Reinsurance Specialist

Cima; George Town; On-site; MYR 543,000 - 678,000; Full time

Benefits offered by this job

Health insurance

Pension

Vacation

Life Insurance

Job summary

CIMA in Grand Cayman is seeking a Reinsurance Specialist to supervise complex reinsurance programs and ensure compliance with the Insurance Act and related regulations. You will lead inspections, assess risk, and liaise with legal and policy divisions to align practices with international standards.

Applicants should have a strong actuarial/regulatory background, at least seven years in reinsurance with management experience, and relevant qualifications. A competitive benefits package is offered.

Qualifications

• Bachelor’s Degree in Insurance or Finance or quantitative major.
• Professional qualification in insurance/reinsurance or risk management (ARe, CLU, CPCU, ACII, FRM, CFA, CAA).
• At least seven years of cumulative experience in reinsurance with five years in management.
• Knowledge of accounting principles and ability to analyse financial statements for (re)insurance.
• Specialised knowledge in multiple areas: general and reinsurance, life reinsurance, ILS, international markets.

Responsibilities

• Lead supervision of reinsurance programs and regulatory compliance.
• Draft and propose amendments to reinsurance regulations and directives.
• Plan and conduct on-site inspections and prepare inspection reports.
• Assess regulatory risks and ensure implementation of recommendations.
• Oversee off-site supervision and monitoring of licensees.
• Assist review of licence applications and prepare management papers.

Skills

Management experience

Analytical skills

Accounting principles

Regulatory knowledge

Specialised knowledge in reinsurance

Actuarial knowledge (advantage)

Education

Bachelor's Degree in Insurance/Finance or Quant major

Professional qualification in insurance/reinsurance or risk management (ARe, CLU, CPCU, ACII, FRM, CFA, CAA)

Job description

RESPONSIBILITIES:

Reporting to the Head of Division, the Reinsurance Specialist manages the reinsurance supervision requirements, both on an on-site and off-site basis with respect to reinsurance companies and complex reinsurance programs of insurance companies to achieve compliance with the legislative requirements and the goals and objectives of the Division and CIMA.

• Attend and chair meetings with licensees and representatives of the insurance industry to discuss the status of the (re)insurance sector, emerging or topical (re)insurance issues, regulatory concerns, and to provide regulatory updates and recommendations to foster compliance with best supervisory practices;
• Assist with the development of new Reinsurance/Insurance Regulations or Directives, recommend relevant amendments to the legislation so as to recognise new circumstances, and supervise their drafting and ensure their implementation;
• Assist with on-site inspections of reinsurance licensee, including design of inspection plans and/or procedures, analytical reviews and/or preparation of inspection reports;
• Review and/or determine recommendations for improvement based on inspection findings, and follow up to ensure compliance with recommendations;
• Manage and assist with off-site supervision and ongoing monitoring of reinsurance licensees;
• Assist with review of licence applications by reinsurance applicants and preparation of summary papers with recommendations, for submission to CIMA’s Management Committee for decision making;
• Liaise with the Legal, Policy & Development, and Compliance Divisions of CIMA and act as the primary point of contact for insurance industry associations and other local regulatory bodies on reinsurance related matters;
• Monitor those reinsurance licensees which are out of compliance with the Insurance Act, regulations and other applicable regulatory framework and supervise their prompt implementation of resolution(s), as agreed with the Authority;
• Assess reinsurance programs and other risk factors of licence applicants and existing insurers licensed by CIMA and make recommendations to the Head of Division;
• Identify and conduct investigations on complex and serious regulatory or risk management issues of licensees, determine recommendations for improvements, and follow up to ensure compliance with the recommendations;
• Develop and design methodologies for risk assessment and risk analysis, regulatory requirements and statistical reporting for reinsurance licensees, including but not limited to procedures, check lists and application forms for assessments;
• Manage and complete projects to ensure divisional regulatory practices and policies are aligned with international standards and best practices for reinsurance;
• Provide recommendations about legislation, regulations, rules, guidance and supervisory practices applicable to the supervision of the Reinsurance Sector to ensure that they are aligned with international standards and best practices;
• Monitor, evaluate and communicate emerging developments and trends pertinent to the international reinsurance industry;
• Prepare and deliver relevant and informative statistical information with respect to changing developments and policies and procedures pertinent to the reinsurance industry;
• Represent CIMA at international reinsurance supervisory meetings, reinsurance seminars and conferences;
• Respond to complex Divisional issues related to (re)insurance licensees and conduct sound managerial analysis to determine the appropriate recommendations and action plan for resolution;
• Be a positive ambassador at conferences, meetings and events and present information, bring back ideas, and make recommendations to improve the regulatory regime and operations;
• Build positive, cooperative relationships internally at CIMA and externally with relevant stakeholders including licensees and other international regulatory bodies or agencies; and
• Provide reinsurance leadership, training and advice, collaborate and interact with staff in the Division and other CIMA divisions to develop and deliver on shared goals and objectives.

REQUIREMENTS:

The minimum qualifications required to successfully perform the job are as follows:

• A Bachelor’s Degree from an accredited institution in an Insurance or Finance related field or Quantitative Major Course of Study;
• Professional qualification in insurance/reinsurance or risk management including: ARe, CLU, CPCU, ACII, FRM, CFA, CAA or equivalent designation;
• Professional actuarial qualification would be an added advantage;
• At least seven (7) years’ cumulative professional experience in reinsurance related roles, with five (5) years’ management experience;
• Knowledge of accounting principles and analytical skills to analyze the implications of financial statements as they relate to (re)insurance companies;
• Specialised knowledge of insurance and reinsurance theory and practices and emerging insurance supervisory techniques, and up to date knowledge of current developments in the (re)insurance industry;
• Specialised knowledge in two or more of the following areas: general insurance and reinsurance programs, life and annuity insurance and reinsurance programs, insurance linked securities, international reinsurance markets, alternative risk transfer and capital market reinsurance transactions;
• Specialised knowledge of catastrophe risk analysis and catastrophe risk modelling;
• Demonstrable skill and knowledge pertaining to the assessment of reinsurance company risks and capital adequacy requirements including ability to analyse and evaluate reinsurance risk models and internal capital models;
• Knowledge of the Cayman Islands’ Insurance Act, regulations, relevant rules, statements of guidance, policies and procedures relating to the supervision of reinsurance companies would be an asset.

Caymanians, persons possessing Caymanian Status, Permanent Residency, or Residency Employment Rights Certificate are encouraged to apply.

Direct applicants only. Applications received from agencies will not be accepted at this time.

Salary: CI $111,939 - $139,590 per annum. A competitive benefits package is also offered including health insurance, pension, vacation, life insurance.

Application Deadline: 13 November 2026

(Only shortlisted candidates will be notified)

JobsCayman ID: D4U7E7 | Grand Cayman | Full-time | 37.5 hours per week