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Profile
William A. Sofsky
Current Employment
  • Company:
    W. A. Sofsky Consulting and Advisory Services, LLC
  • Position(s) and Responsibilities:

    Position: Owner

    Providing consulting services to companies in the financial services sector. Primarily in the insurance and reinsurance industry on matters of accounting, tax and capital requirements stemming from issuing certain types of insurance products or entering into reinsurance arrangements or treaties.

  • Address:
    1596 Clayton Dr.
    Charlotte, NORTH CAROLINA 28203 United States
  • Phone:
    9808750860
  • Cell:
    9808750860
  • Email:
Offering Services as Expert Witness in:
Accounting, Audit / Records Inspection, Captives, Financial Guarantees, Life Reinsurance, Reinsurance Contract Wording, Surplus Relief Contracts
Previous Employment
  • Company:
    University of North Carolina at Charlotte (8/15 to present)
  • Position(s) and Responsibilities:

    Lecturer in the Turner School of Accountancy for Intermediate Accounting I and Principles of Accounting I.

    Recipient of the 2016 Thomas C. Turner Distinguished Teaching Award.

  • Company:
    SCOR Global Life Americas Reinsurance Company
  • Position(s) and Responsibilities:

    Position: Senior Vice President and Chief Accounting Officer (8/11 to 04/16)
    Responsible for financial and management reporting for SCOR Global Life Americas Reinsurance Company (SGLA) and its US affiliates. This included financial reporting to SGLA senior management and to SCOR Group, as well as reporting to meet regulatory requirements. Affiliates included off-shore reinsurance companies (Barbados and Ireland) and two US Captives. Responsibilities included financial reporting to the boards and regulators of these entities. Responsible for establishing and documenting IFRS, US GAAP and statutory accounting policy for the Americas.

    As SGLA Chief Accounting Officer, also responsible for reporting financial results and capital position to the boards of SCOR Global Life subsidiaries in the US, Barbados and Ireland. This responsibility required knowledge of local regulatory accounting principles and working with accounting and financial staff of other divisions as well as SCOR Group Chief Accounting Officer and CFO. This role also involved providing deal structure and accounting advice to SCOR affiliates considering reinsurance programs involving SCOR Group companies and/or third party reinsurers.

  • Company:
    Transamerica Reinsurance Division of Aegon Group
  • Position(s) and Responsibilities:

    Position: Senior Vice President and Chief Accounting Officer (8/01 to 8/11)

    Performed the role of SVP and Chief Accounting Officer for the Transamerica Reinsurance Division of AEGON USA up to and through the sale of the Division to SCOR.

    Responsibilities were consistent with those listed for SGLA and included recruiting, management and development of the financial staff and departments. Departments included Statutory Reporting, Product Line Reporting, Financial Planning and Analysis and General Accounting (including cash management, AP and investment reporting).

    Provided technical accounting and reinsurance advice to a subsidiary which reinsured variable annuity guarantees for an AEGON joint venture in Japan. Served on the Audit and Compliance committee of the board of that subsidiary. Also participated as a technical advisor to the board of Transamerica Reinsurance International, Ireland.

    After joining the Reinsurance division in 2001, led projects to ensure compliance with the Sarbanes-Oxley act, implementation of International Accounting Standards and accounting for embedded derivatives in reinsurance contracts.

    Originally hired as Financial Reporting and Analysis Manager, promoted to Controller in 9/01 and Chief Accounting Officer in 5/06.

  • Company:
    AEGON N.V
  • Position(s) and Responsibilities:

    Position: Vice President, Corporate Finance and Financial Relations (7/99 to 8/01)

    Responsible for financial and management reporting for Group Treasury activity. This included reporting to the Executive Board on funding and capital management of the AEGON Group as well as monitoring future capital and debt funding requirements.

    Responsible for determining optimal funding mix for financing acquisitions. Responsible for Group relationship with rating agencies regarding capital and funding issues. Coordinated and participated in rating agency reviews. Served as a contact point for investment analysts, coordinated and participated in investor relations visits and presentations.

Credentials
  • Attorney:
    No
Work Experience
  • Insurance Company: 12 years.
    Finance Department: 12 years. Treasury Vice President, Financial Analysis Manager
  • Reinsurance Company: 15 years.
    Executive Officer (CEO, COO, CFO, Chief Actuary): 10 years. Chief Accounting Officer
    Finance Department: 5 years. Controller, Treasurer
  • Insurance-related Firms: 4 years.
    Consultant: 1 year. Owner
    Accounting Firm: 3 years. Senior Accountant , Audit and Tax
  • Independent/Other Relevant Experience: 2 years.
    Other : 2 years.
Biography

Mr. William (Bill) Sofsky, CPA is a Lecturer in the Turner School of Accountancy in the Belk College of Business at the University of North Carolina at Charlotte. He began his teaching career at UNCC in 2015.

Bill is also the sole member of W. A. Sofsky Consulting and Advisory Services, LLC., offering advice to insurance and reinsurance companies in the areas of accounting, finance, reinsurance and acquisition deal structuring and capital management.

He has nearly thirty years of accounting and professional experience. After starting his career in public accounting, Bill worked in accounting, finance and treasury roles in the insurance industry for twenty-six years.

Bill has experience and expertise in IFRS, US GAAP and US Statutory basis financial reporting for insurance entities and is a former member of the American Council of Life Insurers Reinsurance Accounting Committee.

Just prior to beginning his current teaching and consulting career, Bill served as senior vice president and chief accounting officer of SCOR Global Life Americas. Prior to that, he held the same position with the Transamerica Reinsurance division of Aegon. Bill spent the majority of his insurance industry career with the Aegon Group including four years of international experience in The Netherlands.

Bill has served as an officer and board member of insurance and reinsurance subsidiaries of large international insurance groups. Bill also served four years as Treasurer, Board Member, and Chairman of the Audit and Finance Committee for the Maryland Life and Health Insurance Guaranty Corporation.

Bill holds a B.B.A. in accounting and an M.B.A. in finance from Loyola University Maryland.

He is a certified public accountant (CPA) currently licensed in North Carolina.

He is a Fellow of the Life Management Institute and has also held the Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC) designations during his career.