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Acadia Insurance (a Berkley Company) · 1 day ago

Ceded Reinsurance Accountant

US-CT-Greenwich

Full-time

Onsite

Mid Level

3+ years exp

Acadia Insurance, part of W. R. Berkley Corporation, is one of the largest commercial lines property and casualty insurers in the United States. The Ceded Reinsurance Accountant Operations role is responsible for overseeing the operational and accounting processes related to the company's ceded reinsurance portfolio, ensuring data integrity and supporting strategic initiatives.

Commercial InsuranceInsurance

Responsibilities

Book and close Ceded Reinsurance Source System accounting, execution of contracts, processing of invoices, and recovery of reinsured losses. Process months end close for multiple business units in source system and general ledger. Involves strong collaboration with divisional and subsidiary personnel, IT teams and offshore teams

Maintain and enhance the ceded reinsurance source system, ensuring data integrity and alignment with general ledger and sub-ledger systems

Ensure accurate and timely recording of ceded premiums, losses, and recoverable. Oversee cash application and reconciliation of reinsurance recoverable and payables

Support the Data Warehouse team in developing out ceded reinsurance solutions

Provide recommendations on upstream data fixes on a case-by-case basis for operating units to review, approve and implement

Review, understand and interpret complex reinsurance treaties, converting them into application specifications and contracts. Monitor treaty compliance and ensure adherence to contractual terms and regulatory requirements

Assist in transformation, change project and implementation

Partner with IT and Finance to implement system upgrades, automation tools, and reporting enhancements

Develop and maintain documentation for operational processes, controls, and system workflows

Understanding of Ceded Group Reinsurance Contract treaties and their allocations

Assist in the calculation of adjustable features, including contingent and sliding scale commissions, on reinsurance programs. Verify that adjustments comply with the reinsurance contracts

Assist in inquiries from Corporate Finance, actuarial, underwriting and Insurance Risk Management (IRM) team

Communicate and training of the offshore team and ensuring quality and accuracy of deliverables

Assist and review in preparation of regulatory reports, experience in Sch F, P, Broker billing and invoicing and Collateral process

Support ad hoc activities/projects

Qualification

Ceded reinsurance knowledgeReinsurance accounting conceptsAdvanced Excel skillsReinsurance Source SystemsPeopleSoftCommunication skillsTeam playerWritten communicationVerbal communication

Required

Minimum 3 years of experience

Ceded reinsurance experience is a plus

Industry knowledge- strong understanding of reinsurance accounting concepts and ability to understand and interpret reinsurance contracts

Deep understanding of reinsurance structures (quota share, excess of loss, facultative, etc.)

Effective communication skills for addressing issues with subsidiary CFO's, controllers, other accounting personnel and reinsurance department personnel

Advanced Excel skills, experience with Reinsurance Source Systems, PeopleSoft a plus

Exposure to automation tools (e.g., Power BI, RPA) is a plus

Highly motivated team player with good written and verbal communication skills