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Reinsurance Operations Specialist

2 months ago

London, Greater London, United Kingdom Carbon Underwriting Limited Full time
About the Role

We are seeking a highly skilled Reinsurance Operations Specialist to join our team at Carbon Underwriting Limited. As a Reinsurance Operations Specialist, you will play a critical role in the day-to-day processing, financial, operational, and reporting elements of the end-to-end Ceded Reinsurance post-placement functions.

Key Responsibilities
  1. Reinsurance Contract Management
  • Ensure the ORI (outwards reinsurance) contract record is always accurately and up to date with all new RI contracts.
  • Work with the quantitative engineers to enhance what Graphene (our in-house analytics tool) can do to support the full RI process.
  • Calculate Premium Adjustments and work with Asta (our managing agent) to ensure all payments are paid through LORS on time.
Proportional Contract Management
  • Produce Proportional Statements and render to Brokers and Reinsurers.
  • Work with the quantitative engineers to continue to enhance the automated statement process through Graphene.
Claims Reporting
  • Review Gross Claims, including review of the Claim/Event Coding process with the Claims team.
  • Calculate Non-Proportional Ceded Claims and Reinstatements, in accordance with contractual terms.
  • Render the Loss Advices, Claims Collections to Brokers and Reinsurers.
  • Ensure deductibles are properly applied to events XL recovery calculations.
  • Calculate reinstatement premiums on XL contracts.
Credit Control and Cash Allocation Management
  • Reconcile Reinsurance payments through LORS with the reinsurance Ledger.
  • Manage queries – Maintain a Broker/Reinsurer Query Log.
  • Report on Aged Debt.
  • Chase Aged Debt.
Asta
  • Bring in-house Asta processes relating to reinsurance.
Financial Reporting
  • Maintain the Reinsurance Ledger.
  • Support the Actuarial and Finance teams in all aspects of financial reporting.
  • Complete Ceded Reinsurance Financial Controls.
  • Assist with Audit requirements.
  • Look after reinsurance Schematics – These are a pictorial representation of our Ceded Reinsurance purchases, which are required internally for U/wrs, Senior Management, and the Board, and reported to Lloyd's as part of regulatory reporting requirements.
  • Create erosion Reports – This is a report that shows the utilisation of the Ceded Reinsurance Programmes across all years, e.g., which layers have had claims, and how much cover is left for future claims.
Reinsurance Purchasing
  • Assist with Reinsurance Business planning.
  • Be a Reinsurance point of contact for Compliance.
  • Input into risk (ORSA).
  • Support the outwards team in helping to prepare Fal presentations, Lloyd's pitches, consortium, and Reinsurer meetings.
  • Exposure to the Reinsurance purchasing function to develop skills.
Requirements
  • Outward Reinsurance processing experience, working within a Syndicate or London-based Reinsurance company.
  • A good understanding of the full end-to-end Reinsurance process from Post Placement through to Credit Control and Reporting.
  • A good understanding of the downstream Financial impact and processes.
  • A good understanding of the ceding process from an inwards perspective.
  • Knowledge of a reinsurance processing platform and its functionality.
  • Good understanding of MS Excel, MS Word, MS PowerPoint.
  • 3+ years of experience.