What are the responsibilities and job description for the Associate Director - Reinsurance Accounting position at Howden Group Holdings?
Howden Re is the global reinsurance broker and risk, capital & strategic advisor focused on relentless innovation & superior analytics for top client service.
About Role
People join Howden for many different reasons, but they stay for the same one : our culture. It's what sets us apart, and the reason our employees have been turning down headhunters for years. Whatever your priorities - work / life balance, career progression, sustainability, volunteering - you'll find like-minded people driving change at Howden.
Our Accounting and Claims team is looking for an Associate Director level hire who has 4 years of experience handling the reinsurance accounting function for our clients. This would include working with our external Clients / Reinsurers and internally with our Broker Teams.
Primary Responsibilities :
- Proactively maintain relationships with brokers, clients, and reinsurers to ensure clear communication and deliver the highest level of client service
- Receive data from clients per contractual reporting requirements and forward to applicable reinsurers.
- Confirm coverage under treaty; review contract wording for retention & limit, LAE treatment, loss reporting / cash call requirements, pro-rata calculations, etc.
- Prepare / review bordereaux calculations to ensure accuracy and compliance with contract terms
- Process transactions in accounting and claims system
- Track the status of reinsurer settlements, periodically following for payment as necessary; promptly forward collected funds to client
- Attendance at client audits as needed
- Perform all reinsurance accounting functions for selected client accounts and provide backup coverage for other accounts as needed
- Review new contract wordings for key terms and input into the accounting and claims system
- Monitor contractual reporting and payment due dates and request premiums and accounts from clients to ensure timely receipt
- Prepare reporting forms and adjustment calculations for client use as needed
- Review client accounts, adjustments, and other calculations for accuracy and compliance with contract terms and process accounting transactions in accounting and claims system
- Assist clients with management of trust accounts for collateralized reinsurance arrangements
- Assist clients with calculation of their Schedule F funding requirements and obtain Letters of Credit from Reinsurers, ensuring that all beneficiary requirements are met, and documents are received prior to company deadline
- Work with other departments to promptly forward all funds to payees in a timely manner
- Monitor brokerage revenue forecast and update as needed
- Monitor approval status of reinsurers and obtain approval of new reinsurers as needed
- Assist in the maintenance of reinsurer database
- Assist with and / or lead training for new hires on topics such as systems, reinsurance concepts, claims, etc.
- Experience in multiple lines of business and distribution channels is a plus, such as : managing general agents / underwriters, other fronting arrangements, etc.
Qualifications :
Salary : $95,000 - $135,000
