Delegated Authority Analyst
4 weeks ago
Job Description
Role Summary:
We are seeking a Delegated Authority Analyst to join our Operations Team in London. You will be responsible for managing the renewals of our existing portfolio, specifically focusing on binders, delegated authorities, and retrocession contracts. Your role will involve close collaboration with our in-house broker, Consilium, as well as external brokers to ensure the successful placement and management of our reinsurance portfolio.
Responsibilities:
- Take ownership of the company's reinsurance portfolio, overseeing the renewal process and ensuring the timely and accurate placement of reinsurance contracts.
- Binder and Delegated Authority Management: Utilize your expertise in binders and delegated authorities to effectively evaluate, negotiate, and manage binder agreements and delegated authority arrangements.
- Retrocession Contract Management: Apply your knowledge of retrocession contracts to handle the negotiation, placement, and ongoing management of retrocession agreements, ensuring optimal coverage and risk management.
- Renewal Strategy: Collaborate with key stakeholders to develop and execute renewal strategies, considering market conditions, coverage requirements, and profitability goals.
- Relationship Management: Foster and maintain strong working relationships with our in-house broker, Consilium, and external brokers, ensuring effective communication, collaboration, and coordination throughout the reinsurance placement process.
- London Market Expertise: Leverage your comprehensive knowledge of the London insurance and reinsurance market to navigate complex market dynamics, identify opportunities, and optimize reinsurance placements.
- Compliance and Regulatory Adherence: Ensure compliance with all relevant regulatory requirements, industry standards, and internal policies throughout the reinsurance placement process.
- Reporting and Analysis: Collect and analyse data from the underwriting teams, claims department, accounts, and other relevant sources to prepare comprehensive reports on portfolio performance. Collaborate with the underwriting teams to bring together data packs and business plans for renewal presentations, ensuring alignment with strategic goals and providing insights and recommendations to support decision-making during the renewal process.
Qualifications and Skills:
- Degree and/or Qualification in a related field (e.g., insurance, finance, business administration) is preferred.
- Experience in reinsurance, specifically with a focus on binders, delegated authorities, and retrocession contracts.
- Strong knowledge of the London insurance and reinsurance market, including an understanding of market practices, key players, and regulatory frameworks.
- Proven track record in managing reinsurance portfolios is preferred, with a demonstrated ability to handle complex renewals and negotiate favorable terms.
- Excellent communication and relationship-building skills, with the ability to collaborate effectively with internal and external stakeholders.
- Analytical mindset with the ability to assess risks, conduct data analysis, and make informed decisions.
- Strong organizational skills and attention to detail, with the ability to manage multiple priorities and meet deadlines.
- Proficiency in relevant software applications and tools, such as MS Office suite and reinsurance management systems as applicable.
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