Reinsurance Specialist

We are seeking an experienced Reinsurance Manager to join our team. As a key member of our organization, you will play a critical role in negotiating the best reinsurance terms for optimum advantage to the organization.

1. Treaty Renewals: Prepare presentations for treaty renewals, including risk accumulation data, gross and net band statistics on premium and claims, and treaty results.
2. Additional Information: Provide clarifications to reinsurers for treaty renewals related to proportional & excess of loss programs.
3. Customer Relationships: Establish and maintain good relationships with external customers (reinsurers/brokers) and existing ones, enhancing turnaround times and collaborating closely with underwriting and claims departments.
4. Coordination: Coordinate with the IT team to update treaty limits, commission, and other details in the insurance system.
5. Accurate Accounting: Ensure accurate reinsurance accounting.
6. Facultative Quotes: Obtain facultative quotes/support for risks based on underwriting information, including tender businesses.
7. Facultative Placements: Finalize facultative placements and ensure cover is bound within stipulated timeframes.
8. Premium Closings: Send timely facultative premium closings to reinsurers and ensure settlements are completed before due dates.
9. Special Approvals: Secure special cession approvals from reinsurers when required.
10. Regular Communication: Maintain regular communication with reinsurers/brokers via phone and email to foster good business relationships.
11. Meetings: Attend meetings with reinsurers/brokers during their visits.
12. Monthly Closings: Monitor monthly closings processed by the RI team and assist in finalizing them promptly.
13. Loss Notification: Notify reinsurers of major losses and provide regular updates.
14. Quarterly Statements: Assist in preparing quarterly statements of account for various arrangements.
15. Balance Settlement: Liaise with the finance department for settlement of quarterly balances to reinsurers.
16. XL Arrangements: Notify losses under XL arrangements and prepare recovery advisories periodically.
17. Annual Statements: Prepare annual statements of accounts, including premium & loss withdrawal accounts, entry accounts, XL adjustment, and profit commission statements.
18. RI Capacity: Establish additional RI capacity through surplus/FAC obligate treaties for fire and engineering classes.
19. Training: Conduct periodic training for the RI team on reinsurance topics.

• Experience: Five years of experience in re-insurance within the general (non-life) insurance industry, including at least 2 years in the Gulf region.
• Education: Graduate with an insurance qualification such as AIII (or equivalent) or above.
• Knowledge: Thorough knowledge of FAC and treaty reinsurance operations.