Subsidiary Accountant

Subsidiary Accountant

Financial & Management Reporting

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. 

The Company

As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.

 

The Opportunity

Future focused and always one step ahead

 

This position, reporting to the Senior Subsidiary Accounting Manager, supports the subsidiary financial reporting process. Subsidiary financial reporting includes all non-statutory companies in the MRAC consolidation group and multiple individual entities under Munich-American Holding Corporation (e.g., MEAG NY and MRAS). Responsibilities include (i) assisting with the analysis and preparation of selected Munich Re entities financial data and reports under International Financial Reporting Standards (“IFRS”) and under US Generally Accepted Accounting Principles (“GAAP”), (ii) assisting with the preparation and submission of selected quarterly IFRS financial statements and footnotes as part of Munich Re’s worldwide corporate close system and (iii) assisting with the reconciliation of intercompany balances.  

As Subsidiary Accountant you will:  

·       Prepare routine, less complex quarterly journal entries for Subsidiary Companies.

·       Initiate cash funding requests from third party accountants and process the underlying financial statement information into the general ledger and consolidation systems.  

·       Run reports out of various accounting & reporting systems to assist with the preparation of management financial reports for assigned Subsidiary Companies.

·       Upload budget & forecast data into accounting systems, resolve data entry errors, and prepare dividend letters to assist with preparation of annual budgets, quarterly forecasts and dividend calculations for Subsidiary Companies, as required.

·       Work closely with Munich Re Financial Reporting personnel as well as other MRAm departments in the completion of inter-group account balancing process, as required, to ensure the Companies meet Munich Re’s defined deadlines as well as accurately process the submission of final inter-group balances in the system. 

·       Prepare the required footnotes of Subsidiary companies, as assigned. Ensure the satisfactory resolution of all footnote-related issues. Complete the timely upload of footnotes in the system by Munich Re’s defined deadline.

·       Prepare Capital Call and Distribution Notices for Subsidiary Companies.

·       Initiate billing of intercompany charges, as necessary.

 

Successful candidates will possess the following skills/capabilities: 

 

·       B.S. in Accounting preferred

·       3 + years’ experience in GAAP and/or IFRS financial reporting in the Financial Services Industry preferred

·       CPA preferred but not required

·       Ability to work independently and bring issues to resolution

·       Strong attention to detail

·       Ability to multi-task while working under very tight deadlines

·       Continually seeks to improve the accuracy and efficiency of the reporting process

·       Ability to communicate with various levels of management

·       Experience with Limited Partnership reporting and accounting a plus