Reinsurance Accountant

Reinsurance Accountant

Job Description

  • London, UK
  • £650-£750 UK / Month

Our client, a prominent global Reinsurance and Insurance organization, is currently expanding its Finance function in preparation for substantial business growth. As part of this expansion, the accounting and operational processes related to ceded reinsurance activities within the business will transition to the international finance team.

This role will actively support the Head of International Reinsurance Accounting in implementing the Ceded Reinsurance Accounting system (XL Pro) and managing associated ceded reinsurance activities.

Key Responsibilities:

  • Set up Treaty (Quota share, Surplus, Excess of Loss, Automatic Facultative) and facultative reinsurance contracts in the ceded reinsurance accounting system (XL Pro), including relevant contract details (e.g., aggregates, retentions, inuring coverage, exclusions, adjustable features, etc.).
  • Validate reinsurance contracts and calculations in XL Pro, ensuring alignment with the placement team’s contract intention and documentation.
  • Support the transition from manual (Excel spreadsheet) to systems (XL Pro) based ceded processes.
  • Assist in the accounting/operations of ceded balances not currently in XL Pro (e.g., manual adjustments).
  • Provide requested data (e.g., validation results for sign-off, data for actuarial purposes).
  • Support the design, implementation, and maintenance of a consistent control framework compliant with Sarbanes-Oxley, covering both reinsurance placement and accounting.
  • Contribute to the design and implementation of a closing calendar and controls for ceded reinsurance operations meeting international and divisional quarterly closing calendar deadlines.
  • Assist in additional projects as assigned.

Skills and Experience:

  • Proven experience in accounting.
  • Bachelor’s degree in accounting, finance, or business preferred.
  • Relevant experience in the Accounting Department of a property and casualty insurance or reinsurance company.
  • Understanding of functions related to ceded reinsurance accounting.
  • Excellent PC skills, with proficiency in Microsoft Excel (PivotTables & VLOOKUPS).
  • Strong analytical, problem-solving, and technical skills.
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