Executive Retrocession

Malaysian Reinsurance Berhad; Kuala Lumpur; On-site; MYR 70,000 - 100,000; Full time

Job summary

Malaysian Reinsurance Berhad in Kuala Lumpur seeks a meticulous professional to support the Retrocession Department. You will prepare renewal statistics and documentation for outward XOL programmed, review slips and cover notes from brokers/reinsurers, and compile premium adjustments for Finance and brokers.

You will also assemble statistics for AM Best, Fitch, RAM and other agencies, and analyze the impact of the annual XOL programme on the company’s financials and shareholders’ funds.

Qualifications

• Degree in Insurance, Business Studies or Risk Management required.

Responsibilities

• Prepare renewal statistics and documentation for outward XOL programmed.
• Review and monitor outstanding reinsurance slips and cover notes from brokers/reinsurers.
• Prepare MDP payment schedule and premium adjustment submissions to Finance and brokers.
• Compile statistics for Rating Agencies (AM Best, Fitch, RAM) and submit to Corporate & Strategic Planning.
• Compile quotations for the annual XOL program and analyze impact on financials and shareholders’ funds.
• Assist supervisor in arranging retrocession covers on competitive terms before expiry.
• Propose process improvement plans for Retrocession Department to improve workflow.
• Spearhead computerization of department requirements and data for the system.
• Analyze business underwritten and relate to Retrocession Programmed and overall business plan.
• Review and update SOP to reflect main processes; carry out other duties as instructed.

Education

Degree in Insurance, Business Studies, Risk Management

Job description

JOB PURPOSE

• Prepare the renewal statistics and documentation for Malaysian Re’s outward XOL programmed.
• Review & monitor outstanding reinsurance slips, and cover notes received from brokers/direct reinsurers.
• Prepare MDP payment schedule and premium adjustment for the submission to Finance & broker.
• Prepare and compile accurate statistic for the Rating Agency (AM Best, Fitch, RAM and etc.) and submit to Corporate & Strategic Planning Department.
• Compilation of the quotations on the annual XOL protection programmed and analyzing the impact on the company’s financials including the impact to shareholders’ funds.
• Assist supervisor in arranging the retrocession covers at the most competitive terms before expiry of the treaties.
• Provide effective process improvement plan and solutions to Retrocession Department on the existing processes and procedures to encourage smooth procedures and more efficient workflow.
• Spearhead the computerization of various business requirements for the Department with regard to the computer system.
• Analyze business underwritten by Malaysian Re and overall business plan in relation to Retrocession Programmed.
• Review and update Standard Operating Procedure (SOP) to reflect all main processes for the Section.
• To carry out any other functions and duties as instructed by Supervisor and/or Head of Department.

JOB REPONSIBILITIES

• Preparation of Treaties Risk Profile including net account exposure analysis
• Extract data from the systems and prepare the budget for the company’s Retro Programmed.

Customers

• All covers are secure, and placements are complete before the expiry of retro covers
• Perform the setup of Retro Programmes in the computer system (SICS) and book technical accounts of Retro Programme (i.e. XOL premiums) into the system and prepare premium schedules for submission to Finance and reinsurers.
• Review the S&P, AM Best and Fitch ratings of reinsurers.
• Communicate / liaise with international brokers on Special acceptances or other areas pertaining to the company’s Retro Programme as requested by supervisor.
• Monitor the responses to queries / requests.

Internal Processes

• Prepare supporting documents and data for the preparation of Board Papers and Bank Negara Malaysia (BNM) report for variations of retro programme from the guidelines set by BNM.
• Perform SICS testing (UAT) and assist in the projects assigned by the Department /or company.
• Timely, complete & accurate update / reporting on preparation, monitoring and follow up on documentation for retro programmes.
• Monthly reconciliation of retro cost reported and any other submission as required.
• Monitor and liaise with all cedants in the local market on the reporting of Voluntary Cession Large Risks (VCLR) and retrocede mega risks (sum insured exceeding RM2b) to reinsurers (locally or overseas) upon obtaining approval from supervisors.
• Compliance to policies & procedures.

Learning & Growth

• Participated in training assigned internally or externally.

ACADEMIC & EXPERIENCE

• Degree in Insurance, Business Studies, Risk Management