Karen MacCormick, CPA, CA
Senior Consultant at Acumen Group- Claim this Profile
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Bio
Credentials
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Associate in Reinsurance (ARe)
The Institutes -
Chartered Accountant
Canadian Institute of Chartered Accountants
Experience
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Acumen Group
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Bermuda
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Financial Services
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1 - 100 Employee
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Senior Consultant
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Feb 2018 - Present
Seconded to Sompo International, July 2021 – Presento Operating as the technical accounting lead on IFRS 17 and subject matter expert for technical topics Seconded to Aspen Bermuda Limited, May 2020 – June 2021o Prepared financial information including the GAAP financial statements, BCAR model, expense surveys and ad hoc requestso Reviewed and assisted with preparation of quarterly schedules and working papers o Assisted with variance analysis between budget vs. actual expenseso Reviewed and approved payments via HSBCnetSeconded to ABR Reinsurance Ltd., July 2018 – May 2020o Supervised the reinsurance operations team to ensure all reinsurance activity is actioned accurately and on a timely basiso Assisted with the day-to-day management of the reinsurance activity including: maintaining reinsurance accounts, recording and maintaining new contracts, calculating and posting premium adjustments and reviewing claims postings and paymentso Assisted with the preparation of reports to the board of directors and the shareholdersSeconded to Nephila Capital Ltd., February 2018 – June 2018 o Captured, reviewed and set up claims related paymentso Ad hoc projects as needed including preparing management accounts, accounts receivable listing and setting up and maintaining new contracts
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Marsh McLennan
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United States
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Financial Services
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700 & Above Employee
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Finance Manager
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Jun 2016 - Feb 2018
• Managed the operations of a portfolio of clients which range from Class 1 to Class 4 insurers• Prepared financial information such as management accounts, consolidations, quarterly fillings, GAAP financial statements, statutory financial returns and ad hoc financial information• Arranged and managed meetings with clients, directors and officers, auditors and investment managers• Monitored fees vs actual cost, explained any variance in fees and initiate negotiations with clients• Provided reinsurance accounting support for Class 4 insurer
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Arthur Morris & Company Limited
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Bermuda
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Accounting
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1 - 100 Employee
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Audit Senior
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Feb 2015 - May 2016
• Performed GAAP and statutory audits of insurers of varying class, independently and as part of a team• Seconded to Marsh Management Services (Bermuda) Ltd., 2015 – 2016o As a Consultant, managed the operations of a startup Class 4 insurer preparing monthly management accounts; researched, recommended and implemented new accounting policies; prepared GAAP financial statements and managed the audit process
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Levy Casey Carter MacLean Chartered Professional Accountants
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Canada
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Accounting
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1 - 100 Employee
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Senior Staff Accountant
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Sep 2011 - Jan 2015
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Education
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The Institutes
Associate in Reinsurance (ARe) -
Atlantic School of Chartered Accountancy
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Saint Mary's University
Bachelor of Commerce (B.Com.), Accounting