Head of Reinsurance

Job title: Head of Reinsurance

Employee status: Permanent, full time

Location: Office location London.  Hybrid working available.

Salary: Circa £130,000

Job Purpose

Directing the reinsurance strategy & purchases, managing exposure to the Group Pool and representing the UK on Group Reinsurance Committee. The Group arranges reinsurance to ensure its long-term financial stability and status as an authorised UK insurer and the UK Reinsurance Manager is responsible for ensuring that the reinsurance programme is arranged on an optimal basis and in accordance with the strategy of the Board.

Key Accountabilities

• Lead the strategic decision-making and placement of the Company’s reinsurance programmes – treaties, facultative and captives, including ensuring the cost/benefit, reinsurance programme is optimised and adequate protections are in place to protect the Company from large single incidents and events.
• Carry out Market ongoing analysis and facilitate placement of any reinsurance treaties falling outside of Group Process
• Responsibility for submitting papers to the UK Combined Boards Risk Committee and to the Board containing analysis of and recommendations for each year’s strategic reinsurance programme. Once the strategy has been agreed by Board, ensure that it is implemented on time.
• Leading the provision of accurate, complete and timely account profile data to the reinsurance market with the various underwriting departments and the Claims department.
• Ensuring that the reinsurance element of each successive financial Plan or Forecast accurately reflects the plans of the underwriting departments and is consistent with the overall Plans and Forecasts, by working with the Finance Department and the various underwriting departments.
• Support the Finance Department in delivering an accurate and timely monthly reinsurance financial result.
• Responsible for calculating the accurate reinsurance recovery amounts and projections that are, where applicable, in accordance with the agreed methodology for Periodic Payment Orders, through working with the Claims and Actuarial Departments. Also, support the Finance Department to manage the timely collection of reinsurance recoveries due.
• Co-operate with any internal or external audit or regulatory enquiries concerning reinsurance and implement any actions agreed as a result of such audits and enquiries.
• Responsible for reviewing draft wordings for all outwards reinsurance treaties proposed by other parties or provide initial draft wordings as required and work with the relevant underwriting departments to negotiate satisfactory final agreement wordings with the reinsurer, including the provision of technical expertise to evaluate different options for such wordings.
• Implement the Group standards for recording details of all outwards reinsurance treaties in respect of Solvency II Pillar III and for placing reinsurance with individual reinsurers within the limits set from time to time.
• Ensure that all payments and information requirements are complied with fully and within timescales and jointly manage the relationship with Departments.

Measures

• Board understanding and agreement of proposed reinsurance treaty purchases which are in place to protect the business.
• Acceptance of post-renewal reports of the strategic treaty arrangements by the Combined Boards Risk Committee and the Board.
• Outwards reinsurance strategic treaties signed by both parties before inception.
• Information is provided in a timely manner for any external market exercise or placement
• The reinsurance component of the financial plans receives sign-off as part of sign-off of the overall plans.
• Reinsurance financial result signed off each month.
• Reinsurance recovery projections in respect of Periodic Payment Orders calculated in accordance with the methodology agreed with the Actuarial Department.
• Finance Department’s Reinsurance Debtors Analysis indicates that no reinsurance debts are uncollected for more than 12 months, where the debt is within the control.
• Liaison with exposure management team to ensure optimisation of results.
• Report back to the Managing Director Underwriting & Technical Services, and Boards when appropriate, on Reinsurance Forum decisions that have been made.

Skills And Experience

• FCII / ACII.
• Detailed knowledge of Legal environment (legislation/case law).
• Astute business and negotiating skills.
• In depth knowledge of claims assessment and reserving, claims process philosophy
• Leadership and people management skills, plus communication/ presentational skills.
• Ability to analyse, evaluate and draft reinsurance contract wordings. Policy or reinsurance wording drafting experience an advantage.
• Sound understanding of the different classes of insurance written and of issues facing those types of insurance in the irrespective markets.
• In depth knowledge of the main software packages (including Excel) to support analysis and the provision of information.

For extra information please contact:- 

London: 0203 411 8430

Email: admin@lawesgroup.co.uk