Job Summary

The main responsibility of this role is to ensure that accounting processes and reporting (including Lloyd’s and group financial returns) requirements are completed for all managed syndicates. The role will involve liaising with the offshore finance team and other departments.

 MAIN DUTIES / ACCOUNTABILITIES

• Produce Lloyd’s finance returns (including Solvency II) on a timely and accurate basis.
• Review of returns prepared by the offshore finance team
• Evaluation of changing Lloyd’s requirements for returns and building models in order to facilitate the meeting of these requirements
• Analytical review/sense checking of accounting data
• Liaison with the offshore finance team to help ensure a smooth monthly close is achieved
• Complete / oversee monthly balance sheet reconciliations for managed syndicates
• Provide information to the reinsurance accounting and actuarial teams and review output
• Liaison with auditors
• Production of statutory accounts for managed syndicates
• Provide cover within the wider finance team (including monthly close processes)
• Produce board and committee packs as required
• Review and improve accounting and reporting processes
• Deputise for Syndicate Finance Manage
• Support the supervision and development of the Syndicate Accountant and Assistant Syndicate Accountant

Salary level l £90,000 + bonus + benefits including 10% pension

Lloyd’s CEO Inga Beale has signalled that the Corporation will shift its syndicate oversight activity to focus on all elements of the combined ratio, rather than almost exclusively on the loss ratio.

In a half-yearly circular sent to the market earlier today, Beale said the move was designed to better protect the Central Fund in the current “challenging environment”.

However, at an individual class and aggregate level the Corporation will continue to focus on the loss ratio and downside risk management.

Beale also reiterated previously announced plans to spend more time helping underperforming syndicates to improve their underwriting performance while leaving the good performers to “get on with running their successful businesses”.

On acquisition costs, Beale noted that the Lloyd’s oversight team had collected data from a number of managing agents, and would soon contact the market on the next possible steps to help reduce costs across the entire value chain.

The Lloyd’s CEO also said that while progress against the Corporation’s objectives for 2017 had been “encouraging so far”, the fact that the market was expected to shrink this year and next showed there was still a performance gap to address.

In addition to improving efficiency, cutting costs and maintaining underwriting standards, Beale said that targeted market oversight, innovation and talent would be key to closing this gap.

She went on to reiterate an earlier pledge from the Corporation to conduct fewer minimum standards reviews and focus on high-impact areas, and to have fewer portfolio review classes.

Beale’s letter also detailed the strengthening of Lloyd’s capital position following the issuance of a £300mn ($382mn) Tier II bond and said that “good progress” had been made on the Target Operating Model (Tom).

At present there are 19 brokers and 80 carriers, including six MGAs, signed up for electronic placing, while more than 5,000 risks have been bound across three lines of business.

“We need to maintain this momentum. As new lines of business come online, I would encourage all of you to get on board. The more people use it, the more effective it will be,” she said.

The ability to process claims and premiums electronically had increased the “right first time” rate from 60 percent to more than 90 percent and speeded up the flow of funds to carriers by about 30 days, Beale said.

And next month structured data capture will be tested, which will help carriers reduce data capture costs and improve data accuracy.

Beale also referenced the Corporation Operating Model programme, which includes moving to an account management system for managing agents.

“A pilot scheme with six managing agents of various sizes is currently underway, and we aim to roll out account management to all managing agents by the end of the year,” she said.

Large City based Insurance Company requires a Qualified Accountant for an Interim Syndicate Accountant role. Working in a small team hands on completing the Lloyds Returns. Main Duties as follows:

• Accounting of insurance technical and non-technical transactions in the relevant ledgers of the Syndicates
• All operational aspects of the production of ledgers, including the preparation of account reconciliations and analysis of balance sheet and profit & loss items
• Preparation of all outputs of syndicates, including QMA, QMB, QMC, SII, US Reporting, Canadian Reporting, FCA/PRA reporting, statutory accounts, Distribution files, taxation reporting amongst others
• Preparation of statutory accounts for group companies, including corporate members
• Production of analytical tools and analytical memos supporting individual reports
• Development of diagnostics and continuous interaction with underwriters, actuaries and treasury to develop the understanding of the figures
• Responsible for the following up of Reporting and Accounting activities • Administration of Peoplesoft ledgers
• Responsible for the maintenance of a sound system of internal controls, including where appropriate SOx controls
• Liaising with internal and external auditor, ensuring that all the information required is produced and the audits are completed on time
• Responsible for the development of process improvements and system enhancements,
• Support for other projects

Candidates should be Qualified with Syndicate Accounting experience.

