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For Companies At a Glance
- Tasks: Manage reinsurance operations, oversee compliance, and lead technical services within finance.
- Company: Join a leading firm in the reinsurance market with a strong reputation in financial services.
- Benefits: Enjoy competitive pay, opportunities for growth, and a collaborative work environment.
- Why this job: Be part of a dynamic team that drives financial success and compliance in the reinsurance sector.
- Qualifications: Experience in reinsurance, knowledge of Lloyd’s systems, and proficiency in Excel and Word required.
- Other info: Ideal for those looking to make an impact in a fast-paced financial environment.
The predicted salary is between 48000 - 72000 £ per year.
Responsibilities
Overall, the finance function is responsible for the financial planning and reporting of financial transactions of the business, covering both profit centre reporting to the parent company, and local Lloyd’s and legal entity regulatory and statutory reporting. The finance function comprises:
- Financial Reporting – External reporting, regulatory reporting, and financial review of our legal entities and profit centre (month-end reporting) in line with Lloyd’s, UK, and US GAAP requirements.
- Financial Planning and Analysis (FP&A) – Responsible for all planning aspects of the business including Syndicate Business Forecast as well as quarterly GAAP business forecast and internal management information.
- Operations – Consists of technical and non-technical bookkeeping, source system reconciliations, and other audit and Sox controls, accounts payable, treasury, cash, and tax.
- Data Analytics – Provides tools and analytic skills to support the wider finance function.
- Technical Services – Includes the issuance of reinsurance statements, the review and application of Outward Reinsurance system, and Reinsurance Credit Control.
- Other – Includes projects, oversight of tax matters with the Group Tax Manager, and any other financial matters.
This role sits within the Technical Services function within finance. The role works alongside the rest of the finance team and the Corporate Reinsurance function, and is expected to contribute to any of the responsibilities of the overall finance function as required.
As the Reinsurance Operations and Technical Services Manager, responsibilities include:
- Chasing/collecting slips in a timely manner, storing all documentation centrally, and communicating to Underwriting.
- Ensuring/checking all appropriate notifications are made to the programmes.
- Monitoring and overseeing ceded premium and recoveries.
- Checking and maintaining compliance with local regulations e.g. Lloyd’s Reinsurance Principles.
- Reporting and overseeing Pools e.g. terror (Pool Re, TRIA).
- Assisting in Broker Submissions for RI Placement.
- Leading RI Operations Committee and Reporting to UW Committee.
- LORS Message processing and matching.
- Internal Broker for Service company business.
- Liaison with the corporate parent teams and internal IT support teams.
- Communicating regularly with interested committees, reporting on issues and proposed changes related to technical sign-offs or technical controls/processes.
Qualifications
- Proven experience in the reinsurance market, preferably within the Lloyd’s environment.
- LLIMIT/ACII highly desirable.
- Good working knowledge of insurance/reinsurance contract types, structures, clauses, and operation.
- Good working knowledge of all Lloyd’s Management Information systems.
- Knowledge of Excel (intermediate); Word (intermediate).
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Reinsurance Operations & Technical Services Manager employer: W. R. Berkley Corporation
Contact Detail:
W. R. Berkley Corporation Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Reinsurance Operations & Technical Services Manager
✨Tip Number 1
Make sure to network within the reinsurance industry, especially with professionals who have experience in the Lloyd’s environment. Attend industry events or webinars to connect with potential colleagues and learn more about the latest trends and practices.
✨Tip Number 2
Familiarize yourself with the specific compliance requirements of Lloyd’s Reinsurance Principles. Understanding these regulations will not only help you in the role but also demonstrate your commitment and knowledge during discussions with our team.
✨Tip Number 3
Brush up on your technical skills, particularly in Excel and any Lloyd’s Management Information systems. Being proficient in these tools will give you an edge in managing data analytics and financial reporting tasks effectively.
✨Tip Number 4
Stay updated on current trends and changes in the reinsurance market. This knowledge will be invaluable when participating in discussions with underwriting committees and during broker submissions for RI placements.
We think you need these skills to ace Reinsurance Operations & Technical Services Manager
Some tips for your application 🫡
Understand the Role: Make sure to thoroughly read the job description and understand the responsibilities and qualifications required for the Reinsurance Operations & Technical Services Manager position. Tailor your application to highlight relevant experiences.
Highlight Relevant Experience: In your CV and cover letter, emphasize your proven experience in the reinsurance market, especially within the Lloyd’s environment. Mention specific projects or roles that demonstrate your expertise in financial reporting, compliance, and operations.
Showcase Technical Skills: Since the role requires good working knowledge of insurance/reinsurance contract types and management information systems, be sure to include any relevant technical skills you possess, such as proficiency in Excel and Word, and any certifications like LLIMIT/ACII.
Craft a Strong Cover Letter: Write a compelling cover letter that not only summarizes your qualifications but also explains why you are passionate about this role and how you can contribute to the finance function. Make sure to address how you can support the Technical Services function specifically.
How to prepare for a job interview at W. R. Berkley Corporation
✨Showcase Your Reinsurance Knowledge
Make sure to highlight your proven experience in the reinsurance market, especially within the Lloyd’s environment. Be prepared to discuss specific contract types, structures, and clauses you've worked with.
✨Demonstrate Financial Acumen
Since the role involves financial planning and reporting, be ready to talk about your experience with financial reporting standards like UK and US GAAP. Share examples of how you've contributed to financial reviews or month-end reporting.
✨Familiarize Yourself with Technical Services
Understand the key responsibilities related to technical services, such as issuing reinsurance statements and compliance with local regulations. Prepare to discuss how you would manage these tasks effectively.
✨Prepare for Team Collaboration Questions
This role requires working closely with various teams. Think of examples where you've successfully collaborated with finance, underwriting, or IT support teams, and be ready to share those experiences.
