Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world’s leading providers of legacy reinsurance solutions. They work with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $55 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group. Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Re’s roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Re’s leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities. Their deep insurance experience and proprietary risk modeling capabilities allow them to structure bespoke transactions that benefit both insurance companies and their policyholders. Fortitude Re continues to strengthen its ability to pursue further growth and provide innovative solutions for the global insurance industry. Click here for more information about Fortitude Re.
The AVP of Investment Accounting is responsible, along with other AVPs for managing the month-end and quarter-end close of all investment accounting and reporting for the company’s complex portfolio of investments, performing detailed analysis of investment results and communicating to senior management under both GAAP and Statutory (US STAT) reporting. This position will be involved in overseeing the investment component of periodic settlements of reinsurance and funds withheld transactions. This position includes conformance with the investment accounting internal control environment under Sarbanes Oxley and NAIC Model Audit Rule. This position will be involved in managing and reviewing activity in the GL, reconciliations, audit support, and ad hoc projects as the company acquires more blocks of business. This position requires the business and financial acumen to handle complex situations. This position will report into the Vice President of Investment Accounting.
What You Will Do:
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Prepare ASC 810 consolidation analyses on private equity investments each quarter. Liaise with key stakeholders to evaluate the private equity structures.
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On a quarterly basis, perform detailed analysis and overview of the private credit portfolios to ensure appropriate valuation and classification.
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Work closely with the office of the Chief Investment Officer to evaluate new asset allocations and classification.
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Review the investment holdings data that supports the periodic reinsurance settlements. Participate in monthly settlement calls and explain the movements in the relevant investment portfolios.
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Perform quarterly control reviews as outlined within the Company’s Investment Accounting Risk Control Matrix.
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Manage and assist compilation of quarterly and yearly footnotes, MD&A, Statutory investment exhibits, debt reporting covenants, valuation committee and audit committee reports.
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Facilitate and assist with internal and external audits, related testing and the completion of audit work papers.
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Explain fluctuations in portfolio movements to Management.
What You Will Have:
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Bachelor’s or Graduate degree in Accounting or Finance with CPA or equivalent accounting certification must.
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Minimum 8 years accounting experience, with 4 or more years of investment accounting experience with an insurance/reinsurance.
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Knowledge of investment products, including public and private Fixed income, equity, derivatives, and foreign exchange instruments is important. The ideal candidate must have investment reporting experience.
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Experience working with asset managers is preferable.
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Experience with Life, Annuities and Property Casualty lines of business is important.
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Demonstrated strong analytical and project management skills.
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Demonstrated ability to apply U.S. GAAP and STAT investment accounting principles and reporting.
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Proven track record for exceeding expectations on various, simultaneous projects with tight deadlines.
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Capable of communicating and expressing ideas clearly and concisely, in both written and verbal formats.
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Proficient in Microsoft Office products, with strong proficiency in Microsoft Excel
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Ability to build and maintain working relationships with internal and external asset managers, accounting, compliance, actuarial, management, and systems personnel from junior staff to executive level.
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Experience with Clearwater investment accounting platform highly desired.
#LI-Remote
The base salary range for this role is listed below and will be commensurate with candidate experience. Pay ranges for candidates may differ based on the cost of labor in that location. In addition to base salary, all employees are eligible for an annual bonus based on company and individual performance as well as a generous benefits package.
What We Offer:
We offer competitive benefits in a fast-paced, dynamic and nimble culture including:
- Unlimited PTO policy
- Up to 12 paid company holidays
- Up to 16 hours per year of paid volunteer time
- Competitive 401(k) plan - US Employees Only
- Paid parental leave
- Learning and Development Stipend
- Mental Health and Wellbeing support
- Health, vision, dental, and life insurance with additional access to health and wellness programs
- Flexible working environment
- Actuarial Exam Support through our Actuarial Development Program (ADP) for Actuarial employees
- Actuarial Program Rotation for ADP employees
- For all Actuarial Life AVP and above roles not based out of our Nashville, TN office: 30% travel is required to our Nashville, TN office
At Fortitude Re, we believe that diversity and inclusion are critical to our future and our mission- creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.
We are committed to being an equal opportunity employer and evaluate qualified applicants without regard to race, color, religion, sex, pregnancy (including childbirth, lactation and related medical conditions), national origin, age, physical and mental disability, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, diversity of thought and any other characteristic protected by applicable law.
To all recruitment agencies: Unless you have been requested to work on this position, or other positions with Fortitude Re, please do not forward any resumes to Fortitude Re employees. Fortitude Re is not responsible for any fees related to unsolicited resumes.
