Re - Insurance Manager

Symmetrical Global Search Pvt Ltd; Muscat; On-site; OMR 23,000 - 35,000; Full time

Job summary

A leading company in the insurance sector is seeking a Reinsurance Manager. The role involves negotiating Reinsurance terms, preparing presentations, and ensuring strong relationships with Reinsurers. The ideal candidate will have significant experience in Re-Insurance and strong skills in statistical analysis and negotiation.

Qualifications

• Five years of experience in Re-Insurance with at least 2 years in the Gulf region.
• Thorough knowledge of FAC and Treaty Reinsurance operations.

Responsibilities

• Prepare Reinsurance presentations for Treaty Renewals, including statistical data.
• Maintain good relationships with Reinsurers/Brokers and coordinate closely with other departments.
• Ensure accurate Reinsurance accounting and timely settlements.

Skills

Reinsurance operations

Relationship management

Statistical analysis

Negotiation skills

Education

Insurance qualification AIII or equivalent

Job description

Obtain the best Reinsurance terms negotiated for optimum advantage to the organization.

Responsibilities:

1. Prepare Reinsurance presentations for Treaty Renewals, including all statistical information such as Risk Accumulation Data, Gross and Net Band Statistics on Premium and Claims, and Treaty Results.
2. Provide additional information and clarifications to Reinsurers for treaty renewals related to Proportional & Excess of Loss programs.
3. Establish and maintain good relationships with new external customers (Reinsurers/Brokers) and existing ones, enhancing turnaround times and collaborating closely with underwriting and claims departments to understand their requirements for negotiations.
4. Coordinate with the IT team to update Treaty limits, Commission, and other details in the Insurance system.
5. Ensure accurate Reinsurance accounting.
6. Obtain facultative quotes/support for risks based on underwriting information, including Tender businesses.
7. Finalize facultative placements and ensure cover is bound within stipulated timeframes.
8. Send timely facultative premium closings to reinsurers and ensure settlements are completed before due dates.
9. Secure special cession approvals from reinsurers when required.
10. Maintain regular communication with reinsurers/brokers via phone and email to foster good business relationships.
11. Attend meetings with Reinsurers/Brokers during their visits.
12. Monitor monthly closings processed by the RI team and assist in finalizing them promptly.
13. Notify reinsurers of major losses and provide regular updates.
14. Assist in preparing quarterly Statements of Account for various arrangements.
15. Liaise with the finance department for settlement of quarterly balances to reinsurers.
16. Notify losses under XL arrangements and prepare recovery advisories periodically.
17. Prepare annual Statements of Accounts, including Premium & Loss Withdrawal Accounts, Entry Accounts, XL Adjustment, and Profit Commission Statements.
18. Establish additional RI capacity through Surplus/FAC obligate treaties for Fire and Engineering classes.
19. Conduct periodic training for the RI team on Reinsurance topics.

Qualifications:

• Five years of experience in Re-Insurance within the General (Non-Life) Insurance industry, including at least 2 years in the Gulf region.
• Graduate with an Insurance qualification such as AIII (or equivalent) or above.
• Thorough knowledge of FAC and Treaty Reinsurance operations.