At a Glance
- Tasks: Manage reinsurance transactions and improve systems for accurate reporting.
- Company: Specialist insurance business in the Lloyd's market with a focus on innovation.
- Benefits: Competitive salary, hybrid work model, and opportunities for professional growth.
- Other info: Opportunity to contribute to process improvements and enhance data integrity.
- Why this job: Join a dynamic team and make a real impact in reinsurance management.
- Qualifications: Five years' experience in reinsurance administration and strong attention to detail.
The predicted salary is between 65000 - 80000 £ per year.
Job Title
Senior Reinsurance Technician
Location
London / Hybrid
Salary Range
£65,000 - £80,000
Reporting to
- Reinsurance Operations Manager
- Overview
An opportunity for an experienced Senior Reinsurance Technician to take ownership of outwards reinsurance administration, accounting and reporting within a specialist insurance business.
The role covers a broad range of ceded reinsurance activities, including premium adjustments, commissions, recoveries, settlements and counterparty balances.
Alongside responsibility for the reinsurance subledger, you will support financial reporting, manage outstanding recoveries and help improve systems, processes and data quality.
Key Responsibilities
- Administer ceded reinsurance transactions, including premiums, premium adjustments, profit commissions, recoveries and broker rebates.
- Take ownership of the outwards reinsurance subledger, maintaining accurate contract reference data, accounting records and credit control balances.
- Manage contract administration, applying treaty terms and conditions accurately to transactions and ensuring contractual deadlines are met.
- Prepare recovery billings, collect outstanding balances and maintain credit control and aged debt reports.
- Reconcile and agree reinsurance statements, working closely with finance colleagues on cash allocation and account reconciliation.
- Calculate and review cash losses, profit commissions, portfolio transfers and reinstatement premiums.
- Monitor excess of loss recoveries, including applicable indexation provisions, and issue loss notifications arising from reserve estimates or market events.
- Track reinsurance rebates and liaise with relevant stakeholders to ensure timely collection.
- Support monthly and quarterly close processes, including regulatory returns, quota share statements, premium adjustments and collateral monitoring.
- Produce accurate reporting on exposures, premium spend, brokerage, burning costs, variances and counterparty balances.
- Work with actuarial colleagues to review quarterly reserves by programme and maintain consistency across reporting
- Support reinsurer security reviews, respond to counterparty queries and prepare analysis for potential commutations.
- Prepare management information and supporting materials for committees, boards and other stakeholders.
- Improve processes, system use and data integrity, including specifying and testing automated reports.
- Maintain process checklists, support audits and provide cover for market settlement activities where required.
What We're Looking For
- At least five years’ experience in outwards reinsurance administration and operational practices.
- Experience using XL Pro or another outwards reinsurance administration system.
- Strong attention to detail and a commitment to accurate, timely processing and reporting.
- Confidence working with data and proficiency in Microsoft Office applications.
- The ability to manage competing priorities and meet reporting and contractual deadlines.
- A questioning mindset, with an interest in identifying more effective ways of working.
- Flexibility and adaptability as systems, processes and business requirements evolve.
Desirable but Not Essential
- Experience preparing and submitting Lloyd’s regulatory returns, including SRS and QMA reporting.
- Relevant CII qualifications, including the London Market Insurance qualification.
- Experience in credit control, aged debt management and reinsurance recovery collection.
- A good understanding of reinsurance contract terminology and the ability to interpret and apply contractual conditions.
- Experience across Lloyd’s, company or collateralised reinsurance markets.
- Familiarity with LORS and market settlement processes.
- The ability to resolve issues independently and manage smaller projects or improvement initiatives through to completion.
About the Company
A specialist insurance business operating within the Lloyd’s market, with a focus on effective reinsurance management, accurate reporting and robust financial controls.
The business is continuing to develop its operational processes and systems, offering the opportunity to contribute to improvements across reinsurance administration and reporting.
Senior Reinsurance Technician in London employer: ACINRecruit
As a Senior Financial Planning & Analysis Analyst at our London-based firm, you will thrive in a dynamic and collaborative environment that prioritises professional growth and development. We offer a competitive salary, flexible hybrid working arrangements, and a strong commitment to modernising financial processes, ensuring you have the tools and support needed to make a meaningful impact on our transformation journey.
StudySmarter Expert Advice🤫
We think this is how you could land Senior Reinsurance Technician in London
✨Dive Into Industry Networking Events
Get your foot in the door by attending insurance industry events and conferences. Not only will you learn about the latest trends, but you'll also meet potential employers and industry peers. Check out local chapters of professional bodies like the Chartered Insurance Institute for valuable meetups.
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We think you need these skills to ace Senior Reinsurance Technician in London
Some tips for your application 🫡
Highlight Your Analytical Skills:In insurance, we love a candidate who can crunch numbers and analyse data effectively. When crafting your CV, make sure to showcase any relevant coursework or experiences that highlight your analytical abilities, especially if you’ve tackled risk assessment or financial modelling.
Showcase Industry Knowledge:Don’t be shy about your knowledge of the insurance sector! We want to see that you've done your homework on current trends, regulations, and challenges in the industry. Mention any relevant projects or studies you’ve completed that demonstrate your understanding of the field in your cover letter.
Craft a Compelling Cover Letter:Your cover letter should tell us why you’re passionate about insurance. Share any personal experiences or what drew you into this profession. We’re looking for enthusiasm and a clear motivation for why you want to be part of our team at ACINRecruit.
Tailor Your CV for the Role:Don't just send a generic CV! Focus on tailoring it specifically for the insurance role at ACINRecruit. Highlight relevant skills such as risk management, customer service experience, or any certifications you've earned in the industry to make your application stand out.
How to prepare for a job interview at ACINRecruit
✨Know Your Numbers: Insurance Fundamentals
Brush up on your understanding of key insurance concepts, like underwriting principles and risk assessment. Expect the interviewer at ACINRecruit to throw some technical questions your way, so be ready to demonstrate your grasp of these essentials.
✨Showcase Your Analytical Side
In the insurance world, it's all about data. Prepare to discuss any analytical tools or methodologies you've used in past experiences. If you have a portfolio of projects where you've tackled complex data, bring that along to impress the team!
✨Prepare for Behavioural Questions
As a full-timer at ACINRecruit, they'll want to know how you handle real-life scenarios, not just theory. Think about challenges you've faced in teamwork or customer service, and how those experiences can relate to a career in insurance.
✨Know the Company Culture Inside Out
Understanding ACINRecruit's values and workplace culture is essential. Don’t just memorise their mission statement; think about how your personal values align with theirs. This will show your genuine interest in being part of their team long-term.
