Reinsurance Financial Associate

Zurich Insurance Group•Schaumburg, IL

7d•Hybrid

About The Position

Zurich North America is seeking a detail-oriented Reinsurance Financial Associate to join their Ceded Reinsurance Team within the Group Reinsurance function. This role is based at the North American headquarters in Schaumburg, Illinois, and follows a hybrid work schedule for local candidates. The position supports Zurich's risk strategy by ensuring accurate execution of ceded reinsurance transactions and collaborating with various finance, actuarial, underwriting, claims, and global reinsurance teams. The associate will focus on the accounting of reinsurance transactions, maintaining accurate records and reconciliations for ceded premium payable and ceded loss recoverable accounts, settling ceded premium payables, and preparing regular loss bordereaux reports and facultative claims billings to ensure timely collection of ceded loss recoverable balances.

Requirements

Bachelor's degree and no prior experience required in the Reinsurance area OR High School Diploma or Equivalent and 2 or more years of experience in the Reinsurance area

Nice To Haves

Prior experience to include a combination of accounting, reporting, insurance, reinsurance, and financial analysis.
Knowledge of reinsurance claim recoverable process and its link to direct claim processing.
Comfortable working in team settings.
Ability to interact with the business unit and customers, utilizing strong interpersonal skills and communication skills.
Intermediate level Microsoft Office skills experience (Excel, Word, Outlook, etc).
Familiarity with general ledger and financial reporting systems.

Responsibilities

Analyze and apply proper accounting and operational procedure for reinsurance contracts and transactions.
Review reinsurance reporting, reconcile reinsurance-related activity, investigate discrepancies, identify issues, and coordinate timely resolutions with internal and external stakeholders.
Settle ceded premium in accordance with contract terms, internal control procedures, and department standards.
Prepare loss bordereaux reports and facultative loss billings.
Reconcile ceded premium payable and ceded loss recoverable subledger activity, providing documentation for management reports.
Prepare reinsurance journal entries.
Complete monthly general ledger reconciliations.
Reconcile daily reinsurance cash from bank to ledger.
Assign incoming cash to the appropriate individual or team, and respond to inquiries related to reinsurance cash.
Lead relationship and communication with internal Zurich business partners and external reinsurance customers within area of responsibility, including timely response to all external inquiries as prescribed by department standards.
Respond to basic internal and external audit inquiries and support reinsurance audits.