Reinsurance Manager

JOB SUMMARY:

The Reinsurance Manager is responsible for developing and implementing reinsurance strategies that align with the company's overall objectives. This role requires a deep understanding of the reinsurance market, as well as strong analytical and negotiation skills. The successful candidate will work closely with various departments to ensure that reinsurance agreements are effectively managed and optimized.

Key Responsibilities:

Reinsurance Strategy and Planning:

• Develop and implement reinsurance strategies that align with the AMANA's overall risk management and financial goals.
• Collaborate with senior management to determine appropriate reinsurance structures and coverage levels.
• Analyze and assess the effectiveness of existing reinsurance arrangements and recommend improvements where necessary.

Reinsurance Program Management:

• Manage AMANA’s reinsurance portfolio, ensuring it covers risks adequately and supports underwriting activities.
• Oversee the negotiation, placement, and renewal of reinsurance contracts.
• Ensure reinsurance contracts are in compliance with legal, regulatory, and company requirements.

Market Research and Analysis:

• Monitor reinsurance market conditions, trends, and pricing.
• Conduct market research to identify potential new reinsurance partners and assess their financial strength and stability.
• Perform detailed financial analysis to evaluate the performance of reinsurance arrangements.

Negotiation and Relationship Management:

• Negotiate terms and conditions with reinsurers, ensuring favorable outcomes for the company.
• Build and maintain strong relationships with reinsurers, brokers, and other industry stakeholders.
• Represent the company in discussions with reinsurers, brokers, and regulatory bodies.

Risk Assessment and Reporting:

• Collaborate with underwriting and actuarial teams to assess risk exposure and identify reinsurance solutions.
• Monitor claims and loss experience, ensuring that reinsurance recoveries are effectively managed.
• Prepare reports on reinsurance performance, costs, and efficiency for senior management.

Claims Management:

• Oversee the settlement of claims related to reinsurance, ensuring that recoveries are processed efficiently.
• Work with claims teams to identify potential reinsurance recoveries and ensure timely and accurate documentation.

Regulatory and Compliance:

• Ensure reinsurance programs adhere to regulatory requirements, accounting standards, and internal policies.
• Maintain up-to-date knowledge of industry regulations and changes in reinsurance laws.
• Assist with internal audits and regulatory reporting related to reinsurance activities.
• Submit regulatory reports on time

Team Leadership and Development:

• Lead and mentor the reinsurance team, providing guidance and training to junior staff.
• Foster a collaborative environment, promoting cross-functional communication between underwriting, actuarial, finance, and claims teams.

Qualifications:

Bachelor’s degree in Insurance, Finance, Business Administration, or a related field. A professional qualification such as the Associate in Reinsurance (ARe) or Chartered Insurance (CII).

Specific Experience

5 years of experience in reinsurance. And experience in the management of people, at least in a managerial level

Overall experience

7 – 10 years’ experience in the insurance industry.

Technical/Behavioral Skills

Technical

• Strong understanding of reinsurance products and the reinsurance market.
• Excellent negotiation, analytical, and communication skills.
• Ability to assess and manage risk effectively.
• Proficiency in reinsurance software and MS Office Suite (Excel, Word, PowerPoint).
• Knowledge of insurance regulations and industry standards.

Behavioral

• Team player with good interpersonal skills.
• Detail-oriented and have the ability to multitask.
• Leadership qualities with a proactive approach.