Description
Risk Funding London Lead - Outwards Reinsurance, Lloyds Market, LORS, ELGAR & IRIS
Contract
London
6 months Initially
£Rate - TBC
Responsibility for the management of the Outward Reinsurance Technical Department for my clients Syndicates and any future Syndicate business to be administered locally in London.
Risk Funding London Lead - Outwards Reinsurance, Lloyds Market, LORS, ELGAR & IRIS
KEY DUTIES & RESPONSIBILITIES:
Liaise with Senior London Placements Lead to ensure all reinsurance is appropriately administered.
Oversee the runoff of one of my clients Syndicates.
Coordinate with the Global Risk Funding Operations team to ensure proper administration of global treaties.
Oversee ceded reporting to London markets to ensure appropriate level of service in line with treaty requirements.
Oversee London market processing.
Contact point for London Finance on Lloyds reporting and SBF.
Oversee Lloyd's reinsurance reporting (SRS, etc.).
Drive continuous improvements within the London Risk Funding Ops unit.
Lead London Risk Funding ops transformation as part of the broader Risk Funding transformation efforts.
Produce accurate and timely reinsurance data for the purpose of regulatory and management information.
Manage the day-to-day activity of the Reinsurance Technical Department (RTD) and ensure effective and efficient processes, controls and procedures.
Report accurate and timely departmental Key Performance Indicators (KPI) and metrics as required via the prescribed reports or dashboards and provide material narrative as appropriate.
Administration of the Syndicate reinsurance program which includes document and workflow management. The jobholder is responsible for the production, storage and distribution of accurate and timely reinsurance recovery data administered by the London Operations team.
Responsible for the coordination and review of the input, as well as maintenance of, reinsurance contracts, financials and technical accounting. This encompasses the recording of reinsurance contract details, special conditions/clauses, reinsurance security and the generation of reinsurance recovery documentation from within the system, or manually for specific classes of business where implementation of the system is still in progress.
Responsible for the accuracy of premium debiting and the reconciliation, validation and allocation (by security) of all reinsurance transactions from within the Lloyd's Outwards Reinsurance System (LORS) against posted accruals. Unallocated cash is to be monitored on a regular basis and kept to an absolute minimum.
Management of the accurate calculation, recording and processing of reinsurance premium accruals on Elgar to support Group management information.
Responsible for ensuring the accuracy of the calculation of reinsurance accounts and to facilitate the timely production and submission of claims collections on a proportional and non-proportional basis.
Assist the Credit Control Department in the reviewing and chasing outstanding balances owed to the Syndicate and reporting on outstanding settlements and aged debt.
Responsible for the administration, recording and resolution of queries raised by brokers and reinsurers. This will include liaison with internal claims department or escalation to the Head of Risk Funding Claims in the event of a dispute. In this regard, the jobholder is responsible for maintaining an effective relationship with brokers and reinsurers alike.
Responsible for ensuring effective liaison with the Finance Department to keep it advised of large recoveries/premium as this has a major impact on cash flow.
Maintain and report accurate balances with respect to Letters of Credit (LOC) or Outstanding Claims Advances (OCA) and 'up-front' collateral positions. The jobholder must ensure thorough communication/liaison with the Finance Department.
Risk Funding London Lead - Outwards Reinsurance, Lloyds Market, LORS, ELGAR & IRIS
REQUIRED EDUCATION/TRAINING & EXPERIENCE:
Insurance industry experience with a focus on outwards reinsurance
Lloyd's market (structure and operation), Lloyd's processing & bureau payments (LORS)
Knowledge of Legacy Novae's organization, history, philosophy and objectives.
Excellent knowledge of Microsoft Office suite, particularly Excel and PowerPoint
Risk Funding London Lead - Outwards Reinsurance, Lloyds Market, LORS, ELGAR & IRIS
OTHER DESIRED SKILLS & CHARACTERISTICS:
Knowledge of principles and practices of reinsurance
Specific knowledge of Legacy Novae's reinsurance program
Experience with Elgar, IRIS and Swordfish applications
Strong customer service skills
Strong analytical, problem solving skills and attention to detail
Strong organizational skills and ability to successfully prioritize workload
Ability to communicate clearly and effectively, both verbally and in writing
Risk Funding London Lead - Outwards Reinsurance, Lloyds Market, LORS, ELGAR & IRIS
Contract
London
6 months Initially
£Rate - TBC