Reinsurance Associate

Found in: Talent UK C2 - 2 weeks ago

London, United Kingdom MW Appointments Full time

Summary

An opportunity for an experienced Reinsurance Specialist to support both inwards and outwards reinsurance activity for treaty & facultative contracts.

Overview

You will support the Reinsurance team with all reinsurance operational and accounting processes. Key responsibilities will include assistance with the production of reinsurance claims collections and advices, preparation of Management Information, processing of RI premiums and claims via system, with the tasks and skills required as follows:

Key accountabilities …

* Manage financial aspects of reinsurance transactions. Involve effective communication and collaboration with various functions, including internal departments and external reinsurers. Additionally, attention to detail and accuracy are crucial due to the complexity of reinsurance contracts and financial transactions.

* Accurately record and reconcile reinsurance transactions, including premiums, ceded and assumed reinsurance, and commission calculations. Maintain detailed records of reinsurance contracts and agreements.

* Analyse financial data related to reinsurance, including loss reserves, premium adjustments, and retrocession agreements. Prepare variance analyses and reports for management review.

* Ensure compliance with accounting principles, regulatory requirements, and industry standards.

Assist in the preparation of financial statements and reports related to reinsurance activities.

* Collaborate with internal and external auditors to facilitate the audit of reinsurance financial records. Provide documentation and explanations as needed during audits.

* Reconcile reinsurance accounts, resolving discrepancies and ensuring accuracy in financial records. Monitor and reconcile cash transactions related to reinsurance activities.

* Communicate effectively with internal departments, reinsurers, and brokers to address accounting inquiries and discrepancies. Work collaboratively with underwriting and claims teams to ensure accurate and timely financial information.

* Identify opportunities for process improvements in reinsurance accounting procedures. Implement efficiency measures to streamline workflows and enhance accuracy. Collaborate with IT to troubleshoot and resolve system issues promptly.

* Assist on reinsurance renewal preparation including data and slips.

* Offer support to facultative business in UK market and related reinsurance business.

What you need to bring …

* 5 years of UK reinsurance experience.

* Experience in reinsurance technician/accounting.

* Good communication skills

* Good analytical and IT skills

What you need to know:

* Permanent role

* Hybrid working City of London & Home

* Salary to £70,000 + benefits & bonus

* A great opportunity to join a growing and dynamic underwriting environment.

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