Assistant Vice President, Investment Accounting
Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. the company entered into a series of L&A and P&C reinsurance transactions with AIG and received an initial capitalization of ~$3 BN. The transactions represented ~$37 BN of reserves supported by ~$40 BN of invested assets. During this time, AIG also entered into a long-term partnership with The Carlyle Group, with Carlyle acquiring 19.9 % ownership. Then in 2019, The Carlyle Group and T&D announced acquisition of majority interest in Fortitude Re from AIG. This allowed for a new long-term shareholder base for the company while maintaining a strong capital position for supporting reinsurance obligations. here for more information about Fortitude Re.
The AVP of Investment Accounting is responsible for managing the day-to-day of the investment accounting team and the Fortitude Re's investment accounting platform team for the month-end and quarter-end close of all investments accounting and reporting for the company’s complex portfolio of investments, performing detailed analysis of investment results and communicating to senior management under both GAAP and Statutory (US STAT) reporting. The AVP will run and manage the compile and manage analysis of net investment income, realized gains and losses, investment yields, investment balances by asset class, etc. with FP&A as well as provide support to RBC and Capital teams for the investment results and reporting requirements. This position is also involved in building out the investment accounting internal control environment under Sarbanes Oxley and NAIC Model Audit Rule. This position will be involved in managing and reviewing activity into the GL, reconciliations, audit support, and ad hoc projects as the company acquires more blocks of business. This position requires the business and financial acumen to handle complex situations. This position will report into the Vice President of Investment Accounting.
- Onboarding and integration of new investment portfolios to the Fortitude Re's investment accounting platform, including the build-out of the reporting associated with the new portfolios.
- Build out financial reporting process and controls to support investment financial reporting requirements under GAAP, US STAT and Bermuda Statutory frameworks.
- Manage and assist compilation of quarterly and yearly footnotes, MD&A, Statutory investment exhibits, debt reporting covenants, pricing committee and audit committee reports.
- Manage and assist compilation compilation of Bluebook schedules, which include Schedule D, DB, B, and/or BA
- Manage and assist compilation of IMR (Interest Maintenance Reserve) and AVR (Asset Valuation Reserve) calculations.
- Complete investment yield analysis and establish related performance metrics.
- Assist in preparation quarterly earnings reports and annual audited financial statements including footnotes, statutory filings (Blue Books, Yellow Books and Green Books) and rating agency reporting.
- Perform quarterly investment valuation and reconciliation controls supporting the internal control environment.
- Create interactive automated investments reporting within Fortitude Re's investment accounting platform to facilitate portfolio financial reporting and analysis as well as be responsible for automating manual processes and controls for efficiency and effectiveness.
- Managing and assist compilation of investment results for investments performance and results for analysis for FP&A as well as provide support to RBC and Capital teams for the investment results and reporting requirements.
- Facilitate and assist with external audits, related testing and the completion of audit work papers.
- Review and compile investments data including posting general ledger entries for investment activity under both GAAP and STAT accounting.
- Support impact assessment of emerging investment accounting guidelines (FASB, NAIC, IASB) to facilitate strategic business decisions and compliance oversight.
- Develop and maintain analytic tools to monitor results and trends to facilitate an efficient and controlled reporting and accounting environment.
· Effectively partner with front-office investments and deals team as well as investment managers and support impact assessment of accounting for these deals and conclude on investment accounting and reporting as well as support impact assessment of emerging investment accounting guidelines (FASB, NAIC, IASB) to facilitate strategic business decisions and compliance oversight.
- Bachelor’s or Graduate degree in Accounting or Finance with CPA or equivalent accounting certification must.
- Minimum 10 years accounting experience, with 3 or more years of investment accounting experience with an insurance/reinsurance with BIG 4 background must
- The ideal candidate must have investment reporting experience as well as public company SOX controls experience.
- Demonstrated strong analytical and project management skills.
- Demonstrated ability to apply U.S. GAAP and STAT investment accounting principles and reporting.
- Experience with Life, Annuities and Property Casualty lines of business highly desired.
- Proven track record for exceeding expectations on various, simultaneous projects with tight deadlines.
- Capable of communicating and expressing ideas clearly and concisely, in both written and verbal formats.
- Review forecasts and trends and identify potential issues and opportunities.
- Proficient in Microsoft Office products, with strong proficiency in Microsoft Excel
- Ability to build and maintain working relationships with internal and external asset managers, accounting, compliance, actuarial, management, and systems personnel from junior staff to executive level.
- Experience with Clearwater investment accounting platform highly desired.
At Fortitude Re, we believe that diversity and inclusion are critical to our future and our mission- creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.
- Job Family FA - Finance
- Job Function AVP
- Pay Type Salary
- Jersey City, NJ, USA
- Nashville, TN, USA