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Deputy CFO Americas & CFO P&C Americas

Date: Jan 13, 2022

Location: New York, US

Company: SCOR

     AMERICAS     

New York United States (US) 

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Deputy CFO Americas & CFO P&C Americas 

Permanent 

Finance & Accounting 

 

 

          About SCOR         

SCOR, the 4th largest reinsurer in the world, provides insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Using its experience and expertise, “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health insurance as well as in P&C insurance. Our specialist teams operate in over 120 countries, developing value added and innovative products and services and making long-term commitments to their clients, namely insurers and large corporations.
SCOR's aim, as an independent global reinsurance company, is to develop its Life and P&C business lines, to provide its clients with a broad range of innovative reinsurance solutions and to pursue an underwriting policy founded on profitability, supported by effective risk management and a prudent investment policy, in order to offer its clients an optimum level of security, to create value for its shareholders, and to contribute to the welfare and resilience of Society by helping to protect insureds against the risks they face.

 

Job Description

Summary Job Description

Reporting to the HUB Chief Financial Officer, lead a finance organization of 25+ employees (with direct and indirect/dual reporting lines) covering all aspects of insurance and reinsurance finance.  Responsible for internal and external reporting on multi-GAAP bases (IFRS, Statutory for multiple jurisdiction).

This person will have two significant roles within the SCOR Americas region:

The function of US CFO for the P&C business will oversee all aspects of accounting and finance, including booking, closing and all associated processes. The role will lead the closing for the US P&C entities and coordinate with actuaries, underwriters, pricing, claims to ensure the integrity, accuracy, and completeness of all financial data. The CFO will act as a senior management team member advising the legal entities CEOs and the HUB CFO to ensure optimal financial structure are in place to maximize profitability, protect capital and pursue and pursue excellence, optimization, and efficiency in all resource deployment.

The position will ensure that all local regulatory and statutory requirements are fulfilled for the US P&C entities. This will require close coordination with the centralized Group functions (Group Treasury, SCOR Investment Partners, Group CAOs team, Group Consolidation, etc.).

As a Deputy to the HUB CFO, the position will be directly responsible for all the local finance resources dedicated to HUB/Shared services activities. These functions include:

  • Shared services corporate accounting services provided to Canadian, US and Brazilian entities. Procurement, expense reports, invoice payments, and other non-technical accounting entries are all managed out of the shared services team in New York.
  • Investment accounting provided to US Life, US P&C, Canadian and Brazilian entities. All group (IFRS) and local (statutory) investment accounting entries are booked and reconciled by the Investment department at the HUB level.
  • Treasury services are centralized at the HUB level for all the Americas regions.

This role is a key advisor to the HUB CFO and is responsible for developing, espousing, and exemplifying the SCOR culture developing a talent pipeline, building teams, and ensuring a respectful, inclusive, and caring workplace environment.

SCOR

SCOR’s aim, as a Tier 1 global reinsurance company, is to

  • Develop its Life and P&C business lines, to
  • Provide its clients with value-added solutions
  • Pursue an underwriting policy based on profitability, through effective risk management
  • Maintain a conservative investment strategy

Therefore, fulfilling our goal to offer our clients an optimal level of security and create value for its shareholders.

SCOR is organized around two main businesses, SCOR Global P&C (Property and Casualty reinsurance) and SCOR Global Life (Life reinsurance), plus an asset manager, SCOR Global Investments. SCOR Global P&C and SCOR Global Life are leading global reinsurers, executing an underwriting policy focused on profitability, developing value-added services, and adhering to a cautious financial policy in order to meet the expectations of their clients in terms of security. The Group has a global reach allowing it to serve the interests of all its clients as effectively as possible. The Non-Life and Life sectors, provide a diversification benefit and contribute in equal measure to the Group's success, providing it with stability and lowering volatility.

The Hub Americas covers the geographic region of North, Central and South Americas. Currently it consists of 15 offices that represent SCOR as legal entities, branches and representative/marketing offices and 800+ employees.

SCOR Reinsurance Company is the principal US Property & Casualty reinsurance subsidiary of the SCOR Group with approximately $2.7B in annual gross written premium and $1.1B of surplus. US affiliate companies include General Security National Insurance Company (Direct) and General Security Indemnity Company of Arizona (Surplus Lines).

