Reinsurance Manager

Job description / Role

• Formulate reinsurance related strategies and arrangements.
• Placement of annual reinsurance treaty contracts with reputed reinsurance companies, locally and/or internationally.
• Ensures submission of annual Reinsurance strategy.
• Conveying the annual Reinsurance terms and conditions to the Technical Manager on a timely basis.
• Monitoring performance of participating reinsurers, throughout the year and conveying any adverse development to the CEO and take appropriate action.
• Timely collection of reinsurers’ share of paid claims.
• Speedy collection of cash-call/on-account payment from the participating reinsurers, in case of payment is required to be made for a major claim.
• Assessing proper retention limit in consultation with CEO and finance division, for all classes of insurance.
• Assessing proper priority limit in consultation with CEO and the Technical Manager.
• Placement of suitable “per event excess of loss limit”, for all classes of insurance.
• Assess the need and obtain a suitable catastrophe limit for the required class/portfolio of insurance in consultation with CEO.
• Assessing the need of a suitable “stop loss” cover for any required class/portfolio of insurance.
• Supervise correspondence with reinsurers, reinsurance brokers (locally and internationally) for purpose of reinsurance arrangements.
• Oversee timely preparation and accuracy of statements and/or Bordereaux.
• Monitor periodically reinsurance treaty limits and ensure compliance of the same.
• Evaluate treaty arrangements and recommend amendments to Chief Executive Officer on annual basis.
• Maintain correspondence with brokers regarding new avenues for reinsurance arrangements.
• Build and maintain relationships with representatives of reinsurance companies, other insurance companies and brokers relating reinsurance arrangements.
• Ensures human resource of the division is motivated.
• Present annual department budget relating human resource and expense requirements for onward review and approval by the CEO.
• Monitor the actual business figures verses budget and take necessary steps to fill the gaps.
• Supervise preparation of Table of Retention and allocation into the system in coordination with the IT Department.
• Arrange suitable facultative reinsurance arrangements to meet the business requirements, as and when required.
• Maintain liaison with other Department Heads / Branch representative(s) and provide guidelines as and when required for various requests / queries / assessment of risk related to Reinsurance.
• Ensures resolution of queries of internal and external auditors.
• Perform any other work assigned by the CEO.

Requirements

The ideal candidate will be University educated and have working knowledge of the KSA market. Solid Insurance industry experience, particularly in reinsurance is highly desired. Fluency in Arabic is an absolute must.

About the Company

At Hays, we invest in lifelong partnerships that empower people and businesses to succeed. With over 50 years’ success under our belts and a workforce of 10,000+ people across 32 countries, we’ve evolved to put our customers at the heart of everything we do.

So much more than a specialist recruitment business, what really sets us apart is our knowledge through scale, deep understanding and our ability to meaningfully innovate for our customers. By providing advice, insights and expertise on issues you face today in the fast-paced world of work, we help you make the right decisions for tomorrow.

Offering an unrivalled suite of recruitment and workplace solutions, whether you’re looking for what’s next in your career, or have a gap to fill, we’ll help you get where you want to go.

You can rely on us to deliver today and help you plan for tomorrow.