Overview

Senior Director of Reinsurance – 75% Remote

EFG Companies is a well-established underwriter and administrator of a broad array of proprietary consumer protection products, generally multi-year insurance or warranty-like products covering repairs to vehicles and home systems. 

Job Summary of the Senior Director of Reinsurance

Reporting to the company’s Chief Financial Officer, the Senior Director of Reinsurance position provides broad-based business oversight and leadership related to the company’s various Accounting and Reinsurance activities.  In general, “Reinsurance activities” refers to those activities associated with establishing, funding, and managing the activities related to our clients’ various underwriting profit participation positions. 

This position will have direct communication with internal business unit leaders and will interface regularly with the company’s external clients and automotive dealers related to profit participation performance and programs.

Compensation: Annual base salary of $200,000.00 with a 20% annual discretionary bonus. Bonus is based upon delivery of agreed upon performance goals, as well as timeliness and accuracy of departmental product.

Will consider remote candidates in Central or Eastern time zones; remote candidates should be available to travel to Dallas, TX for one week per month, or as needed.

Responsibilities

Job Responsibilities of the Senior Director of Reinsurance

• Maintain working knowledge of all laws related to product underwriting and reinsurance (both through direct personal efforts and through the company’s industry partners and vendors).
• Manage all day-to-day aspects of the company’s profit participation programs with clients, including setting up new distributor-owned reinsurance companies, and timely and accurate ceding of reserves, performance reporting, and distribution of profits to distributors. Be comfortable leading analysis to support EFG positions and converse with clients.
• Responsible for financial statement preparation and reporting related to EFG’s Insurance entity, including year-end preparation for audit and compliance.
• Ensure month-end accounting related to retro positions is calculated and reflected accurately. Coordinate with Sales, Clients, Risk & Actuarial and Technology teams in setting these positions, based on contractual agreements.
• Be proactive in managing reinsurance positions and working with Risk and Actuarial team, ensuring adequacy of reserves and allowances.
• Identify, Research and Implement DOWCs (Dealer Owned Warranty Companies) for EFG/Clients, including understand benefits to clients, accounting- related balance sheet impacts, reporting, and legal requirements.
• Identify, conduct research, and provide recommendations related to the enhancement of existing profit participation programs or the development and offering of new, innovative programs.
• Be engaged in understanding year-end external actuarial audit with third-party and ensure EFG Insurance Balance sheet is accurate.
• Coordinate quarterly executive governance forums to ensure prioritization and timely follow-through on actions related to Reinsurance.
• Responsible for EFG Insurance Balance Sheet, with appropriate month-end accruals, intercompany entries and year-end audit and support.
• Manage dividend payments to clients, coordinate with Underwriter to release funds, and oversee accounting and reinsurance related requirements for buy-backs.
• Manage funding and banking processes associated with reinsurance activities.
• Actively involved and lead from an Accounting perspective implementation of a new Reinsurance Platform, including enhanced reporting.
• Develop and actively maintain documented processes in relation to the company’s management of distributor profit participation programs.
• Lead a team of reinsurance managers, accounting managers, and analysts focused on reinsurance activities.
• Collaborate with Sales leadership in development and communication of strategies to address account-specific performance issues in profit participation programs.
• Develop and deliver training material related to profit participation for the education of the company’s sales team and cross-functional managers

Qualifications

Job Qualifications of the Senior Director of Reinsurance

• Bachelor’s degree in Accounting or Finance
• 10 years of experience in P&C, Reinsurance or Insurance Management
• CPA or prior controller experience and/or field audit experience, a plus
• Ability to synthesize large amounts of data and summarize for executives
• Strong verbal communication skills and ability to offer defensible arguments in a variety of situations, including adversarial positions, and experience presenting to executive management and dealers
• Pricing and Deal Structure experience with captives and trust monitoring, a plus
• Ability to identify key risks in the contracting process and develop methods to monitor results
• Ability to evaluate facts, identify legal issues and risks, analyze, and understand changing statues and legislation and case law
• Strong analytical acumen, ability to coalesce business imperatives with pragmatic solutions enabling success
• Recommend and defend appropriate courses of action in best interest of business and the company
• Demonstrate commitment and adherence to the company’s Vision, Mission, and Values
• Up to 25% travel required