Reinsurance Accountant

Are you looking to make an impactful difference in your work, yourself, and your community? Why settle for just a job when you can land a career? At ICW Group, we are hiring team members who are ready to use their skills, curiosity, and drive to be part of our journey as we strive to transform the insurance carrier space. We're proud to be in business for over 50 years, and its change agents like yourself that will help us continue to deliver our mission to create the best insurance experience possible.

Headquartered in San Diego with regional offices located throughout the United States, ICW Group has been named for the twelfth consecutive year in a row and for the 20th time overall as a Top 50 performing P&C organization offering the stability of a large, profitable and growing company combined with a focus on all things people. It's our team members who make us an employer of choice and the vibrant company we are today. We strive to make both our internal and external communities better everyday! Learn more about why you want to be here!

PURPOSE OF THE JOB

The purpose of this job is to prepare and analyze financial information to provide accurate and useful information to management for review and provide insight to management to help in overall decision making. This position exists to ensure accounting processes and financial statements are completed thoroughly and accurately, while aligning with Company standards.

The Reinsurance Accountant supports the accurate and timely accounting for the Company’s assumed reinsurance portfolio. This role processes and reviews broker bordereaux and statements, records premium, loss, commission and cash activity in accordance with the underlying treaties, prepares and reconciles reinsurance general ledger accounts, and supports month-end, quarter-end and year-end close. This position combines accounting skills with an operational mindset: it manages a steady flow of high-volume, deadline-driven work, tracks items from receipt through to resolution, and keeps handoffs between teams clean. The Reinsurance Accountant works closely with brokers, Operations, Underwriting, Actuarial and Internal Audit, and contributes to the controls and process improvements that keep reinsurance financial information accurate, complete and aligned with Company standards.

ESSENTIAL DUTIES AND RESPONSIBILITIES

Reinsurance Process and Analysis

- Enters and reviews broker bordereaux (BDX) and statements, including premium, losses, commission and brokerage, and completes the review checklist for each item.

- Records initial premium booking with allocation of premiums to annual statement lines (ASL), along with premium adjustments and endorsements; calculates premium earnings.

- Records claims and loss activity reported on bordereaux and statements, including allocation of losses to ASL, and confirms that cash is cleared only after the related claim is recorded.

- Ensures all recorded transactions are in line with the reinsurance contract.

- Monitors contractual reporting timing and payment terms and applies and settles cash to and from various brokers.

- Follows up with broker accounting departments on delayed or large payments, exception payments and complex premium or claim bordereaux; sets up trust accounts and collateral as required; and flags reporting or accounting anomalies.

- Monitors the shared intake folder and mailbox for incoming broker bordereaux, statements and correspondence daily, and logs and tracks each item from receipt through to completion.

- Manages a workload of high-volume transactions against processing deadlines and service targets, prioritizing items by due date, size, and complexity.

- Coordinates handoffs with Operations and Underwriting (for example, claims and cash calls) so that no item is left unentered or unowned between teams.

- Builds and maintains relationships with the accounting departments of brokers and clients as needed.

Accounting Operations and Reconciliations

- Prepares income statement, balance sheet, consolidated and other accounting statements and reports.

- Reviews general ledger accounts, prepares journal entries, and reconciles reinsurance accounts between the reinsurance administration system and the general ledger.

- Identifies, researches, resolves and follows up on reconciling items, including any inefficiency in department policies and procedures.

- Analyzes financial reports and records, and makes recommendations relative to the accounting of reserves, assets, and expenditures.

- Maintains and manages an assigned section of the statutory financial statements.

Process Improvement and Governance

- Follows internal controls, including segregation of duties, and does not review or approve their own entries.

- Reviews and verifies the accuracy of journal entries, bordereaux entries and accounting classifications entered by others, and documents and escalates errors or omissions found.

- Assembles, creates and reconciles month-end accounting entries, resolving discrepancies.

- Prepares asset, liability and capital account entries by compiling and analyzing account information.

- Maintains desk procedures, checklists and tracking logs, and follows up on aged or outstanding items (such as unreconciled cash or outstanding premium) until they are resolved.

- Supports internal and external audits by preparing documentation and responding to requests.

- Demonstrates effective communication and problem-solving skills, and contributes ideas and tools that improve department processes, including checklists, automation and review procedures.

- Accurately passes internal information to state agencies and works with them to make sure requirements are completed.

Financial Reporting & Analysis

- Prepares ad-hoc reinsurance reports and memos as required by management.

- Assists in the preparation of the Quarterly and Annual Statement Schedule F.

- Updates and reconciles all reinsurance-related general ledger accounts.

- Calculates and records quarterly adjustments, such as commuted treaty reserve adjustments and reinsurance reserves, and uploads changes in ceded reinsurance reserves to the general ledger.

SUPERVISORY RESPONSIBILITIES

This role does not have supervisory responsibilities.

EDUCATION AND EXPERIENCE

- Bachelor's degree from four-year college or university preferred, with a major or emphasis in Accounting, Finance, or related field.

- Minimum 2 years of related experience in Accounting; or equivalent combination of education and experience required.

- Experience in insurance or reinsurance accounting or operations preferred.

CERTIFICATES, LICENSES, REGISTRATIONS

None required.

KNOWLEDGE AND SKILLS

- Working knowledge of General Accounting, Accounts Payable (A/P), Accounts Receivable (A/R) and/or in an entry-level accountant role, required.

- Understanding of Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) regulations.

- Operational orientation, with experience in process-driven, high-volume, or workflow-based work and comfort managing queues, deadlines and handoffs between teams.

- Strong attention to detail, with the ability to review work for accuracy and identify errors and omissions.

- Proficiency in Excel for tracking, reconciling and analyzing data.

- Proven ability to communicate effectively, both orally and in writing, and to interact effectively with management, employees, brokers and auditors.

- Ability to work independently and meet stringent deadlines.

- Willingness to adopt new tools and automation to improve review and reconciliation processes.

- Proficient in Microsoft Office Suite applications.

PHYSICAL REQUIREMENTS

Office environment – no specific or unusual physical or environmental demands and employees are regularly required to sit, walk, stand, talk, and hear.

WORK ENVIRONMENT

This position operates in an office environment and requires the frequent use of a computer, telephone, copier, and other standard office equipment.

We are currently not offering employment sponsorship for this opportunity

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This description is a general statement of essential job functions and responsibilities.

The position may include other duties as assigned.

The current range for this position is
$61,979.26 - $97,736.56

This range is exclusive of fringe benefits and potential bonuses. If hired at ICW Group, your final base salary compensation will be determined by factors unique to each candidate, including experience, education and the location of the role and considers employees performing substantially similar work.

WHY JOIN ICW GROUP?

- Challenging work and the ability to make a difference
- You will have a voice and feel a sense of belonging
- We offer a competitive benefits package, with generous medical, dental, and vision plans as well as 401K retirement plans and company match
- Bonus potential for all positions
- Paid Time Off
- Paid holidays throughout the calendar year
- Want to continue learning? We’ll support you 100%

ICW Group is committed to creating a diverse environment and is proud to be an Equal Opportunity Employer. ICW Group will not discriminate against an applicant or employee on the basis of race, color, religion, national origin, ancestry, sex/gender, age, physical or mental disability, military or veteran status, genetic information, sexual orientation, gender identity, gender expression, marital status, or any other characteristic protected by applicable federal, state or local law.

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Job Category
Accounting and Finance