About Palomar Holdings
Palomar Holdings provides catastrophe insurance for personal and commercial property. Headquartered in La Jolla, California, our company was founded in 2014 by a group of insurance veterans who saw a need for customized options in the catastrophe market nationwide. By offering our products through an exclusive network of agents, brokers, wholesalers, MGA’s and program administrators, we ensure our policyholders receive specialized service for their catastrophe exposures.
Palomar is a growing insurance provider that is building an extraordinary business around an exceptional team of employees. If you would thrive in a dynamic work environment where your contributions will be recognized and rewarded, we would like to talk to you about joining our collaborative, hard-working team.
We are currently seeking to fill the following position:
Director of Statutory Reporting
Palomar Holdings has an exciting opportunity for a Director of Statutory Reporting to join our diverse team. We are looking for an experienced finance professional with strong leadership and project management skills to lead a team of individuals in the preparation and filing of Palomar Holdings’ members’ statutory financial statements. This role requires a solid understanding of Statutory Accounting Principles including following latest emerging guidance from NAIC. The Director of Statutory Reporting will play a crucial role in providing accounting and regulatory subject matter expertise in supporting business development and strategic activities, special projects, and capital relief initiatives. This leader must have the presence and communication skills to interact effectively with external regulators and internal leadership on a frequent basis. Ultimately, this individual is proficient in complex NAIC financial statement and capital requirements and has a proven ability to simplify for consumption to a broader audience.
The Palomar Group of companies currently includes the following P&C risk bearing entities: an admitted insurance company, an E&S insurance company and a Bermuda captive.
Reports to: Chief Accounting Officer
This position is responsible for:
• Supervises STAT financial statement preparation and analysis
• Supervises the production and NAIC/state filing of Statutory quarterly and annual financial statements (Yellow Book)
• Supervises the completion of all supplemental reporting/filings for all insurance companies in multiple states.
• Supervise the gathering, analyzing, and prioritizing financial deliverables to facilitate review and analysis for the department and Senior management
• Prepares and reviews complex financial reports and schedules as well as executive summaries
• Supervises Direct and Ceded Loss and LAE reporting, reconciliation, and recovery to support GAAP and Schedule P reporting (in conjunction with external and internal actuaries).
• Supervises reporting of XOL and other complex reinsurance treaties and Schedule F preparation
• Prepares RBC forecasts as requested
• Works with external Auditors and Regulators in responding to their requests, including DOI audits
• Assist in researching new and existing SEC reporting/STAT requirements
• Drive best in class internal control environment and ensure data integrity of the financial statements
• Trains and mentors statutory accounting staff as needed
• Supports special project requests Financial Reporting and Analysis requires skills related to the understanding and application of technical accounting standards and financial reporting including SEC reporting requirements and Statutory accounting basis requirements
Required skills include a working technical knowledge and demonstrated experience in the areas of financial accounting and regulatory reporting and analysis
• Highly motivated, detail-oriented individual with a minimum of 10+ years of progressive experience in NAIC insurance filings
• Bachelor's Degree in Accounting – minimum requirement; CPA a plus
• 5+ years supervisory experience in similar role
• Solid understanding of Statutory accounting principles and GAAP financial reporting concepts
• Ability and desire to dig into the details of a new transaction/treaty/regulation
• Public company experience a plus
• Experience with M&A transactions a plus
• Solid analytical skills
• Excellent written/verbal communications and listening skills
• Demonstrates ability to work independently and meet project deadlines and work within a fast-paced, project-driven and team environment - Ability to multi-task regularly
• Proficient knowledge of MS products (Excel, Word, PPT)
• Solid understanding of consolidation principles
• Knowledge of statutory reporting software
Benefits and Compensation
Palomar Holdings offers competitive salaries commensurate with individual experience, ongoing professional development and a comprehensive benefits package, including: Medical, Dental, Vision, Company-paid Life and AD&D Insurance, Company-Paid Long Term Disability benefits, 401(k) Retirement Savings Plan (with company matching), Paid Time Off and Paid Holidays. Paid parking.