Reporting to the Director of Underwriting Risk and Reinsurance, the role involves the management of the administration of the contracts including payments, collections, and reporting to the market through a well-established team, the setup of the of the yearly models for the production of reinsurance financial bookings and the setup of the large loss recovery models used for the estimation of the reinsurance recoveries related to new large losses.
The team also provides finance inputs into the business planning, forecasting, and reserving processes. In addition to managing these existing processes, a new team is being established to support reporting and governance requirements of Legacy reinsurance transactions.
The role requires an individual with a strong understanding of reinsurance contracts and reinsurance accounting, with a strong operational background to manage the complex processes and ensure the production of the reinsurance data is delivered within the working day timetable. Ideally the person applying for this role will be an qualified accountant and have experience managing the process of reinsurance in a finance function.
The role will have direct responsibility for the reinsurance operations team, will have technical experts reporting into them to manage the reinsurance models in finance and the large loss models, and will oversee the maintenance of our legacy reinsurance arrangements.
What you'll be doing in the role
- Managing the payments and collections from the reinsurance programme managed by the Team.
- Ensuring the delivery of data to various stakeholders within the established working day timetable.
- Managing the Cognos resources needed to update the Finance Reinsurance Models.
- Close coordination with the Finance functions across the Group to plan and manage updates to the reinsurance models.
- Close coordination with the Reinsurance Purchase Team to understand the reinsurance programme for the year ahead and plan any changes required to manage the programme.
- Coordination of the reinsurance business planning components ensuring that the inputs to the Oracle system are ready for the planning process.
- Ensure the team is motivated and has clear objectives, ensuring all of the HR related appraisals and development plans are maintained and delivered on time.
- Managing adoption of IFRS17 as it relates to Reinsurance
- Driving the reinsurance cost allocation process into the finance teams
- Managing the Large Loss netting down sheet for large catastrophe events working with claims and actuarial teams.
- Managing & coordinating the reporting the legacy reinsurance deals
- Providing the Reserving teams with information needed to drive their reinsurance models
Our must haves
- Must have 5+ years experience in Reinsurance finance or administration, preferably within the London Market as part of an international Group.
- Be a qualified accountant or have experience of reinsurance bookings in Finance
- Excellent people management skills, especially of high performing teams
- Excellent IT skills, in particular Excel
- Ability to work to tight deadlines under pressure.
- Innovative and open minded in approaching issues and determining solutions.
- Confident communicator who builds good relationships across the business.
- Self-motivated working as a team and individually.
Salary is completely dependant on experience.