Assistant Reinsurance Manager

Admiral Insurance Plc; Cardiff; On-site; GBP 45,000 - 70,000; Full time

Job summary

Admiral Insurance Plc seeks an experienced actuary or a numerate individual to join its reinsurance team. This role involves significant collaboration across departments to manage reinsurance strategies and maintain broker relationships. Ideal candidates will have excellent analytical skills and the opportunity to work autonomously within a dynamic team.

Benefits

Flexible working hours

Holiday entitlement increases with service

Buy/sell annual leave

Recognition as a top employer in the UK

Qualifications

• Several years of experience in the insurance or financial industry.
• Excellent written and interpersonal communication skills.
• Ability to work independently and proactively.

Responsibilities

• Collaborate with UK Insurance businesses to understand risks and formulate reinsurance strategies.
• Assist Reinsurance Manager in updating risk appetite statement.
• Document processes and manage communications with brokers.

Skills

Communication

Analytical skills

Problem-solving

Attention to detail

Job description

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Reinsurance is insurance for insurers like Admiral, who buy reinsurance cover from other companies to reduce their overall risk level. Reinsurance is especially important for Admiral, who insures millions of customers and faces large losses from individual or collective events.

This role focuses on our excess of loss (XoL) reinsurance, which protects us from large losses. This can include significant injuries or disabilities caused by incidents involving our policyholders, or large-scale events affecting many policyholders across the UK.

The details

This is a fantastic opportunity for a highly numerate individual with excellent communication skills to join the small but valued reinsurance team within Admiral's Group Finance Department. You will collaborate with each of the UK Insurance businesses to understand their major risks and help formulate their reinsurance protection strategies, as well as work with our International Insurance teams. The role involves interaction with reinsurance brokers, requiring travel to London (and via Teams), as well as potential travel in Europe and beyond to support our annual contract schedule and maintain relationships with reinsurers.

You will work closely with departments such as Pricing, Risk, Claims, Product, and Underwriting to understand their evolving needs. There is significant exposure to senior leaders as your recommendations are presented at Committee and Board levels.

You will assist the Reinsurance Manager in updating the risk appetite statement and be involved in all aspects of reinsurance renewals, including data collection, documentation, discussions with brokers and reinsurers, obtaining approval from internal Committees/Boards, and ensuring timely and budget-compliant purchase of reinsurance cover.

This role is suitable for an experienced actuary, or a newly/nearly qualified actuary, or candidates with a strong numerical background in accounting, statistics, or related fields.

The successful candidate will have the opportunity to shape their role, work autonomously, and lead communication with brokers as needed.

• Produce MI reports for renewals, management, and performance monitoring.
• Create reinsurance structure recommendations aligned with the risk appetite, and present for approval at Committee/Board level.
• Work with brokers and reinsurers to secure placement of structures efficiently and cost-effectively.
• Ensure timely premium payments, claim notifications, and recoveries/disputes.
• Serve as the first point of contact for reinsurance queries.
• Implement endorsements, notifications, and special acceptances related to risk events.
• Monitor reinsurer results, M&A activity, credit ratings, and appetite changes.
• Document processes, risk controls, and contracts related to reinsurance, including the Reinsurance Policy.
• Contribute to external documentation such as QRTs, ORSA, AFR.
• Collaborate with Reserving, Capital, Pricing, Claims, Underwriting, and other departments across the Group, focusing on the UK but also linking with Gibraltar, AECS, and EIC for a Group-wide perspective.
• Maintain relationships with brokers and reinsurers to meet needs and maximize efficiency.
• Work with overseas underwriting entities to standardize reinsurance processes and share best practices.
• Manage contractual elements of reinsurance agreements, including negotiations and communications of business changes.
• Support ad hoc projects as needed.

Essential knowledge and skills

• Several years of experience within the insurance or financial industry.
• Excellent written and interpersonal communication skills.
• Ability to work independently and proactively, supporting a small team.
• Attention to detail, with strong analytical and problem-solving skills.

Salary, Benefits, and Work-Life Balance

Salary will depend on experience. We welcome CVs from all qualified candidates and are open to discussing remuneration packages.

At Admiral, we value diversity and prioritize our people and customers. We offer excellent benefits to promote work-life balance, which is reflected in our recognition as one of the Sunday Times Best Big Companies to work for in the UK. We support flexible working hours wherever possible.

All employees receive holiday entitlement (including bank holidays), which increases with service, up to a maximum. You can also buy or sell up to five days of annual leave.

Additional key benefits can be viewed on our website.