At a Glance
- Tasks: Manage all aspects of outwards reinsurance and prepare technical accounts.
- Company: Global Reinsurance Group with a strong focus on innovation.
- Benefits: Competitive salary, career growth opportunities, and a dynamic work environment.
- Other info: Collaborative culture with opportunities to lead projects and improve processes.
- Why this job: Be a key player in shaping reinsurance strategies and making impactful decisions.
- Qualifications: 5+ years in reinsurance administration and strong understanding of contract terminology.
The predicted salary is between 40500 - 49500 £ per year.
Woodland Partners are working with this global Reinsurance Group to source their new Reinsurance manager reporting into the CEO of the relevant division.
The role will be solely responsible for all aspects of outwards reinsurance covering a number of entities.
The role will have total accountability for its respective reinsurance assets.
This person will be the Ceded Re representative at any necessary meetings including the Board meetings.
Key responsibilities
- Preparing outward technical accounts, and reinsurance recovery collections including the production of premium adjustments, cash losses, profit commissions, loss APs and the like, all with their respective monitoring of aged debt.
- Accurate and timely MI to be provided to all relevant key stakeholders across the Group as well as providing support for any team requiring assistance with regards to outwards reinsurance.
- Capturing, calculation and recording of reinsurance amounts, whether proportional or non-proportional, facultative or treaty
- Issuing statements and recoveries within reasonable timescales and meeting contract obligations. Prepares outward reinsurance technical accounts for proportional reinsurances.
- Accurate and timely preparation of periodic accounts which can include funds withheld and sliding scale provisions
- Review and calculations of cash losses, profit commissions and portfolio transfers.
- Applies knowledge of treaty terms and conditions to accounting transactions.
- Contractual obligations to be adhered to. Monitoring for excess of loss reinsurance recoveries and advices to the market which can include indexation provisions.
- Monitoring issued premium adjustments and updating systems if necessary for reinstatement calculations.
- Issuing loss notifications based on IBNRs or market events where necessary.
- Company reinsurance amounts
- Responsible for the agreement of all company reinsurance statements and their respective amounts.
- Payments and collections to be made within contractual obligations.
- Ceded Asset Management
- Regular monitoring and chasing of aged debt across all accounts.
- Responding to reinsurer queries in a timely fashion with the assistance of the claims, legal and underwriting teams if required.
- Prepare analysis and proposals for potential commutations.
- Committees and Group Meetings
- Be the Ceded Representative at any necessary Legacy meetings.
- Provide direction and solutions for any forthcoming matters.
- Knowledge & Qualifications
- Minimum 5 years’ experience in outwards reinsurance administration and practices.
- A good understanding of reinsurance contract terminology with the ability to follow conditions stated.
- General reinsurance market experience with an emphasis to reinsurance administration across both, or either, Lloyd's and company markets.
- You will have an ability to independently resolve issues, assist in seeking process improvement and have confidence to manage minor projects or tasks through to fruition.
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Reinsurance Manager - Global Reinsurer employer: Woodland Partners
Join a prestigious global Insurance group that values its employees and fosters a collaborative work culture. With a focus on professional development, this role offers opportunities for growth and advancement while working alongside industry experts in a dynamic environment. Enjoy the benefits of a supportive team atmosphere and the chance to contribute to meaningful projects within the insurance sector.
StudySmarter Expert Advice🤫
We think this is how you could land Reinsurance Manager - Global Reinsurer
✨Dive Into Industry Networking Events
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We think you need these skills to ace Reinsurance Manager - Global Reinsurer
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 Woodland Partners.
Tailor Your CV for the Role:Don't just send a generic CV! Focus on tailoring it specifically for the insurance role at Woodland Partners. 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 Woodland Partners
✨Know Your Numbers: Insurance Fundamentals
Brush up on your understanding of key insurance concepts, like underwriting principles and risk assessment. Expect the interviewer at Woodland Partners 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 Woodland Partners, 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 Woodland Partners'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.