Organizational Structure

The areas of responsibility of the position will be:

  • Corporate Accounting (shared services for non-technical, P&C for technical and non-technical) and finance
  • Treasury (shared services)
  • Investment accounting (shared services)
  • Budget and cost controlling (shared services)

Note that FP&A functions and Tax department remain under the direct supervision of the HUB CFO, but the deputy CFO is expected to work alongside these departments as needed.

A detailed listing of key duties and responsibilities is presented in the next section.

Key duties and responsibilities of the Deputy HUB CFO /SCOR US CFO

The key duties and responsibilities of the position are listed below. Note that financial reporting for the Life business (SGLA) is notably carved out of reporting, but the shared services (Treasury, Expenses tracking and processing, Investments) cover P&C and Life business across the Americas HUB region.

The position should act as local finance leader and proactively engage with Group and Local management on issues such as tax planning, solvency monitoring, dividend and capital planning, compliance, risk management, foreign exchange exposure management, to ensure that the Company strives for optimal resource and capital utilization by contributing to coherent Group strategies.

SCOR US P&C Finance Functions

  • Oversight of all financial matters of the US P&C entities including regulatory and statutory financial filings, treasury, investments, tax, retrocession, and other associated accounting and finance activities. Liaise with FP&A functions on matters related to Capital management and technical accounting.
  • Ensure that internal processes and controls over financial records are designed in accordance with the latest standards, and property implemented.
  • Developed finance organizational structure, processes, and systems to support the growth and profitability of Americas entities; recently implementing process improvement through a robotics and AI initiative to improve analysis and increase efficiencies
  • Ensure that all local statutory, regulatory and tax filing requirements are carried out to the appropriate standards and deadlines. Interact with regulatory stakeholders (NAIC, NY DFS, DOIs, IRS) for audits, requests, and ad-hoc reporting requirements, in coordination with the US Legal department.
  • Quarterly reporting to the Board of Directors and Audit Committee on finance and accounting including investments, compliance, and operational matters
  • Actively manage capital requirements of the US companies, including the monitoring of RBC ratios in coordination with the FP&A team. Work with various business partners within the organization, such as the risk management department and the FP&A team to define long-term capital strategy and optimization of capital and adherence to statutory requirements for the US P&C entities.
  • Play key role in management team with active involvement in strategy development, decision support and day-to-day operations. Established committee structure to facilitate governance over operational and strategic risks
  • Undertake any Board or Officer/Controlled Function positions to comply with local legal/regulatory requirements. Participate in any local Executive Management Committees that should exist.
  • Provide leadership and inputs to the finance team on policies and procedures to ensure awareness, consistency, and compliance with both local and SCOR group guidelines.

Tax reporting and FP&A functions remain under the direct supervision of the HUB CFO, but the position is expected to have regular interactions with these department to coordinate as necessary.

Shared Services functions

General Overview

  • Oversee all finance matters pertaining to the HUB including regulatory and statutory financial filings, treasury, investment accounting, tax, other associated accounting activities and technical accounting functions where applicable.
  • The HUB finance function is also responsible for gaining the appropriate level of comfort and understanding of the financial information centralized into the General Ledger, in addition to ensuring that all closing and filing requirements are done in accordance with Group and local regulatory requirements.
  • The timely production of the consolidated accounts (Consolidation Package including annual DDR supplementary requirements) and the related documentation (Clearance, Tax, Shareholder’s equity & cash flow memos), in compliance with the Group timetable and the Group accounting standards (IFRS).
  • Ensure the accuracy, the completeness, and the level of quality of the above-mentioned reporting and filings. signs off on all documentation sent to Group where appropriate and ensures that adequate process and procedures are available for the following functions:
    • Ensures that the General Ledger accurately reflects sub-systems outputs and communicates his/her sign off to HUB CFO and Group CAO,
    • Participates to the Internal Operations (IO) reconciliation process and communicates his/her sign off on final IO results to Division CFOs and Group CAO,
    • Produces and provides to Divisions Local GAAP to IFRS reconciliation by LE (P&L and the BS),
    • Signoffs on items as required
  • Responsible for gaining a thorough understanding of closing and filing requirements, whether Group or regulatory requirements, in terms of compliance and documentation.
  • Primary contact for financial and accounting audits and oversees efficient execution. The Deputy CFO is responsible for ensuring that local audit is performed in line with scope and fees agreed at Group level,
  • Solvency & Dividend Capacity:
    • Coordinates local solvency calculation & capital adequacy (including branch capital for tax purposes) where needed with the CRO office,
    • Assesses and communicates dividend capability to Division CFO and Group COE.
  • Participates in:
    • The Divisional Pre-Clearance meeting,
    • Local Audit Committee & Board to provide a financial presentation while providing Divisions a preview where requested,
    • The preparation of the IFRS position memo in coordination with Divisions CAOs and COE

