Reinsurance Manager

About the position

Job Summary:

To develop and manage a strategy and operating model for the Reinsurance Unit that supports the growth and development of GA Insurance business across all lines through optimising the reinsurance scope and spend by negotiating cost effective, appropriately structured reinsurance programmes with reinsurers.

Duties and Responsibilities:

• Develop, plan for, implement and take accountability for the strategy and operating model of the Reinsurance Unit, partnering with the head of underwriting in response to the business model and Organizational underwriting philosophy.
• Establish an aligned departmental Balanced Scorecard focused on the implementation, measurement and management of the departmental strategy.
• Determine the business value chain for the Reinsurance Unit and ensure that this value chain is aligned and integrated with the Underwriting Dept value chain.
• Develop, implement, negotiate and manage a leading reinsurance structuring framework that optimises internal value
• Co-design optimal reinsurance structures with assistance from actuarial and technical underwriting team
• Develop, implement and manage an optimum reinsurance framework for pipeline, new and existing products and standalone facilities.
• Develop, implement and manage a leading framework that optimises facultative and outside treaty reinsurance placements
• Provide system specifications for reinsurance transactions and processes
• Communicate with underwriting technical dept regarding any changes or proposed changes to the reinsurance wordings to ensure no gaps in cover and challenge reinsurers on unacceptable restrictions
• Manage the premium, policy and claims administration in the reinsurance processes
• Actively manage and reduce reinsurance risk, overexposures, counterparty risk, and gaps in cover

Key Performance Indicators:

• Ensure that Treaty Reinsurance Cover notes are in place and filled with IRA by 31.12 (or any specific date given by the same)
• Ensure that reinsurance treaty parameters are set up in the system by the beginning of the underwriting year
• Check and correct reinsurance cessions before close of each and every month
• Reinsurance excess of loss claims recoveries to be effected within a month after closure of the month
• Ensuring all expiring risks are substantially covered whilst awaiting renewal confirmation
• Follow up on renewals of facultative business
• To carry out the placement of and grow the facultative reinsurance book within the company’s overall outlook
• Ensure that Facultative reinsurance risks placement is complete before inception of cover or within 48 hours after cover attaches with due regard to signed slips received and filed
• All new facultative business acquired to be paid for quarterly
• Reinsurance statistics and proposals to IRA to be sent by 30th September each year (or any other specified date by the same)
• Incorporation of any new treaty requirements into the underwriting policies by 31st January each year
• Follow-up outstanding reinsurance recoveries quarterly
• Ensuring that risks excluded from the treaties are fronted or rejected before they attach
• Reinsurance accounting statements to be prepared and be sent within 45 days (or as treaty stipulation) after the closure of the quarter
• Respond to reinsurance mail and queries within 12 hours and assist in reconciliation of reinsurance accounts on a monthly basis
• Safekeeping and custody of the company’s treaty cover notes
• Ensuring issues raised by different parties (ICPs) are addressed within the set timelines

Job Holders Specifications:

Education/Qualifications:

• Minimum Bachelor’s Degree in Commerce, Statistics, Economics or related fields
• Dip CII (Or good Progress towards)
• AIIK Diploma

Experience

• At least five years working experience in insurance 3 years of which should be in the reinsurance specialty with both Treaty and Facultative exposure
• Experience in Short Term insurance sector is a prerequisite

Join us

If you meet the above minimum requirements, send your application through the link https://www.fuzu.com/kenya/jobs/reinsurance-manager-ga-insurance-limited indicate the position applied for on the email subject line to be received on or before 17th January 2022. Only shortlisted candidates will be contacted.