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Vice President, Investment Accounting Policy

Fortitude Re · Jersey City, NJ · 2 wk ago
RemoteRemoteFinance$111/hrFull-time

Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world’s leading providers of legacy reinsurance solutions. They work with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $111 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group. Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Re’s roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Re’s leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities.

About the role

This role will be a forward-thinking subject matter expert who actively leverages emerging technologies in technical accounting research and application with respect to the organization’s complex investment portfolio under both U.S. GAAP and U.S. Statutory accounting requirements. The position will lead the technical research regarding:

  • The consolidation assessment of complex investment transaction structures under the variable interest entity and voting models;
  • The accounting for strategic new investment vehicles including based on the equity method, Fair Value Option (“FVO”) and/or accounting for underlying assets based on the fixed maturity, equity interest or loan models, including consideration of beneficial interests;
  • Financing, derivatives, including those related to insurance products and embedded derivatives in the reinsurance contracts, as well as hedge accounting, securities lending transactions and other unique transactions.

The VP, Investments Accounting Policy will collaborate across functions, with a basic understanding of how the investment portfolio supports the insurance liabilities, to ensure that the related accounting policy adheres to U.S. GAAP, U.S. Statutory and Bermuda accounting frameworks, as well as capital requirements. This role reports to the SVP, Head of Accounting Policy.

Responsibilities

  • Serve as the technical specialist for complex investment asset classes and structures under the requirements of U.S. GAAP and U.S. Statutory accounting with specific expertise in ASC 810 Consolidation, ASC 815 Derivatives and Hedging, ASC 323 Equity Method and Joint Ventures, ASC 860 Transfers and Servicing of Financial Assets.
  • Main point of contact for the investment office for complex transactions and structures for investments within these complex strategic asset classes, defining the related accounting and collaboration with the financial reporting team regarding operational set-up for these to ensure execution of these results adheres to GAAP.
  • Proactively adopt and integrate AI-powered tools and platforms into research and execution workflows as a force multiplier for research productivity and insight generation.
  • Be a trusted resource for the investment accounting team regarding all technical accounting matters relating to the Company’s investment portfolios.
  • Assist in researching, assessing, and documenting the accounting implications for significant or unusual transactions, leveraging standard templates.
  • Monitor, analyze, and document developments (including new standards) from the FASB, SEC and NAIC that could impact the Company’s accounting policies, practices, and disclosures.
  • Contribute to the documentation of financial processes and controls to promote compliance with the Company’s internal control program, with a specific focus on technical accounting matters.
  • Assist team members by providing real-time advice regarding U.S. GAAP and U.S. Statutory accounting policy implications to support the corporate development process for new transactions, including the investment side of new reinsurance transactions.
  • Provide training and coaching to new and existing staff as needed.
  • Perform other related duties, as assigned.

Requirements

  • Bachelor’s Degree and internationally recognized accounting designation (CPA or CA) required.
  • Minimum of 8 years of experience, relevant investment background preferred.
  • Significant public accounting firm experience preferred.
  • Insurance sector exposure preferred.
  • Demonstrable experience with accounting for complex investment asset classes and structures including specific expertise in the consolidation assessment of private equity asset structures under the variable interest and voting interest consolidation models.
  • Strong written and communication skills, including ability to represent the technical accounting positions with private equity and asset manager vendors.
  • Ability to work at a fast pace and handle shifting priorities.
  • Detail oriented and highly organized with outstanding technical memorandum writing ability.
  • Strong research, communication, and analytical skills.
  • Ability to work independently and collaboratively.
  • Ability to keep abreast of developments in U.S. GAAP and U.S. Statutory accounting guidance and SEC regulations.
  • Supports core values by communicating and teaming effectively across different cultures and levels within the organization.

Pay

Base Salary Range: $176,000 USD - $196,000 USD. In addition to base salary, all employees are eligible for an annual bonus based on company and individual performance as well as a generous benefits package.

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