Reinsurance Accounting

• Sub Process – Ceded Reinsurance
• Shift – 12 PM to 10 PM IST (UK Shift)

Designation - AM

• Experience – 4+Years of experience in Insurance/Reinsurance operations.

JD for Senior Ceded Re offshore Resource-

This role is expected to provide lead on ceded reporting, in most part around external reporting for regulators and reinsurers but also in respect of some internal reporting. In addition, as part of broader Ceded Re Operations, this role will also provide support for other ceded re administration activities. Few specific activities include the following areas (not exhaustive):

• Ceded Reinsurance regulatory reporting
• Ad Hoc Claim responses
• Reinsurance Collateral management
• Stop loss reinsurance contract management
• Whole account quota share reporting
• Support to broader offshore reinsurance team

Duties include (not exhaustive):

• Regulatory reporting:

1. Annual Cat and TRIA Regulatory reporting, including obtaining exposure and premium figures from available reinsurance system. Reading through reinsurance contracts and recording Terrorism and other exposures.
2. Bermuda Cat Regulatory returns, record of CAT cover provided in reinsurance contracts by territory.
3. AM Best ILS/ILW annual regulatory returns – posting of limits available on this type of reinsurance contract.
4. Working with the ceded placement team in relation to review and sign-off of the above regulatory reports.

• Ad Hoc netting down of large claims, reporting back of net position and any associated reinsurance recoveries arising from Facultative, Quota share and Excess of loss reinsurance placements.
  • Quarterly Management of collateralized excess of loss placements:

1. Working in conjunction with clients reserving team to establish Ultimate gross ceded losses to collateralized reinsurers.
2. Calculate the subsequent ultimate reinsurance recoveries and apply loss buffer weightings as per outwards reinsurance contracts
3. Calculate and establish trapped collateral
4. Attend quarterly Collateral committee meetings in order to obtain sign-off of collateral amounts to be released back to reinsurers
5. Prepare collateral release documentation and facilitate relevant sign-offs and bank call back procedures
6. Maintain spreadsheet containing details of released, drawn down and remaining collateral

• Quarterly Stop Loss contract management:

1. Management of key stop loss reinsurance contracts including contract entry into policy administration system, quarterly assessment of ultimate loss vales/ratios against reinsurance cover and management of associated collateral.
2. Collaboration with clients reserving team to establish:

• ultimate Ceded losses to stop loss contracts
• Stop loss attachment points and limit based on ULR
• ultimate reinsurance recoveries if any
• periodic trapped collateral releases.

1. Working with client Ceded Placement team to get client management team to sign-off of trapped collateral calculations and releasing funds held in trust, back to reinsurers via the relevant bank's procedure.
2. Collection of funds due to client from the same trust accounts.
3. Recording of calculated reinsurance technical transactions in Clients Ceded Reinsurance system, whilst ensuring Ceded inuring sequence is maintained.

• Whole account Quarterly reporting:

1. Prepare and manage quarterly reporting on ultimate Gross and Net view on Whole account Quota shares to various counterparties.
2. This includes collating information from Reserving, Finance, Operations along with narratives from business

• Support to broader Offshore Team:

1. Assistance with month end and quarter end processes, in particular on the quarterly QS statements, sending to brokers and arranging payments
2. Credit Control
3. Calculation of XOL and Facultative reinsurance claims
4. Support various project and change activities
5. Attending regular team meetings
6. Perform tasks usually handled by other Ceded Re team in order to allow them to work on projects

Key required skills:

• Past experience of Ceded re applications and processes
• Strong reporting and analytical skills
• Relevant experience is Collateral calculations and Cat stop loss contracts is desirable
• Strong Microsoft applications skills, in particular Excel
• Ability to read and interpret Reinsurance contract wordings
• Effective communication
• Knowledge of Airtable is advantageous
• Ability to manage time and tasks in order to meet key deadlines and SLAs