Assistant Director, Reinsurance Finance

About the position

This position requires an in-depth knowledge of reinsurance accounting including systems and processes. The individual must be able to read, understand and operationalize reinsurance contract terms contained in various types of reinsurance agreements. They also must be able to manage a staff both in the US and in India. Position Summary: * Manage processes within the Reinsurance Account Services unit of the AIG PC operation including the calculation, billing, collection of reinsurance transactions based on both GAAP/statutory accounting principles. * Manage Reinsurance operations staff including setting objectives, measuring results, and ensuring employee accountability and development. * Interface with reinsurance clients and colleagues both domestically and overseas. * Perform/oversee quarterly closing processes. * Support/provide quarterly analytics and explain balance sheet and income statements fluctuations. * Support reinsurance collateral positions. * Support and collaborate with various teams in preparation of the annual and quarterly Schedule F. * Assist with evolving contractual features emanating from changing regulatory environments. * Monitor Accounts Receivable and Payable balances due to/from Reinsurance Companies. * Support the Inter-company matching reconciliation process. * Assist with the Inter-company vertical reconciliation. * Review journal entries, General Ledger account reconciliations and cash disbursements. * Provide support with restructuring and sale of AIG entities and modify the reporting requirements. * Oversee the timely and accurate information flow to and from business partners both within and outside the organization, drive consistency, and maximize operational efficiency. * Liaison with Project Teams, Systems Groups, and Reinsurance Legal as Reinsurance Business expert on any reinsurance exposure issues/projects. * Ensure Standard Operating Procedures are updated, training of onshore and offshore staff, and/or transition of tasks to offshore team are completed on timely and accurate basis.

Responsibilities

• Manage processes within the Reinsurance Account Services unit of the AIG PC operation including the calculation, billing, collection of reinsurance transactions based on both GAAP/statutory accounting principles.
• Manage Reinsurance operations staff including setting objectives, measuring results, and ensuring employee accountability and development.
• Interface with reinsurance clients and colleagues both domestically and overseas.
• Perform/oversee quarterly closing processes.
• Support/provide quarterly analytics and explain balance sheet and income statements fluctuations.
• Support reinsurance collateral positions.
• Support and collaborate with various teams in preparation of the annual and quarterly Schedule F.
• Assist with evolving contractual features emanating from changing regulatory environments.
• Monitor Accounts Receivable and Payable balances due to/from Reinsurance Companies.
• Support the Inter-company matching reconciliation process.
• Assist with the Inter-company vertical reconciliation.
• Review journal entries, General Ledger account reconciliations and cash disbursements.
• Provide support with restructuring and sale of AIG entities and modify the reporting requirements.
• Oversee the timely and accurate information flow to and from business partners both within and outside the organization, drive consistency, and maximize operational efficiency.
• Liaison with Project Teams, Systems Groups, and Reinsurance Legal as Reinsurance Business expert on any reinsurance exposure issues/projects.
• Ensure Standard Operating Procedures are updated, training of onshore and offshore staff, and/or transition of tasks to offshore team are completed on timely and accurate basis.

Requirements

• 10+ years of relevant experience in an insurance/reinsurance company.
• Extensive ceded reinsurance experience; managing and leading others; increasing levels of responsibility in a medium to large scale organization.
• Advanced working knowledge of reinsurance and related contracts and claim recovery processes and reinsurance systems.
• Advanced working knowledge of business and management principles involved in strategic planning, resource allocation, leadership technique, and coordination of people and resources.
• Advanced working knowledge of managing financial operations and reporting.
• Advanced working knowledge of relevant trends and information within the industry.
• Advanced working knowledge of financial analysis and financial modeling.
• Advanced knowledge of accounting principles and practices, the insurance/reinsurance markets, and the analysis and reporting of financial data.
• Working knowledge of systems and technology utilized within area of responsibility.
• Strong technical skills in Microsoft Excel, Access, PowerPoint and Word.

Benefits

• Comprehensive benefits package focused on health, wellbeing, and financial security.
• Professional development opportunities.
• Flexible work arrangements.
• Diversity and inclusion learning.
• Cultural awareness activities.
• Employee Resource Groups (ERGs).