Senior Accountant

Mitsui Sumitomo Insurance Group (MSIG) is one of the world’s top ten property/casualty insurance carriers with over 38,000 employees worldwide. MSIG insures large multinational and domestic companies, and offers comprehensive global insurance programs.  Our US subsidiary, Mitsui Sumitomo Marine Management (MSMM), currently has an opportunity available for a Senior Accountant to work in our Warren, NJ office.

Summary: This individual will participate in the compilation of Statutory, GAAP and IFRS financial statements and exhibits for three insurance companies and affiliated non-insurance companies (including consolidation).  Analyzes results of operations and financial position, loss development trends, and other key indicators.  Will be a key participant in compilation/analysis of corporate ultimate loss factors.

Essential Duties and Responsibilities include the following. [Other duties may be assigned.]

Statutory Financial reporting:

• Perform monthly IBNR calculations using extensive Excel spreadsheets.  Compile workpapers for quarterly IBNR discussions by financial department managers/staff. Prepare reporting package for distribution to Reserve Committee. Allocate Ceded IBNR to reinsurers.
• Monthly accounting for Real Estate
• Calculate quarterly Bulk ULAE
• Provide applicable data to actuaries for loss reserve review in 2q, 3q and 4q
• Participate in financial audits/reviews with E&Y. Respond to all applicable audit requests timely and accurately.
• Reconcile intercompany balances due
• Review Mandated Pool books of business.
• Quarterly accounting for ADIA personal lines book of business
• Quarterly accounting for GCM book of business. Prepare documents for reporting to reinsurer on a monthly basis.
• Quarterly accounting for new Amlin related books of business. Analyze new statements received, coordinate processes with Underwriting, and prepare any necessary documents for reporting to reinsurer on a monthly basis.
• Compile monthly fluctuation analysis on direct and ceded premiums
• Compile large claim reports to assist Claims Department in assessing Bulk IBNR amounts.

GAAP Financial reporting:

• Prepare GAAP financial statements including journal entries, consolidation worksheets and BOD reports
• Interpret new GAAP requirements and incorporate into quarterly financial statements and annual audited disclosures.
• Prepare Diva package for MSI-Japan in accordance with due dates provided
• Prepare GAAP financial package  for audit by E&Y
• Monthly accounting for TPA Ocean marine business
• Quarterly accounting for Seven Hills Agency. 
• Quarterly accounting for former MSIRM TPA business
• Prepare and file Department of Commerce MSIGH filings
• Complete Asset Impairment Test for assigned assets

Regulatory reporting/compliance:

• Responsible for compilation of Schedule P in the Annual Statements including all reconciliations to loss triangles and ledger. Analyze results to determine driving factors in favorable/unfavorable loss development.
• Prepare assigned state filings
• Prepare Risk based Capital calculation annually
• Compile quarterly statement Part 3. Analyze results to determine driving factors in favorable/unfavorable loss development.
• Research, interpret and apply statutory literature to ensure compliance with regulatory requirements. 

Other:

• Responsible for in depth understanding and analysis of corporate results.  Perform trend analysis, research and analyze issues of strategic significance and prepare financial models.
• Document new procedures.  Update existing procedures as needed.
• Research new IFRS requirements and help implement this new accounting standard.
• Perform annual department Self Audit including writing the test plan, performing the test and compiling the audit report
• Provide special project support as needed.

Education and/or Experience                                                    

• Bachelor's degree in Accounting or Finance from four-year college or university; with a minimum of 5 years’ related accounting experience
• Insurance experience is preferred. 
• IFRS knowledge is highly desired

Computer Skills                                                               

To perform this job successfully, an individual should have strong knowledge of Accounting software (ex: Pro G/L, eFreedom Annual Statement software); MS Excel Spreadsheet software (including pivot table functionality) and MS Word software. 

Knowledge of WINS (policy, claims, reinsurance software) and Advanced Query Tool software are helpful but not required

Certificates, Licenses, Registrations

None required, CPA designation helpful

Other Skills and Abilities                                                            

• Understanding of both accounting theory and practice.
• Ability to multi-task.
• Effective interpersonal and presentation skills.
• Strong organizational, motivational and decision making skills.

Other Qualifications                                                     

Overtime required as necessary.  (January - March mandatory including Saturdays in January and February)

JOB OVERVIEW