Group Proportional Reinsurance Accounting Technician

Department: Reinsurance

Location: London

Purpose

Own the end-to-end proportional reinsurance accounting process, including accurate booking, reconciliation and reporting of premium and claim movements. Support the month-end/quarter-end/year-end close for proportional reinsurance, ensuring BDXs and ledger balances reconcile and providing clear audit trail and commentary on movements. Manage proportional reinsurance credit control, including issuing BDXs/collection documentation (where applicable), monitoring overdue balances, and handling broker and reinsurer accounting queries through to resolution. Create, validate and issue proportional BDXs (including manual preparation where required), ensuring completeness of bordereaux data, correct signings/allocations and timely distribution to brokers/reinsurers. All aspects of Reinsurance reporting to ensure accurate and concise production to represent the Reinsurance policies in place. Review current processes and procedures including system utilisation, to ensure that the department functions as expected and any relevant change or enhancement to the processes or reporting are captured and updated within the system frameworks. Provide support on other reinsurance accounting responsibilities and team processes as required, in line with business priorities and peak workload periods.

Specific Responsibilities

• Proportional Reinsurance Accounting (Premium & BDX)
• Prepare, validate and issue proportional premium BDXs (including manual preparation where required), ensuring data completeness, correct allocations/signings and timely distribution to brokers/reinsurers.
• Apply strong working knowledge of LOD and RAD basis BDXs, ensuring bordereaux are produced, reviewed and issued in line with the required basis and supporting documentation.
• Record and reconcile proportional reinsurance premium movements in the relevant systems/ledger, investigating and resolving variances between source data, BDX and accounting entries.
• Manage proportional reinsurance accounting queries from brokers/reinsurers (e.g., BDX content, signings, cash application, prior period adjustments), ensuring timely investigation, resolution and documented audit trail.
• Maintain robust controls and records for proportional BDXs and accounting entries, including evidence of review/approval, exception logs and documentation to support audit and internal governance.
• Monitor and resolve proportional reinsurance accounting exceptions (e.g., missing/late bordereaux, unmatched cash, unreconciled balances), escalating material issues and tracking them through to closure.
• Identify and implement process improvements for proportional BDX production, reconciliations and credit control (including system enhancements), ensuring controls are maintained and procedures are kept up to date.
• Produce and maintain proportional reinsurance accounting MI (e.g., BDX timeliness, aged debt, cash matching status, open query logs and reconciliation status) for stakeholders across the Group.
• Provide proportional reinsurance accounting inputs for internal and Group reporting (e.g., premium/brokerage/burning cost/variation analysis), ensuring figures reconcile to the ledger and are supported by BDX detail.
• Document and maintain proportional reinsurance accounting procedures (BDX production, bookings, reconciliations and credit control), supporting knowledge-sharing and consistent ways of working.

• Proportional Reinsurance Accounting (Claims & BDX)
• Prepare, validate and issue proportional claims BDXs (including reinstatement premiums where applicable), ensuring accurate allocation and timely submission to brokers/reinsurers.
• Understand and apply LOD and RAD basis requirements when preparing and issuing claims bordereaux/BDXs, ensuring consistency between claims data, BDX output and accounting entries.
• Record and reconcile proportional reinsurance claim movements (including cash and movements between paid/outstanding), investigating and resolving differences between claims data, BDX and ledger postings.
• Liaise with internal stakeholders, brokers and reinsurers to resolve proportional claims bordereaux and accounting queries, ensuring timely responses and a clear audit trail.
• Process proportional claims transactions in the relevant systems (e.g., LORS where applicable) and reconcile system output back to finance transactions to ensure completeness and accuracy.
• Review and clear proportional reinsurance suspense/unallocated balances (e.g., unmatched cash, timing differences), ensuring items are agreed, allocated and appropriately documented.
• Review proportional aged debt and open query positions, progressing outstanding items with brokers/reinsurers and escalating where required.
• Support the review of proportional technical provisions by ensuring counterparties, allocations and reinsurance movements are accurately recorded and can be evidenced back to BDX detail.
• Perform transactional review and reconciliation of proportional reinsurance-related entries, ensuring postings are complete, correctly coded and supported by underlying bordereaux/backup.

• Proportional Reinsurance Close & Reconciliations
• Support the month-end and year-end close for proportional reinsurance, ensuring BDXs, sub-ledger outputs and general ledger balances reconcile and are supported by appropriate documentation.
• Provide timely support to Finance and external/internal audit for proportional reinsurance, responding to close queries and supplying reconciliations, BDX support and movement explanations.
• Perform proportional reinsurance balance sheet substantiation and reasonableness checks, ensuring results align to expectations and reconciling variances on a timely basis.
• Undertake additional reinsurance accounting tasks and wider team support activities as required, including ad hoc reporting and process assistance.

Essential Skills & Requirements

• Sound Reinsurance experience
• Relevant Experience in a similar role within a Lloyds Syndicate & Company or Broker
• LIT (Lloyds Introductory Test) preferred.
• Computer literate
• Working knowledge of Microsoft Excel and Word.
• LORS understanding would be an advantage.
• Working knowledge of producing and reviewing LOD and RAD basis BDXs for proportional reinsurance.
• Numeric skills
• Able to work on own initiative as well as within a team.
• Good time management skills
• Be able to work to strict deadlines.