Ceded Reinsurance is a strategic function within AXA XL in charge of defining and implementing the reinsurance strategy as well as administrating all reinsurance treaties through their lifecycle. Ceded Re is part of the AXA XL Risk Management function, the AXA XL Chief Risk Officer being member of AXA XL Leadership team.
Ceded Re Operations team is responsible for the administration of all Treaty Reinsurance business written within AXA XL. Ceded Re Operations is composed of 4 key poles: Technical Operations, Technical Accounting, Data & Operations Reporting and Central Operations.
This role resides within the Ceded Reinsurance Technical Accounting team based in UK & USA, which is responsible primarily for billing of Ceded premium, recovery of Ceded losses, collateral and act as subject matter expert in the Ceded Re transformation plan.
The individual will report to Richard Curley – Manager of Technical Accounting and Credit Control US.
DISCOVER your opportunity
As of Q4 2022, Ceded Re manages $6.9bn of collaterals (LOC, Trust or Funds Held) across 150 reinsurers required to avoid Solvency Capital charge in the US responsible to oversee the effective claims recoveries process of Procede Related business (1/3 of the ceded operations for AXA XL Insurance segment).
This individual will be expected to liaise with internal and external customers to include:
• Internal ESS (Shared Services – India), Actuaries, Finance, Underwriting, Claims, IT and Legal.
• External Core Brokers, Reinsurers, Banks (for collateral purposes) and Auditors
As the Ceded Re Senior Reinsurance Accountant, you will have responsibility for:
Bordereaux Issuance: Oversee the bordereaux release to brokers and reinsurers (Procede related).
· Credit Control and Cash Collection: Manage the ca. $6bn collaterals collection process to minimize Capital Charge in the US and Credit control and cash collection process to ensure fast collection process and avoid bad debt provisions or write offs.
· Building relationships with Core Brokers: Managing the relationship with reinsurers and brokers for collaterals and report any issues in a timely manner.
· Regulatory and Operational Reporting: Contribute to the production and submission of regulatory reporting (e.g. Schedule F in the US) and all operational reporting required (e.g. credit control, RI dashboard, …).
· Contributing or leading appropriately and on time any ad hoc requests from Group (e.g. credit risk exposure), Risk Management (e.g. presentation to the AXA XL Audit, Risk and Compliance Committee or Reinsurance Committee) or finance team (e.g. Tax audits).
· Supporting the management of the collateral process, ensuring proper collateral is in place at year-end for statutory purpose to reduce the Schedule F penalty exposure for Greenwich Insurance Company.
· Support the management of the redesign project to its conclusion at year end 2023 getting all collateral amended to Greenwich as pool leader from XLRA
· Manage the daily activity with regards to collateral decreases and withdrawals, ensuring our clients receive the proper communication regarding the activity around their Letters of Credit, Trusts accounts and Funds withheld as well as the Multi beneficiary trusts.
· Maintain a collateral inventory updated daily with any new activity and the reconciliation of Ceded Re inventory to the Financial Risk Managers monthly report.
· Assisting the development of enhanced reports and reconciliations to streamline the collateral process and report accurate and timely information to both internal and external customers.
· Acquire and command the knowledge of the systems used within the company (Genius, ProCede, Access and Documentum)
· Assist in the management of audits and ensuring that all supporting documentation is delivered in a timely manner to EY, FIC and internal audit.
SHARE your talent
We’re looking for someone who has these abilities and skills:
• Bachelor’s Degree in business, finance, accounting or a related area, or equivalent work experience.
• Experience in Finance and/or (Re)Insurance industry or equivalent combination of training and experience.
• Proven efficiency in ability to multitask, with attention to detail.
• Proficient in Microsoft Office (Excel, Word, Access).
• Display excellent customer relation skills, as well as result driven
• Excellent written and oral communications skills.
FIND your future
AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. For mid-sized companies, multinationals and even some inspirational individuals we don’t just provide re/insurance, we reinvent it.
How? By combining a comprehensive and efficient capital platform, data-driven insights, leading technology, and the best talent in an agile and inclusive workspace, empowered to deliver top client service across all our lines of business − property, casualty, professional, financial lines and specialty.
With an innovative and flexible approach to risk solutions, we partner with those who move the world forward.
Learn more at axaxl.com
Inclusion & Diversity
At AXA XL, we know that an inclusive culture and a diverse workforce enable business growth and are critical to our success. That’s why we have made a strategic commitment to attract, develop, advance and retain the most diverse workforce possible, and create an inclusive culture where everyone can bring their full selves to work and can reach their highest potential. It’s about helping one another — and our business — to move forward and succeed.
Our enterprise I&D mission is to become the most inspiring company to work for. We’ll achieving this through our three areas of focus:
• Drive an Inclusive Culture—create a global workplace that works for everyone, with a culture that values all individuals, backgrounds and ideas, and where every colleague feels safe, valued and respected.
• Diversify Our Workforce—increase the representation of women in leadership, achieving 50% by 2023, and focus on underrepresented populations by region, positioning AXA XL as an employer of choice for all talent.
• Support Our Marketplace & Communities—support our communities and visibly and thoughtfully champion equity around the globe.
Learn more at axaxl.com/about-us/inclusion-and-diversity. AXA XL is an Equal Opportunity Employer.
At AXA XL our approach to corporate responsibility (CR) is the same as our approach to business; constantly seeking to provide innovative solutions to the world’s most complex problems. From offering our expertise, products and services to help build more resilient communities, to advancing understanding and response to climate change, our strategy – Our Impact. Our Future. – aligns key issues that are pertinent to our business – climate, water and financial resilience - and contributes to AXA Group’s purpose to “Act for human progress by protecting what matters.”.
• Climate: We’re reducing our carbon footprint, protecting ecosystems and exploring how our business can help build a better world.
• Water: We’re developing water resilience where it is — and will be — needed most.
• Financial resilience: We’re helping create opportunities for the unemployed and underemployed, so they can be better prepared for unexpected changes.
• Hearts in Action: We have established volunteering and charitable giving programs to help colleagues support causes that matter most to them, known as our “Hearts in Action” programs.
For more information, please see the Corporate Responsibility section on our website.