AVP, Reinsurance Accounting
Coaction Specialty Insurance Group, Convent Station, NJ, United States
AVP, Reinsurance Accounting page is loaded## AVP, Reinsurance Accountinglocations:
Morristown, NJtime type:
Full timeposted on:
Posted Yesterdayjob requisition id:
JR100775At Coaction, we’re a unique mix of leaders, achievers, thinkers, and team players with a high-performance mindset and a diverse skillset. We bring our industry expertise together to continually push the boundaries of what insurance can be for our clients.The successful candidate will be part of a team that works closely with the Vice President - Reinsurance Operations to ensure that reinsurance contracts are properly administered and accounted for on an “end-to-end” basis. The AVP - Reinsurance Operations is a supervisory and leadership position that manages the staff responsible for providing notice to reinsurers, updating monthly, quarterly, and annual reinsurance financial schedules.Additional responsibilities include identifying process and internal control improvements, maintaining documentation in accordance with the Company’s policies and procedures, and assisting with miscellaneous related ad hoc projects. In addition, the position coordinates the annual financial audit, coordinates, and schedules reinsurer audits when necessary# Responsibilities* Planning and coordinating efforts between actuarial, claim and finance departments to ensure accurate and timely reporting of critical information to senior stakeholders* Monitoring Reinsurance Operations’ internal controls and recommending revisions as needed* Establishing overall departmental objectives and priorities in support of organizational goals* Organizing departmental resources, planning, and tracking workflow, and developing systems to monitor and direct assignments and efforts of staff to achieve goals* Learn and understand Coaction’s business and reinsurance programs, including all relevant informational workflows* Learn and understand the insurance and reinsurance systems used to record and maintain data necessary for reinsurance-related operational activity, financial accounting, reporting, and analysis* Monitor and validate periodic reinsurance system calculations of reinsurance balances* Quantify any necessary periodic financial statement adjustments related to reinsurance balances to support the monthly financial close* Analyze and explain periodic financial results for each assigned reinsurance contract* Review and approve escalated transactions, accounts, adjustment and ceded loss notices and billings produced by analysts based on individual authority letters.* Follow-up on cash collections for ceded recoverable balances and prepare reinsurance premium payments* Lead and mentor Reinsurance Analysts providing guidance and training* Effectively communicate with and respond to reinsurance brokers and/or reinsurers* Collaborate with other departments (e.g., Actuarial, Reinsurance Procurement, Finance, IT, etc.) to complete various ad hoc projects# # Qualifications* 7 - 10 years of relevant work experience in the insurance industry* Bachelor’s degree, preferably in a business-related field of study – Accounting a plus, but not required* Ability to engage with and present to senior stakeholders on a range of complex topics* Ability to provide guidance on both administrative and technical levels* Considerable experience working with reinsurance collections* Working knowledge and experience with various forms of reinsurance (e.g., XOL, Q/S, Facultative, etc.)* Familiarity with US GAAP & STAT insurance and reinsurance accounting and reporting* Advanced MS Excel skills, and familiarity with MS Access, SQL and other data analysis tools is a plus* Organized, clear, and effective verbal and written communication* Strong organizational and multitasking capabilities, with the flexibility to re-prioritize as needed* Proven record of initiative-taking, pragmatic, detail-oriented problem-solving and reconciliation skills* Working knowledge of Sapiens / URS reinsurance operations system a significant plusSalary range specific to for this role : $185,000-$225,000 + discretionary incentive bonus + benefits depends on various factors including, without limitation, individual and organizational performance. The offered rate of compensation will be based on individual education, experience, and qualifications.
In addition, employees are eligible for standard benefits package including paid time off, medical, dental and retirement.**Equal Opportunity Employer**Coaction is an Equal Employment Opportunity employer. Coaction’s policy is not to discriminate against any applicant or employee based on race, color, religion, national origin, gender, age, sexual orientation, gender identity or expression, marital status, mental or physical disability, and genetic information, or any other basis protected by applicable law. Coaction also prohibits harassment of applicants or employees based on any of these protected categories.If your application is selected, you will receive an email directly from the Coaction Recruiting Team at coaction@myworkday.com asking you to contact a member of the Coaction Recruiting Team. Any other method of contact may be fraudulent.Coaction Specialty Insurance Group (Coaction) is a privately-owned, specialty property and casualty (P&C) insurance company headquartered in Morristown, New Jersey, with additional offices in Glendale, California, and New York City. Founded in 2009 as ProSight, the company completed a go-private transaction with investment management firm, TowerBrook Capital Partners (TowerBrook), and private-equity firm, Further Global Capital Management (Further Global), in August of 2021. Today, Coaction is a full specialty underwriter across five major product verticals: property, casualty, entertainment, executive liability, and multi-line. Through these verticals, Coaction provides a range of coverages to customers across the U.S. via both open brokerage and delegated underwriting authority platforms. Coaction’s authentic, collaborative, and results-oriented culture is reflected in the focused approach the company takes to fulfilling the needs of each individual customer by combining product, analytics, and underwriting capabilities with strong industry knowledge and partnerships to develop real-world solutions. Through data-driven insights and collaboration with partners, the company coacts with customers and partners to rationally manage risk so businesses and communities can build a more ambitious, confident, and sustainable future.
