RenaissanceRe is a leading writer of Property & Casualty Reinsurance. For over 25 years, we have helped customers and communities recover and build resilience through our industry-leading ability to understand risk, source efficient capital and rapidly pay claims.Our global team shares a passion for solving our customers’ biggest problems through a collaborative and entrepreneurial culture that empowers employees and rewards creative thinking.
POSITION SUMMARY:
The Assistant Manager - Ceded is responsible for, but not limited to managing ceded post-bind aspects of the company, for a defined ceded external portfolio and internal cessions written across the various platforms and supporting other portfolios as required, as well as ensuring compliance with ceded contractual terms, ensuring the accuracy of the processing of all aspects of ceded reinsurance contracts and collateral agreements, including leading more complex technical areas. The Assistant Manager – Ceded works on projects to enhance the efficiency and effectiveness of ceded post-bind requirements in an increasingly complex, global environment. This role closely interacts across multiple functional areas of the business to add value across relevant business areas.
PRINCIPAL ACCOUNTABILITIES:
Technical Processing & Reporting
- Provide support, guidance, and direction to colleagues for complex processing issues and day to day technical processing.
- Manage and review set up of ceded reinsurance contract terms and ceded collateral trust agreements in the underwriting (REMS) and accounting systems (SICS). Liaise with relevant stakeholders to ensure proper contract management, set-up, and administration, including electronic filing of all documents.
- Review the processing of ceded transactions at contract set up above thresholds and on complex accounts, and ensure final contractual terms are complete and accurately reflected.
- Review large movements on catastrophe events and understand implications of assumed losses on ceded portfolio.
- Review all ceded aspects of the monthly / quarterly close, ensuring appropriate SOX 404 processes exist and internal controls are followed.
- Ensure timely monthly / quarterly close of the reinsurance accounting systems (SICS).
- Review the REMS:SICS reconciliations to ensure that all premium has been captured in the accounting system in the correct quarter.
- Review month-end / quarter-end processing and reconciliation of ceded accruals and recoveries in our accounting systems (SICS). Liaise with relevant stakeholders to ensure accuracy of transactions and internal / external reporting and financial disclosures.
- Review the monitoring of collateral requirements, amendments / withdrawals / releases when applicable, processing and reconciliation in our accounting systems (SICS).
- Review suggestions for potential write-offs and data analysis for commutations.
- Review ad hoc transactions such as annual premium adjustments, additional premiums, no claims bonuses, and profit commissions.
- Review requests from internal and external auditors.
- Develop, implement, and document processes, controls, systems, and solutions, for efficient handling of ceded portfolio.
- Ensure adherence to contract certainty and all processes are carried out with a high degree of quality, in a timely manner.
- Provide back up and support to the team and across platforms when required.
- Support all locations with respect to the impact of the ceded portfolio on their platforms / entities.
London Specific:
- Provide UW support at the Lloyd’s box.
Financial Performance and Analysis
- Review preparation of ad hoc deal performance and analysis to underwriters throughout the renewal process, and as required throughout deal life cycle.
- Review ongoing and ad hoc ceded data analysis for other functions.
Strategic Projects
- Identify opportunities for ongoing refinement, enhancement of the SOX 404 control environment, process improvement and system enhancement, and propose and implement solutions to improve the efficiency of the global functional area, ensuring that all global operational and financial needs are met.
- Assist VP, Manager and AVP, Assistant Manager - Ceded with implementation and execution of certain local or global projects and/or project workstreams in connection with global projects.
- Assist VP, Manager and AVP, Assistant Manager - Ceded with any special projects or ad hoc tasks that may be required, internally or externally, and provide general assistance to other functional areas, as necessary.
- Provide ad hoc support to the VP, Manager and AVP, Assistant Manager - Ceded and / or other business leaders as required.
Team Oversight
- Manage and oversee a team of professionals, and ensure appropriate training, guidance and career development is provided in all aspects of ceded post-bind activities, controls, reporting and system.
- Delegates workflow and tasks as appropriate across the team.
EXPECTED COMPETENCIES:
- A university degree preferred, (emphasis on business, insurance or finance / accounting is advantageous) or comparable reinsurance experience essential.
- A professional designation required (such as ACII/CPCU/AIC/ARe).
- At least 2 to 5 years prior relevant experience in a ceded / senior technician capacity.
- Fully proficient, has in-depth knowledge, works independently on moderate to high complex matters.
- Utilises solid technical competence to achieve exemplary results and to manage and resolve issues.
- Proactively identifies resources, actions and timelines needed to achieve objectives.
- Shares resources appropriately and balances the needs of the total department with individual goals and priorities.
- Conveys points of view/positions in a way that influences opinions, and demonstrates flexibility in adapting personal style to different individuals.
- Proactively shares relevant information to keep others in the loop on important issues, updates, priorities, new developments and results.
- Makes improvements of processes, systems, products or solutions to enhance performance of the department or job area.
- Responds to and troubleshoots moderate to highly complex inquiries/issues, both internally and externally.
- Experience with public companies and SOX 404 is advantageous.
- Strong working knowledge of SICS and REMS advantageous.
London specific:
- Lloyd’s/ London Market knowledge required or completion of the Lloyd’s and London Market Introductory test.
We are an equal opportunity employer. We provide equal opportunity to all applicants and employees regardless of race, colour, religion, national origin, age, sex, sexual orientation, gender identity, marital status, pregnancy, disability, military status, or other legally protected categories.
Our people are our most valuable resource and core to our success. This is a fast-paced business environment, demanding a strong work ethic and a results-oriented approach. We offer competitive compensation and benefits, a comprehensive talent development program, and a reward system in which employees share in the success of the company. We are an engaged member of the communities in which we live and work and have a locally-led giving philosophy with generous employee matching program, global and local community grants and employee volunteerism.We seek diversity, create equity, and practice inclusion. Our people are at the heart of everything we do. We are an equal opportunity employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, national origin, sex, sexual orientation, gender identity, marital status, pregnancy, disability, military status or other legally protected categories.
