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- Tasks: Assist with ceded reinsurance contracts and manage transactions in a dynamic London office.
- Company: Join a leading Lloyd's Syndicate known for valuing staff and fostering career growth.
- Benefits: Enjoy a negotiable salary, excellent benefits, and a vibrant work culture.
- Why this job: Grow your skills in a supportive environment while making an impact in the reinsurance sector.
- Qualifications: 2-5 years experience in reinsurance or operations; knowledge of ceded reinsurance is a plus.
- Other info: Opportunity to work in the heart of London with a focus on professional development.
The predicted salary is between 36000 - 60000 £ per year.
Our client is a Lloyd's Syndicate and (Re)insurer, known as a leader in the London Market, who highly value their staff whilst offering an exciting, dynamic and career driven culture, one where you will grow your skills, knowledge and career from the very first day!
We are currently recruiting on their behalf for a Ceded Reinsurance Technician, based at their office in the heart of London. The successful candidate will be primarily responsible for assisting with all ceded post-bind aspects of the company, for a defined ceded external portfolio and internal cessions written across the various platforms.
Key Responsibilities- Interpret and set up ceded reinsurance contract terms and ceded collateral trust agreements in the underwriting and accounting systems.
- Liaise with relevant stakeholders to ensure proper contract management, set-up and administration.
- Review, analyse and process ceded transactions at contract set up, and ensure final contractual terms are complete and accurately reflected.
- Monitor large movements on catastrophe events and understand the implications of assumed losses on ceded portfolio.
- Support / complete ceded aspects of the monthly / quarterly close.
- Support month-end / quarter-end processing and reconciliation of ceded accruals and recoveries in the company's accounting systems.
- Liaise with relevant stakeholders to ensure the accuracy of transactions, internal / external reporting, and financial disclosures.
- Prepare and analyse ceded proportional bordereaux and claims recoveries notifications: communicate actual vs. expected variances and other gross to net analysis to respective underwriters for sign off; liaise with brokers / reinsurers.
- Provide support with collateral requirements, amend / withdraw / release when applicable, process and reconcile in the company's accounting systems.
- Liaise with internal and external auditors.
- Additional duties include: performing cash pairing and analysis; preparing reinsurer cash reconciliations; monitoring aging of receivables, and pursuing collection of receivables / recoveries from reinsurers and settlement of payables when due; researching and reconciling discrepancies, and minimising unapplied cash at each quarter-end close; providing updates to the Operations Cash team.
- At least 2-5 years experience in a similar role within Lloyd’s / London Market Reinsurance, Operations, or Credit Control.
- Knowledge of Ceded Reinsurance is preferred, but not essential.
- Experience of using SICS and REMS is advantageous.
Ceded Reinsurance Technician employer: Eden James Consulting Ltd
Contact Detail:
Eden James Consulting Ltd Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Ceded Reinsurance Technician
✨Tip Number 1
Familiarise yourself with the specific terminology and processes related to ceded reinsurance. Understanding key concepts like collateral trust agreements and bordereaux will help you speak confidently during interviews.
✨Tip Number 2
Network with professionals in the Lloyd's and London Market. Attend industry events or join relevant online forums to connect with others in the field, which can lead to valuable insights and potential referrals.
✨Tip Number 3
Research the company culture of the Lloyd's Syndicate you're applying to. Tailoring your conversation to reflect their values and demonstrating how you align with their dynamic and career-driven environment can set you apart.
✨Tip Number 4
Prepare for technical questions related to accounting systems like SICS and REMS. Brush up on your knowledge of these platforms, as familiarity can give you an edge over other candidates who may not have this experience.
We think you need these skills to ace Ceded Reinsurance Technician
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in ceded reinsurance or similar roles. Use keywords from the job description to demonstrate your suitability for the position.
Craft a Compelling Cover Letter: Write a cover letter that explains why you are interested in the Ceded Reinsurance Technician role. Mention specific skills and experiences that align with the responsibilities outlined in the job description.
Highlight Relevant Skills: Emphasise any experience you have with SICS and REMS, as well as your understanding of ceded reinsurance processes. This will show that you are well-prepared for the technical aspects of the role.
Proofread Your Application: Before submitting, carefully proofread your application materials for any spelling or grammatical errors. A polished application reflects your attention to detail, which is crucial in this field.
How to prepare for a job interview at Eden James Consulting Ltd
✨Understand Ceded Reinsurance Basics
Make sure you have a solid grasp of ceded reinsurance concepts. Brush up on key terms and processes, as this will help you answer technical questions confidently and demonstrate your knowledge of the industry.
✨Prepare for Scenario-Based Questions
Expect to be asked about specific scenarios related to contract management and transaction processing. Think through examples from your past experience where you successfully handled similar situations, and be ready to discuss them in detail.
✨Familiarise Yourself with Relevant Software
If you have experience with SICS and REMS, be prepared to discuss how you've used these systems in your previous roles. If not, do some research on them so you can speak about their functionalities and how they relate to the position.
✨Show Your Teamwork Skills
This role involves liaising with various stakeholders, so be ready to talk about your experience working in teams. Highlight instances where you effectively communicated or collaborated with others to achieve a common goal.
