JOB DESCRIPTION: REINSURANCE OFFICER
BACKGROUND
This position works closely with the Chief Finance Officer to support the related reinsurance operations of the Company. The position also involves coordination of local regulatory and group reporting requirements.
MAIN RESPONSIBILITIES
The following are the key duties and roles of the Reinsurance Accountant:
1. Financial Reporting
- Preparation of treaty quarterly statements to reinsurers & reinsurance brokers
- Maintaining and preparation of monthly facultative statements
- Ensuring prompt rendering of treaty and facultative accounts to reinsurers and settlement of balances on quarterly basis
- Preparing claims statistics information and data for year-end accounts closing
- Prepare annual reinsurance returns including portfolio transfers and withdrawal as well as adjustments
2. Reinsurance Credit Control
- Follow up on settlement of balances and claims recoverable from reinsurers.
- Coordinate with Claims team for prompt notification of losses to treaty reinsurers and pursue timely recovery of claims.
- Handling routine Treaty matters and account queries from Reinsurers.
3. Financial Controls
– Provide claims recoverable by LOB, Reinsurance
- Company, and broker where applicable.
- Prepare claims reports and ensure reconciliations to general ledger postings
- Maintain records of claim recoveries – proportional treaties.
- Provide monthly claim reconciliations and ensure all claim recoveries accounted for
- Maintain record of treaty account balance confirmations.
4. Financial Planning and Analysis
- Supporting the CFO in provision of information for annual budget process
- Supporting the Reinsurance Manager in provision of statistics for annual treaty renewal and filing process
5. Compliance and Internal Controls
- Monthly closure of all reinsurance debits and credit notes
- Compiling monthly, annual and quarterly statistics for submission to Commissioner of insurance (IRA).
Qualifications
- Minimum of three years relevant experience in the financial sector, insurance industry, reinsurance, reinsurance broking, auditing or banking.
- First Degree in Statistics, Actuarial, Accounting or a finance related field.
If you are qualified and seeking an exciting new challenge, please apply via [email protected]
by 11th October 2024. Only shortlisted candidates will be contacted.
