About Kuvare:
Kuvare Services Bermuda Ltd. (“KSB”), a Bermuda based service provider to affiliated and unaffiliated regulated Bermuda domiciled long-term reinsurers, is seeking a Manager, Investment Accounting & Reporting to support KSB's continued growth in business originating from the US and internationally. The successful candidate will be a key member of the finance team, supporting KSB and its affiliates.
The Manager, Investment Accounting & Reporting, is responsible for ensuring the proper accounting and reporting for KSB's complex portfolio of investments, performing detailed analysis of investment results and communicating to senior management. The person in this role is a critical partner with the TPAs, cedents, brokers and investment advisors/managers and is responsible for the accuracy of the investment information in regulatory filings and the financial statements and related disclosures. This role also interacts with broader Finance, Treasury, Investment Accounting, Actuarial and Investments teams within the Kuvare group to provide investment information that is complete, accurate, and timely.
About the role
This role may be US based in Rosemont, IL, or Bermuda based in the City of Hamilton. Depending on location, this role will either report to the AVP, Investment Accounting in Kuvare Corporate Management, or to the VP, Financial Controller, in KSB's Finance team. Duties and responsibilities include, but are not limited to:
Financial Reporting and Analysis
Responsible for investment reporting and analysis on a US Statutory (US STAT), US GAAP and Bermuda Economic Balance Sheet (EBS) basis
· For each monthly, quarterly and annual reporting period, review and challenge the investment data received from the TPAs and/or cedents. Review all data for completeness and accuracy while also gaining an understanding of underlying drivers of investment results and communicate to senior management
· US GAAP footnote disclosures on a quarterly basis including support provided to outside auditors
· Oversee the coordination of the automated feeds of investment data from the TPA's into the quarterly financial statements
· Preparation of risk-based capital on a quarterly and annual basis related to investment results
· Ensure data integrity of financial data
· Work with custodians and brokers to obtain investment data and resolve issues related to reconciling items
· Onboarding of internally managed securities
· Cash flow analytics on a quarterly basis
· Prepare materials and management reports for periodic BOD meetings
· Ensure timely clearing of suspense items and items in the payables and receivables accounts
· Track limited partnership activity and reconcile to financial statements ensuring mark to market accounting is processed correctly
· Derivatives / Hedging
· Prepare accruals and journal entries, reconcile sub-feeds and record data in the GL
· Analysis of investment financial results on a US GAAP and EBS basis – including working with various areas such as risk/actuarial, internal/external investment managers, operations, etc.
· Reconcile investment balance sheet accounts from various data sources. Develop, document and implement controls and procedures in accordance with Sarbanes-Oxley
· Monthly and quarterly compliance in accordance with various internal and external investment guidelines
· Ad-hoc support in other areas of Finance, Treasury, Investments, Actuarial, Risk and Operations as required.
Valuation
· Review the investment portfolios on a quarterly basis and evaluate for potential impairments on a US STAT and US GAAP basis and work closely with the members of the Impairment Committee and Investment teams to determine the amount of any OTTI, if any
Relationship Management
· Liaison with the Company's Treasury and Investment teams in addition to other external investment partners
· Maintain structure of the GL/other data systems to meet KSB's current and future reporting requirements
· Understand all investment related policies, including accounting, valuation, impairments and investment operational processes
Qualifications
Experience
· Bachelor's degree with a concentration in finance, economics, accounting or related field
· CPA, CFA and/or MBA is strongly preferred
· 5-7 years of investment accounting experience, with at least half of the experience managing an investment accounting function within the (re)insurance industry
· Experience with life insurance, annuity products and/or reinsurance is desired
Experience at a Bermuda based (re)insurer, captive manager or audit/consulting firm working with Bermuda based (re)insurers is desired
Skills/Competencies
· Strong communication and interpersonal skills
· Ability to collaborate with key partners and business leaders
· Proven track record of constant process improvement and innovation
· Demonstrated ability to deliver results under pressure in under tight timeframes
· Strong understanding of complex investments, including but not limited to: derivatives, private placements, commercial mortgage loans, private equity securities
· An in-depth knowledge of financial reporting and related close cycle in the general ledger
· Expertise in accounting systems and controls typically found in the (re)insurance industry
· Solid understanding of the accounting requirements for investment products in accordance with US STAT and GAAP accounting principles
Familiarity with the Bermuda EBS / BSCR framework desired [ND1] Demonstrated experience and advance skills working with and manipulating data using spreadsheets (Excel) and software skills (Bloomberg), including macros. Database experience would be a plusWillingness and capacity to work overtime including evenings, weekends, and public holidays to meet deadlines and on short notice is essential
Physical Demands
Normal office working environmentOccasional evening and weekend hours to meet deadlinesAbility to sit for extended periods of timeAbility to type / perform data entryAbility to read from a computer screen and paper reportsExpress ideas and otherwise communicate with the spoken word
Kuvare is an equal-opportunity employer that makes hiring decisions based on merit, qualifications, and business need. We are dedicated to a policy of nondiscrimination in employment on any basis, including age, sex, color, race, creed, national origin, religious persuasion, marital status, political belief, or disability that does not prohibit performance of essential job functions. We encourage all qualified candidates to apply.
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