Job DescriptionA Lloyd's Managing Agency have a new opportunity for a Senior Reinsurance Technician. You will be responsible for all reporting and operational aspects of outward reinsurance for the business. This includes outward reinsurance set up, cash allocation, recoveries, credit control, reporting (internal and external), broker communications and reconciliations. Main areas of responsibility will include ensuring that all internal and external SLAs and KPIs are met & timely and accurate reporting and feedback to the Reinsurance Management Group.
Previous London Market reinsurance experience is required for all applicants. A good understanding of reinsurance processes and controls is key & experience of Global XLPro is desirable.
Key Duties and Responsibilities
Maintenance of outward reinsurance records and documentation.
Timely and accurate contract set up into Global XLPro system.
Schedule and process payments.
Calculate, schedule and initiate recoveries.
Credit control and cash allocation.
Calculate and processing ceded premium adjustments and brokerage rebates.
Reconciliation to ledgers.
LORS and settled direct processing.
Intra-group reinsurance settlements and reconciliation.
Ceded bad debt calculation including monitoring of Reinsurance Security Ratings.
Design and implement remediation plans to drive/improve achievement of targets.
Continuous improvement of data, reporting systems and processes.
Establish and maintain appropriate controls for outward reinsurance.
Assist with regulatory, audit and change initiatives.
Establish and maintain a culture of customer service.
Adherence to all relevant financial and regulatory requirements at all times. These requirements include Lloyds reporting, Solvency II, US GAAP and UK GAAP.