Vacancy: Reinsurance Manager

20 August 2020

A Vacancy for a Reinsurance Manager has become available in the Reinsurance Department reporting to the Head: Reinsurance, at Compass Insurance Company Limited.

STRATEGY

• In conjunction with the Head of Reinsurance, review and Update the Reinsurance Strategy for Compass Insure to be presented to the Board for approval;
• Implement Optimal Reinsurance Strategy for Compass Insure; and
• Review and Update the Special Underwriting Guideline for Compass Insure annually for approval by the Board of Directors.

TREATY REINSURANCE

• Plan and Execute the annual Reinsurance renewal – Proportional & Non-Proportional Reinsurance Programmes for the Compass Insure
  • Ongoing Liaison Meetings/Communication with Lead Reinsurer
  • Ongoing Liaison Meetings/Communication with Reinsurers participating on the Company Reinsurance Programmes
  • Liaison Meetings/Communication with Business partners
  • Obtain Data for the Reinsurance renewal from the Business Partners/ Insurance Administration System Service Providers
  • Analyse the Data
  • Reinsurance Optimisation – Work with the Finance and Actuarial and Units on the optimisation for the annual Treat Renewal and any new business opportunities to ensure optimal Reinsurance Structures are implemented for the Company and ensuring the optimal use of shareholder funds/Capital.
  • Prepare (in close consultation with Finance and Actuarial Units) and Distribute Reinsurance Renewal Packs to Lead Reinsurer and confirm proposed terms and conditions for the Reinsurance Renewal
  • Distribute Reinsurance Renewal Packs to Reinsurers participating on the Company Reinsurance Programmes, and any new potential Reinsurers
  • Address and Resolve Reinsurance Renewal Queries
  • Finalise Reinsurance Terms and Conditions with Lead Reinsurer
  • Communicate Lead Reinsurance Terms and Conditions to following market (Reinsurers)
  • Confirm Reinsurance Terms and Conditions with Lead Reinsurer/Reinsurers
  • Finalise Treaty Wordings with Reinsurers
  • Issue signed Final Treaties to Reinsurers
  • Communicate Binder Terms and Conditions to Business Partners on completion of the Annual Reinsurance Renewal (in close consultation/conjunction with Finance and Legal & Compliance Units)
• Treaty Management
  • Ongoing Liaison Meetings/Communication with Lead Reinsurer
  • Ongoing Liaison Meetings/Communication with Reinsurers participating on the Company Reinsurance Programmes
  • Liaison Meetings/Communication with Business partners
  • Manage Treaty Endorsements

FACULTATIVE REINSURANCE AND SPECIAL ACCEPTANCES

• Implement the Special Underwriting Guideline for the Company
• Ongoing Liaison Meetings/Communication with Business partners
• Facultative Underwriting Committee – Co-ordinate, review and approve all Insurers/Reinsures utilised for Facultative placements and approve/and/or decline all facultative placements above the Treaty Limits of the Business Partners in accordance with the Company Special Underwriting Guideline
• Co-ordinate Facultative Reinsurance requests to the Lead Reinsurer for consideration and approval
• Co-ordinate Special Acceptance requests to the Lead Reinsurer for consideration and approval
• Review all Facultative Reinsurance Reconciliations on a monthly basis and sign off and approve all Facultative Reinsurance payments on a monthly basis

REINSURANCE RECOVERIES

• Review of outstanding cash recoveries (Cash Calls, XOL recoveries, FAC Recoveries, CAT Recoveries,) on a weekly basis, report back to Company EXCO, follow up with relevant parties where necessary
• Close co-ordination and collaboration with the Claims Unit

GENERAL

• Close co-ordination and collaboration with Senior Management and key operational Units in the Company
• Close co-ordination and collaboration with Shareholder and Group South Africa and internationally (where relevant and applicable)
• Close co-ordination and collaboration with the panel of Reinsurers for the Company
• Establish and Build relationships with Reinsurers in the market and Reinsurance Brokers in the market
• Prepare weekly report and feedback to Company EXCO on Reinsurance matters
• In conjunction with the Head: Reinsurance,prepare the Compass Insure Reinsurance Report for presentation at the Company Board of Director meetings, including Board Committees
• Reinsurance Manager to be in touch with the “Reinsurance world including Brokers, new Reinsurance structures/products, have a solid feel for where the market and Reinsurers are locally and internationally.

COMPLIANCE AND GOVERNANCE

• Ensure Company Compliance with all Laws, Regulations, Policies and Procedures