Reinsurance Accounting Associate

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Date: Sep 24, 2021

Location: New York, NY, US

Company: New York Life Insurance Co

 

When you join New York Life, you’re joining a company that values development, career growth, collaboration, innovation, and diversity & inclusion. We want employees to feel proud about being part of a company that is committed to doing the right thing. Through various resources and programs, you can grow your career while developing personally and professionally.

 

 

 

New York Life's Reinsurance Team is responsible for assessing and acquiring reinsurance (insurance purhcased by New York Life to cover risks on policies that we issue).  The team's role is to suppport New York Life's profitability and risk mitigation objectives, while administering the portfolio of reinsurance agreements on an ongoing basis. New York Life has over 300 reinsurance agreements in place, which provide $220B of reinsurance coverage for over 1 million policies.

 

The Reinsurance Accounting Associate role supports the Reinsurance Operations area in ensuring the reinsurance accounting function is handled in a timely and accurate manner for New York Life’s over 300 reinsurance agreements.  This is a critical function supporting the quarterly and annual financial reporting processes, which involves the timely payment of approximately $850M of premiums to reinsurers and the recovery of $800M of claims from reinsurers.

 

Major Responsibilities:

  • Assist in preparing accurate and timely reporting of Statutory and GAAP accounting information, including monthly and year-end journal entries and schedules and other data for inclusion in Corporate reports.
  • Prepare account reconciliations for reinsurance activity, and ensure all variances are identified and resolved to maintain an acceptable status on all accounts.
  • Prepare profit center allocation of funds received from reinsurers for use in quarterly financial reporting and prepare associated journal entries.
  • Respond to inquiries from Controller’s regarding general ledger amounts and variances.
  • Prepare monthly wire payments of premiums/refunds to reinsurers and provide documentation to management to support amounts.
  • Ensure reinsurers are notified/billed for claims in a timely and accurate manner and monitor receipt of claims recoveries from reinsurers.
  • Apply funds received from reinsurers to appropriate policies in the reinsurance system and validate against Treasury Department records.
  • Support Government Life Insurance Conversion Program process, including interfacing with agents/prospective clients and establishing required reinsurance.
  • Communicate with internal and external customers regarding inquiries and audit issues

 

Education:

  • Bachelor's Degree - Accounting or Equivalent Experience

 

Qualifications: 

  • Strong knowledge of accounting principles and concepts
  • 1+ years accounting experience
  • Excellent Excell,  Access, Word, PowerPoint skills
  • SQL skills a plus
  • Strong analytical skills and attention to detail
  • Continuous improvement mindset
  • Strong verbal and written communication skills
  • Ability to quickly learn new systems, procedures and processes
  • Work with limited supervision

 

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Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by our Foundation. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

Job Requisition ID: 84485

 

 

 


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