Assistant Manager, Reinsurance Accounting & Finance Operations

About the Division/Dept

The Corporate Services Division supports the organisation in financial, regulatory and tax reporting, investment management, finance operations and credit control.

Job Purpose

The Assistant Manager is primarily responsible for the end-to-end reinsurance accounting function, with a strong focus on treaty and facultative reinsurance accounting, settlements, recoveries, reconciliations, and reporting within a General Insurance environment.

The role works closely with Underwriting, Claims, Reinsurance, Brokers, and Finance teams to ensure the accurate administration of reinsurance contracts, timely settlement of balances, and integrity of reinsurance financial records. In addition, the position supports selected finance operations activities, including premium collections, payment processing, and operational finance matters.

Main Responsibilities

Reporting Structure

• Act as a core member of the Finance Operations Team.
• Report directly to the Finance Operations Manager, with timely escalation of complex operational issues and bottlenecks.

Treaty Reinsurance Accounting (Inward & Outward)

• Prepare and maintain monthly, quarterly, and year-end treaty accounts for reinsurance arrangements.
• Reconcile treaty statements with reinsurers and reinsurance brokers to ensure timely settlement of balances.
• Monitor outstanding treaty balances and coordinate collection and payment activities with counterparties.
• Investigate and resolve accounts ageing balances, and settlement differences.

Facultative Reinsurance Accounting

• Reconcile facultative accounts and ensure outstanding balances are actively monitored and resolved.

Reinsurance Recoveries & Claims Accounting

• Track and account for reinsurance claims recoveries arising from treaty and facultative arrangements.
• Ensure timely submission and follow-up of recoveries with reinsurers and brokers.
• Reconcile reinsurance recoverable balances and investigate variances.
• Maintain accurate records of claim recoveries, reserves, and settlements.

Reinsurance Reporting & Closing

• Prepare monthly reinsurance schedules and reconciliations for financial close.
• Support statutory, regulatory, and management reporting by providing accurate reinsurance-related information.
• Ensure completeness and accuracy of reinsurance journals, accruals, and account reconciliations.
• Work closely with the Financial Reporting team during month-end, quarter-end, and year-end closing activities.

Finance Operations Support

• Process premium collections, receipting, and bank reconciliations.
• Support payment processing for reinsurers, brokers, vendors, and policyholders.
• Assist in credit control and collection activities where required.
• Ensure compliance with internal controls and company policies.

Process Improvement & Transformation

• Identify opportunities to improve treaty and facultative accounting processes.
• Support automation and digital transformation initiatives relating to reinsurance operations and reporting.
• Strengthen controls, reconciliation processes, and operational efficiency within the finance function.

Other Responsibilities

Perform any other ad-hoc duties and responsibilities as assigned by the Finance Operations Manager or Management, including support for operational, finance, or transformation-related initiatives.

Requirements & Qualifications

Degree in Accountancy, Finance, Business Administration, or equivalent.

Preferred Experience

8-10 years of experience in General Insurance finance or reinsurance accounting.

Hands-on experience with:

• Treaty accounting and settlements
• Reinsurance bordereaux preparation and review
• Facultative accounting
• Reinsurance recoveries and claims accounting
• Reinsurance reconciliations

Experience with Odyssey 5 or insurance core systems is advantageous. Strong Excel skills including Pivot Tables, XLOOKUP/VLOOKUP, SUMIFS.

Core Competencies

• Strong sense of ownership and accountability
• Ability to work under pressure and meet tight deadlines
• Detail-oriented with strong problem-solving skills
• Adaptable and resilient in a transformation environment