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Morristown, NJtime type:
Full timeposted on:
Posted Yesterdayjob requisition id:
JR100775At Coaction, we’re a unique mix of leaders, achievers, thinkers, and team players with a high-performance mindset and a diverse skillset. We bring our industry expertise together to continually push the boundaries of what insurance can be for our clients.The successful candidate will be part of a team that works closely with the Vice President - Reinsurance Operations to ensure that reinsurance contracts are properly administered and accounted for on an “end-to-end” basis. The AVP - Reinsurance Operations is a supervisory and leadership position that manages the staff responsible for providing notice to reinsurers, updating monthly, quarterly, and annual reinsurance financial schedules.Additional responsibilities include identifying process and internal control improvements, maintaining documentation in accordance with the Company’s policies and procedures, and assisting with miscellaneous related ad hoc projects. In addition, the position coordinates the annual financial audit, coordinates, and schedules reinsurer audits when necessary# Responsibilities* Planning and coordinating efforts between actuarial, claim and finance departments to ensure accurate and timely reporting of critical information to senior stakeholders* Monitoring Reinsurance Operations’ internal controls and recommending revisions as needed* Establishing overall departmental objectives and priorities in support of organizational goals* Organizing departmental resources, planning, and tracking workflow, and developing systems to monitor and direct assignments and efforts of staff to achieve goals* Learn and understand Coaction’s business and reinsurance programs, including all relevant informational workflows* Learn and understand the insurance and reinsurance systems used to record and maintain data necessary for reinsurance-related operational activity, financial accounting, reporting, and analysis* Monitor and validate periodic reinsurance system calculations of reinsurance balances* Quantify any necessary periodic financial statement adjustments related to reinsurance balances to support the monthly financial close* Analyze and explain periodic financial results for each assigned reinsurance contract* Review and approve escalated transactions, accounts, adjustment and ceded loss notices and billings produced by analysts based on individual authority letters.* Follow-up on cash collections for ceded recoverable balances and prepare reinsurance premium payments* Lead and mentor Reinsurance Analysts providing guidance and training* Effectively communicate with and respond to reinsurance brokers and/or reinsurers* Collaborate with other departments (e.g., Actuarial, Reinsurance Procurement, Finance, IT, etc.) to complete various ad hoc projects# # Qualifications* 7 - 10 years of relevant work experience in the insurance industry* Bachelor’s degree, preferably in a business-related field of study – Accounting a plus, but not required* Ability to engage with and present to senior stakeholders on a range of complex topics* Ability to provide guidance on both administrative and technical levels* Considerable experience working with reinsurance collections* Working knowledge and experience with various forms of reinsurance (e.g., XOL, Q/S, Facultative, etc.)* Familiarity with US GAAP & STAT insurance and reinsurance accounting and reporting* Advanced MS Excel skills, and familiarity with MS Access, SQL and other data analysis tools is a plus* Organized, clear, and effective verbal and written communication* Strong organizational and multitasking capabilities, with the flexibility to re-prioritize as needed* Proven record of initiative-taking, pragmatic, detail-oriented problem-solving and reconciliation skills* Working knowledge of Sapiens / URS reinsurance operations system a significant plusSalary range specific to for this role : $185,000-$225,000 + discretionary incentive bonus + benefits depends on various factors including, without limitation, individual and organizational performance. The offered rate of compensation will be based on individual education, experience, and qualifications.
In addition, employees are eligible for standard benefits package including paid time off, medical, dental and retirement.**Equal Opportunity Employer**Coaction is an Equal Employment Opportunity employer. Coaction’s policy is not to discriminate against any applicant or employee based on race, color, religion, national origin, gender, age, sexual orientation, gender identity or expression, marital status, mental or physical disability, and genetic information, or any other basis protected by applicable law. Coaction also prohibits harassment of applicants or employees based on any of these protected categories.If your application is selected, you will receive an email directly from the Coaction Recruiting Team at coaction@myworkday.com asking you to contact a member of the Coaction Recruiting Team. Any other method of contact may be fraudulent.Coaction Specialty Insurance Group (Coaction) is a privately-owned, specialty property and casualty (P&C) insurance company headquartered in Morristown, New Jersey, with additional offices in Glendale, California, and New York City. Founded in 2009 as ProSight, the company completed a go-private transaction with investment management firm, TowerBrook Capital Partners (TowerBrook), and private-equity firm, Further Global Capital Management (Further Global), in August of 2021. Today, Coaction is a full specialty underwriter across five major product verticals: property, casualty, entertainment, executive liability, and multi-line. Through these verticals, Coaction provides a range of coverages to customers across the U.S. via both open brokerage and delegated underwriting authority platforms. Coaction’s authentic, collaborative, and results-oriented culture is reflected in the focused approach the company takes to fulfilling the needs of each individual customer by combining product, analytics, and underwriting capabilities with strong industry knowledge and partnerships to develop real-world solutions. Through data-driven insights and collaboration with partners, the company coacts with customers and partners to rationally manage risk so businesses and communities can build a more ambitious, confident, and sustainable future.
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