Reinsurance Associate Jobs

Department: Global Reinsurance

Location: Toronto

Reports To: Senior Manager, Global Reinsurance

Company Overview:

Liberty Mutual Canada is the Canadian operation of Liberty Mutual Insurance Company. We offer a broad suite of commercial insurance products and solutions to mid-size and large Canadian companies with Canadian, North American and/or multinational risks. Liberty Mutual Canada has over 250 employees and services its clients coast-to-coast from our regional offices in Vancouver, Calgary, Edmonton, Toronto, Montreal and Halifax.

At Liberty Mutual Canada, diversity is about all of us. Our promise to you is a culture that is collaborative, rewarding and empowering. We are committed to attracting and retaining employees across all dimensions of diversity and believe that recognizing, appreciating, and applying the unique insights, perspectives and backgrounds of each person cultivates an atmosphere of trust and respect. Diversity, Equity & Inclusion (DEI) is how we do business, and we’ll continue to invest in it to create a stronger global organization.

If you are unsure whether or not your experience matches every requirement below, we encourage you to apply anyway. We are looking for varied and diverse perspectives and experiences that we can add to our team!

Our core values guide all of our decision-making and come to life through our benefits and employee programs. We offer:

• Competitive health & dental benefits plan
• Market-leading pension plan
• An opportunity to get involved and become a member of one of our national employee committees – social responsibility, employee engagement, diversity, equity & inclusion
• A premier flexible work environment (a combination of on-site & remote work) supporting our employees in their pursuit of a healthy work-life balance
• External education & tuition reimbursement programs
• Competitive time off policy
• Employee & Family Assistance Programs

The Opportunity:

Liberty Mutual Canada is looking for a Reinsurance Associate to join the Global Reinsurance team, based out of the Toronto office. Reporting to the Senior Manager, Global Reinsurance, the successful candidate will be responsible for preparing and settling monthly and quarterly reinsurance agreements (of moderate to high complexity) based upon the reinsurance contracts. This role will also be responsible for providing brokers and/or directly placed reinsurers with premium bordereaux, loss bordereaux and summary cession statements, detailing all activity for all existing reinsurance agreements.

Duties and Responsibilities:

• Contacts claims and underwriting staff on all issues requiring their intervention; i.e., coding errors and escalates to senior management, as applicable
• Prepares cheque requisitions and wire transfer requests to settle accounts with brokers and/or reinsurers. Prepares mark-offs when accounts are deemed uncollectible or uneconomical to pursue
• Reviews reinsurance data set and prepares premium bordereaux, loss bordereaux, summary cession statements
• Performs monthly analysis of aged balances and follow-up with brokers as required for collection
• Assists with internal and external audits
• Performs other analysis & accounting related ad hoc projects as required
• Performs treaty setups in GENIUS: tasks include uploading treaties, creating setup files, reviews etc.
• Prepares and sends out DTP files on a monthly basis
• Prepares & maintains documentation of job processes and controls
• Ensures FAC external settlements are made in a timely manner
• Prepares the proof of loss (XOL and FAC) which are sent to brokers and reinsurers for collection
• Assists in the evaluation of contract wordings in order to determine coverage and indemnity owed to loss according to the terms and conditions of the original policy and reinsurance contract
• Performs premium and reinstatement premium uploads as required
• Provides the cash application unit with clear instructions on how to allocate payments being made or receipts being requested
• Reconciles tracking system accounts to general ledger for accuracy of data
• Prepares reconciliation of statements and accounts to system sub ledger accounts to ensure accuracy
• Assists with and/or provide input on process and reporting enhancement initiatives
• Provides oversight & management of the global treaty register

Skills & Qualifications:

• Ability to work with large volumes of data to derive business solutions
• Experience working with automated accounting and reporting systems
• Strong attention to detail is required.
• 1 - 2 years of related work experience preferred, ideally with exposure to reinsurance concepts
• Strong oral and written communication, presentation and customer service skills
• Strong working proficiency with Microsoft Office Suite windows-based applications (Excel and Access being the key applications)
• Ability to identify and solve problems based on analysis (start to finish concept)
• Broad knowledge of reinsurance concepts, products and processes is an asset

Liberty Mutual Canada is committed to fostering an inclusive, accessible environment where all employees feel valued and supported. We are committed to building a workforce that is representative of the communities we operate in and serve. If you require an accommodation for the recruitment/interview process due to a disability (which may be invisible or visible, temporary or permanent), please let us know and we will work with you to meet your needs.