Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every four Fortune 500 companies. They work with FM to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection.
Summary
This position is part of the Ceded Reinsurance Payables and Loss Recoverables team and is responsible for the administration, analysis, reconciliation, and settlement of ceded reinsurance premium and loss recoverable transactions. The role supports the financial integrity of ceded reinsurance treaty facilities by reviewing complex reinsurance transactions, validating contract provisions, preparing and reconciling account balances, and ensuring the accurate and timely settlement of obligations with reinsurers and brokers. The individual will work closely with Underwriting, Claims, Treasury, Financial Reporting, Technology, and external business partners to resolve discrepancies, support reporting requirements, participate in system enhancements, and contribute to process improvement initiatives. This position requires strong analytical skills, attention to detail, and the ability to interpret reinsurance agreements and financial data
Schedule and Location
This position is based in Johnston, RI and follows an office-based work model. Flexibility for remote work one day per week, either Tuesdays or Fridays, based on business needs.
Responsibilities
Review, analyze, and process ceded reinsurance premium billings and loss recoverable collections in accordance with treaty contract terms.
Reconcile ceded reinsurance subledger balances to the general ledger and investigate variances.
Analyze underlying claim activity and supporting documentation to ensure accurate recovery calculations and billings.
Prepare journal entries, account reconciliations, and supporting schedules for monthly, quarterly, and annual financial close processes.
Monitor and track outstanding balances, aging items, and settlement activity with reinsurers and brokers.
Research and resolve accounting, contractual, and operational discrepancies related to reinsurance transactions.
Support internal and external audits by providing documentation, explanations, and analysis of reinsurance transactions.
Assist with statutory, management, and regulatory reporting requirements related to ceded reinsurance activities.
Participate in system testing, implementation projects, interface validations, and process improvement initiatives.
Develop and maintain reporting and analytical tools to enhance operational efficiency and financial transparency.
Collaborate with cross-functional teams including Claims, Underwriting, Treasury, Accounting, and Technology to support business objectives and resolve issues.
Required Education
Bachelor’s degree and or equivalent work experience.
Required Work Experience
3+ years experience of general accounting/financial reporting experience.
Required Skills
Knowledge of general accounting principles and practices.
Proficiency with financial systems and standard software applications (PeopleSoft; Microsoft Excel, Access, PowerPoint, and Word).
Strong analytical, problem-solving, and organizational skills.
Ability to review large volumes of transactional data and identify discrepancies.
Strong written and verbal communication skills.
Ability to manage multiple priorities and meet deadlines in a fast-paced environment.
Experience with reconciliation, financial reporting, and general ledger systems.
Preferred Skills
Experience in insurance, reinsurance, accounting, or financial operations.
Knowledge of ceded reinsurance concepts, contracts, and settlement processes.
Familiarity with data analysis and reporting tools.
The final salary offer will vary based on individual education, skills, and experience. The position is eligible to participate in FM’s comprehensive Total Rewards program that includes an incentive plan, generous health and well-being programs, a 401(k) and pension plan, career development opportunities, tuition reimbursement, flexible work, time off allowances and much more.
FM is an Equal Opportunity Employer and is committed to attracting, developing, and retaining a diverse workforce.