Jr. Reinsurance Accountant
At a glance
Junior Accounting role at Starr. 399 Park Avenue-New York, NY · full-time · $65,000–$85,000 base.
financeroles summary, based on the employer's posting.
What you'll do
- Review assumed and ceded treaty and facultative accounts, recording premiums, commissions and taxes
- Book assumed business and prepare ceded bordereaux, then post accurate journal entries to the general ledger
- Track incoming funds, apply cash to contracts and arrange outgoing payments and ceded premium settlements
- Reconcile general ledger accounts, pursue cash collection and resolve payment or account discrepancies
- Handle ceded facultative billing and recoveries, and contribute to occasional projects
What you bring
- A bachelor’s degree in accounting, finance or a related area
- Up to three years of relevant work experience, preferably in accounting or finance
- Careful attention to detail, analytical judgment and the ability to organize competing tasks
- Working knowledge of Microsoft Office and introductory familiarity with insurance or reinsurance
Who this fits
This junior role suits someone starting out in accounting who is comfortable with detailed cash processing, settlements and reconciliations. Familiarity with reinsurance accounting systems is a plus, as is experience with cash handling, settlements or recoveries.
From the employer
Join Starr, a global leader in commercial insurance with over a century of expertise. We empower our employees to innovate, make impactful decisions, and build lasting client relationships worldwide. At Starr, you'll work in an entrepreneurial culture alongside accessible leaders, leveraging our financial strength and vast industry experience to deliver solutions for our clients, no matter how complex. Grow your career with a rapidly growing company that invests in its people and their ability to drive real progress.
Position Summary: The Jr. Reinsurance Accountant will work within the reinsurance accounting department to support our team, focusing on the Multinational business, processing facultative and treaty reinsurance accounts, processing the incoming and outgoing cash, as well as performing reporting and reconciliation activities. This role involves the processing of assumed and ceded reinsurance accounts. Perform Reinsurance Accounting operational duties as needed/required.
Responsibilities:
- Review and record facultative and treaty accounts, including premium, commission, taxes, etc. for assumed and ceded reinsurance.
- Book assumed accounts and produce the ceded bdx to the reinsurance panel, create the journal entries ensuring correct and timely general ledger postings.
- Monitor and allocate the incoming cash. Create the outgoing payments. Maintain and apply cash for facultative and treaty reinsurance contracts.
- Process the settlement of ceded premium, and the billing and recovery of ceded facultative reinsurance.
- Perform general ledger reconciliations in a timely and accurate manner.
- Follow up on cash collection and process disbursements.
- Investigate and follow up discrepancies until resolution.
- Participate in ad-hoc projects/initiatives.
Skills and Qualifications:
- Bachelor’s degree in accounting, finance or related.
- 0-3 years work experience preferably in accounting, finance or related.
- High attention to detail, precise
- Analytical skills, solutions-oriented mindset
- Ability to multi-task, organized, with a good sense of priorities
- Good knowledge of MS Office: Excel, Word, etc
- Basic knowledge of insurance/reinsurance. Experience handling cash/settlements, and recoveries is preferred
- Experience with reinsurance systems and platforms (e.g., RMS, SICS, ProCede or similar) is a plus.
For individuals assigned and/or hired to work in New York, Starr Insurance Companies is required by law to include a reasonable estimate of the compensation range for this role. The wage range for this role takes into account the wide range of factors that are considered in making compensation decisions including but not limited to skill sets: experience and training: licensure and certifications: and other business and organizational needs. A reasonable estimate of the current range is $65,000-$85,000
Starr is an equal opportunity employer, which means we'll consider all suitably qualified applicants regardless of gender identity or expression, ethnic origin, nationality, religion or beliefs, age, sexual orientation, disability status or any other protected characteristic. We recruit and develop our people based on merit and we're committed to creating an inclusive environment for all employees. We offer first class training and development opportunities to all employees. Our aim is to grow our own talent and bring out the best in people.