Facultative Reinsurance Specialist - Property

AlFuttaim; Dubai; Presencial; AED 180.000 - 300.000; Jornada completa

Descripción de la vacante

Orient Insurance PJSC in Dubai, UAE, is seeking a Facultative Reinsurance Specialist to support property facultative reinsurance placements from underwriting referrals through market placement and documentation. The role collaborates with property underwriters and internal teams to align with appetite, capacity, and regulatory procedures.

The position involves preparing submissions, approaching markets, and ensuring written reinsurance support is secured before commitment, while maintaining

Formación

• Bachelor's degree in Insurance, Risk Management, Business Administration, Finance, Economics, Engineering, or a related discipline.
• Minimum 5 years of relevant work experience.
• Diploma or Advanced Diploma from III or CII is considered an additional qualification.
• Regional experience is an advantage.

Responsabilidades

• Review underwriting referrals requiring facultative reinsurance support.
• Assess sums insured, probable maximum loss, company retention, treaty capacity, and required facultative capacity.
• Review proposed quota share or excess-of-loss structures, layers, deductibles, limits, brokerage, commissions, taxes, currencies, and premium allocations.
• Prepare complete facultative submissions for Property and related risks.
• Approach approved local, regional, and international reinsurance markets.
• Follow up with reinsurers and brokers to secure quotations and capacity within required timelines.
• Support negotiations covering reinsurance rates, commissions, coverage, exclusions, warranties, and other placement conditions under senior underwriting supervision.
• Prepare quotation comparisons and identify suitable placement options.
• Record market approaches, quotations, declinatures, and placement progress accurately.
• Obtain written reinsurance confirmation before facultative-dependent risks are committed.
• Verify that completed placements provide the required capacity and follow the approved underwriting structure.
• Review underwriting information including COPE data, risk survey reports, claims experience, fire protection systems, natural catastrophe exposure, valuation reports, policy wording, and extensions.
• Identify incomplete or inconsistent information and highlight material exposures to reinsurers.

Conocimientos

Reinsurance knowledge

Educación

Bachelor's degree in Insurance, Risk Management, Business Administration, Finance, Economics, Engineering, or a related discipline.

Diploma or Advanced Diploma from III or CII

Descripción del empleo

Facultative Reinsurance Specialist - Property Job Snapshot Role: Facultative Reinsurance Specialist Location: Dubai, UAE Industry: Insurance Function: Policy Underwriting Experience: Minimum 5 years Job Type: Full Time Work Arrangement: On-site

Position Overview

Orient Insurance PJSC is seeking a Facultative Reinsurance Specialist in Dubai, UAE to support Property facultative reinsurance placements. The role covers preparation of accurate market submissions, sourcing competitive reinsurance capacity and terms, placement documentation, renewals, and coordination with approved reinsurers and brokers. The position works closely with property underwriters and internal teams to ensure placements remain aligned with underwriting appetite, treaty capacity, delegated authorities, regulatory requirements, and company procedures.

Job Details

• Country: UAE
• City: Dubai
• Industry: Insurance
• Function: Policy Underwriting
• Salary: Not disclosed
• Gender: No Preference
• Candidate Nationality: Not specified
• Job Type: Full Time
• Work Arrangement: On-site

Job Purpose

The role supports facultative reinsurance requirements for Property and related risks from initial underwriting referral through market placement and documentation. This involves understanding the proposed risk structure, determining required facultative capacity, approaching approved markets, comparing quotations, and ensuring written reinsurance support is secured before the company commits to facultative-dependent risks.

