With a company culture rooted in collaboration, expertise and innovation, we aim to promote progress and inspire our clients, employees, investors and communities to achieve their greatest potential. Our work is the catalyst that helps others achieve their goals. In short, We Enable Possibility℠.
POSITION SUMMARY
The position is responsible for all accounting tasks which include recording premiums produced by the Agent and losses handled by claims, along with applying cash relating to open receivables. This position will be assigned a group of programs and will interact with other Arch departments (Underwriters, Operations, Claims, IT and Corporate Finance) and Agency underwriting the business.
RESPONSIBILITIES AND ACCOUNTABILITIES
- Produce timely and accurate financial reporting of their assigned accounts.
- Process all premium and cash activity for assigned programs.
- Interact with the units Underwriters to verify premium and commission
- Update premium receivables for all assigned programs.
- Process cash received monthly and apply to the open premium receivable balances.
- Calculate related reinsurance transactions according to contracts.
- Prepare variance analysis.
- Prepare Reinsurance Statements monthly.
- Process all Reinsurance related cash activity and update applicable sub-ledgers.
- Prepare monthly reconciliation of sub-ledgers to general ledger.
- Correspond with Agents on discrepancies regarding premiums, cash payments, and commission differences.
- Prepare manual adjustments for Quarter Closing process.
- Produce Quarterly P&Ls for the respective business assigned.
- Assist with financial audits of Agents when applicable.
- Ensuring that the Agent is in compliance with the Terms of the Agency Agreement.
- Participate in special projects
REQUIRED SKILLS AND ABILITIES
- Strong working knowledge of various systems especially Excel, Word, and Power BI
- Working knowledge of ERPs (preferably Workday)
- Ability to improve and evaluate processes to identify opportunities for improvement
- Strong verbal and written communication skills
EDUCATION/EXPERIENCE
- Bachelor’s Degree in Accounting preferred
- 2-5 years experience working in Accounting/Finance with emphasis on the insurance/reinsurance industry
For individuals assigned or hired to work in California, Colorado, Hawaii, Jersey City, NJ; New York State; and/or Washington State, the base salary range is listed below. This range is as of the time of posting. Position is incentive eligible.
$61,500 - $79,900/year
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Total individual compensation (base salary, short & long-term incentives) offered will take into account a number of factors including but not limited to geographic location, scope & responsibilities of the role, qualifications, talent availability & specialization as well as business needs. The above range may be modified in the future
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Click here to learn more on available benefits
Do you like solving complex business problems, working with talented colleagues and have an innovative mindset? Arch may be a great fit for you. If this job isn’t the right fit but you’re interested in working for Arch, create a job alert! Simply create an account and opt in to receive emails when we have job openings that meet your criteria. Join our talent community to share your preferences directly with Arch’s Talent Acquisition team.
14400 Arch Insurance Group Inc.
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What We Do
Arch Capital Group Ltd. (Arch Capital or ACGL), a Bermuda public limited liability company, writes insurance and reinsurance on a worldwide basis through operations in Bermuda, the United States, Canada, Europe and Australia, with a focus on specialty lines. Arch Capital Services LLC is owned by ACGL and provides corporate, legal and other support services to Arch Capital.
ACGL provides insurance, reinsurance and mortgage insurance on a worldwide basis through operations in Bermuda, the United States, Canada, Europe, Australia and Hong Kong.
