The Cincinnati Insurance Company, a subsidiary of Cincinnati Financial Corporation, stands among the nation’s top 25 property casualty insurer groups, based on net written premiums. Our commitment to the independent agency system began in 1950 and is our company’s core strength and competitive advantage. We excel by offering agents and policyholders a local presence, unparalleled claims service, loss control consultation services, work-saving technology initiatives, and competitive products, rates and compensation.
The primary role of the job is accounting for expenses in our financial close processes.
Responsibilities include, but are not limited to:
- ensuring that all monthly expense entries are complete and posted in PeopleSoft; running inter-company management fee and ceded allocations; coding and balancing the AO in the MRL and Claims cubes
- completing and reviewing expense accruals; booking and balancing them in PeopleSoft; maintaining the incurred expense work papers and perform by account analysis
- completing the Insurance Expense Exhibit for property casualty companies filed annually with the NAIC
- understanding the Information Technology department's new and existing projects, including their purpose and resulting expenses, to apply SOP 98-1
- capturing expenses and providing them to asset management for depreciation. Reviewing all IT expenses daily to ensure they are properly coded in PeopleSoft
- recognizing and amortizing expenses that are prepaid and should be recognized over a year or more
- preparing the budgeted expense amount for various expense categories for the Cincinnati Insurance Companies annually
- learning our underwriting results process and understanding our data and related processes
- understanding the various components of premiums, losses and LAE, where the data originates and what each represents
- understanding the different allocations used and the reasoning behind them
- running the process with IT from start to finish on non-quarter months, including being able to appropriately answer management’s related questions
Other duties include:
- reviewing and maintaining Kind M surcharges to make sure we are in compliance with how we collect, pay and reconcile each
- reviewing and reporting on the impact of new statutory and GAAP pronouncements, particularly on their effect on our property casualty subsidiaries
- three to six years of experience in insurance accounting or corporate accounting is preferred.
- CPA designation or half of CPA exams passed working towards completion is preferred
We offer a competitive and comprehensive salary and benefits package, including a matching 401(k).
Equal Opportunity Employer