Syndicate Accountant

Job Type:

Permanent

Build a brilliant future with Hiscox

About Hiscox

As an international specialist insurer, we are far removed from the world of mass insurance products, selectively focusing on key areas of expertise and strength, all of which is underpinned by a culture that encourages us to challenge convention and always look for a better way.

Defined by our strong moral fibre we prioritise above all else the principle of doing what we say we will. Insuring the unique and interesting, our search for talent is the same. We empower our people to think creatively, challenge the status quo and approach things with a purposeful lens. This results in us being able to provide the type of insurance solutions which are often too complex for other insurance companies, we find a way where others give up.

Our straight-talking culture is not for everyone but allows us to strive to improve everything we do and never settle. Trust is integral to how we operate, and it allows us to work in an environment where every role has a prominent level of autonomy; freedom to forge your path and help set the wider agenda is evident in all parts of the organisation. Through embracing an environment that brings together people who are unique and interesting we are ensuring we build a company where teams do not all think the same – this, combined with a culture where courage to say what you think is not only actively encouraged but is central to our business model has defined our success.

If you thrive in a challenging and collaborative environment where you are trusted to work instinctively and know the company will stretch, you to your full potential look no further.

The Role

Reporting to the Manager, Syndicate Accounting and Reporting, you will play a key role in the delivery of result management, financial controllership and comprehensive internal and external reporting requirements for our managed syndicates, managing agent and corporate member. You will be responsible for maintaining high standards of financial control, supporting regulatory and Group reporting requirements, and providing insightful financial analysis to support business decision-making.

As Hiscox continues to transform its Finance operating model through the transition of selected activities to an outsourced business service provider, you will play an important role in supporting the successful migration of processes, embedding new ways of working and helping to establish an effective target operating model. This will involve working closely with both onshore and offshore teams to support knowledge transfer, process documentation, operational readiness and the successful transition of activities.

As part of the ongoing Finance transformation, the role will involve providing ongoing supervision, review and challenge of work performed by the outsourced service provider, ensuring outputs are delivered accurately, completely and in accordance with agreed service levels, accounting policies, financial controls and regulatory requirements.

The role requires strong stakeholder management skills and the ability to build effective working relationships across geographically dispersed teams. You will work collaboratively with colleagues across Actuarial, Underwriting, Risk, Compliance, Technology and Group Finance, helping to drive service excellence, continuous improvement and a robust control environment. You will also contribute to strengthening the Syndicate Accounting and Reporting function through process improvements, enhanced controls and the ongoing development of both onshore and offshore team capabilities.

You will also be involved in various Finance and business transformation initiatives, as well as other ad hoc projects as required, supporting the continued development of an efficient, scalable and best-in-class finance function.

Key Responsibilities

• Support production and review of Lloyd’s quarterly and annual regulatory returns including QMA (flash/Delta/Schedule 3), SITUS, NAIC, TRIA, TPD, SIS, UK Tax, Annual Accounts for Syndicates, Managing Agent, and Corporate Member etc.

• Prepare insightful Lloyd’s results commentary, including balance sheet analytics, P&L performance, KPIs and explanations of key movements and variances, for Governance Committee and other stakeholder forums.

• Ensure the internal deadlines for group financial reporting schedules as well as regulatory deadlines are met and queries answered in a timely manner.

• Review and challenge work completed by the outsourced service provider, ensuring accuracy, completeness and adherence to accounting policies and control requirements.

• Monitor service delivery against agreed SLAs, KPIs and quality standards, escalating issues and driving remediation where necessary.

• Build strong relationships with offshore teams and key stakeholders across Group Finance, Actuarial, Syndicate Reporting and Technology to foster effective collaboration and improve the quality, accuracy and timeliness of information reported internally and externally to Lloyd's.

• Take a structured approach to drive collaboration between business functions and all areas of Group Finance.

• Manage all aspects of the production of the three Syndicate accounting ledgers, the ledger for the managing Agent and corporate member, through to the month end, quarter end and year end GL Close

• Ensuring all balance sheet reconciliations are prepared and required follow-up steps are taken for resolving the differences if any.

• Providing service to different stakeholders such as reserving, Syndicate FP&A, group etc., and completing the process handovers/hand backs with various departments accurately as per the schedule.

• Managing group reporting requirements for all Managed Syndicates, Managing Agent, Corporate member and associated non-Insurance entities.

• Be a contact for technical queries with regards to syndicate financial accounting and reporting.

• Drive the development and implementation of processes to create reporting efficiencies and facilitate the production of accurate financial information.

• Assist Syndicate Accounting and Reporting Manager in financial controllership and related reporting and close activities.

• Build relationship with the auditors ensuring audit queries are answered and closed off in a timely manner.

• Ensure effective financial control framework is in place and is operating effectively. Timely updating the control framework or introducing new controls where required for the process changes.

• Ensuring group accounting policies are adhered while performing the accounting and reconciliations.

• Identify areas for process improvement and follow through to implementation, resulting in a best-in-class Finance function.

• Coach and mentor members of the team on the intricacies of Syndicate Accounting and Reporting.

Skills/ Qualifications/ Experience required.

• Be a qualified accountant and/or have relevant experience in a senior accounting and Lloyds Reporting role.

• Be educated to degree level and/or have relevant demonstrable experience in syndicate financial accounting and reporting.

• Have excellent working knowledge of Lloyd’s reporting requirements, IFRS 17 and UKGAAP.

• Possess excellent IT skills, with exposure to data modelling software and accounting ledger being a real benefit due to the nature of the reporting required in the role.

• Have had exposure to distributed teams and relationship building with stakeholders who are also not located within the same location.

• A flexible attitude and willingness to get involved at all levels to get the job done.

Preferential / Advantageous

Prior experience of Lloyds Accounting and Reporting

Diversity and flexible working at Hiscox

At Hiscox we care about our people. We hire the best people for the job, and we are committed to diversity and creating a truly inclusive culture, which we believe drives success.

We have also learned that working life does not always have to be in the office, and have a hybrid working to encourage a healthy work life balance.

This hybrid working model is set by the team rather than the business to enable you to manage your own personal work-life balance. We see it as the best of both worlds; structure and sociability on one hand, and independence and flexibility on the other.

Work with amazing people and be part of a unique culture