You have a clear vision of where your career can go. And we have the leadership to help you get there. At CNA, we strive to create a culture in which people know they matter and are part of something important, ensuring the abilities of all employees are used to their fullest potential.
The Reinsurance Analyst position resides in the Reinsurance Services team and will support a number of key operations within the team. The Analyst will assist with captive and asset management. The broad range of support will present a great opportunity to learn how Insurance and Reinsurance works in the global market. It will also provide the chance to develop new technology skills and welcomes problem solving ideas/solutions for process improvement.
**Open to candidates that are new college grads to those with 1-2 years of experience.
JOB DESCRIPTION:
Under broad supervision, investigates, analyzes, and processes assumed and ceded reinsurance accounts working within specific limits of authority and utilizing policies and guidelines, reviews treaties, determines liability and compensability determines balances due to and from brokers/reinsureds/reinsurers, notifies and pursues outstanding, assumed, and ceded balances in accordance with applicable reinsurance contract terms and conditions.
Essential Duties & Responsibilities:
1. Verifies the accuracy and reasonableness of accounts through analysis of contractual requirements.
2. Analyzes, exposure/cession based rates/thresholds, limits/retentions, annual aggregate deductibles/limits, loss corridors, funds held/withheld, application of experience adjustments, monitoring large losses, and interfaces with the reinsurance claims area..
3. Works on complex domestic and international assumed and ceded reinsurance accounts under Treaty and/or Facultative certificates for recovery of outstanding assumed and ceded balances due the company, including claim and billing statement generation.
4. Researches, interprets and analyzes facts and applies insurance and reinsurance concepts to understand coverage and income/liability issues.
5. Pursues recovery of the balances of reinsurance accounts working with brokers / reinsureds / reinsurers; explains coverages and income opportunities and liabilities to influence the companys position.
6. Provides guidance and assistance to less experienced reinsurance accounting staff and other functional areas.
7. Monitors aging of outstanding assumed and ceded balances initiates corrective action to ensure payment may include responsibility for Letter of Credit/ collateralization..
8. Prepares monthly disbursement file for payments and recommends a final payout after account reconciliation.
9. Account reconciliation may include but is not limited to comparison of internal and external records; including broker websites, data repositories, payment and account current statements.
10. Ensures all processes are in compliance with SOX requirements. May make recommend process improvement on assumed and ceded reinsurance accounts, and claims policies and processes.
Reporting Relationship:
Manager or above.
Skills, Knowledge and Abilities:
1. Strong knowledge of insurance/reinsurance accounting/claims principles, practices and procedures.
2. Good interpersonal and communication skills. Ability to effectively interact with all levels of CNAs internal and external business partners.
3. Ability to work independently.
4. Strong analytical and problem solving skills.
5. Ability to exercise independent judgment and effectively resolve assumed and ceded reinsurance issues within scope of responsibility.
6. Knowledge of Microsoft Office Suite and other business-related software.
Education and Experience:
1. Bachelors degree in accounting or finance preferred.
2. Typically a minimum of two years of accounting and/or reinsurance experience.
3. Related course work towards professional designation of Associate in Reinsurance is desirable.
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In certain jurisdictions, CNA is legally required to include a reasonable estimate of the compensation for this role. In District of Columbia,California, Colorado, Connecticut, Illinois, Maryland, Massachusetts, New York and Washington, the national base pay range for this job level is $47,000 to $78,000 annually. Salary determinations are based on various factors, including but not limited to, relevant work experience, skills, certifications and location. CNA offers a comprehensive and competitive benefits package to help our employees – and their family members – achieve their physical, financial, emotional and social wellbeing goals. For a detailed look at CNA’s benefits, please visit cnabenefits.com.
CNA is committed to providing reasonable accommodations to qualified individuals with disabilities in the recruitment process. To request an accommodation, please contactleaveadministration@cna.com.
