Senior Reinsurance Specialist

1 week ago

Muscat, Muscat, Oman beBeeReinsurance Full time 113,152 - 144,003
Reinsurance Manager Job Description

This role is responsible for obtaining the best Reinsurance terms negotiated for optimum advantage to the organization. The successful candidate will be able to prepare Reinsurance presentations for Treaty Renewals, including all statistical information such as Risk Accumulation Data, Gross and Net Band Statistics on Premium and Claims, and Treaty Results.

Responsibilities:
  1. Prepare detailed Reinsurance presentations for Treaty Renewals, incorporating Risk Accumulation Data, Gross and Net Band Statistics on Premium and Claims, and Treaty Results.
  2. Provide additional information and clarifications to Reinsurers for treaty renewals related to Proportional & Excess of Loss programs.
  3. Establish and maintain strong relationships with external customers (Reinsurers/Brokers), enhancing turnaround times and collaborating closely with underwriting and claims departments to understand their requirements for negotiations.
  4. Coordinate with the IT team to update Treaty limits, Commission, and other details in the Insurance system.
  5. E nsure accurate Reinsurance accounting.
  6. Obtain facultative quotes/support for risks based on underwriting information, including Tender businesses.
  7. Finalize facultative placements and ensure cover is bound within stipulated timeframes.
  8. Send timely facultative premium closings to reinsurers and ensure settlements are completed before due dates.
  9. Secure special cession approvals from reinsurers when required.
  10. Maintain regular communication with reinsurers/brokers via phone and email to foster good business relationships.
  11. Attend meetings with Reinsurers/Brokers during their visits.
  12. Monitor monthly closings processed by the RI team and assist in finalizing them promptly.
  13. Notify reinsurers of major losses and provide regular updates.
  14. Assist in preparing quarterly Statements of Account for various arrangements.
  15. Liaise with the finance department for settlement of quarterly balances to reinsurers.
  16. Notify losses under XL arrangements and prepare recovery advisories periodically.
  17. Prepare annual Statements of Accounts, including Premium & Loss Withdrawal Accounts, Entry Accounts, XL Adjustment, and Profit Commission Statements.
  18. Establish additional RI capacity through Surplus/FAC obligate treaties for Fire and Engineering classes.
  19. Conduct periodic training for the RI team on Reinsurance topics.
Requirements:
  • Five years of experience in Re-Insurance within the General (Non-Life) Insurance industry, including at least 2 years in the Gulf region.
  • Graduate with an Insurance qualification such as AIII (or equivalent) or above.
  • Thorough knowledge of FAC and Treaty Reinsurance operations.

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