Description
We are seeking a highly organized and detail-focused individual to join our team as a Reinsurance Accounting Specialist. You will be responsible for managing reinsurance accounting functions for selected client accounts, including receiving and processing loss notices, confirming coverage under treaty contracts, preparing loss calculations, and tracking reinsurer settlements.
Key responsibilities include:
- Receiving initial loss notices, loss status updates, and proofs of loss from clients and forwarding them to applicable reinsurers
- Confirming coverage under treaty review contract wording for retention & limit, LAE treatment, loss reporting requirements, loss attachment basis, etc.
- Preparing and reviewing loss calculations to ensure accuracy and compliance with contract terms
- Processing claims transactions in accounting and claims systems
- Tracking the status of reinsurer settlements and following up for payment as necessary
- Attending client claims audits as needed
- Performing all reinsurance accounting functions for selected client accounts and providing backup coverage for other accounts as needed
- Reviewing new contract wordings for key terms and inputting into the accounting and claims system
- Monitoring contractual reporting and payment due dates and requesting premiums and accounts from clients to ensure timely receipt
- Preparing reporting forms and adjustment calculations for client use as needed
- Reviewing client accounts and adjustment calculations for accuracy and compliance with contract terms
- Assisting clients with calculation of their Schedule F funding requirements and obtaining Letters of Credit from Reinsurers
- Promptly forwarding all funds to payees in a timely manner
- Monitoring brokerage revenue forecast and updating as needed
- Monitoring approval status of reinsurers and obtaining approval of new reinsurers as needed
- Assisting in the maintenance of reinsurer database
The expected compensation range for this role is $65,000 per year.