Assist the Managing Director in the development of business strategies relating to the Company’s reinsurance arrangements and in heading the reinsurance unit.
Ensure that the Company has constantly adequate cover through existing arrangements and recommend new covers through developing ‘As-If’ models to optimize the reinsurance program.
Participate in the negotiation of best reinsurance terms & conditions to the benefit of the Company.
Participate in new life/medical products development in close coordination with reinsurers.
Supervise the life department and prepare the actuarial report twice per year for the life reserve study.
Prepare the non-life/Medical treaties’ renewal booklet comprising all information and data required by reinsurers.
Review, approve and sign reinsurance arrangements and co-sign treaties’ schedules & wordings.
Prepare and distribute reinsurance treaties summary to other departments within 1 week as from the beginning of the u/w year.
Monitor Treaties’ performance, accumulation aggregates and underwriting compliance with treaties’ terms & conditions; and report key findings to the Managing Director for discussion and necessary action.
Provide reinsurers with quarterly data as dictated by treaties’ conditions within set deadlines.
Administer the special acceptance requests received from Marketing and Underwriting Departments.
Monitor, and when needed participate in, canvassing the reinsurance market for best terms & conditions in respect of new & renewal of facultative placements and supervise (prepare when needed) the corresponding slips, premium closings, and amendments.
Prepare loss notifications to treaty reinsurers, compile required documents from concerned departments and follow up throughout the process of claims’ approval and settlement by reinsurers.
Monitor proper and timely claims notification to Facultative Reinsurers especially when Claims Control/Cooperation Clauses are in force and make sure that reinsurers are fully informed in coordination with the reinsurance supervisor.
Receive from Finance Department reinsurers/reinsurance brokers statements of accounts to be revised and co-signed with them prior to settlement.
Follow the facultative inward business procedure
Act as buffer between assigned clients and the concerned departments.
Assist on all operations (u/w, claims & accounting) relating to Overseas Accounts ( when needed).
Maintain satisfactory relationships with reinsurers and reinsurance brokers.
Follow the reinsurance market trends and identify new opportunities.
Monitor reinsurers’ ratings, publications, news, etc… and maintain an up-to-date list of automatic security list approved by the Managing Director.
Oversee and participate in maintaining an up-to-date Wordings/Clauses & Proposal Forms database and ensure that it caters for the needs of the Underwriting/Marketing departments.
Monitor the performance of subordinates and report progress to the Managing Director.
Ensure proper referencing/filing system is established and well-maintained as per Company’s standards.
Bachelor’s degree in Actuarial Sciences or relevant field
Fluent in English & Arabic. French is a plus.
Minimum of 5 years of experience required in Reinsurance
Strong Critical Thinking
Ability to independently interpret reinsurance treaties
