Business Reinsurance Specialist

7 days ago

Muscat, Muscat, Oman beBeeReinsurance Full time 54,000 - 86,000
Reinsurance Manager Job Description

We are seeking a highly experienced Reinsurance Manager to join our organization. As a key member of our team, you will be responsible for obtaining optimal reinsurance terms that benefit the organization.

Key Responsibilities:
  • Negotiate and prepare reinsurance presentations for treaty renewals, incorporating statistical data such as risk accumulation, premium and claims statistics, and treaty results.
  • Provide additional information and clarify details for reinsurers related to proportional and excess of loss programs.
  • Establish and maintain strong relationships with external customers, including reinsurers and brokers, enhancing turnaround times and collaborating with underwriting and claims departments.
  • Coordinate with the IT team to update treaty limits, commissions, and other details in the insurance system.
  • Ensure accurate reinsurance accounting and financial reporting.
  • Obtain facultative quotes and support for risks based on underwriting information, including tender businesses.
  • Finalize facultative placements and ensure cover is bound within stipulated timeframes.
  • Send timely facultative premium closings to reinsurers and ensure settlements are completed before due dates.
  • Secure special cession approvals from reinsurers when required.
  • Maintain regular communication with reinsurers/brokers via phone and email to foster good business relationships.
  • Attend meetings with Reinsurers/Brokers during their visits.
  • Monitor monthly closings processed by the RI team and assist in finalizing them promptly.
  • Notify reinsurers of major losses and provide regular updates.
  • Assist in preparing quarterly Statements of Account for various arrangements.
  • Liaise with the finance department for settlement of quarterly balances to reinsurers.
  • Notify losses under XL arrangements and prepare recovery advisories periodically.
  • Prepare annual Statements of Accounts, including Premium & Loss Withdrawal Accounts, Entry Accounts, XL Adjustment, and Profit Commission Statements.
  • Establish additional RI capacity through Surplus/FAC obligate treaties for Fire and Engineering classes.
  • 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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