Princeton , United States
Your jobMRSI Finance
Reinsurance Accountant-MRSI Primary Insurance Accounting
We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.
Munich Re Specialty Insurance (MRSI) provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners. Products include: property, casualty, professional liability and other specialty insurance solutions. Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients’ needs. We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.
Munich Re Specialty Insurance (MRSI) is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. For more information on MRSI, including licensing, regulatory-required, and other information on the operating companies, visit https://www.munichre.com/us-non-life/en/general/munich-re-specialty-insurance-disclosures.html
This position is responsible for independently handling technical accounting for more complex accounts in accordance with agreed upon best practices, policies and procedures, and/or service level agreements.
Major responsibilities include:
- Process statements of account/cession statements submitted by client
- Ensure all tax and board and bureaus true-up calculations are performed, where applicable
- Coordinate issues with MRM for those years where MRM was the assuming reinsurer in lieu of DAIC
- Manually calculate the quarterly WP, Commission, UPR and DAC estimates for the quarterly close
- Reconcile loss imprest funds established with the DP client, or the 3rd party TPA
- Process payment transactions (incoming and outgoing) in accordance with contract terms
- Contract coverage research and interpretation
- Research and reconciliation of financial matters related to problematic renderings
- Maintain current accounts receivable
- Prepare result dependent condition calculations
- Handle and resolve quality assurance queries/tasks
- Actively participate in quarter close process
- Participates in processing commutation agreements
- Provides monetary approval for payments above the analyst authority
- Provide guidance and training to less experienced team members
Your profileSuccessful candidates will be possess the following Experience, skills/capabilities:
- 5+ years experience in reinsurance and/or insurance accounting or comparable industry experience.
- Associates Degree in Accounting, Finance, Business Administration, Mathematics or equivalent experience
- Working knowledge of Operational and/or Financial systems
- Working knowledge of MS Office Suite applications.
- Ability to independently interpret complex reinsurance/MGA or Program Administrator contract terms. applicable to job functions.
- Ability to verify that account renderings/losses reported conform to contract wording.
- Manage single risk brokers and insurance programs that are assigned
- Assist less experienced staff with interpretation of contract wording and interpreting client requests
- Familiar with client processes and contacts as it relates to loss/bordereaux reporting and billing expectations, specifically client payees
- Ability to interprets client requests independently
- Participate in internal/external meeting regarding client/broker accounts.
- Able to multi-task and prioritize their own work in order to meet deliverables with conflicting deadlines
- Good organization and follow-up skills along with Effective oral and written communication skills.
At Munich Re US, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.
We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Founded in 1917, Munich Reinsurance America, Inc. is one of the largest reinsurers in the United States. Munich Reinsurance America, Inc. has earned the A+ (Superior) financial strength rating from A.M. Best Company - that's among the highest in the industry. Over 1,000 employees serve our clients from our Princeton, New Jersey campus and regional offices throughout the United States.
As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help you stay competitive - from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.