Senior Associate, Investment Accounting

Jersey City, NJ, USA ● Nashville, TN, USA Req #463
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 primarily responsible for the STAT reporting for investments, compiling preparation of Bluebook/ Green schedules, and prepares IMR (Interest Maintenance Reserve) and AVR (Asset Valuation Reserve) calculations. 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

  • Compilation / review of STAT reporting for investments, including NAIC annual and quarterly statements and related analysis, ensuring completeness, accuracy and the timely delivery of completed results. Also provides analysis of results for variance in trends and against expected results.
  • Assist the Assistant Vice President of Investment Accounting in interpretation of NAIC reporting requirements/ instructions and prepare accounting analysis and conclusions on application of STAT accounting and reporting issues.
  • Preparation / compilation of Bluebook schedules, which include Schedule D, DB, B, and/or BA
  • Preparation of IMR (Interest Maintenance Reserve) and AVR (Asset Valuation Reserve) calculations.
  • Provide support for the NAIC Ratings and SVO process.
  • Completion of surveys and regulatory reporting and RBC schedules requirements.
  • 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.
  • 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.
  • 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.
  • Provide detailed investments data for Economic Balance Sheet calculation and Bermuda reporting
  • Monitor, research and resolve issues related to investment suspense account balance


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 for reinsurance/insurance companies with BIG 4 background preferred
  • 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
  • Experience using SAP General Ledger system and Statutory Financial Reporting Software: WINGS desired
  • Excellent communication, presentation and interpersonal skills
  • Proven ability to manage multiple deliverables and meet deadlines in rapidly growing enviornment
  • 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