The Head, Reinsurance is responsible for managing the IEI's reinsurance arrangements, ensuring adequate risk transfer, supporting underwriting capacity, and maintaining relationships with reinsurers and brokers. The role involves treaty and facultative placements, reinsurance documentation, and compliance with regulatory and company reinsurance policies.
Reinsurance Strategy & Programme Design
- Develop and implement the Company’s reinsurance strategy in alignment with underwriting philosophy and risk appetite.
- Structure proportional and non-proportional treaties across all relevant lines of business.
- Ensure optimal retention levels balancing profitability, solvency, and capital management objectives.
- Continuously review treaty adequacy based on portfolio performance and claims experience.
Treaty & Facultative Placements
- Lead negotiation, placement, and renewal of treaty arrangements with local and international reinsurers.
- Coordinate facultative reinsurance placements for large or complex risks.
- Evaluate terms, pricing, security ratings, and capacity of reinsurers.
- Ensure competitive and commercially sound reinsurance protections.
Reinsurance Administration & Compliance
- Oversee treaty documentation, slip preparation, cover notes, and contractual obligations.
- Ensure compliance with NAICOM regulations, retention rules, and credit risk guidelines.
- Maintain accurate reinsurance records and bordereaux management.
- Coordinate regulatory reporting requirements relating to reinsurance.
Recoveries & Claims Management
- Oversee reinsurance recoveries and ensure timely collection of amounts due from reinsurers.
- Manage complex recovery negotiations and disputes.
- Monitor ageing analysis of outstanding recoveries.
- Work closely with claims and finance teams to protect cash flow.
Risk & Credit Management
- Assess reinsurer security and counterparty credit risk exposures.
- Diversify reinsurer panel to mitigate concentration risk.
- Monitor treaty performance and exposures.
- Advise management on emerging risk issues affecting reinsurance structures.
Financial & Portfolio Impact
- Analyse portfolio performance to optimise retention and cession structures.
- Provide reinsurance cost modelling and profitability analysis.
- Support actuarial, underwriting, and finance functions with risk transfer insights.
- Contribute to capital management and solvency considerations.
Stakeholder & Relationship Management
- Manage relationships with reinsurers, brokers, and retrocession partners.
- Support underwriting teams on complex risk placement decisions.
- Provide technical guidance on reinsurance implications of new products or large risks.
- Represent the Company in reinsurance negotiations and market engagements.
Reporting & Performance Monitoring
- Prepare periodic reports on reinsurance placements, recoveries, and exposures.
- Track treaty utilization, facultative placements, and reinsurance costs.
- Provide management with insights on risk retention and reinsurance efficiency.
Requirements
- Bachelor’s degree in Insurance, Actuarial Science, Finance, Accounting, Economics, or related field.
- Master’s degree (MBA/MSc in Insurance, Risk Management, or Finance) is an added advantage.
- Professional certifications such as: AIIIN, CIIN, ACII, etc.
- Training in reinsurance structures, risk modelling, and insurance analytics.
- 8 & above years of practical experience
- Strong knowledge of reinsurance treaties, facultative placements, and risk transfer mechanisms
- Analytical and numerical skills for risk exposure and portfolio assessment
- Knowledge of underwriting principles and insurance regulations
- Negotiation and communication skills with reinsurers and brokers
- Strong documentation and attention to detail
- Proficiency in Microsoft Excel and reinsurance management systems
- High integrity and confidentiality handling capability
