Reinsurance Technical Manager at Bryte Insurance Company Limited

Reinsurance Technical Manager

Bryte Insurance Company Limited is the premier, proactive commercial risk specialist in Southern Africa. Applying our unparalleled sector insights, proven expertise and foresight, we partner with customers and brokers to protect their businesses and improve their risk profile across the continent. Bryte Insurance Company Limited approaches customer risk with purpose, proactively working with brokers and customers to enable better risk decisions.                                           

Our opportunity

• The role holder will be responsible to effectively define, execute and maintain an appropriate RI strategy to support the achievement of the organization’s strategic and business objectives.

Key Tasks & Accountabilities

Develop and implement an effective re-insurance strategy

• Translate organisational strategic plan and define RI strategy and policy with agreed specific tactical actions
• Obtain agreement on plan from Chief Underwriting Officer (CUO) and executive.
• Communicate RI strategy to key stakeholders to achieve buy-in
• Work closely with Distribution to develop and obtain agreement on their strategic business plans and participate in development of company financial plan

Effective re-insurance capacity management ( treaty)

• Identify and manage all re-insurance exposures through accurate assessment of the risk appetite of insurer and/or the line of business
• Gather and utilize in-depth knowledge of each line of business underwritten by the Bryte Ins and the exposures present
• Hold regular discussions with Heads of Underwriting divisions in each line of business segment to determine the basis of exposures and reinsurance requirements.
• Collaborate and communicate with External Actuaries, Reinsurance Brokers and the RI Forum regarding minimum security requirements
• Ensure approved programme is effectively implemented and communicated Monitor and assess re-insurance exposure continually to ensure security ratings comply with minimum requirements

Effective re-insurance capacity management ( Fac)

• Identify and manage all re-insurance exposures through accurate assessment of the risk appetite of insurer and/or the line of business
• Manage facultative negotiations & placement timeously, prior to renewal date
• Manage over exposures and obtain urgent Fac placements to minimize Bryte’s net / treaty commitment

Effective reinsurance administration

• Take ownership technical re-insurance administration process including information management
• Ensure that the Treaty structures and underwriting limits are correctly raised on I90, Tial , Tia and any other IT platforms used by Bryte.
• Ensure appropriate tools are developed and implemented for reinsurance placing and administration.
• Ensure all re-insurance documents are accurately filed

Effective CAT accumulation management and reporting

• Develop, communicate and implement a cat management plan in line with the EGI cat management plan framework
• Put in place tools, processes, reports or guidelines to identify current accumulation issues and to enable underwriting to identify future accumulation issues at an early stage in the underwriting process
• Provide feedback to the Underwriting Committee and ensure that appropriate mitigation actions are taken where disproportionate accumulation risk is identified. This can include abstinence, facultative reinsurance and the changing of policy conditions.
• Ensure that accumulation risk is included in pricing

Your Skills and Experience

Qualifications

Education and Experience

• Business Economics or Science Degree
• Insurance Qualification
• Minimum 5-10 years experience in insurance/reinsurance environment
• Strong computer literacy, especially MS Excel, MS Word and MS Powerpoint
• Extensive reinsurance market knowledge

Capabilities

• Professionalism
• Attention to detail
• Accuracy
• Good communication skills (verbal and written)
• Self- Managed