Job Purpose
To support the placement of Property facultative reinsurance by preparing accurate reinsurance submissions, approaching approved reinsurance markets, obtaining competitive capacity and terms, and completing placement documentation within required timelines.
The role will coordinate closely with property underwriters, brokers, reinsurers, risk engineers, finance, claims, and policy administration teams to ensure that facultative placements comply with the company’s underwriting appetite, treaty requirements, delegated authority limits, regulatory obligations, and internal procedures.
Key Responsibilities
Facultative Reinsurance Placement
- Review underwriting referrals requiring facultative reinsurance support.
- Understand the required facultative structure, including:
- Sum insured and probable maximum loss;
- Company retention;
- Treaty capacity;
- Facultative capacity required;
- Quota share or excess-of-loss structure;
- Layers, deductibles and limits;
- Brokerage, commission and applicable taxes;
- Placement currency and premium allocation.
- Prepare clear and complete facultative reinsurance submissions for Property and related risks.
- Approach approved local, regional and international reinsurance markets.
- Follow up with reinsurers and brokers to obtain quotations and capacity within agreed timelines.
- Negotiate reinsurance rates, commissions, coverage, exclusions, warranties and other placement conditions under the supervision of senior underwriters.
- Prepare quotation comparisons and recommend commercially and technically suitable placement options.
- Maintain accurate records of all market approaches, quotations, declinatures and placement status.
- Secure written reinsurance confirmation before the company commits to facultative-dependent risks.
- Ensure that the final placement provides the required capacity and follows the approved underwriting structure.
Technical
- Review available underwriting information, including:
- COPE information;
- Risk survey reports;
- Claims experience;
- Fire protection systems;
- Natural catastrophe exposure;
- Valuation reports;
- Policy wording and requested extensions.
- Identify missing, inconsistent or inadequate underwriting information before approaching the reinsurance market.
- Highlight material exposures, including fire, explosion, machinery breakdown, natural catastrophe, contingent business interruption and accumulation risks.
- Review reinsurers’ quotations to identify differences in coverage, pricing, deductibles, exclusions, warranties and subjectivities.
- Escalate technical issues, capacity shortages, restrictive terms or material coverage gaps to the relevant senior underwriter.
Placement
- Prepare and maintain:
- Facultative slips;
- Reinsurance submissions;
- Comparison sheets where required;
- Signing and placement schedules;
- Reinsurance confirmations;
- Cover notes;
- Closing instructions;
- Premium calculation sheets;
- Endorsement requests;
- Renewal and expiry records.
- Ensure that all reinsurer subjectivities are recorded, communicated and completed within the required timeframe.
- Maintain a complete audit trail of correspondence, approvals and placement evidence.
Renewals
- Maintain an updated diary of facultative renewals and initiate the placement process sufficiently in advance.
- Coordinate with underwriting teams to obtain updated risk information and renewal instructions.
- Monitor changes in exposures, claims experience, sums insured, business interruption values and risk improvements.
- Track outstanding confirmations, subjectivities, premium closings and documentation.
- Identify renewals that may face capacity, pricing or timing challenges and escalate them promptly.
- Support periodic analysis of facultative premium, capacity utilization, reinsurer participation and placement performance.
Coordination
- Coordinate with property underwriters to understand the risk, proposed terms and required reinsurance structure.
- Liaise professionally with reinsurers, reinsurance brokers and internal stakeholders.
- Provide regular updates on placement progress, outstanding requirements and market feedback.
- Assist underwriting teams in responding to technical queries raised by reinsurers.
- Maintain effective working relationships with approved reinsurance markets.
- Coordinate with finance and reinsurance accounting teams regarding premium closings, settlements and outstanding balances.
- Support claims teams in obtaining reinsurer notifications, confirmations or documentation when required.
Compliance and Governance
- Follow the company’s underwriting guidelines, reinsurance security requirements, authority limits and referral procedures.
- Place business only with approved reinsurers and brokers, unless otherwise authorized.
- Ensure compliance with applicable sanctions, KYC, AML and regulatory requirements.
- Maintain confidentiality of client, underwriting and reinsurance information.
- Ensure that no facultative-dependent risk is bound without documented reinsurance support and the required internal approval.
- Support internal, external and regulatory audits by providing accurate placement records and supporting documentation.
- Report any conflict of interest, compliance concern or documentation discrepancy through the appropriate internal channel.
Skills
Work Experience – 5 years and regional experience will be an advantage
Qualification: Bachelor’s degree in insurance, Risk Management, Business Administration, Finance, Economics, Engineering, or a related discipline.
Professional Qualifications: Diploma or Advances Diploma form III or CII shall be considered as added qualification
