Chief Underwriter - Facultative Reinsurance Business

MINDFREE Consulting | Insurance Talent Hub; Riyadh; On-site; SAR 300,000 - 500,000; Full time

Job summary

A leading insurance consulting firm in Riyadh seeks a Chief Underwriter for its Facultative Reinsurance Business. This executive role involves leading underwriting strategy, managing client relationships, and overseeing portfolio performance. Ideal candidates will have a Bachelor's degree in a relevant field and 10-15 years of reinsurance underwriting experience, along with strong leadership and risk management skills. Competitive compensation offered.

Qualifications

• Minimum 10-15 years of experience in reinsurance underwriting.
• Expertise in risk selection and pricing adequacy.

Responsibilities

• Lead and oversee underwriting strategy for facultative reinsurance.
• Manage profitability and performance of the facultative reinsurance portfolio.
• Develop and maintain relationships with cedents and reinsurance partners.
• Mentor and develop a high-performing underwriting team.

Skills

Underwriting strategy development

Risk management

Business development

Client relationship management

Portfolio management

Team leadership

Education

Bachelor's degree in Insurance, Finance, Business, Actuarial Science, or related field

Advanced degree or professional certifications (e.g., ACII, CPCU, FCII)

Job description

Job Title

Chief Underwriter Facultative Reinsurance Business

Reports To

CUO

Overview

The Chief Underwriter for the Facultative Reinsurance Business is responsible for leading and overseeing the underwriting strategy, risk selection, business development, client relationships management, and portfolio management for facultative reinsurance lines. This executive-level role involves setting underwriting guidelines, ensuring profitability, maintaining risk appetite discipline, and driving growth through technical excellence, client engagement, and cross-functional collaboration.

Underwriting Leadership

• Develop and implement underwriting strategy for facultative reinsurance across multiple lines.
• Oversee risk selection, pricing, and structuring of facultative reinsurance contracts in line with company guidelines and market conditions.
• Set and maintain underwriting guidelines, authorities, and best practices.

Portfolio Management

• Manage the overall profitability and performance of the facultative reinsurance portfolio.
• Monitor and analyze underwriting results and take corrective actions when necessary.
• Collaborate with other departments on business development, pricing adequacy, reserving, and forecasting, etc.

Business Development & Relationship Management

• Develop and maintain strong relationships with cedents, brokers, and reinsurance partners.
• Lead negotiations for large and complex facultative placements.
• Identify and capitalize on new market opportunities and emerging risks.

Team Leadership & Development

• Lead, mentor, and develop a high-performing underwriting team.
• Foster a culture of accountability, technical excellence, and continuous learning.
• Ensure compliance with regulatory and internal requirements.

Strategic Contribution

• Contribute to the development of broader reinsurance strategies.
• Provide insights on market trends, competitor activity, and evolving client needs.
• Represent the company in industry forums and events as needed.

Qualifications

Bachelors degree in Insurance, Finance, Business, Actuarial Science, or a related field. Advanced degree or professional certifications (e.g., ACII, CPCU, FCII) preferred. Minimum 10-15 years of experience in reinsurance underwriting.