Major City based Insurance Company requires a Qualified Accountant to be responsible for all accounting areas of Client’s live syndicates, including review of data input and liaising with underwriters and actuaries.

The role also prepares internal and external financial reports, including group company reporting and all Lloyd’s regulatory returns, and associated management information. The role is also responsible for the preparation of the analytical tools and reports to support the information produced.

• Accounting of insurance technical and non-technical transactions in the relevant ledgers of the Syndicates.
• All operational aspects of the production of ledgers, including the preparation of account reconciliations and analysis of balance sheet and profit & loss items.
• Preparation of all outputs of syndicates, including QMA, QMB, QMC, SII, US Reporting, Canadian Reporting, FCA/PRA reporting, statutory accounts, Distribution files, taxation reporting amongst others.
• Preparation of statutory accounts for group companies, including corporate members.
• Production of analytical tools and analytical memos supporting individual reports.
• Interaction with underwriters, actuaries and treasury to develop the understanding of the figures.
• Liaising with internal and external auditors, ensuring that all the information required is produced and the audits are completed on time.
• Responsible for the development of process improvements and system enhancements, typically within a formal project framework, to ensure the efficient and accurate production of data.

Role requires a Qualified Accountant with exposure to the Lloyd’s Market as an accountant or Auditor.

Lloyd’s accounting experience, UK GAAP / US GAAP. Advance experience of using Excel.

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.

Successful P&C insurer looking to recruit an ACCA / ACA / CIMA qualified Financial Controller (Projects) to support the CFO in the development of finance related Projects and Solvency II reporting capability across the group.

The successful candidate will have extensive accounting and reporting experience gained within the Lloyd’s or London market with an understanding of Lloyd’s Syndicate regulatory reporting.

Knowledge of Solvency II,  UK and US GAAP, QMA/QMB/QMC, SBF, SOX processes, projects, systems implementations and control knowledge.

Extremely profitable, large and growing insurance company seek a Syndicate Accountant.

Preparation of Lloyd’s returns with assistance from others in the team (QMA, QMB etc).

Involvement in the preparation of annual returns such as stat accounts and FSA returns.

Working with the internal model team, actuaries and operations to ensure consistency of data across the business.

Preparation of internal management reports.

Candidates should be Qualified or studying, with technical Insurance knowledge, particularly Lloyd’s.

• Production of annual and quarterly syndicate regulatory returns
• Production of annual and quarterly Solvency II returns, Annual Solvency Return (ASR) and Quarterly Solvency Return (QSR) and provide assistance on any other SII related work.
• Production of quarterly analytical review and commentary on the reported performance and position of the syndicates.
• Monitor Lloyd’s and other regulatory reporting requirements and identify any future changes.
• Critically review information received by other departments for inclusion in syndicate financial returns.
• Liaison with internal and external auditors.
• Administration and maintenance of the Syndicate workbooks and return models.
• Maintenance and review of any Funds in Syndicate (FIS) to ensure balances are correctly reflected in the ledger.
• Review and administration of Syndicate ledgers including monthly review for accuracy and completeness and year-end roll forward of the cumulative result.
• Assist with the development of new processes to ensure that any reporting changes from Lloyd’s and other internal or external parties including Solvency II and IFRS 4 are timetabled and delivered efficiently. 
• Assist in the development of systems and databases to increase efficiency
• Ensure all financial reporting controls are documented and evidenced for review.
• Ad hoc departmental duties as required. Essential Skills:
• Qualified Accountant ACCA / ACA / CIMA with 2-5 years post qualified experience
• Lloyd’s market experience
• Experience using SUN systems and Vision/Q&A

City Based, worldwide insurance firm looking to recruit an experienced Syndicate Accountant to join their London based team.

Responsibilities:

• Review / sign off of monthly bank statements
• Review / sign off work produced relating to trial balance completion
• Review / preparation of quarterly balance sheet reconciliation files
• Assisting with Quarterly Monitoring Return preparation
• QMB & QMC process support
• Assist in production / review of other Lloyd’s returns where required
• Statutory accounts production
• Expense control and booking
• QF1 & AF1 submissions.
• Capital Provider reporting responsibility incl. quarterly report production
• Facilitate migration from Oracle to Coda
• Working with IT in report development.

Required Skills:

• Lloyd’s syndicate market & reporting requirements knowledge
• Working knowledge of UK GAAP, Lloyd’s accounting rules, IFRS.