Runoff Operations Finance Supervisor

Employer
FM Global
Location
Waltham, Massachusetts
Posted
Jun 17, 2024
Closes
Jun 20, 2024
Ref
2777467486
Level
Staff, Senior
Work Mode
Hybrid, Remote
Hours
Full Time
Employment Type
Permanent
Organization Type
Corporate
FM Global is a leading property insurer of the world's largest businesses, providing more than one-third of FORTUNE 1000-size companies with engineering-based risk management and property insurance solutions. FM Global helps clients maintain continuity in their business operations by drawing upon state-of-the-art loss-prevention engineering and research; risk management skills and support services; tailored risk transfer capabilities; and superior financial strength. To do so, we rely on a dynamic, culturally diverse group of employees, working in more than 100 countries, in a variety of challenging roles.

Summary:

The Waltham, MA Runoff Operations Finance Supervisor oversees and performs general accounting and/or finance activities in compliance with established policies, practices, and procedures to ensure that the underlying books and records of the company accurately reflect the business results. This position requires advanced knowledge of finance procedures within Runoff Operations (discontinued lines business) including, but not limited to, accounts payables, accounts receivables, cash management, collections, general ledger, and financial reporting.

This position is responsible for analyzing the Runoff Operations quarterly and annual reporting, which includes the NAIC Schedule F reporting. This position also oversees the Runoff Operations accounts receivable and payable functions. This position is also responsible for the recovery of all direct casualty reinsurance collections. The supervisor works with internal as well as external entities to provide information, track progress, and resolve issues.

This position keeps the Run-Off Operations Finance Manager apprised on overall matters, team performance, staff, and any related issues. The Runoff Operations Finance Supervisor also responds to specific manager inquiries with accurate, detailed information as requested.

Schedule & Location:

This position is full-time based on-site in Waltham, MA. This position is eligible for one remote day per week on either Tuesday or Friday, based on business needs. Hours are flexible ranging from 6:30 AM - 3:00 PM to 9:00 AM - 5:30 PM, also based on business needs.
  • Oversees daily discontinued lines operational, accounting, and finance activities, which may include finance-related cash management, collections, business related financial reporting, preparation of financial reports, or processing of financial transactions to ensure that the underlying books and records of Runoff Operations accurately reflect the business results and to provide management with accurate information in a timely manner
  • Works with insurance brokers and reinsurers to maximize discontinued lines recoveries/collections and resolve complex matters to reduce yearly Schedule F penalties
  • Coordinates with Runoff Operations accounting staff and finance management, as well as external partners/vendors/customers (as required) to resolve complex or non-routine issues escalated by subordinates; resolution may include troubleshooting system issues within a specific area of technical expertise with potential for further escalation to technical support as necessary based upon the nature of the problem
  • Conducts analysis of discontinued lines financial information or transactions to aid in the understanding of specific accounts/transactions or identify issues or improvements to work processes
  • Implements changes to Runoff Operations Finance policies, processes, and procedures based upon guidance from Runoff Operations finance manager
  • May participate in projects or on-going initiatives to implement system upgrades or enhancements
  • Provides support to corporate office accounting as requested by answering inquiries and explaining processes and procedures as they pertain to the operations of Runoff Operations/discontinued lines
  • Develops and leads a small staff of accountants and/or accounting associates/clerks, providing professional development opportunities for staff members to improve capability
  • Manages performance based upon job accountabilities as well as individual, division, and corporate objectives
  • Provides appropriate feedback on performance to subordinates and performs annual performance evaluations
Required Education:
  • Bachelor's degree in Accounting or Finance
Highly Preferred Education:
  • Master's degree in Accounting or Finance
  • Professional certification (CPA, CMA, CIA, CISA)
Required Work Experience:
  • 5 + years of related experience within finance and/or accounting
  • Leadership and supervisory experience
Highly Preferred Work Experience:
  • Insurance/Reinsurance experience specifically in discontinued lines operations
Required Skills:
  • Advanced knowledge of Generally Accepted Accounting Principles and Statutory Accounting Principles Advanced accounting/finance skills within discontinued lines area of expertise (i.e., payables, receivables, cash management, general ledger, reporting, etc.)
  • Proficiency with financial systems and standard software applications (specifically PeopleSoft, Microsoft Office, and OnBase)
  • Excellent communication
  • Interpersonal and team leadership skills
  • Results driven
  • Ability to motivate others in a deadline driven environment
  • Intermediate analytical thinking and problem-solving skills
Highly Preferred Skills:
  • Advanced knowledge of insurance and reinsurance business
  • Knowledge of Sapiens Reinsurance Pro or other claim system experience
  • Knowledge of discontinued lines business
The hiring range for this position is $88,400-$127,100 annually. The final salary offer will vary based on individual education, skills, and experience. The position is eligible to participate in FM Global's comprehensive Total Rewards program that includes an incentive plan, generous health and well-being programs, a 401(k) and pension plan, career development opportunities, tuition reimbursement, flexible work, time off allowances and much more.

FM Global is an Equal Opportunity Employer and is committed to attracting, developing, and retaining a diverse workforce.