Senior Associate, Investment Accounting

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OtherAccounting

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Quick Summary

Key Responsibilities

Support the accounting close process, including preparation of journal entries and corresponding balance sheet reconciliations for both GAAP and STAT bases of accounting.

Technical Tools

OtherAccounting

The Senior Associate of Investment Accounting is responsible for the compilation of monthly and quarterly investment data for Fortitude Re which includes the analysis of net investment income, realized gains and losses, investment yields, investment balances by asset class, etc. This position will be involved in recording activity into the GL, reconciliations, audit support, and ad hoc projects as the company acquires more blocks of business. This position will report to the VP, Derivative Accounting, and provides the opportunity for professional development and career advancement.

Responsibilities

~3 min read

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Support the accounting close process, including preparation of journal entries and corresponding balance sheet reconciliations for both GAAP and STAT bases of accounting.

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Perform detailed analytical review of investment income, yields, fair value changes, and realized/unrealized gains and losses.

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Support quarterly and annual statutory and GAAP investment disclosures and footnotes.

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Assist in implementation and onboarding of new investment portfolios related to block acquisitions.

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Support regulatory filings and ad hoc requests related to Bermuda Monetary Authority (BMA) requirements.

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Execution of internal control procedures over a diverse asset class mix including derivatives, fixed income securities, equities, commercial mortgage loans, private equity, hedge funds, and real estate.

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Provide detailed investments data for Economic Balance Sheet calculations and Bermuda reporting.

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Work with Fortitude Re’s investment accounting platform to ensure completeness and accuracy.

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Monitor, research, and resolve issues related to investment suspense account balances.

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Ensure compliance with SOX and internal control frameworks, including documentation and walkthrough support.

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Identify control gaps and recommend enhancements to mitigate operational and financial reporting risk.

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Perform variance analysis and investigative procedures on investment balances and income trends.

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Liaise with internal and external audit teams in order to provide requested information and appropriate evidence of the operation of internal controls.

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Lead the private equity operations process, which includes extraction of relevant financial data from fund capital account statements, completion of system upload templates and related internal control procedures.

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Drive continuous improvement initiatives within the investment close cycle.

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Participate in system enhancements, UAT testing, and automation implementation initiatives.

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Develop and maintain desktop procedures and process documentation.

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Leverage AI-enabled tools and advanced analytics to improve efficiency, accuracy, and scalability of securities accounting processes, including reconciliations, variance analysis, close activities, and reporting.

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Foster a culture of accountability, quality, and continuous improvement aligned with Fortitude Re’s core values.

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Bachelor’s or Graduate degree in Accounting or Finance; CPA preferred.

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Minimum of 5 years of relevant experience in the reinsurance industry or financial services.

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Experience managing large volumes of data, with strong general ledger and/or analysis tool systems background.

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Strong understanding of GAAP and STAT investment accounting principles.

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Knowledge of derivative accounting principles (ASC 815) and familiarity with derivative products.

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Familiarity with reinsurance structures and investment implications preferred.

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Experience with Power Query, SQL, or similar data query/transformation tools desired.

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Experience using Clearwater investment accounting platform desired.

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Excellent communication, presentation, and interpersonal skills.

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Proven ability to manage multiple deliverables and meet deadlines.

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Proficient in Microsoft Office products, with strong proficient in Microsoft Excel.

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Highly motivated and creative strategic thinker.

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Strong management and collaboration skills, with the ability to manage processes working with a diverse team across multiple departments and locations.