Senior Manager, Reinsurance Accounting at AIG

Wilton, Connecticut, United States

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Not SpecifiedCompensation

Senior (5 to 8 years), Expert & Leadership (9+ years)Experience Level

Full TimeJob Type

UnknownVisa

Insurance, ReinsuranceIndustries

Requirements

Bachelor’s degree in accounting required, CPA preferred
Minimum of 7 years of relevant professional experience, particularly leading teams in a controller capacity for a public P&C insurance company
Advanced knowledge of reinsurance operations, including underwriting, claims, accounting, finance and associated process, controls and systems; re/insurance-relevant professional designation a plus (ARe, CPCU, etc.)
Strong insurance-technical accounting expertise, possessing a comprehensive understanding of inter-relationships between balance sheet and income statement, with an ability to analyze results accordingly
Industry business acumen along with a clear understanding and awareness of global macroeconomic and other relevant factors impacting the business that manifest in financial results
Experienced in leveraging a combination of onshore and offshore management and staff resources on a global basis, maximizing the benefits of time zone differences to enhance productivity
Strong interpersonal skills and an ability to communicate and collaborate effectively with individuals across Finance and operational disciplines towards a common purpose; commercially oriented, carrying credibility with a business unit and broader Finance organization
Systems-technical acumen, able to quickly grasp management reporting structures, understand a newly transformed finance architecture and financial reporting platform, and determine how to extract relevant information

Responsibilities

Manage execution of key accounting and operational controlling requirements associated with a prominent, bespoke third-party program with a Lloyds reinsurer, including but not limited to: timely identification and billing of eligible XOL recoveries; calculation and accounting for ceding commissions; coordination with Reinsurance Collection group on issuance of statement of accounts to brokers; prepare summary of the program for review and presentation to leadership; provide analytical insight into activity in the reporting period
Manage the financial and operational accounting for global catastrophe reinsurance programs under a range of contractual structures and across all open contract years, preparing statements of account and ensuring timely settlements in conjunction with global Treasury operations
Ensure timely identification and responsiveness to accounting for less structured or predictable transactions, including cash calls on external reinsurance, reinstatement premiums on current and prior years’ loss activity, recording and applying cash on retrospectively rated reinsurance contracts, etc
Global oversight of Travel Reinsurance activity in support of strategic initiatives related to the book of business, including general ledger oversight, coordination with Reinsurance collection on billing and cash application
Support the audit process with external and internal auditors

Skills

Reinsurance Accounting

Financial Reporting

Internal Controls

XOL Recoveries

Ceding Commissions

Statement of Accounts

Catastrophe Reinsurance

Treasury Operations

Reinsurance Billing

Analytical Reporting

AIG

Global insurance provider for individuals and businesses

About AIG

AIG provides a variety of insurance products and services aimed at individuals, families, and businesses. Their offerings include life insurance, retirement planning, and commercial insurance, which help clients manage risk and protect their assets. AIG operates by underwriting insurance policies and managing risk, while also investing the premiums collected to generate income. This company stands out from competitors by not only focusing on traditional insurance but also emphasizing cybersecurity and data protection to keep clients' information safe. AIG's goal is to help clients achieve financial security and peace of mind through comprehensive insurance solutions.

New York City, New YorkHeadquarters

1919Year Founded

IPOCompany Stage

Cybersecurity, Financial ServicesIndustries

10,001+Employees

Benefits

Health, dental, & vision coverage

Flexible Spending Accounts (FSA)

401(k)

PTO

Commuter Expense Reimbursement Account

Risks

Sale of personal travel business may reduce AIG's market presence in travel insurance.

Expansion in Atlanta could pose financial risks if expected growth does not materialize.

Deconsolidation of Corebridge Financial might lead to loss of synergies and increased costs.

Differentiation

AIG offers a wide range of insurance products globally, serving diverse client needs.

Corebridge Financial, a subsidiary, enhances AIG's offerings in retirement planning and financial futures.

AIG emphasizes cybersecurity and data protection, ensuring clients' information remains secure.

Upsides

AI adoption in underwriting and claims processing enhances efficiency and reduces costs for AIG.

InsurTech partnerships offer AIG opportunities to enhance digital capabilities and drive innovation.

Telematics and usage-based insurance allow AIG to offer personalized and flexible products.

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