Reinsurance Technician

Job Title:

Reinsurance Technician

Reports to:

Deputy Reinsurance Manager

Department:

Operations

Job Purpose Summary:

This role will sit within Beat Syndicate 4242’s Ceded Reinsurance team. The purpose of this role is to assist with the ceded reinsurance transactions including premiums adjustments, profit commissions, recoveries & Broker rebates for all s4242 Business Units. The Reinsurance Associate will be accountable for the s4242 reinsurance subledger and counterparty balance reporting, as well as quarterly reporting to internal / external stakeholders.

Direct Reports:

n/a

Core Responsibilities:

Reinsurance Strategy: Work under the direction of senior members of the RI team to assist with the ceded reinsurance transactions including premiums, commissions and recoveries for all s4242 Business Units. The Reinsurance Associate will be assisting with operational reinsurer reporting, and s4242 reinsurance subledger and counterparty balance reporting.

Data Management: Ensure accurate and timely collation and distribution of ORI data .

• Provide support in executing close process and delivering key reports to internal / external counterparties.
• Assist with Outward Reinsurance transaction settlements via XL Pro, while providing LORS backup.
• Principal owner of Outward Reinsurance subledger (XL Pro) including basic contract reference and credit control ledger.
• Contract administration and organisation.
• Reinsurance recovery collection billing, maintaining credit control/aged debt reports.
• Track Reinsurance rebates, liaising with Finance/internal broker to ensure timely collection.
• Assist with Reinsurance security review, applying benchmarks & analysis for suitable securities.
• Work with actuaries to review quarterly reserves by programme.

Claims Handling: Production of collection / advice / precautionary notes from first advice through to settlement, including reinstatement premiums.

• Be point of contact and manage ceded RI recoveries.
• Prepare monthly reporting of outstanding balances, monitoring paid/incurred movements.

Reporting: Ensure accurate and concise production of reinsurance policies and group reporting, including exposure reporting, premium spend, brokerage, burning cost, and variation reporting.

• Assist with various Outwards Reinsurance Syndicate reporting needs – e.g. SRS population, monthly/quarterly close, liaising with Actuarial to ensure alignment between departments.
• Assist with and provide back up support for Reinsurer reporting – Quota Share statements, premium adjustments, monthly / quarterly collateral monitoring etc.
• Provide relevant materials for Committees / Boards.
• Assist with Reinsurance Counterparty management information reporting.
• Work closely with Finance team, aiding cash application / reconciliation.

Process Improvement: Review current processes and procedures, including system utilization, to enhance department functions and data integrity.

• Work to automate reporting including specifying and testing reports.

Compliance: Maintain process checklists and assist with various audits.

Relationship Management: Establish relationships with key brokers handling Syndicate accounts.

Essential Skills:

• Attention to detail.
• Experience with XL Pro, and/or other Outwards Reinsurance systems.
• Data orientation / Microsoft suite proficient.
• Business curiosity / ability to question status quo.
• Ability to manage multiple priorities.
• Ongoing flexibility whilst business evolves and enhances processes.

Desirable Skills

• London Market Insurance experience highly beneficial / desired (2+ years).
• Operations experience, ideally including Outward Reinsurance experience, preferred.
• Experience in working on & submission of Lloyds reports.
• CII qualifications (or working towards).
• Credit control functionality experience.