Description
Role Purpose:
To support the Head of Reinsurance Operations to :-
* Co-ordinate reinsurance PMM/Exec Mgt/Ops Mgt meetings including production of papers and prompt resolution of issues/actions
* Provide oversight and support in the management of Re including agenda planning and support production of papers for the Board and Audit & Risk committee
* Ensure that the target operating model for AII & ARB operates effectively with any outsourced performance issues against SLA's identified, escalated as appropriate and remediated in a timely and efficient manner
* Align to AII and Re captives and legal entities for Group Reinsurance, having a deep understanding of the strategies, plans and performance in those businesses
* Ensure Group Reinsurance function and legal entities comply with any legal or regulatory requirements (PRA, BMA)
Context:
* Operates within a highly regulated and high risk financial services arena.
* Group-wide strategic review concluded that large intergroup quota share reinsurance treaties are expected to be the most efficient way to achieve this as all risks are transferred. International Insurance (AII) would be used as the group's onshore reinsurance mixing vehicle with Re (Bermuda) retained as the group's offshore vehicle.
* The Group Reinsurance function has the responsibility to ensure Group Reinsurance is effectively organised to operate within this context, working with other business functions/units to enable and sustain a high level of business performance.
* The speed of change facing the financial services industry and extensive degree of risk means the function needs to be continually proactive in dealing with change and the corporate agenda.
* Failure to understand regulatory thinking and developments and to act accordingly could have a significant impact on both from a reputational and financial perspective.
Dimensions:
* This role has scope across all parts of Group Reinsurance, including ARB & AII legal entities
* The business faces a large universe of risks all of which have to be appropriately managed by the 1st line of defence with appropriate oversight by the 2nd & 3rd lines of defence
* Significant failure could result in reputational, financial and operational impacts.
Key Outputs:
* Contribute to the co-ordination and production of supporting papers for the Re Board/Audit & Risk committee and other management forums.
* Ensure that Heritage (Guernsey) meets its contractual obligations by monitoring compliance with the terms of the management agreement (SLA monitoring, day to day mgt, control monitoring, OE testing).
* Ensure that all internal service providers eg cedants meet their obligations under RI treaty contracts and SLA's.
* Ensure that the AII TOM is kept refreshed and current and actively identify areas for improvement
* Support the RI team activity that allows the CEO to achieve HY and FY governance attestation eg OPERA input
* Support CEO to ensure that regulatory requirements for AII/ARB areas are met working in conjunction with the Group Regulatory team.
* Support ad hoc project activity eg AII Phase 2 transformation
* Provide support for reinsurance initiatives which underpin the delivery of strategic objectives and business plan.
Hy-phen Limited is acting as an Employment Business in relation to this vacancy.
The Adecco Group UK & Ireland is an Equal Opportunities Employer.