Reinsurance Officer; Sharq Insurance

The incumbent will be responsible for regular placements of facultative involved policies along with timely preparation & submission of all the relevant documentations, system bookings & controls in effective & efficient manner, while strictly adhering to comply with procedural controls set by organizations Management.

Detailed

Roles and Responsibilities:

• Assist in obtaining Fac RI support of renewal & new account. Pursue reinsurers/ brokers for required capacities and competitive terms.
• Submit & obtain Lead Reinsurers’ confirmation of special cession as per underwriting department’s request.
• Maintain record of treaty special cession/ policy status.
• Preparing and Sending monthly Facultative Closing Credit Notes / Debit Notes to Facultative Reinsurers / Brokers and ensure monthly reconciliation of premium balances by obtaining counter party documents.
• Checking the consistency or reinsurance apportionments both in the Treaty and Facultative involved policies in the premia application software system.
• Duties involved on company’s monthly closing activities with regards to entries of Facultative RI participants details, treaty distribution approvals in the premia system, sending out closing reports to Finance Department.
• Credit control and monitoring of facultative premium payment to reinsures / brokers as per PPW clause.
• Ensure compliance with Reinsurance policies & procedures document and instructions issued department heads.
• Maintain highest standards of confidentiality, professional conduct, ethics, and integrity in the provision of services in the section.
• Any additional duties/ tasks assigned by the Department Heads or Head of Underwriting.

Core

Skills:

• Possess Technical Knowledge of General Insurance underwriting and Treaty Reinsurance.
• Good understanding of proportional & non-proportional reinsurance placements.
• Accounts reconciliation with RI counter parties.
• Familiarity with facultative reinsurance placements and related post service activities, like rendering premium closings, reconciliation of balances and meeting PPW deadlines.
• Ability to understand premium & claim bordereaux can prepare quarterly treaty statements of accounts.
• Efficient enough to complete assigned tasks well within deadlines.
• Well versed with the regulatory requirements and compliance framework.
• Knowledge of methods used in performing risk analysis and business impact analyses
• Understanding of financial due diligence of reinsurance counter parties
• Customer service/experience of underwriting to support upsell & cross sell.
• Ability to analyze the business challenges and apply commercial solutions within defined corporate framework.