Director, Reinsurance Projects

At Legal & General America (LGA), we aim to make a positive difference in the lives of our customers, partners, colleagues, and the communities in which they live. As a recognized market leader of term life insurance, we're working to transform our business through innovation and technology to provide products and solutions that help American families secure their financial futures.

We are a future-focused company, passionate about what we do and how we do it. This means working with pace and energy to reach our goals and challenging ourselves to achieve more. We strive to create a unique environment where balance between work and life is possible. Our employees' passion, dedication and hard work, as well as our career development opportunities, benefits, and employee activities contribute to our positive workplace culture.

Provide leadership and functional expertise specific to the development, operationalization, and on-going reporting of accounting and financial reporting of new and existing reinsurance transactions for Legal & General America's wholly owned insurance subsidiaries (collectively, "LGA" or the "Company"). Effectively and efficiently plan, organize, coordinate and control the reinsurance requirements of the Company.

Accounting activities will include researching and documenting technical reinsurance accounting, settlement administration, and establishment of policies, practices and procedures. Financial reporting activities will include LGA submissions to Legal & General (L&G) and its non-LGA subsidiaries (LGAR, LGRe I and/or LGRe II) for consolidation under International Financial Reporting Standards (IFRS) and stand-alone U.S. Statutory (US Stat) and/or Bermuda statutory/regulatory (Bermuda stat) bases, including capital impacts. Actively participate in the design, development, implementation and maintenance of reinsurance processes, systems, data and personnel.

Present technical accounting assumptions and impacts to L&G/LGA governance bodies, state and other countries' equivalent regulators, and external audit firms (e.g. KPMG).

* Direct development of, implementation of, and on-going reinsurance reporting and settlement administration. Includes detailed review of monthly and quarterly settlement statements in conjunction with Investment Accounting, Financial Reporting, Accounting Operations, Actuarial Valuation, Corporate Modeling, and LGRA Strategy and Finance team(s) as the situation warrants.

* Author and present governance documents to ensure understanding of reinsurance treaty policies, positions, and accounting are documented and well-vetted by all parties. Governing bodies may include L&G Technical Review Committee, LGA Audit Committee, LGA Asset Liability Committee (ALCO), and LGA Assumption Governance Committee, LGAR Board of Directors and/or Risk/Compliance/Investment Committee, or equivalents. Provide insights, including U.S. and Bermuda capital impacts, to members of Finance, Investments, Tax, Legal and Actuarial teams. Direct completion of relevant detailed LGA positions and/or accounting practices and policies.
* Review and interpret regulations and provide technical reinsurance accounting guidance in coordination with Financial Reporting and Accounting Policy team.
* Direct team's strict adherence to terms of reinsurance agreements upon recapture or other termination of reinsurance treaties, including development of materially accurate impact assessments for senior leadership action. Lead team to exercise same discipline over terminations as for onboarding reinsurance treaties, including issuance of accurate and timely final settlement sheets, final position papers for governance bodies and auditors, and final accounting and reporting.

* Lead establishment and on-going maintenance and enforcement of rigorous and robust internal controls surrounding reinsurance settlements, accounting, and reporting.

* Lead interpretation of all reinsurance treaty inbound and outbound reporting requirements to ensure adherence to treaty requirements, including collateral management, creating efficient processes to ensure all aspects are executed accurately and timely.
* Drive continuous process improvements in reinsurance onboarding, on-going reporting, and recapture or other termination. Work cross-functionally to ensure the efficient and accurate onboarding of new reinsurance agreements and continuously improve the accuracy and timeliness of reporting of both new and existing reinsurance agreements. Engage Finance Reimagination team when possible to promote process improvements, including automation of data collection and reinsurance processes and reporting.
* Develop and implement periodic reporting to parent company for consolidation/coordination with affiliate companies to ensure intercompany reinsurance transactions are properly recorded/eliminated.

* Direct the timely and effective resolution of reporting issues regarding accuracy, timeliness, and regulatory compliance of all reinsurance settlements and resultant accounting

* Develop analyses of IFRS, US Stat and Bermuda stat financial results of the various reinsurance treaties and work with other members of Finance to explain such results to executive management. Develop, implement and monitor key performance indicators to continuously assess operational efficiency and effectiveness.

* Direct review of quarterly/annual reinsurance financial reporting under IFRS, US Stat and Bermuda stat bases of accounting as presented in quarterly and annual statutory statements, footnotes, supporting documents, and schedules.
* Direct response or respond to internal and external audit and actuarial consultant requests related to reinsurance accounting.

* Direct response or respond to Regulator (ex: MIA, NYSDFS, PRA, BMA, Japanese FSA) requests related to reinsurance accounting.

Education:
BS in Accounting or equivalent four-year college degree
CPA or compensating experience

Experience/Knowledge:
* 10-15 years cumulative relevant accounting experience, including 5-10 years managerial/supervisory or other leadership financial and management accounting experience
* Knowledge of life insurance reinsurance regulations for IFRS and US Stat; Bermuda stat a plus
* Public accounting experience preferred
* Financial statement preparation or audit background
* Insurance industry accounting experience required, specifically knowledge of reinsurance accounting for complex reinsurance agreements (example: Funds withheld coinsurance, Modified coinsurance, combined Coins/Modco)

What's in it for you?

The expected hiring compensation range for this position is $136,800 - $188,100 annually. This position is a eligible to be remote.

The total compensation package for this position may include other elements, such as a sign-on bonus, long term incentives, and annual bonuses. This role is eligible to participate in the Legal & General America Annual Incentive Plan. The current target payment for the position is 20% of base salary, modified for corporate and individual performance. Bonuses are pro-rated based on start date. This role has 20 vacation days and 10 sick days that are accrued on a bi-weekly basis. Employees also have 9 paid holidays throughout the calendar year.

We have a competitive compensation and benefits package focused on your overall wellbeing. Employee benefits include health, life, and dental insurance; 401K with company match up to 6% as well as a pension package; generous time off; and wellbeing initiatives throughout the year (we like doing fun stuff). We're big on professional development and we'll support and mentor you in your career progression and expect you to help us pay it forward by helping us develop tomorrow's leaders and growth-focused professionals. We value our teams and our communities and believe in giving back. Enjoy time off to volunteer for those causes that matter most to you!

If hired, employee will be in an "at-will position" and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, Company or individual department/team performance, and market factors. The Company reserves the right to change benefits plans at any time.

We are an equal opportunity employer and value diversity at our company. We do not discriminate based on race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. Please contact us to request accommodation.