Senior Ceded Reinsurance Accountant

Trean Corporation•Wayzata, MN

3d•Onsite

About The Position

The Senior Ceded Reinsurance Accountant is responsible for managing and reporting the financial aspects of reinsurance agreements where risk is transferred from the primary insurer to a reinsurer. Responsible for managing and reporting reinsurance transactions in an insurer’s statutory financial statements, specifically within Schedule F of the NAIC Annual Statement. This professional will play a vital role in helping insurance companies manage risk exposure and maintain financial stability through accurate reinsurance accounting.

Requirements

Bachelor's degree, preferably in Accounting/Finance, or equivalent combination of education and work experience
Minimum 5 years' experience within the Reinsurance industry, finance or accounting preferred.
Strong knowledge of statutory accounting principles (SAP) and GAAP.
Experience with reinsurance systems and general ledger platforms.
Strong strategic thinking, problem-solving, and process improvement skills.
Advanced proficiency in Microsoft Excel, data reconciliation and financial reporting.
Familiarity with NAIC Annual Statement instructions.
Excellent communication skills with the ability to influence and collaborate at all organizational levels.
Proven ability to manage multiple priorities in a fast-paced environment while ensuring accuracy and compliance.

Responsibilities

Assists in preparing financial reports generated monthly, quarterly, and ad-hoc reports for quota share and excess of loss contracts. Assist in preparing GAAP financial statements and ceded Schedule F reports.
Interpret reinsurance treaties and facultative agreements, ensuring accounting aligns with contractual terms. Confirm contracts entered in reinsurance system for accurate tracking and reporting.
Review and approve analysis of account balances, resolve discrepancies, and ensure appropriate adjustments and reconciliations for reinsurance programs.
Monitor and apply cash receipts from brokers and reinsurers. Handle collections and resolve discrepancies with reinsurers or brokers. Create disbursement requests on multiple programs.
Maintain documentation for internal and external audits. Ensure compliance with regulatory and contractual obligations.
Gather and validate data related to assumed and ceded reinsurance transactions. Reconcile reinsurance balances with internal ledgers and external statements.
Schedule F Preparation completing all six parts of Schedule F, including Assumed Reinsurance, Portfolio Reinsurance, Ceded Reinsurance, Letters of Credit, Reinsurance intermediaries, and Aging of Ceded Reinsurance Recoverables.
Compliance and Regulatory Reporting – Ensure compliance with NAIC guidelines and state insurance department requirements. Support actuarial and regulatory teams during audits and examinations.
Risk Assessment – Evaluate the creditworthiness of reinsurance and ensure proper collateralization. Monitor overdue reinsurance recoverables and assess potential write-offs.
Collaboration – Work closely with actuarial, claims, finance, and legal department to ensure accurate and timely reporting.
Maintain data integrity in reinsurance system. Collaborate with IT and finance teams to improve automation and workflow efficiency.