Accounting Executive

INTRODUCTION

elseco is a high technology specialty insurance underwriting agency and Lloyd's Coverholder.

elseco underwrites on behalf of 70 insurance and reinsurance companies including Lloyd's syndicates. elseco is headquartered in the Dubai International Financial Centre (Dubai, UAE) and is regulated by the Dubai Financial Services Authority. The company employs some 100 professionals with regulated offices in London, Paris and Washington DC.

The company started 20 years ago with space insurance and has since diversified into aviation and energy insurance as well. At the cornerstone of elseco's latest evolution is the technology Platform development. It sits at the very core of the company and is seen as business critical to the company's future success and growth plans. Through a unique blend of IT, integration and innovation, the elseco Platform conducts and transacts all the company's business requirements both internally (including creating cost efficiencies through optimal processing and data gathering) and externally (with revenue generating capabilities).

JOB PURPOSE

The Accounting Executive will be responsible for managing and monitoring the insurance premium accounting cycle.

The role focuses on ensuring the accurate recording, reconciliation, monitoring and timely settlement of premiums, including the review of bordereaux reports and supporting financial reporting. It also ensures that finance operations are performed efficiently and in compliance with applicable accounting principles and IFRS standards.

The successful candidate will operate in a technology-enabled finance environment, leveraging automation tools, digital reconciliation processes and data analytics to ensure accuracy, transparency and efficiency in financial operations.

SPECIFIC DUTIES AND RESPONSIBILITIES

1. Premium Accounting, Reconciliation & Monitoring

• Monitor and record premium receipts from brokers.
• Ensure timely allocation of premium collections to the appropriate underwriting accounts.
• Perform premium cash clearing and reconciliation between underwriting records, broker statements and bank receipts.
• Investigate and resolve discrepancies
• Track outstanding premiums and follow up with brokers to ensure timely settlement.
• Process premium settlements to participating members/insurers
• Maintain and reconcile Insurance Bank Accounts (IBA) monthly

2. Bordereaux Review and Validation

• Review monthly and quarterly bordereaux report and ensure completeness and accuracy.
• Validate premium data against underwriting platform d bank records.

3. Technology & Automation

As elseco operates a technology-driven underwriting platform, the Accounting Executive is expected to:

• Utilize internal digital platforms to monitor premium flows.
• Support automation of reconciliation processes.
• Identify opportunities for process improvements and system automation.
• Work closely with ATOM and Finance teams to improve finance workflows.

4. Compliance and Controls

• Ensure adherence to IFRS accounting standards and internal finance policies.
• Maintain appropriate documentation for audit and regulatory purposes.
• Support internal and external audits relating to premium accounting.
• Ensure compliance with DFSA regulatory reporting requirements where applicable.

5. Month End Close Support

• Assist in the monthly closing of books to ensure all entries are entered in the system specifically the Insurance Bank Account (IBA) account inwards and outward transactions
• Assist in the preparation of financial statements & management reports.
• Other tasked assigned.

KNOWLEDGE AND SKILL REQUIREMENTS

• Previous financial and reporting and insurance accounting experience essential, preferably fully qualified ACA/ACCA/CIMA/CPA (or equivalent finance related qualification)
• Ability to work in a fast-paced and technology-driven environment
• Ability to manage multiple deadlines and priorities
• Strong analytical and reconciliation skills
• High level of accuracy and attention to detail
• Strong communication skills with internal teams and external parties
• Computer literacy with good PowerPoint and Excel skills are expected
• Solid understanding of accounting systems, particularly SAP, is an advantage