Reinsurance Accounting Analyst in at Clear Blue Insurance Services Puerto Rico LLC

Position Description:

The Reinsurance Accounting Analyst is responsible for monitoring, reconciling and reporting reinsurance recoverable across multiple programs, ensuring collection on current and aged outstanding balances. The Analyst collaborates closely with cross-functional finance teams and provides support to senior management through financial analysis, audit involvement and special financial projects.

KEY RESPONSIBILITIES

Reinsurance Recoverable

• Manage the collection process of reinsurance recoverable in coordination with the Supervisor, including follow-up with internal departments and external counterparties until collection is completed.
• Review Schedule reinsurance recoverable, funds held, and related accounts across insurance carriers and Condado, identifying discrepancies and assisting with explanations to support monthly adjustments.
• Collaborate with Program Accountants, Accounts Receivable, and Credit Risk teams to resolve inquiries, disputes, and discrepancies related to reinsurance recoverable and funds held collections.
• Monitor the aging of reinsurance receivables and proactively follow up on overdue balances to support timely collection.
• Reconcile reinsurance recoverable across MGAs and reinsurers, ensuring accurate tracking and reporting of collectability status in coordination with Underwriting Operations and Funding teams.
• Support the development and execution of action plans to recover reinsurance assets, including escalation of overdue balances when necessary.
• Prepare regular reporting on recoverable balances, collection status, and risk exposure for management review and quarterly presentations.
• Maintain proper supporting documentation for internal and external audits by providing timely documentation, analysis, and explanations related to reinsurance recoverable activities.
• Prepare and issue invoices to MGAs, brokers, or TPAs related to reinsurance charges, as needed, and follow up to ensure timely collection.
• Provide support for financial analysis and special accounting projects for senior leadership, including the CAO and CFO.

Reinsurance Accounting Operations

• Assist in the preparation of monthly reinsurance reconciliations for carriers and Condado.
• Collaborate in validating that ceding percentages from quota share agreements are accurately recorded in the financial system and that the corresponding agreements are properly maintained in the Reinsurance Clear Blue shared folder.
• Prepare and record journal entry reclassifications, monthly broker statements, reinsurer settlements, and wire transfer requests related to cash calls and claim funding to support accurate financial reporting and the reinsurance reconciliation process for carriers and Condado.
• Support the reconciliation of Condado bordereaux against broker statements to ensure accuracy and alignment with the general ledger (GL).
• Maintain and update the tracking dashboard for pending agreements, providing key performance indicators (KPIs) and monitoring quota share agreements.

Process Improvement

Contribute to the development and implementation of process improvements to streamline reinsurance accounting workflows, reduce processing time and enhance operational efficiency.

EDUCATION AND QUALIFICATIONS

• Bachelor’s degree in accounting or finance
• 2+ years of relevant business experience
• Property and casualty insurance experience is a plus.
• Proven knowledge of GAAP and STAT accounting principles, practices, standards, laws and regulations.
• Advanced computer skills in MS Office, accounting software and databases.
• High attention to detail and accuracy.
• Strong organizational skills
• Performance and results oriented with proven execution with tight deadlines

ADDITIONAL SKILLS

• Fully Bilingual in English and Spanish. Ability to read, and analyze, insurance transactions. Ability to effectively present information in an articulate, persuasive, and decisive manner.
• Ability to handle mathematical calculations.
• Ability to define problems; collect data, establish facts, and draw valid conclusions.
• Ability to work and interact with departments throughout the organization
• Time management
• Excellent attention to detail.
• Work well in a team environment
• Able to maintain confidential information.
• Fast learner

This description is intended to provide only basic guidelines for meeting job requirements. Responsibilities, knowledge, skills, abilities and working conditions may change as needs evolve.