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Reinsurance Officer at
2 months ago
Built on commitment, integrity and innovation, it has risen to be one of the leading financial groups in East Africa.
Apollo Investments Limited (AIL) includes APA Insurance (Kenya and Uganda).PURPOSE:
The position is responsible for documentation of reinsurance premiums and claims recoveries, maintenance of facultative and co-insurance premiums and claims records, processing and verification of outward and inward facultative reinsurance business, basic accounting activities including facultative reinsurance reconciliations, cash matching and Account reconciliation, follow up on payments from reinsurers, support of other departments per Interdepartmental SLAs.
KEY PRIMARY RESPONSIBILITIES:
Analysis of the company's underwriting exposures and formulation of reinsurance programmes and solutions to mitigate the exposures.
Annual Statistical optimization of reinsurance treaties to determine adequate retention levels and risk tolerance.
Reinsurance treaty negotiations with reinsurers who meet minimum requirements set out by IRA.
Meeting Annual regulatory requirements of filing reinsurance treaties with the regulator for approval on time.
Reinsurance Treaty set-ups in the system.
Inward and outward facultative reinsurance execution and renewal of existing business.
Inward and outward co-insurance execution and renewal of existing business
Liaise and coordinate with reinsurance companies on account status i.e cash matching and account reconciliation.
Request and documentations of cash calls to reinsurers.
Assist in following-up on collection of recovery balances and monitoring of debtor balances.
Regular preparation and sending of credit/Debit notes.
Processing and checking of Reinsurance technical statements.
Prepare Internal and external Audit reports, forecasts and reviews
Recording and maintaining a register of statements received from reinsurers including premium ceded and quarterly accounts.
Quarterly reconciliations of cumulative ceded premiums for board preparations
Maintain general ledger accounts.
Process payment of quarterly net balances due to Reinsurers.
Cash matching and Account reconciliation.
Liaise with Business Development and Reinsurers on special underwriting requests.
Assisting the underwriters in the management of relationships with brokers.
Assist in the calculation and requisition of profit share.
Preparation of monthly Reinsurance Management reports.
Preparing regular facultative production, treaty performance and claims recovery reports.
Monitoring company's underwriting exposure.
Assist in training of staff on reinsurance procedures.
Position:
Reinsurance Officer Department:
Finance-Reinsurance
Reports To:
Chief Finance Officer Supervision:
None
Employment Type:
Permanent Location:
Nairobi
REQUIREMENTS
ACADEMIC QUALIFICATIONS
Bachelor's degree in Actuarial Science, Business, or an equivalent
PROFESSIONAL QUALIFICATIONS
ACII/ AIIK or continuing
KNOWLEDGE AND EXPERIENCE
4-6 years' Experience in Reinsurance
SKILLS AND ATTRIBUTES
Analytical skills
Interpersonal and Communication skills
Ability to work independently and manage multiple priorities.