Treasury Shared Services

  • Supervise the shared services treasury functions for the Americas, work with the assistant treasurer to:
    • Ensure proper process and segregation of duties are in place for payment execution,
    • Manage bank relationship including payments, foreign exchange, overdraft facilities, fees follow up, etc.,
    • Monitor Trust accounts and act on instructions from the business side to minimize the balances and optimize unencumbered assets
    • Monitor & forecast liquidity:
  • Ensure availability of minimum operational liquidity and coordinates, if needed, with Group Treasury on usage of liquidity in excess of minimum operational level,
    • Coordinate the reporting of cash positions and forecast with Group treasury,
    • Ensures monetary assets and liabilities are hedged in accordance with group policy and local requirements
    • Timely monitors and updates hedging positions,
    • Attends specific hedging meeting to review hedges before they are put in place (together with Division CAOs and Group Treasury),
  • Ensure timely and accurate production of quarterly congruency tables by individual legal entity CFOs,
    • Monitors letter of credit (LOC) issued and coordinate with business side to ensure matching of liability outstanding,
  • Defines and executes short term investments, in coordination with Group Treasurer

 

Investment Shared services

The position will manage the Investment Accounting department, with the main task of ensuring accurate IFRS and statutory investment accounting and ensuring that the investment reconciliations and footnotes are delivered to all the legal entities. This includes:

  • Recording and reconciling monthly/quarterly investment trade activities
  • Coordination with internal and external asset managers as needed
  • Producing the necessary reconciliations to financial statements, and producing statutory investment reports (Schedule Ds),
  • Reviewing any potential impairment with Group / SGI, processing and reconciling impairment decisions taken at Group level,
  • Attending Group Investment Committee and providing local statutory investment policy needs for Group Investment policy, Coordinating and producing Investment Guidelines by entity in conjunction with SGI,
  • Monitoring of compliance with local statutory investment regulations and restrictions in coordination with local external asset managers and local CFOs. Ensure compliance with local statutory investment rules.

Planning, budgeting, and cost control for Americas Hub

The shared service functions support expense processing for the Americas HUB. The recording of non-technical accounting entries, payments are centralized at the HUB level. The position will manage the team to:

  • Ensure the expense processing is efficient, both as to timeliness and accuracy, of all expense processing
  • Prepares, if needed and in coordination with the local CEOs the expenses budget for service companies (bottom up) and allocates it by LE,

Ensures that related accounting entries are booked, including accruals

  • Directly plan, budget, and control any cost centers under the responsibility of the Hub CEO and direct reports.
  • Liaise within the Hub to ensure planning, budgeting, and oversight (incl. cost control) of all other cost centers of the Hub.
  • Vet Hub expenditure in accordance with the COMEX approved processes and procedures.

Required experience and Education 

  • At least 15+ years of experience in the (re)insurance or brokerage industry, including senior management positions
  • Experience of international and complex working environments/complex transactions
  • 15+ years of financial experience with in-depth knowledge of multiple accounting bases/standards, and multiple regulatory environment (insurance commissioners and DOIs). Candidate must possess a high level of insurance accounting related knowledge and must be versed in IFRS and STAT (SSAPs) basis of accounting
  • Proven record of strong communication, management, and leadership abilities.
  • A track record of commanding the respect and confidence of a variety of constituents and influencing business results.
  • Pragmatic, solutions-oriented approach in dealing with business partners.
  • Team orientation and collaborative working style.
  • Strong ability to set priorities, align resources and manage workload to meet deadlines.
  • Demonstrable ethical standards, with the highest standards of personal and professional integrity.
  • Strong mediation skills, gather all information across the organization and aim for a consensual approach, but who is decisive.
  • A performance driven individual, with strong commitment to deliver results.
  • Post-graduate degree
  • Certified Public Accountant designation