North America Reinsurance Accounting Supervising Analyst

Odyssey Reinsurance Company (OdysseyRe) is the global reinsurance arm of Odyssey Group, one of the world’s leading providers of reinsurance and specialty insurance. OdysseyRe offers a broad range of property, casualty, and specialty reinsurance products, providing capital and risk management solutions for clients to efficiently manage economic risk through a network of branch and representative offices across North America, Latin America, EMEA (Europe, Middle East & Africa), AsiaPacific and London.

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.

OdysseyRe is rated A+ (Superior) by AM Best and A+ (Strong) by Standard and Poor’s. Odyssey Group is a subsidiary of Fairfax Financial Holdings Limited, which is traded on the Toronto Stock Exchange under the symbol FFH.

Position: 

North America Reinsurance Accounting Supervising Analyst

Reports To: North America Reinsurance Accounting Director

Position Summary

This position is responsible for performing all aspects of Treaty accounting for assigned treaties including thorough account analysis, entry into reinsurance system and cash settlement. This position is proficient in the calculation of various treaty adjustments, including retrospectively rated premium adjustments, sliding scale commissions, profit commission, deposit premium adjustments and reinstatement premiums.

Essential Duties

• Supervise and train staff, monitor workflow for unit
• Ensure that all assigned accounts due from brokers and ceding companies received are processed timely after analysis and review.
• Review broker invoice, ceding company backup, including premium and loss bordereaux, to ensure compliance with treaty terms and to identify catastrophe or large loss activity.
• Follow-up with broker on overdue account receivable balances, missing accounts and adjustments based on treaty terms.
• Ensure that all statistical account information is recorded properly in the reinsurance accounting system based on treaty terms.
• Exercise discretion and independent judgment with respect to matters of significance.
• Responsible for the calculation and/or verification of various treaty adjustments, including retro rated premium, sliding scale commission, profit commission, deposit premium adjustments, and reinstatement premiums.
• Research, reconcile, resolve and document account discrepancies.
• Review and interpret treaty contract wordings and their application to assigned accounts.
• Keep management and underwriter informed of unusual or significant activity in a treaty.
• Review and apply cash receipts and disbursements on assigned accounts. Monitor cash suspense and explain reasons for unapplied.
• Maintain electronic accounting files for assigned accounts.
• Prepare disbursement requests for account balances and cash calls. Obtains appropriate approvals for payments when necessary.
• Communicate with broker regarding account issues.
• Assist in closing process by performing, or assisting in one or all of the following quarterly activities: the premium estimate review, account fluctuation analysis, adjustable feature accrual calculations and review.
• Provide support to staff, in regards to specific account issues. May review work performed by the staff, offer guidance and assist in bringing account issues to resolution.
• Follow department’s established accounting procedures

Skills, Knowledge and Abilities

• Strong knowledge of treaty reinsurance accounting and reinsurance in general, including the ability to interpret contract agreements
• Proficient Microsoft Excel skills
• Ability to analyze and reconcile data,  resolve problems and make decisions
• Good planning and organizational skills
• Strong oral and written communication skills
• Assist fellow staff with more complex accounting issues
• Effectively interact with other members of the Accounting staff and other departments in the company
• Able to work independently on more difficult aspects of the job, including, calculating and reconciling treaty adjustable features
• Keeps manager informed of activities and situations, which will impact the achievement of corporate, and department goals and objectives
• Maintains confidentiality of company-sensitive data

Education and Experience

• 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.

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