Assumed Reinsurance Executive

This is an exciting entrepreneurial opportunity for an executive role with an industry leading company. The leader will join a dynamic team of insurance professionals and help build the company to the next level. The leader will be responsible for providing strategic leadership and execution for the assumed reinsurance line of business. This will entail developing and driving short and long-range goals, strategies, and processes. The leader will bring strong knowledge of and experience in the reinsurance industry. The leader will build, manage and monitor profitable books of assumed reinsurance business. This executive will lead the assumed reinsurance department and collaborate with our reinsurance MGU relationship while growing income and mitigating risks of the Company.

Reinsurance Lines of Business

The concentration will be on lines of business not easily commoditized or areas where a competitive advantage can be achieved. Current written lines of business include: International catastrophe and working layer: Casualty, Workers Compensation, and Property.

Drives growth and monitors the profitability of Companys assumed reinsurance portfolio

• Accepts or rejects referral risks, adjusts underwriting guidelines: limits, attachment, terms and conditions, aggregation, black lists and pricing methods.
• Predicts and communicates industry and marketplace changes and intelligence information to team, underwriters, and management as appropriate.
• Utilizes portfolio analysis and portfolio reports to help formulate strategies to optimize the book of business.
• Develops mitigation plans such as retro-reinsurance, max aggregation, and max limits exposed.
• Responsible for the P&L of assumed reinsurance.

• Analyzes and builds modeling and monitoring reports to support underwriting decisions.
• Oversees the underwriting of all assumed reinsurance treaties worldwide according to Company guidelines.
• Reviews, analyzes, and interprets reports provided by different groups.

Partners with current reinsurance MGU to develop profitable portfolios

• Holds strategic and tactical discussions with MGU.
• Audits MGU underwriting and claims and creates corrective plans of action if needed.
• Reviews and analyzes quarterly reporting including Pricing and Reserving.

Develops and leads an internal team of professionals and manages the assumed reinsurance division within the Company

• Develops and communicates strategy, objectives, key results and operating principles to direct and indirect reports.
• Ensures that the entire team is engaged and that leadership practices in the department encourage development, recognition and retention.
• Establishes and holds managers accountable to hiring criteria, on-boarding and training requirements for incoming staff.
• Oversees the performance management and development process for the department and performs performance management duties, development planning and coaching for direct reports.
• Acts as a resource for assumed reinsurance to answer questions and solve complex problems.
• Manages department budget, technology and other resources, workload and treaty reinsurance submission for assumed reinsurance.
• Ensures adherence to all Company policies and procedures and compliance responsibilities.
• Ensures underwriting quality, adherence to Company security guidelines, profitability and other risk-related metrics for self and members of the team.

Oversees the ongoing development of a reinsurance management system (underwriting, claims and treaty management)

• Partners with IT and Vendor Management departments to evaluate reinsurance system vendors, system capabilities and system security requirements as needed.
• Develops and maintains detailed systems requirements documentation.
• Manages projects related to the development and/or installation of professional reinsurance systems and upgrades.

SUPERVISORY RESPONSIBILITIES

Supervises directly and indirectly teams including in-house and MGU relationship.

CERTIFICATES, LICENSES, REGISTRATIONS

Associate or Fellowship in the Casualty Actuarial Society (ACAS or FCAS) is strongly preferred.

EDUCATION AND EXPERIENCE

Bachelors degree (B.A./B.S.) or Masters from four-year college or university and 10+ years of underwriting related experience in casualty, workers compensation, and/or property reinsurance required. Casualty experience is strongly preferred. A 5+ years of experience managing a team required.

KNOWLEDGE AND SKILLS

• Must possess a strong work ethic, have an ownership mentality and be a team player.
• Ability to work with mathematical concepts such as probability and statistical inference.
• Ability to develop pricing and reserving methodologies (or at a minimum oversee there development).
• Ability to apply principles of logical or scientific thinking to a wide range of intellectual and practical problems.
• Evaluate, plan and execute on potential diversification and expansion strategies
• Attract, develop and retain top talent.
• Effectively communicate financial, technical and operational knowledge.
• Ability to combine disparate skills and thinking to craft solutions and solve complex operational problems.
• Ability to hypothesize on root cause of inefficiencies and then test out probable solutions against those hypotheses.
• Ability to read, analyze, and interpret documents such as submissions, loss control reports, policy forms, endorsements of all types, technical journals, financial reports, treaties and legal documents.
• Ability to respond to common inquiries or complaints from brokers, clients, regulatory agencies, reinsurers or members of the business community.
• Ability to effectively present information to ICW staff, executive management and external audiences.
• Must be able to read, write and speak English effectively.
• Little to moderate travel is required.

This description is a general statement of essential job functions and responsibilities.

The position may include other duties as assigned.