Head of Technical Underwriting and Reinsurance at Jubilee Insurance

Job Ref. No: JHIL127

Role Purpose

The Head of Technical Reinsurance & Underwriting is responsible for steering the technical underwriting and reinsurance functions within the company. This leadership role ensures profitable growth through meticulous risk assessment, management, and effective risk transfer mechanisms. The position involves developing and executing comprehensive underwriting policies, optimizing reinsurance treaties, and guiding a team of underwriters to align with the company's strategic business goals.

Key Responsibilities
Strategy

• Policy Development: Formulate and implement robust underwriting policies, guidelines,and best practices tailored to the company's risk profile and strategic objectives. Ensure these policies are adaptable to market changes and regulatory developments.
• Underwriting Case Management: Oversee the evaluation and approval of underwriting cases, ensuring that all risks are accurately assessed and priced according to company standards and industry benchmarks.
• Reinsurance Program Design: Create and manage effective reinsurance programs aimed at optimizing risk retention and transfer. Assess the adequacy of coverage and make adjustments as necessary to reflect evolving risk landscapes.
• Reinsurance Negotiation: Lead negotiations with reinsurers to secure favourable treaty terms and conditions. Build and maintain strong relationships with reinsurers to enhance the company's reinsurance capabilities.
• Performance Monitoring: Continuously monitor and evaluate the performance of reinsurance arrangements. Implement corrective measures and refinements to ensure optimal effectiveness and alignment with strategic goals.
• Risk Assessment: Conduct thorough risk assessments to ensure the accurate pricing of insurance products. Develop strategies to mitigate underwriting risks and enhance overall loss ratios.
• Loss Ratio Improvement: Design and implement initiatives aimed at improving loss ratios and underwriting profitability. Leverage data-driven insights to refine risk management practices and enhance underwriting outcomes.

Operational

• Process Oversight: Supervise the underwriting process to ensure adherence to company standards and regulatory requirements. Ensure operational efficiency and consistency in underwriting practices.
• Performance Analysis: Regularly analyze underwriting performance and profitability.
• Utilize key metrics and analytics to drive decision-making and identify opportunities for process improvement.
• Data Utilization: Harness data and analytics to inform underwriting practices and decision-making. Implement advanced analytical tools to enhance underwriting accuracy and efficiency.
• Regulatory Compliance: Ensure strict compliance with applicable regulatory requirements, industry standards, and internal policies related to reinsurance operations. Stay updated on regulatory changes and adjust practices accordingly.

Leadership & Culture

• Team Leadership: Provide visionary leadership and support to the underwriting team.
• Foster a collaborative, high-performance culture that emphasizes continuous learning and professional development.
• Stakeholder Engagement: Cultivate and maintain effective relationships with key stakeholders, including reinsurers, brokers, regulatory bodies, and internal teams.
• Enhance the organization's reinsurance capabilities through strategic stakeholder engagement.

Compliance

• 1. Legal Adherence: Stay well-informed about relevant laws and regulations, including
• Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) laws, Data
• Protection laws, and Insurance law. Ensure compliance with these legal requirements in all operational aspects.
• Policy Alignment: Understand and adhere to internal company policies, processes, and procedures. Report any instances of non-compliance promptly to management and the designated compliance officer.
• Risk Mitigation: Take proactive measures to identify and mitigate compliance risks within your role and department. Participate actively in training programs and awareness sessions to stay updated on compliance requirements and best practices.

Key Skills and Competencies

• Underwriting Expertise: In-depth knowledge of underwriting principles and practices, with the ability to assess complex risks and make informed decisions.
• Reinsurance Management: Proven expertise in designing and managing reinsurance programs, with strong negotiation skills and an understanding of reinsurance markets.
• Analytical Skills: Advanced analytical capabilities to evaluate underwriting performance, assess risks, and leverage data for decision-making.
• Regulatory Compliance: Comprehensive understanding of regulatory requirements and industry standards related to underwriting and reinsurance.
• Team Leadership and Development: Strong leadership skills with a focus on team development, fostering a culture of collaboration and high performance.
• Stakeholder Management: Excellent relationship-building skills, with the ability to engage effectively with reinsurers, brokers, regulatory bodies, and other key stakeholders.

Qualifications

• Educational Background: Bachelor’s degree in Business Administration, Finance, or a related field. A Master’s degree is considered an advantage.
• Professional Certification: ACII or an equivalent Professional Insurance Qualification is mandatory, demonstrating specialized knowledge and expertise in the insurance industry.

Relevant Experience

• Minimum of 10 years of experience in underwriting and reinsurance, with at least 5 years in a leadership role within the insurance industry.