Location: London
Salary Range: £100,000
Overview:
An opportunity to take full responsibility for outwards reinsurance activity across a portfolio of legacy insurance business. The role will have accountability for reinsurance assets, technical accounting, recoveries, aged debt and associated reporting, while acting as a key representative on relevant business meetings. This is a hands-on position suited to an experienced reinsurance professional who can work independently, resolve issues, identify process improvements and manage smaller projects through to completion.
Key Responsibilities:
- Take ownership of all aspects of outwards reinsurance across a portfolio of legacy business and associated entities.
- Capture, calculate and record reinsurance amounts across proportional and non-proportional, facultative and treaty arrangements.
- Prepare outward reinsurance technical accounts and periodic accounts, including funds withheld and sliding-scale provisions where applicable.
- Issue reinsurance statements, recoveries and loss notifications within contractual timescales.
- Calculate and process cash losses, profit commissions, portfolio transfers, premium adjustments, loss-related payments and reinstatement calculations.
- Apply knowledge of treaty terms and conditions to reinsurance accounting transactions and ensure contractual obligations are met.
- Monitor excess-of-loss recoveries, market notifications and relevant indexation provisions.
- Take responsibility for agreeing reinsurance statements and associated amounts, ensuring payments and collections are completed within contractual obligations.
- Monitor and actively manage aged reinsurance debt, including regular follow-up and resolution of outstanding balances.
- Respond to reinsurer queries promptly, working with relevant claims, legal and underwriting stakeholders where required.
- Prepare analysis and proposals relating to potential commutations.
- Represent the reinsurance function at relevant business and governance meetings, providing direction and practical solutions on reinsurance matters.
- Conduct quarterly erosion analysis and take appropriate action where required.
- Assist with the production of reinsurance returns and internal and external reporting.
- Produce accurate and timely management information for relevant stakeholders.
- Continually review and improve procedures and documentation relating to legacy and wider reinsurance activities.
- Support reinsurance projects, providing guidance and assistance through to completion.
- Maintain compliance with applicable regulatory, conduct, data protection, health and safety and other relevant policies and requirements.
What We're Looking For:
- Minimum 5 years' experience in outwards reinsurance administration and practices.
- Strong general reinsurance market experience, with exposure to either or both Lloyd's and company markets.
- Good understanding of reinsurance contract terminology and the ability to interpret and apply contractual conditions.
- Strong numerical skills and a high level of accuracy when handling financial and reinsurance data.
- Excellent communication skills, with the ability to engage effectively with internal and external stakeholders at all levels.
- Good working knowledge of Microsoft Office, particularly Excel, Word and Outlook, alongside relevant market or reinsurance systems.
- A self-motivated and driven approach, with the ability to work independently and take ownership of responsibilities.
- A collaborative team player who is willing to contribute towards wider business objectives.
- A questioning and inquisitive approach, with a willingness to learn and identify opportunities for improvement.
- Ability to work effectively under pressure and meet tight deadlines.
- Strong attention to detail, particularly when managing contractual obligations, recoveries, accounts and reporting.
Desirable but Not Essential:
- CII qualifications, including the London Institute of Technical Insurance (LIT) qualification.
- Experience managing or contributing to reinsurance-related projects and process improvement initiatives.
- Experience analysing reinsurance erosion and supporting commutation proposals.
About the Company:
A well-established, international insurance organisation operating across multiple insurance classes and markets, including Lloyd's and company platforms. The business combines specialist insurance expertise with a collaborative and inclusive culture, with a focus on delivering strong client outcomes, developing its people and continuing to improve its operational and technical capabilities.