ProSight Specialty Insurance

  • Director, Reinsurance Procurement

    Job Locations US-NJ-Morristown
    Posted Date 3 months ago(9/13/2018 10:29 AM)
    Job ID
    2018-1907
    # of Openings
    1
    Category
    Reinsurance
  • Overview

    Assist the CUO in the procurement of reinsurance. Work with underwriting department in identifying lines of business and need for reinsurance coverage and the desired reinsurance structure prior to negotiations with brokers / reinsurers.

    Responsibilities

    • Work with Reinsurance CUO and various department head to collect all pertinent data necessary to produce underwriting proposals for corporate and program-specific reinsurance treaties.
    • Work with reinsurance brokers and direct reinsurers in the design and placement of US reinsurance treaties.
    • Insure that reinsurance is placed in compliance with Group guidelines.
    • Review contract wordings for compliance with Group standards.
    • Assist in the negotiations on US treaty reinsurance for best possible terms and presenting suggested Firm Order Terms to Group management including CEO, CUO, CFO and Chief Actuary for firm order approval.
    • Complete the binding of placements with approved markets after consultation with Finance department as to company approved reinsurers.
    • Communicate final terms of completed placements of reinsurance to all appropriate ProSight Underwriting heads, including, but not limited to, accounting, claims and finance.
    • Work with Finance documenting as appropriate each placement Risk Transfer opinion via memorandum or other appropriate written record.
    • Obtain signed contracts within the appropriate time frame to meet all legal requirements, (goal is within 60 days after inception). Managing the contract electronic and physical storage process for signed contracts, in compliance with legal requirements and corporate guidelines.
    • Monitoring reinsurer performance and sharing market intelligence with Group as appropriate.
    • Respond to auditor questions, compliance department requests/inquiries, and corporate requests for assistance in 10K and 10Q reporting and Insurance Regulators requests.

    Qualifications

    • 10+ years within an insurance/reinsurance environment
    • Experience with reinsurance contract drafting
    • Knowledge of reinsurance systems and reporting
    • Ability to work independently with a variety of functional areas – effective time management skills
    • Strong managerial, analytical, and communication/presentation skills

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