Facultative Reinsurance Placement

• Review underwriting referrals requiring facultative reinsurance support.
• Assess sums insured, probable maximum loss, company retention, treaty capacity, and required facultative capacity.
• Review proposed quota share or excess-of-loss structures, layers, deductibles, limits, brokerage, commissions, taxes, currencies, and premium allocations.
• Prepare complete facultative submissions for Property and related risks.
• Approach approved local, regional, and international reinsurance markets.
• Follow up with reinsurers and brokers to secure quotations and capacity within required timelines.
• Support negotiations covering reinsurance rates, commissions, coverage, exclusions, warranties, and other placement conditions under senior underwriting supervision.
• Prepare quotation comparisons and identify commercially and technically suitable placement options.
• Record market approaches, quotations, declinatures, and placement progress accurately.
• Obtain written reinsurance confirmation before facultative-dependent risks are committed.
• Verify that completed placements provide the required capacity and follow the approved underwriting structure.

Technical Review

• Review underwriting information including COPE data, risk survey reports, claims experience, fire protection systems, natural catastrophe exposure, valuation reports, policy wording, and requested extensions.
• The role will identify incomplete or inconsistent information before approaching markets and highlight material exposures involving fire, explosion, machinery breakdown, natural catastrophes, contingent business interruption, and accumulation risks.
• Reinsurance quotations must be reviewed for differences in pricing, coverage, deductibles, exclusions, warranties, and subjectivities.
• Material coverage gaps, restrictive conditions, technical concerns, or capacity shortages should be escalated to the appropriate senior underwriter.

Placement Documentation

• Prepare and maintain facultative slips and reinsurance submissions.
• Produce comparison sheets where required.
• Maintain signing and placement schedules.
• Prepare reinsurance confirmations and cover notes.
• Complete closing instructions and premium calculation sheets.
• Coordinate endorsement requests.
• Maintain renewal and expiry records.
• Record and communicate reinsurer subjectivities and ensure they are completed within required timelines.
• Maintain a complete audit trail covering correspondence, approvals, and evidence of placement.

Renewals and Portfolio Monitoring

• Maintain an accurate facultative renewal diary and begin placements sufficiently ahead of expiry.
• Coordinate with underwriting teams to obtain current risk information and renewal instructions while monitoring changes in sums insured, exposures, claims history, business interruption values, and risk improvements.
• Track outstanding confirmations, subjectivities, documentation, and premium closings and promptly escalating renewals where capacity, pricing, or timing challenges arise.
• Support analysis of facultative premium, reinsurer participation, capacity utilization, and overall placement performance.

Stakeholder Coordination

• Work with property underwriters to understand individual risks, proposed policy terms, and reinsurance requirements.
• Liaise professionally with reinsurers and reinsurance brokers.
• Provide stakeholders with updates on placement progress, outstanding requirements, and market feedback.
• Assist underwriting teams with technical questions received from reinsurers.
• Maintain effective relationships with approved reinsurance markets.
• Coordinate with Finance and reinsurance accounting teams on premium closings, settlements, and outstanding balances.
• Assist Claims with reinsurer notifications, confirmations, and supporting documentation when required.

Compliance and Governance

• All placements must follow company underwriting guidelines, reinsurance security requirements, authority limits, and referral procedures.
• Business should be placed only with approved reinsurers and brokers unless alternative authorization has been obtained.
• The role must comply with applicable sanctions, KYC, AML, and regulatory requirements while maintaining the confidentiality of client, underwriting, and reinsurance information.
• No facultative-dependent risk should be bound without documented reinsurance support and the required internal approvals.
• The position will also support internal, external, and regulatory audits by maintaining accurate records and providing supporting placement documentation.

Qualifications and Experience

• Bachelor 's degree in Insurance, Risk Management, Business Administration, Finance, Economics, Engineering, or a related discipline.
• Minimum 5 years of relevant work experience.
• Regional experience is an advantage.
• Diploma or Advanced Diploma from III or CII is considered an additional qualification.
• Understanding of Property facultative reinsurance placement and underwriting information.
• Ability to assess reinsurance structures, quotations, capacity, and placement conditions.
• Strong documentation, coordination, analytical, and market communication capabilities.

About Orient Insurance PJSC

Orient Insurance Company commenced operations in 1982 as part of Al-Futtaim Group and operates within the UAE insurance market. Headquartered in Dubai, the company maintains a branch network across the UAE and operations in Oman, Saudi Arabia, and Bahrain.