Successful City Based US Insurance Company requires a Qualified Accountant with Insurance experience to join their growing Finance team.

• Prepare the annual and quarterly Solvency II Pillar 3 returns.
• Assist in the preparation of reinsurance returns (combined with Pillar 3 reporting).
• Work as part of the team to meet all external reporting obligations.
• Work with the actuarial department over the Standard formula calculations for each entity.
• Have the ability to build on a data store working with IT to capture all Pillar 3 data requirements and aid reporting processes to become more efficient.
• Keep up to date with any changes in reporting requirements arising from regulatory or business expansion.
• Ensure ready for 2017 reporting, including annual Pillar 3 reporting.

 Candidates should be Qualified with Insurance experience and Solvency II.

Insurers are extremely concerned with last minute requirements being made of them ahead of Solvency II implementation on 1 January, according to a survey from industry trade body Insurance Europe.

A poll that covered companies accounting for 90 percent of European insurance premiums found that respondents were worried that guidelines necessary to comply with pillar 3 of the regime would only be adopted by the European Commission this September – four months before Solvency II comes into force.

Pillar 3 lays out standards on disclosure and reporting and the final version of the quantitative reporting templates (QRT) are required in order to comply with it.

Insurers will need to post interim QRTs annually or quarterly, depending on what type of firm they are.

Other concerns included the possibility of a flurry of applications for approval being submitted at a time when supervisors’ resources were already stretched, as well as extensive documentation requirements delaying the approval process of internal models. Nearly all respondents warned that supervisors’ demands in this latter area were too burdensome.

Insurance Europe added that work to comply with further requirements set by member states was slowing down the implementation process, with several respondents reporting that their member state was “gold plating” Solvency II when transposing it into national law.

However, the federation said that a clear majority of firms were making good progress in implementing the first two pillars of Solvency II and that most insurers felt that risk management and governance had already improved through introducing the new regime.

Insurance Europe head of prudential regulation Igotz Aubin said that the progress towards implementing Solvency II made by European insurers was encouraging given the challenging time for the industry at present.

“While the industry shares the aims of Solvency II, policymakers and supervisors must also appreciate the significant burden which its implementation is placing on insurers,” he said.

“The European Insurance and Occupational Pensions Authority and local supervisors should therefore avoid imposing last minute requirements and interpretations which add to that obligation,” he added.

Hugely successful London market insurer are looking for a Syndicate Accountant to undertake regulatory and monthly management reporting in respect of certain Lloyd’s entities in support of the Syndicate Finance manager, as required.

To build knowledge and experience to be able to develop further responsibility for syndicate accounting roles, as necessary.

Key Tasks:

• Review of input data and preparation, filing of all Lloyds Regulatory returns for Lloyd’s Syndicates, including Annual returns, Quarterly returns, US and Canadian Reporting (Including schedules F&P), US and Canadian SIS
• Prepare Syndicate board reports, P&L attribution and answer requests for finance information from Capital Modelling Actuaries.
• Planning and production of Syndicate annual report and accounts, management information and financial schedules
• Planning and preparation of monthly and quarterly accounting information, as required.
• Contribute to the development of systems for syndicate reporting with regard to FRS102/103 and Pillar 3
• Assist in the migration of key tasks to syndicate personnel and monitor the accuracy of their work
• Liaise with management, auditors and actuaries as necessary
• Assume responsibility for the management and execution of specified controls/action plans relating to risks, working closely with Risk Owners and the Risk Management team. This includes ensuring that control design is appropriate to the risk(s), the control operates as intended and reporting any issues to the Risk Owner

Key Technical Skills

• Qualified ACCA or equivalen
• Up to date experience of Lloyd’s syndicate reporting within an established Lloyd’s managing agency
• Proven ability in the preparation and completion of Lloyds Core Market returns and overseas reporting
• A knowledge of the requirements of FRS102/103 and Pillar 3
• Basic report writing and process documenting skills
• Sound knowledge of IT systems within clients accounting function: especially Microsoft Excel, Vision PMQA, Sun 6 Accounts.

Major City based Insurance company require an experienced Qualified Accountant to join their Finance team on an interim basis to work on gap analysis of Pillar III reporting.

This is a stand alone role with business interaction. Candidates should have previous hands on Solvency II experience including Pillar III requirements and SFCR/RSR/QRT’s/TPD/GQD.

Qualifications: ACA/ACCA/CIMA