Reinsurance Business Partner London, England
Job description
Standing still is not an option in the current world of Insurance. TMHCC are one of the world’s leading Specialty Insurers. With deep expertise in our chosen lines of business, our unparalleled track record and a solid balance sheet, TMHCC evaluates and manages risk like no one else in the industry. Looking beyond profit, empowering our people and delivering on our commitments are at the core of our customer values, and so is a desire to grow and provide creative and innovative solutions to our clients.
The Financial Reporting & Analysis (FP&A) team sits within International Finance and contributes to the performance of TM HCC International by providing quality, value add support for our front office and essential analysis for our back office stakeholders. Our responsibilities include; internal reporting, decision support, forecasting, planning and analysis activities along with the Finance reserving process within TMHCC International.
Due to the continued success of the various underwriting teams, various inflight strategic initiatives and increased complexity in our reinsurance arrangements, it has become necessary to invest in the future of the leadership team within Finance and to add this newly created role. This position will have responsibility for all FP&A activities associated with Reinsurance financial data.
Job Purpose:
This newly created role reports into the Head of FP&A and is required to provide comprehensive review, analysis and control over the Reinsurance (RI) financial data in the General Ledger, r as well as decision support and business partnering. The role will work closely with multiple teams across Finance including Reinsurance Accounting and Finance Operations and will have an end-to-end view of the RI processing for International as well as designing, embedding, and monitoring relevant controls and involvement in the ongoing RI Transformation initiative.
Key Responsibilities:
Quality Assurance and Review
- Responsible for the accuracy of the RI numbers in the financials by legal entity and line of business in the GL
- Utilise both knowledge of the business and accounting principles to provide comfort that all data is flowing correctly into the financials and propose and communicate manual corrections where necessary.
- Provide support on the accurate and timely Financial Reporting on RI matters (GAAP/STAT/Schedule F etc.)
- Reconciliation and interrogation of data to demonstrate accuracy of the RI numbers as they flow from XLPro to the GL.
Business Partnering and Decision Support
- Work with the various finance teams (including FinOps, RI Accounting and reporting teams) to support the substantiation of reinsurance financial data.
- Be the main point of contact for finance stakeholders on the RI balances in the GL, supported by the various SMEs within the RI Accounting team.
- Provide support and be accountable for responses to internal stakeholders on Reinsurance financials.
Financial Analysis
- Provide accurate analysis of, and commentary on, key drivers and parameters related to Reinsurance balances including reinsurance premiums and recoveries, ceding commissions and reinsurance debtors and creditor balances.
- Responsible for value-add reinsurance metrics including Reinsurance Financial Analysis, Risk Assessments over RI Balance Sheet data and RI KPIs
- Maintain and further develop the monthly Reinsurance KPI reporting.
- Responsible for the RI Risk Assessment over the Reinsurance Balance sheet accounts and take action on resolving issues identified. Provide updates as appropriate on status of initiatives.
Control Environment- Improve visibility of interdependencies within the wider Finance team to understand the end-to-end impact of issues that arise.
- Drive reinsurance data integrity improvements liaising with relevant teams to improve data quality and data granularity.
- Be the central contact for internal and external audit on reinsurance matters.
Monthly Closing Process- Review and analysis of the RI financials during the monthly close to ensure accuracy of the results, prior to the general ledger close.
- Provide support and review for the creation and posting of Reinsurance related manual journals during the monthly close where needed.
- Improve and review the quality, accuracy, and timeliness of the controls in place to support close processes, in conjunction with the RI Accounting team.
- Provide input on the continuous review and improvement of processes to promote efficiencies.
Relationship Management- Build strong relationships with other stakeholders within Finance including the Finance Management Team, the Finance branch managers, and different Heads of Business where applicable.
- Provide full insight and transparency of the RI numbers to the finance stakeholders and support decision making on adjustments or accruals required.
Reinsurance Transformation initiatives & Other activities- Responsible for implementing specific assigned recommendations arising from the RI Transformation project.
- Support on key projects within the FP&A team
- Approach all tasks with a continuous improvement mindset to ensure processes are as efficient and effective, while delivering high quality products
Qualifications and Experience Specification:
Essential
- Qualified accountant
- Demonstrable knowledge of accounting principles and practices within the insurance/reinsurance markets (including Lloyd’s), and the analysis and reporting of financial data
- Experience working with Financial Ledgers, to extract the relevant reinsurance data to support the analysis and KPIs
- Developed analytical skills including compelling communication of financial information and key metrics/messages relevant to stakeholders
- Demonstrable experience in liaising and reporting to multiple senior stakeholders
- Strong data visualisation skills and experience in utilizing skills to communicate key messages
- Strong written and verbal communication skills
- Highly numerate with excellent attention to detail and accuracy
- Strong people and communication skills – ability to engage with staff at all levels and to build strong working relationships
- IT literate with advanced Excel skills
Desirable
- PeopleSoft financials experience
Soft Skills
- Commercially minded, critical thinker with a keen eye for the detail
- Ability to work independently as part of a broader team
- Professional approach and delivery of work product
- Energy, enthusiasm, persistence and adaptability
- Focus on timely delivery of quality outputs
- Excellent communication and interpersonal skills
- End to end process thinker capable of understanding and driving improvement throughout
- Assertive but sensitive to conflicting demands on others.
