Duties and Responsibilities
To administer and maintain the day to day Ceded Reinsurance technical deliverables for areas and accounts of responsibility and ad hoc as required.
Setup and maintain reinsurance contract details and terms within designated systems. This will encompass the recording of policy details, reinsurer participations, specific clauses and trigger dates and conditions.
Setup and maintain automation templates to maximise recovery.
Calculate and produce reinsurance accounts to include premiums, claims collections and advices for proportional, non-proportional and facultative contracts. Record and manage reinsurance accruals. Source and package supplementary information to support market presentations. Ensure accruals are prepared in accordance with quarterly deadlines and internal procedures.
Maintain and record all transaction types to ensure a fully accrued financial position.
Validate and reconcile quarterly movements to provide quality assurance at an individual claim, contract and business unit level. Liaise with the MI department, actuarial function and other stakeholders to substantiate variances.
Calculate and submit interim cash losses for large settlements to mitigate effects on cash flow. Liaise with the Claims Department in the preparation of high quality market information to support special collections.
Ensure premium payments are made in compliance with terms of trade and allocated to business units as applicable.
Calculate premium adjustments and reconcile accurate subject income in line with contract terms and terms of trade.
Prepare and render profit commissions statements, no claims bonuses and miscellaneous commission arrangements in conjunction with reinsurance term and conditions.
Liaise with brokers, reinsurers and claims adjusters to resolve queries and facilitate timely remittance of funds including simultaneous settlements. Communicate with Credit Control Department.
Calculate, request and maintain claim related Letters of Credit (LOC) and/or Outstanding Claims Advance (OCA) where applicable. Validate interest payments, co-ordinate cash draw downs and arrange corresponding non-cash bureau signings.
Record and maintain all work product, effective audit trail, documents and communications within the in-house document management system.
Provide calculations and data as may be required by the Commutations function.
Assist and provide guidance to Credit Control with validation, reconciliation and allocation of LORS where required.
Undertake recording and handling as may be required in respect of State Pools and other legislative reinsurances.
Assist with analysis and integration of newly acquired business and undertake project work in that regard as may be required.
Supervise, train and oversee assigned Reinsurance Technicians and assist colleagues as required.
Technical Knowledge and Understanding
Ability to interpret and understand reinsurance contract terms & clauses
Understanding of different types of reinsurance, eg XoL, Quota Share, Surplus, Facultative
APH claims: presentation of losses including preparation of Asbestos Related Claim Form
Familiarity with Attorney reporting documentation and systems
General Market issues; positions taken by reinsurers on eg contentious losses
Understanding of data handling and data risks
Current working knowledge of XL Pro and/or Elgar
Previous mentoring / training of support level resource
Understanding of data handling and operational control philosophies
Working experience bias towards Marine & Aviation classes or Casualty & Specialty
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