Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every four Fortune 500 companies. They work with FM to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection.
This position is part of the ceded reinsurance team within treasury operations. This candidate will mainly be responsible for collections pertaining to the ceded recoverables book of business. This includes managing all the recoveries of money from reinsurers and ensuring accurate billing and timely collection of claims to minimize aging. This candidate will work closely with internal and external parties and will require extensive and strong collaboration, communication, and problem-solving skills. This candidate will also gain knowledge and experience of reinsurance and insurance accounting to possibly further their growth and professional career.
Schedule & Location
This position is an exempt, full-time office-based position working 5 days each week Monday-Friday in Johnston, RI. This position is eligible for one remote day each week on either Tuesday or Friday, based on business needs.
- Handle and drive the collection of all outstanding ceded reinsurance recoverables.
- Research and resolve any billing discrepancies and working with appropriate parties to do so.
- Send out balances and appropriate supporting documents to aid in timely collections and avoid aging of balances.
- Prepare monthly captive reporting to external and internal parties.
- Work with many internal parties such as claims, accounting, staff underwriting, EMEA Treasury, Agile, and legal departments.
- Work and communicate heavily with external parties such as reinsurers, captives, and brokers.
- Work in many different systems which requires a strong multi-tasking skillset.
- Prepare journal entries monthly to ensure all cash is cleared accurately and timely.
- Clear cash out of appropriate accounting/reinsurance systems on a daily and monthly basis.
- Prepare daily, monthly, and yearly reconciliations.
- Prepare monthly aging reports that get sent to upper management.
- Communicate with reinsurers, captives, brokers to assist when any issues or questions may arise.
- Participate in special projects such as software and technology upgrades and automation.
- Perform other duties as assigned.
Required Education
- Bachelor’s degree in accounting/finance preferred
- Any other business related degree in combination with strong work experience
Required Work Experience
- 2+ years of general accounting or financial reporting experience
Required Skills
- Familiarity with general accounting principles and practices
- Intermediate proficiency with financial systems and standard software applications (PeopleSoft; Microsoft Excel, Access, PowerPoint, and Word)
- Familiarity with URS, RATS, Claims Connect, and OnBase a plus
- Reinsurance / Insurance background a plus
- Attention to detail and focus on tasks at hand
- Good analytical thinking and problem-solving skills
- Good communication skills
- Experience working with foreign currencies and exchange rates
- Ability to work in a routine, deadline-driven environment
- Strong teamwork and collaboration skills
The annual salary for this position is $65,440 to $94,100 and will be determined based on individual qualifications. Employees enjoy a comprehensive Total Rewards program, including incentives, health and well-being programs, retirement plans, career development, tuition reimbursement, flexible work options, and more!
FM is an Equal Opportunity Employer and is committed to attracting, developing, and retaining a diverse workforce.
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