Senior Associate, Investment Accounting

Jersey City, NJ, USA ● Nashville, TN, USA Req #462
Wednesday, September 14, 2022

Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. In 2016, AIG created a “Legacy” portfolio as a separate non-core segment representing insurance reserves associated with discontinued lines of commercial Property & Casualty and Life & Annuity insurance businesses. The following year, AIG formed a Bermuda-domiciled composite reinsurer, now Fortitude Re, to house the Legacy portfolio in a separate, distinct, well-capitalized balance sheet with a dedicated management team. In 2018, 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. Click here for more information about Fortitude Re.

Summary

The Senior Associate of Investment Accounting is responsible for the compilation of monthly and quarterly investment data for Fortitude Re which includes analysis of net investment income, realized gains and losses, investment yields, investment balances by asset class, etc. This position will be involved in recording activity into the GL, reconciliations, audit support, and ad hoc projects as the company acquires more blocks of business. This position will report to the Assistant Vice President of Investment Accounting and provide the employee the opportunity for professional development and career advancement with a high growth trajectory.

Key Responsibilities

  • Complete required deliverables for monthly, quarterly and annual close cycle
  • Prepare investment related disclosure exhibits and schedules required for GAAP/ SEC reporting including preparation and compilation of disclosures and footnotes along with related analyses.
  • Work closely with Fortitude Re's investment accounting platform and investment operations to review and resolve issues in data and ensure completeness and accuracy.
  • Assist in complex activities of investment accounting including research and documentation of new investment products or processes through coordinated efforts with business leads and external audit staff.  Provide technical accounting assistance to matrix partners.
  • 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.
  • Participate in special projects, including those related to data integrity, industry guidelines and practices, and rating agency requests
  • Identify and support process improvement projects, particularly those utilizing new technologies.
  • Ensure compliance with internal control procedures and maintenance of evidence of controls. Assists in the review and maintenance of control documentation and ensures all controls are completed timely.
  • Completes and or assists coordination of external auditor, internal audit requests, and state insurance department examinations and appropriate on timely basis evidence of the operation of internal control and other requested information.
  • Actively seeks and proposes methods for continuing process improvements in the reporting, analysis and system functions.
  • Assists on special projects and other duties as assigned.
  • Support Sarbanes Oxley testing of controls across the investment accounting organization including process walkthroughs, controls documentation and ad-hoc analysis
  • Assists in the implementation and monitoring of the NAIC Model Audit Rule.
  • Provide detailed investments data for Economic Balance Sheet calculation and Bermuda reporting
  • Monitor, research and resolve issues related to investment suspense account balance
  • Liaise with internal and external audit teams in order to provide requested information and appropriate evidence of the operation of internal controls

Position Requirements

  • Bachelor’s or Graduate degree in Accounting or Finance with CPA or equivalent accounting certification must
  • Minimum of 5 years of relevant experience in investments within insurance/reinsurance companies with BIG 4 background must or working within BIG 4 on investments within insurance/reinsurance companies
  • Experience managing large volumes of data, with strong general ledger and/or analysis tool systems background
  • Experience with PowerQuery, Alteryx, Tableau or similar products desired
  • Experience using third party platforms - Clearwater or another equivalent platform desired
  • Excellent communication, presentation and interpersonal skills
  • Proven ability to manage multiple deliverables and meet deadlines in rapidly growing environment
  • Proficient in Microsoft Office products, with strong proficient in Microsoft excel
  • Highly motivated and created / strategic thinker
  • Strong management and leadership skills, with the ability to manage processes working with a diverse team across multiple departments and locations
It has been and will continue to be the policy of Fortitude Group Holdings, LLC, its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability, or any other legally protected categories. 
                                                                                                                                                 
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.

Other details

  • Job Family FA - Finance
  • Job Function Associate/Sr Associate
  • Pay Type Salary
Location on Google Maps
  • Jersey City, NJ, USA
  • Nashville, TN, USA