Job description

Fortitude Re is a liability-led reinsurer of legacy insurance portfolios complemented by sophisticated investment capabilities. In 2016, AIG created a “Legacy” portfolio as a separate non-core segment representing insurance reserves associated with discontinued lines of commercial Property & Casualty and Life & Annuity insurance businesses. The following year, AIG formed a Bermuda-domiciled composite reinsurer, now Fortitude Re, to house the Legacy portfolio in a separate, distinct, well-capitalized balance sheet with a dedicated management team. In 2018, the company entered into a series of L&A and P&C reinsurance transactions with AIG and received an initial capitalization of ~$3 BN. The transactions represented ~$37 BN of reserves supported by ~$40 BN of invested assets. During this time, AIG also entered into a long-term partnership with The Carlyle Group, with Carlyle acquiring 19.9 % ownership. Then in 2019, The Carlyle Group and T&D announced acquisition of majority interest in Fortitude Re from AIG. This allowed for a new long-term shareholder base for the company while maintaining a strong capital position for supporting reinsurance obligations. Click here for more information about Fortitude Re.

Associate, Accounts Receivable

The Financial Operations team is responsible for all incoming premium collections from time of deposit to bank accounts through applying to the policy in the policy administrative systems. This includes the progressive movement of transactions through collection systems and related general ledger accounts. The department also manages the flow of policyholder disbursements from the policy administrative systems to check/ACH issuance. We assist the various business areas within Operations with research and troubleshooting any issues related to premium collections and policyholder disbursements.

Monitor and balance suspense clearing or inventory accounts daily.
Prepare SAP entries and post financial transactions, as needed.
Prepare balance sheet account reconciliations weekly/monthly.

Work with business teams in identifying discrepancies in a timely manner to avoid or mitigate gain/loss.
Serve as a control function in reporting and escalating issues, working with operations areas to establish controls where risks have been identified.
Subject matter expert for SAP disbursement issues including open invoices, voids, stop payments, and reversals.
Act as a resource for staff as needed in handling or resolving complex inquiries.
Analyze processes and identify areas for improvement/efficiency/automation.

Support internal and regulatory audits, UAT, operation enhancement projects, and other ad hoc requests as required.
Perform various clerical and accounting tasks in support of our operating unit.
Respond to inquiries and contact other departments and/or vendors to resolve issues.
Handle payments and payment related transactions, and enter transactions in ledgers.
Submit and confirm balancing of daily ACH file to banking institution and process ACH returns as received.

Prepare and submit draft pull requests as needed.
Perform miscellaneous job-related duties as assigned.
May lead, guide, or cross-train other employees performing related work.

Job Requirements:
Three years of relevant job experience.

Working knowledge of business and accounting principles and practices.
Analytical problem-solving skills are a must.
Microsoft Excel knowledge and SAP or other accounting system experience preferred.
Ability to work at a fast pace and/or handle shifting priorities.
Data entry and/or word processing skills.

Record maintenance skills.
Good mathematical, oral and written communication skills.
Ability to work independently and in a team environment.
Ability to lead projects for departmental goals.
Ability to understand processes in a larger context and to look for improvements and efficiencies.

Customer focused and willing to make extra effort to ensure customer satisfaction.

It has been and will continue to be the policy of Fortitude Group Holdings, LLC, its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability, or any other legally protected categories.

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.

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