What are the responsibilities and job description for the Manager, Ceded Reinsurance Finance position at Berkley?
Company Details
"Our Company provides a state of predictability which allows brokers and agents to act with confidence."
Founded in 1967, W. R. Berkley Corporation has grown from a small investment management firm into one of the largest commercial lines property and casualty insurers in the United States.
Along the way, we’ve been listed on the New York Stock Exchange, become a Fortune 500 Company, joined the S&P 500, and seen our gross written premiums exceed $10 billion.
Today the Berkley brand comprises more than 50 businesses worldwide and is divided into two segments: Insurance and Reinsurance and Monoline Excess. Led by our Executive Chairman, founder and largest shareholder, William. R. Berkley and our President and Chief Executive Officer, W. Robert Berkley, Jr., W.R. Berkley Corporation is well-positioned to respond to opportunities for future growth.
The Company is an equal employment opportunity employer.
Responsibilities
The Manager of Ceded Reinsurance Operations is responsible for overseeing the end-to-end operational and accounting processes related to the company’s ceded reinsurance portfolio. This role ensures the integrity of financial data, supports strategic reinsurance initiatives, and leads a team of professionals in executing accurate and timely processing of reinsurance transactions. The ideal candidate will bring deep technical knowledge of ceded reinsurance, strong leadership capabilities, and a continuous improvement mindset.
Responsibilities: • Maintain and enhance the ceded reinsurance source system, ensuring data integrity and alignment with general ledger and sub-ledger systems.• Lead and support the Data Warehouse team in developing out ceded reinsurance solutions.• Provide recommendations on upstream data fixes on a case-by-case basis for operating units to review, approve and implement.• Review, understand and interpret complex reinsurance treaties, converting them into application specifications and contracts. Monitor treaty compliance and ensure adherence to contractual terms and regulatory requirements.• Assist in transformation, change project and implementation.• Partner with IT and Finance to implement system upgrades, automation tools, and reporting enhancements.• Develop and maintain documentation for operational processes, controls, and system workflows.• Book and close Ceded Reinsurance Source System accounting, execution of contracts, processing of invoices, and recovery of reinsured losses. Process months end close for multiple business units in source system and general ledger. Involves strong collaboration with divisional and subsidiary personnel, IT teams and offshore teams.• Ensure accurate and timely recording of ceded premiums, losses, and recoverable. Oversee cash application and reconciliation of reinsurance recoverable and payables.• Understanding of Ceded Group Reinsurance Contract treaties and their allocations.• Assist in the calculation of adjustable features, including contingent and sliding scale commissions, on reinsurance programs. Verify that adjustments comply with the reinsurance contracts.• Assist in inquiries from Corporate Finance, actuarial, underwriting and Insurance Risk Management (IRM) team.• Communicate and training of the offshore team and ensuring quality and accuracy of deliverables.• Assist and review in preparation of regulatory reports, experience in Sch F, P, Broker billing and invoicing and Collateral process.• Support ad hoc activities/projects.
Qualifications
• Minimum 5 years of experience in ceded reinsurance operations, with at least 1 to 2 years in a leadership or supervisory role.• Industry knowledge- strong understanding of reinsurance accounting concepts and ability to understand and interpret reinsurance contracts. Deep understanding of reinsurance structures (quota share, excess of loss, facultative, etc.).• Communication skills- effective communication skills for addressing issues with subsidiary CFO’s, controllers, other accounting personnel and reinsurance department personnel. • Advanced Excel skills, experience with Reinsurance Source Systems, PeopleSoft a plus. Exposure to automation tools (e.g., Power BI, RPA) is a plus.• Highly motivated team player with good written and verbal communication skills.
Education Requirement
• Bachelor’s degree in finance or accounting is preferred. • Master’s in computer science or insurance certification a plus.
Additional Company Details
Today the Berkley brand comprises more than 50 businesses worldwide and is divided into two segments: Insurance and Reinsurance and Monoline Excess. Led by our Executive Chairman, founder and largest shareholder, William. R. Berkley and our President and Chief Executive Officer, W. Robert Berkley, Jr., W.R. Berkley Corporation is well-positioned to respond to opportunities for future growth.
