Assistant Financial Accountant

Munich Re; City Of London; On-site; GBP 40,000 - 55,000; Full time

Job summary

A leading global reinsurance company in London is seeking an experienced Accountant to provide financial support across various entities. The role involves cost controlling, managing recharges, and supporting both statutory and group reporting in a dynamic team. Ideal candidates will have a solid understanding of bookkeeping, strong customer service skills, and the ability to communicate effectively at all levels. This position also offers support for professional development in the accounting field.

Qualifications

• Experience in a general accounting team in a large global organization.
• Ability to work to tight deadlines and manage quarter end fast closes.
• Comfortable dealing with employees at all levels of seniority.

Responsibilities

• Lead the shared cost allocations process and prepare accounting for recharges.
• Ensure cost accounting is in accordance with Group guidelines.
• Collaborate on statutory reporting and general accounting topics.

Skills

General bookkeeping

Customer service

Communication skills

SAP knowledge

Microsoft Excel

Education

AAT full membership or equivalent

Tools

SAP

Microsoft Excel

Job description

Overview

Together, we engage with everything we have and are, to help humankind act braver and better.

About Great Lakes Insurance SE:

As a specialty provider of primary insurance services in the UK, Great Lakes London Branch (GLLB) is a substantial part of Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy and Australia.

Great Lakes Insurance UK Limited (GLLS), regulated by the Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.

It is an exciting time to join our growing and evolving organisation. Help us shape the future of primary insurance service provision!

About the role:

We are looking for an accountant to provide accounting support to several key re/insurance entities and service companies within the Munich Re Group. This is an exciting opportunity for an accountant looking to work in a supportive team providing accounting services to entities generating approximately £3.7bn premium and growing. Responsibilities are varied and shared, with a focus on cost controlling, ensuring appropriate recharges from our key service company to our business units, accruals, prepayments, and some statutory and group reporting. The role would provide the right individual with a grounding in several important areas of an in-house finance function.

Key responsibilities

• Take a lead role in the shared cost allocations process and in the preparation and accounting for recharges from the UK service company to business units
• Cost reporting, taking responsibility for providing meaningful, timely and accurate data
• Ensure cost accounting is in accordance with Group guidelines
• Prepare accruals and prepayments, collaborating with others across the team and business units
• Work closely with HR colleagues to ensure appropriate accounting for and recharge of payroll and associated costs
• Quality assurance of costs
• Issue customer invoices on GRIPA, liaise with service recipients, agree and manage balances in accordance with Group requirements
• Support the wider team on statutory and Group reporting and on general accounting topics
• Collaborate with team members and others to work through the closing processes as efficiently as possible
• Play a keen and proactive role in ongoing process automation and improvements

Competencies

• Nimble learning (we think big) – you actively learn by tackling new problems and trying out new solutions, quickly learning from both successes and failures.
• Collaborates (we lead the “we”) – you work together with others in your team, the department and wider business to meet shared commitments.
• Optimises work processes (we grow with our clients) – you know the most effective and efficient processes to get things done and are constantly assessing how they can be improved.
• Resourcefulness (we care and dare) – you find a way to get things done with the best use of the resources available to you, knowing when to ask for support from others, but also offering your support to others where you feel your expertise, knowledge and skills can add value.
• Communicates effectively (we are clear and authentic) – you communicate clearly and appropriately with your audience. You also share ideas, learn from others and keep stakeholders informed about progress, problems, opportunities and solutions, soliciting feedback along the way.

Key Skills & Experience

• Excellent understanding of general book-keeping – including preparing and posting journals
• Experience in a general accounting team, ideally in a large global organisation in which adherence to Group standards is required
• Excellent customer service skills
• Able to communicate clearly and concisely in person/online and in writing. Good presentation skills when presenting work done
• Comfortable dealing with employees at all levels of seniority
• Experience of a quarter end fast close and the ability to work to tight deadlines
• Working knowledge of SAP
• Microsoft Excel and Word: intermediate/advanced level

Qualifications and Educational Requirements

• At least full member of AAT or other equivalent recognised accounting qualification. Part-qualified ACCA (or equivalent) students would be welcome to apply and we would be keen to support you through your studies.

Thought Leaders

You will demonstrate inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well. You will treat your colleagues and sales and business partners fairly and with respect.

Regulatory & Conduct Requirements

• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.