Assumed Reinsurance Accounting Manager

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Odyssey Reinsurance Company (OdysseyRe) is the global reinsurance arm of Odyssey Group, one of the world's leading providers of reinsurance and specialty insurance, and subsidiary of Fairfax Financial Holdings Limited, which is traded on the Toronto Stock Exchange under the symbol FFH. OdysseyRe offers a broad range of property, casualty, and specialty reinsurance solutions through a network of branch and representative offices across North America, Latin America, EMEA (Europe, Middle East & Africa), AsiaPacific and London.

Reinsurers are part of the financial services industry, providing capital and risk management solutions for clients to efficiently manage economic risk. OdysseyRe is rated A+ (Superior) by AM Best and A by Standard and Poor's. OdysseyRe is an equal opportunity employer with excellent benefits and a strong commitment to providing training and opportunities for our staff. We provide employees an innovative, enriching environment and take great pride in their career growth.

Summary :

The Assumed Reinsurance Accounting Manager is responsible for managing the assumed reinsurance accounting department consisting of 2 managers and 13 treaty accountants. This position manages and oversees the daily operations of the department, including the processing of assumed treaty accounts, the collection, and application of treaty and facultative cash, the review and calculation of estimates, quarterly account analysis and reporting on premium variances. The Assumed Reinsurance Accounting Manager ensures all department functions, as it relates to treaty accounts and treaty and facultative cash are performed as expected and according to department procedures.

Essential Duties :

• Oversee all aspects of account processing, cash collection and reconciliation
• Establish, implement, and enforce department procedures to enhance workflow, and timely processing.
• Provide direction and support to staff on treaty accounting, contract interpretation, and reinsurance systems

• Perform quarterly review and recalculation of system estimates. Prepare manual journal entries and analyze and report on premium variances for the quarter
• Arrange quarterly meetings with underwriters to present estimates and review premium activity on accounts
• Review, analyze and reconcile accounting data on complex transactions
• Perform detail review of staff's work
• Perform quarterly analysis of suspended cash
• Perform and review manual accrual calculations

• Manage staff workloads during quarterly and year end closes

• Review and approve all payment requests and obtain senior management approval
• Bring account issues to the attention of underwriting and senior management

• Identify issues and enhancements to the Phoenix Accounting system

• Respond to inquiries from actuarial, underwriting, and claims departments
• Liaise with various internal partners consisting of underwriting, claims, and treasury to resolve account/cash issues.
• Ensure adherence to Sarbox controls. Provide Internal and External audit with explanations and support for Sarbox controls and other testing as requested.

• Manage the staff in the conduct of their jobs and ensure the staff adheres to company and department procedures
• Work with direct reports to establish goals and objectives for each year and monitor and advise on their progress

Job Requirements :

• Must have solid reinsurance experience and have an outstanding knowledge reinsurance accounting, including the ability to interpret contracts, understand the intent of the contract as applicable to the calculation of premium, loss and commission adjustments.
• Ability to analyze data, resolve problems and make decisions.
• Excellent planning and organizational skills
• Excellent oral and written communication skills.
• Must be able to delegate and direct staff
• Must be able to discuss and resolve problems with others within the Accounting Department as well as other Departments, including underwriting and claims department
• Must have a good understanding of the Reinsurance Processing System
• Proficient Microsoft Excel skills

Education and Experience :

• A Bachelor's degree in finance/accounting or equivalent work experience.
• 10 years of previous experience in reinsurance accounting. Extensive understanding of reinsurance accounting concepts or techniques.

Supervisory Responsibilities :

• This position has supervisory requirements.