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Reinsurance Consultant

April 8 2021
Industries Bank, Insurance, Financial services
Categories Accounting, Finance, Bank, Insurance, Financial Services, Consulting, Management, Consulting
Toronto, ON

RSA is one of the world’s longest standing insurance groups, providing protection and peace of mind, for over 300 years, to more than nine million customers, worldwide.

Our people are ambitious, passionate and inquisitive, and driven by a need to deliver value and innovative solutions to our customers. We are proud of our organizational culture which encourages us to embrace each other’s strengths, and respect everyone’s ideas.

At RSA, our desire to be the best has created an exceptional company in which you can build and advance your career. RSA is proud to be ranked among Canada’s Top 100 employers in 2019 and 2020.

To join this award-winning team, and to learn more about us, visit our Careers page.

RSA, Johnson, CNS and Deeks are part of the RSA Group of Companies (“RSA”).

Position Summary

This individual will play a key role in the Reinsurance Finance function and will report to the Manager, Underwriting Finance, who has overall responsibility for the financial management, accounting, reporting and analysis of reinsurance balances.

This opportunity will be located in our Toronto, Ontario office however due to the current circumstances this position will be virtual for the time being due to Covid-19. The successful individual must be able to work effectively in a virtual environment.

What you'll do in the role

  • Ensure timely and accurate reporting of reinsurance accounts (i.e. Facultative, Excess of loss, OSFI Registered/Unregistered status, reinsurer credit ratings, etc.), including allocations by line and region, and accounting under IFRS, OSFI, and Solvency II.
  • Prepare support, including reinsurance recovery calculations and account reconciliations, and monitor the billing, aging, and collection of reinsurance balances to ensure timely recovery.
  • Contribute to the monthly and quarterly financial close process by ensuring all reinsurance balances, including journal entries and intercompany eliminations, are reported accurately and on time.
  • Review journal entries and reconciliations performed by other team members
  • Prepare financial models and reports, including commentary and analysis, on P&L developments, balance sheet positions, cash flow forecasts and movements, receivables balances, etc.
  • Participate on the IFRS17 project to ensure compliance with new accounting standard for reinsurance
  • Assist in various audits/reviews that may take place throughout the year, including internal audits, reinsurer audits, financial control tests, and the annual external financial statement audit.
  • Support the day-to-day operations of the Reinsurance Finance Department by assisting with billing inquiries, payment collection, and communication with various parties.
  • Liaise with various departments (Reinsurance, Claims, Systems, Actuarial, etc.), brokers, UK parent, affiliated companies and external reinsurers to resolve reinsurance issues
  • Document and map reinsurance reporting processes to identify areas of improvement with regards to system processes, control frameworks, and workflow inefficiencies/redundancies.
  • Support Financial Control Framework (FCF) process by reviewing key control documents to ensure that controls are functioning properly and updated
  • Participate on special projects, as required.

What you'll need

  • Experience within the Insurance/Reinsurance industry is required
  • Minimum of 3+ years' of experience in a finance/accounting/financial reporting role
  • Comprehensive knowledge of IFRS accounting standards
  • University Degree is required and/or CPA professional designation
  • Advanced skills in Excel is required
  • Exceptional communication (verbal & written), influencing and problem solving skills.
  • Demonstrated ability to initiate, lead and manage change
  • Ability to identify opportunities to improve the efficiency and effectiveness of the accounting processes
  • Able to quickly learn and embrace new technology/systems
  • Demonstrated success as a solid team player and comfortable contributing within a team of peers
  • Ability to multi-task in a face pace environment against challenging timelines and workload pressures
  • Experience in researching, assessing, and implementing accounting policies
  • Provides coaching and mentoring for new and less experienced staff

What you'll receive

  • A market-leading, comprehensive Total Rewards Program which includes competitive compensation and bonus, flexible benefits, and pension plan.
  • Best-in-class vacation policy that includes paid volunteer, parental leave top-up programs and personal leave days.
  • Strong learning culture with a focus on overall development, internal mobility and career advancement.
  • Tuition reimbursement program.
  • A culture that celebrates diversity and inclusion, with a strong focus on community and corporate social responsibility.

Temporary / Fixed Term Hires:

  • Competitive salary
  • Strong learning culture
  • Diverse, award-winning culture with a strong focus on corporate social responsibility

At RSA, our purpose is to Make Life Better Together and that starts with our people. We work side by side with driving energy and determination to get better every day, through industry leading thinking, and by listening to and respecting all perspectives. This is how our leaders and our people make an impact. We are forward looking, so we can adapt, evolve and improve, ultimately achieving our better, together. We are committed to creating an environment that promotes a healthy work-life balance. Our people managers and leaders successfully manage flexible work arrangements for their teams to ensure they are optimal for both the individual, and the business.

At RSA Canada, we are committed to creating a workplace where our employees thrive; where everybody counts and everyone is heard. Where you can be your whole self at work – wherever that is – everyday. To celebrate differences, not just because it's the right thing to do, but because we believe having a diverse workforce which embraces different perspectives makes RSA Canada a more vibrant and creative place to work.

RSA is an equal opportunity employer. We provide accommodation for individuals with disabilities in the job application process. If you need assistance, please email AODA@RSAGROUP.CA. To learn more, visit our Accessibility page. network