Outwards Reinsurance Operations Technician-leading Re/Insurer

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Outwards Reinsurance Operations Technician - Leading Re/Insurer, London (City of London)

Client: Leading writer of Property & Casualty Re/insurance.

Location: London (City of London), United Kingdom

Job Category: Other

EU work permit required: Yes

Job Views: 8

Posted: 18.04.2025

Expiry Date: 02.06.2025

Job Description:

Our client: For over 25 years, they have helped customers and communities recover and build resilience through their industry-leading ability to understand risk, source efficient capital and rapidly pay claims. Their global team shares a passion for solving their customers’ biggest problems through a collaborative and entrepreneurial culture that empowers employees and rewards creative thinking.

Embracing inclusion & diversity, this company truly values & looks after their staff. Providing a dynamic, positive & engaging culture & first-class benefits, including some nice extras such as a free quality staff canteen, free gym (multiple gym brands, nationwide) & comprehensive wellness benefits & free City same day private GP service, combined with a comprehensive talent development programme, it’s easy to see why they enjoy low staff turnover rates.

The role: Due to a period of exciting growth, we are seeking a Ceded Operations/Cash Technician for this fast growing, dynamic and collaborative team, who will be responsible for all ceded post-bind activities. This includes assuming responsibility for an agreed set of processes for a defined ceded external portfolio and internal cessions written across various platforms, supporting other portfolios as required in this fast-paced global role. There is the opportunity for Bermuda business trips, typically annually.

In this broad and technical operational role you will ensure compliance with contractual terms, analyzing and processing all aspects of ceded reinsurance contracts and collateral agreements. You will also be responsible for supporting certain aspects of the financial accounting, internal controls, and reporting for the company, which will include:

• Interpret and set up ceded reinsurance contract terms and ceded collateral trust agreements in the underwriting (REMS) and accounting systems (SICS). Liaise with relevant stakeholders to ensure proper contract management, set-up, and administration.
• Review, analyze, 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 implications of assumed losses on ceded portfolio.
• Support/complete ceded aspects of the monthly/quarterly close, ensuring appropriate SOX 404 processes exist and internal controls are followed.
• Support month-end/quarter-end processing and reconciliation of ceded accruals and recoveries in the accounting systems (SICS).
• Prepare and analyze 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 (SICS).
• Perform cash pairing in SICS and analysis; prepare reinsurer cash reconciliations, monitor aging of receivables, and pursue collection of receivables/recoveries from reinsurers and settlement of payables when due; research and reconcile discrepancies and minimize unapplied cash at each quarter-end close; provide updates to Operations cash team.
• Proactively liaise with brokers, underwriters, and other functions, responding promptly to reinsurer, broker, and other queries.
• Support the development, implementation, and documentation of processes, controls, systems, and solutions for efficient handling of ceded portfolio.
• Support the continued enhancement and ongoing development of various systems and process improvements, ensuring that all operational and financial needs are met.
• Assist with certain local or global projects and/or project workstreams in connection with global and special projects.

Role requirements:

• Min approx 2-5 years + experience gained in a Ceded Reinsurance, Reinsurance Technician, broad operational insurance or Cash/Credit Control role at either a carrier or a broker. Cash management or credit control experience is highly desirable.
• A great opportunity for a hardworking & collaborative insurance and/or reinsurance operational technician or cash management/credit control experience to join a fast growing, extremely highly regarded & thriving team.
• Minimum intermediate level Excel skills - regularly used in previous roles.
• Highly collaborative team player, with a “can do” attitude, good problem solving, analytical and relationship building skills.

We look forward to receiving your application.

Please note that if you have not heard from us within 7 days, your application has not been successful on this occasion.

Bunn Abbott Consulting is acting as an Employment Agency in relation to this vacancy.