.

Nice To Haves

Related course work towards professional designation of Associate in Reinsurance is desirable.

Responsibilities

Verifies the accuracy and reasonableness of accounts through analysis of contractual requirements.
Analyzes, exposure/cession based rates/thresholds, limits/retentions, annual aggregate deductibles/limits, loss corridors, funds held/withheld, application of experience adjustments, monitoring large losses, and interfaces with the reinsurance claims area..
Works on complex domestic and international assumed and ceded reinsurance accounts under Treaty and/or Facultative certificates for recovery of outstanding assumed and ceded balances due the company, including claim and billing statement generation.
Researches, interprets and analyzes facts and applies insurance and reinsurance concepts to understand coverage and income/liability issues.
Pursues recovery of the balances of reinsurance accounts working with brokers / reinsureds / reinsurers; explains coverages and income opportunities and liabilities to influence the companys position.
Provides guidance and assistance to less experienced reinsurance accounting staff and other functional areas.
Monitors aging of outstanding assumed and ceded balances initiates corrective action to ensure payment may include responsibility for Letter of Credit/ collateralization..
Prepares monthly disbursement file for payments and recommends a final payout after account reconciliation.
Account reconciliation may include but is not limited to comparison of internal and external records; including broker websites, data repositories, payment and account current statements.
Ensures all processes are in compliance with SOX requirements. May make recommend process improvement on assumed and ceded reinsurance accounts, and claims policies and processes.