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Assistant Reinsurance Manager

3 months ago

Cardiff, United Kingdom Admiral Careers Full time
Assistant Reinsurance Manager

What is reinsurance?

Reinsurance is insurance for insurers like Admiral, who buy reinsurance cover from other companies to reduce their overall risk level. Reinsurance is especially important for Admiral, who insures millions of customers and faces large losses from individual or collective events.

This role focusses on our excess of loss (XoL) reinsurance, which protects us from large losses. This can be anything from an individual getting significantly injured/disabled for life from an incident caused by one of our policyholders, to 1000s of our policyholders being affected when there is a massive event across the UK.

The detail

This is a fantastic opportunity for a highly numerate individual with excellent communication skills to join the small but valued reinsurance side of the Group Finance Team within Admiral. You will work alongside each of the UK Insurance businesses to understand the major risks they face and help formulate their reinsurance protection requirements, as well as interaction with our International Insurance teams. We work with reinsurance brokers, so the role includes travel to London (and via Teams), as well as opportunities for travel In Europe and beyond to support our annual contract timetable and to maintain relationships with certain reinsurers.

You will work closely with departments such as Pricing, Risk, Claims, Product and Underwriting within each business to understand their changing needs as they grow, evolve or develop. There is significant exposure to senior leaders of each business as the teams recommendations are presented at Committee and Board level.

You will support the Reinsurance Manager to help adapt the current risk appetite statement and will be involved in all areas of a reinsurance renewal, from data collection and documentation creation, discussions with external brokers and internal colleagues to consider various reinsurance options for Admiral, interactions with reinsurers, obtaining sign-off from the relevant internal Committee/Board, to dealing with contract particulars and ensuring the necessary reinsurance cover is purchased on time and within budget.

This role would be ideally suitable for an experienced actuary but a newly/nearly qualified actuary would be considered, as well as skilled applicants with an accounting, statistical or other numerical background.

The successful candidate will have the opportunity to shape their role and get involved in all areas, with confidence to work autonomously and lead communication with our reinsurance brokers where necessary.

Main duties
  • Produce MI for renewal submissions, internal management and contract performance monitoring (with sufficient understanding of market and internal developments affecting the portfolio)
  • Create reinsurance structure recommendations, referencing the risk appetite statement, and present at Committee / Board level to get these approved.
  • Work alongside reinsurance brokers and reinsurers to achieve placement of the approved structures on time and at the lowest cost.
  • Ensure timely premium payment as well as claim notifications and recoveries/disputes.
  • First point of contact for reinsurance queries
  • Implement endorsements / special acceptances / notifications initiated by us and/or linked to internal Risk Event notifications.
  • Monitor reinsurer results, M&As, credit ratings and changes in appetite.
  • Accountable for documenting internal processes, risk management controls, and contracts related to reinsurance (including the Reinsurance Policy)
  • Feed into external documentation (including QRTs, ORSA, AFR, ...)
  • Close collaboration with Reserving (loss ratio estimates), Capital (possible scenarios and impact of different strategies), Pricing and Claims, Underwriting and Product, Business Planning, Risk, Legal, Data Protection and other departments - focussing on the UK but linking in with Gibraltar, AECS and EIC for a Group view.
  • Maintain relationship with brokers to ensure our needs our met and maximise efficiency of output.
  • Work closely with Admiral's overseas underwriting entities covering France, Spain, Italy, and the USA to we integrate standardised reinsurance processes throughout the Group and share best practice.
  • Maintain relationship with reinsurers directly, especially to manage the contractual elements of the various
  • contracts to ensure timely analysis, negotiation and agreement - and timely communication of significant changes in our business(es)
  • Support ad hoc projects.

Essential knowledge and skills
  • 4-5 years of work experience within insurance/ financial industry
  • Excellent communication, both written and interpersonal skills to liaise with people in various parts of Admiral.
  • Ability to work independently and proactively as well as supporting a small team.
  • Attention to detail, with an analytical and problem-solving mind.

Salary, Benefits and Work-Life Balance

We do not have a set salary for this position, as it will be dependent on the successful candidate's experience. We are happy to see CVs from all candidates who meet the requirements and will be happy to discuss the remuneration package.

At Admiral, we are proud to be a diverse business where we put our people and customers first. We have great benefits to ensure employees have a great work-life balance; it's one of the reasons we're consistently voted one of the Sunday Times Best Big Companies to work for in the UK. We want you to have an element of freedom to define a working lifestyle that supports this, so accommodate flexible hours wherever possible.

All colleagues will receive 33 days holiday (including banks holidays) when they join us, and this will increase with length of service, up to a maximum of 38 days (including banks holidays). You also have the option to buy or sell up to five days of annual leave in addition to your allocation.

You can also view some of our other key benefits here.

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