Assistant Manager, Reinsurance Operations

Description

Responsibilities

• Manage the day-to-day reinsurance booking and technical accounting tasks. Ensure its efficiency and its adherence to internal policies and processes.
• Prepare the production of reinsurance data required by reinsurance brokers and reinsurers including, but not limited to, monthly and quarterly reinsurance SOA and reinsurance bordereaux.
• Prepare and communicate all ceded reinsurance closings to reinsurance brokers and reinsurers in accordance with agreed contractual terms and with SLA agreed with other stakeholders.
• Assist in the calculation and the booking of reinsurance premium reinstatements and adjustments, commission adjustments and reinsurance recoveries related to the facultative and treaty outward reinsurance arrangements.
• Responsible for the timely and accurate closing and reconciliation of all reinsurance accounts (including reinsurance technical provisions) in accordance with the SLA agreed with the Finance Department
• Coordinate with Finance on all reinsurance settlement matters including, but not limited to, collection of Tax invoices from UAE based reinsurers and coordinate with Finance for VAT returns.
• Assist or Develop and maintain operations manuals (Policies, SOPs)
• Participate in the implementation and configuration of DAMAN General Insurance Core System and its Modules (Production, Claims, and Reinsurance).
• Collaborate with the IT & Transformation Teams in the integration of the General Insurance Core System with the Company’s accounting and reporting systems to enable real-time and validated data flow
• Ensure compliance with local regulations and corporate reinsurance strategies, including audits and regulatory filings
• Foster collaborative, trust-based relationships with reinsurers, brokers and internal departments.

Preferred Educational Qualifications And Professional Certifications

• BS in Finance

• Qualified Accountant (ACCA And ACA)

• Achieved Cert II. Dip CII is a plus

Experience

• 5+ years of experience in a reinsurance function handling facultative and/or treaty reinsurance administration and accounting
• UAE/GCC reinsurance market experience is an advantage
• Comprehensive expertise in core P&C lines (Property, Engineering, Energy, Liability, Aviation), covering the full policy lifecycle for both direct and assumed business and related reinsurance outward transactions
• Deep understanding of reinsurance contracts (treaty and facultative) & accounting principles for P&C lines
• Strong analytical and problem-solving skills to handle complex facultative reinsurance placements
• Proficiency in MS Excel / Power BI / Alteryx.
• Understanding of IFRS 17 is desirable