As the Reinsurance Technical Accountant (a new role for us), you will have responsibility for the calculation, accounting and recording of all outwards reinsurance contracts, ensuring that robust control and reconciliation processes are in place and participating in the development and streamlining of reinsurance accounting processes. You will be the interface between syndicate accounting and the Outwards Reinsurance teams, bridging the gap and providing invaluable insight and analysis.
You will be assisting with the reporting of Syndicate business on a YOA and financial year basis, including variance analysis, plan analysis, affiliate reporting, reserving analysis and continuous improvement.
You will understand and interpret complex syndicate reinsurance contracts, ensuring these are properly calculated in the reinsurance model and accounted for.
You'll be responsible for making all outwards reinsurance bookings in the financial ledger, both premium and recoveries.
Reconciliation of reinsurance financial data held in the general ledger with information held in source systems.
Ensure that all reinsurance accounting information reported both internally and externally agrees back to the financial ledgers.
You'll also prepare the appropriate reinsurance controls, to document and own the ongoing processes and where appropriate identify process and data improvements.
Provide detailed analysis of the main drivers of actual as compared to plan and prior year variances on a monthly basis.
Provide analysis as required for regulatory reporting - quarterly QMA and Solvency II submissions
Provide input to the Annual Planning and Reforecasting process, utilising knowledge of underlying transactions.
Provide outwards premium data to other stakeholders in the business namely business unit underwriting team and reserving teams.
Manage the syndicate's intra-group reinsurance relationships in the business.
About the team/division
The Syndicate Finance team is responsible for a wide range of internal and external financial reporting for 3 Lloyd's Syndicates. The team is currently split between our London office and Colchester and is part of the wider group finance Function. Within that team our Business Partnering and MI sub team is responsible for the monthly production of management information, including the technical accounting and reporting of Outwards Reinsurance. We also have a focus on building and developing relationships with the business, providing value add service through better commercial understanding of the Hiscox business.
Finance strives for continuous improvement in all areas and seeks excellent customer service, supported by quality and efficient processes, all operating within a robust control environment.
Person Specification: Our must haves:
Experience working in a reinsurance accounting role for a syndicate
Excellent knowledge of outwards reinsurance and excess of loss.
Excellent knowledge of quota share / proportional / treaty reinsurance
Accounting knowledge skills - you dont necessarily need to be a qualified accountant for this one.
Strong system and IT skills, able to pick up new systems - ideally Cognos and SQL- highly desirable but not a prerequisite
Confident communicator who builds good relationships across the business
Strong numeracy skills with ability to interpret data
Diversity and flexible working at Hiscox
At Hiscox we care about our people. We hire the best people for the job and we're committed to diversity and creating a truly inclusive culture, which we believe drives success. We also understand that working life doesn't always have to be 'nine to five' and we support flexible working wherever we can. No promises, but please chat to our resourcing team about the flexibility we could offer for this role.
Be unique. Be authentic. However you prefer to say it, we really mean it. Our culture
embraces people’s diverse perspectives and creates a positive environment where everyone
belongs. We’re determined to build a better, more connected world for everyone.