AVP, Expense Management

Nashville, TN, USA Req #378
Friday, May 6, 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.

Position Summary

The AVP of Expense Management is responsible for the development and execution of the expense allocation methodology between legal entities and lines of business, the implementation and application of the expense allocation methodology within the general ledger, and the ongoing reassessment of the allocation methodology with transformational changes in the company. The AVP of Expense Management will be a key contributor to the budgeting and forecasting of expenses in line with anticipated growth, as well as the monthly and quarterly assessment of expense results for FGH Parent and subsidiaries. This position will be involved in building out the expense accounting internal control environment to a public company standard.

The ideal candidate must have expense allocation and reporting experience as well as public company Sox controls experience. This position requires the business and financial acumen to handle complex situations. This position will report into the Expense Controller.

Key Responsibilities:

  • Develop, create, and execute a strategic vision for continuously upgrading the expense allocation infrastructure, automating processes, and simplifying the operating model.
  • Establish the allocations framework by partnering with the Controllers and Finance Transformation organizations.
  • Partner with various internal organizations to provide support for required expense data, inclusive of the Actuarial organization in relation to providing the necessary expense inputs to facilitate cash flow testing.
  • Establish and maintain a transfer pricing methodology. Assist with review of the transfer pricing documentation and quarterly cost allocations.
  • Build out financial reporting process and controls to support the expense allocation framework to a public company standard.
  • Assist in the performance of quarterly expense controls supporting the internal control environment.
  • Assist in the preparation and analysis of quarterly and annual expenses in comparison to historical and forecasted results.
  • Assist in expense related preparation of quarterly earnings reports, MD&A and annual audited financial statements including footnotes, statutory filings (Blue Books, Yellow Books and Green Books) and rating agency reporting.
  • Facilitate and assist with external audits, related testing and the completion of audit work papers.
  • Review and compile expense data including posting general ledger entries for various expense related activity under both GAAP and STAT accounting.

Position Requirements

  • Minimum 5 years accounting experience, with 2 or more years of expense management and allocation experience with an insurance company.
  • Professional accounting designation - CPA preferred.
  • Expense reporting and public company controls experience required.
  • Demonstrated strong analytical and project management skills.
  • Demonstrated ability to apply U.S. GAAP and STAT expense related accounting principles and reporting.
  • Experience with Life, Annuities and Property Casualty lines of business highly preferred.
  • Experience with SAP general ledger and SAP Analytics highly preferred.
  • 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 partners, including accounting, compliance, actuarial, management, and systems personnel from junior staff to executive level.
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 AVP
  • Pay Type Salary
Location on Google Maps
  • Nashville, TN, USA