About Us:

Carbon Underwriting is a new approach for the market. We are a specialist, independent, class agnostic Managing General Underwriter (MGU) writing to a mix of third-party capacity and our own Syndicate CBN 4747.

We set out in 2018 with a mission to transform the world of delegated underwriting and with a vision to set a global benchmark. We are a young, dynamic company and recognise the importance of embracing modern technology to deeply enrich our offering.

The Opportunity:

If you want to join an exciting and expanding insurance business, with an energised leadership team and a top-flight tech platform, revolutionising the way DUA business is transacted through the Lloyd’s and London market, then read on.

With a rapidly expanding company, we are searching fora Reinsurance Technician. The Ceded Reinsurance team manage all aspects of Outwards Reinsurance including the Placement and Post Placement processes. From the Reinsurance plan setting in the SBF to the placement of all the Reinsurance purchased and the recording of all Ceded Reinsurance contracts, through calculation of Ceded Reinsurance Premiums and Claims, to financial accounting and reporting, with compliance to the Finance month/quarter/year-end deadline requirements. Ensuring that robust control and reconciliation processes are in place automated wherever possible.

The Role: 

The Reinsurance Technician will be responsible for the day to day processing, financial, operational and reporting elements of the end to end Ceded Reinsurance post placement functions.

• Reinsurance Contract Management:

• Ensuring the ORI (outwards reinsurance) contract record is always accurately and up to date with all new RI contracts
• Working with the quantitative engineers to enhance what Graphene (our inhouse analytics tool) can do to support the full RI process
• Calculating Premium Adjustments and working with Asta (our managing agent) to ensure all payments are paid through LORS on time

• Proportional Contract Management
• Producing Proportional Statements and rendering to Brokers and Reinsurers
• Working with the quantitative engineers, continue to enhance the automated statement process through Graphene

• Claims Reporting
• Reviewing Gross Claims, including review of the Claim/Event Coding process with the Claims team
• Calculating Non Proportional Ceded Claims and Reinstatements, in accordance with contractual terms
• Rendering of the Loss Advices, Claims Collections to Brokers and Reinsurers
• Ensure deductibles are properly applied to events XL recovery calculations
• Calculation of reinstatement premiums on XL contracts

• Credit Control and Cash Allocation Management
• Reconciling Reinsurance payments through LORS with the reinsurance Ledger
• Managing queries – Maintaining a Broker/Reinsurer Query Log
• Reporting on Aged Debt
• Chasing Aged Debt

• Asta

• Bringing in-house Asta processes relating to reinsurance

• Financial Reporting
• Maintaining the Reinsurance Ledger
• Supporting the Actuarial and Finance teams in all aspects of financial reporting
• Completing Ceded Reinsurance Financial Controls
• Assisting with Audit requirements
• Looking after reinsurance Schematics – These are a pictorial representation of our Ceded Reinsurance purchases, which are required internally for U/wrs, Senior Management and the Board, and reported to Lloyd’s as part of regulatory reporting requirements.
• Create erosion Reports – This is a report will shows the utilisation of the Ceded Reinsurance Programmes across all years, e.g. which layers have had claims, and how much cover is left for future claims.

• Reinsurance Purchasing
• Assisting with Reinsurance Business planning
• Being a Reinsurance point of contact for Compliance
• Input into risk (ORSA)
• Support of the outwards team in helping to prepare Fal presentations, Lloyd’s pitches, consortium and Reinsurer meetings
• Exposure to the Reinsurance purchasing function to develop skills

Required Skills:

• Outward Reinsurance processing experience, working within a Syndicate or London based Reinsurance company
• A good understanding of the full end to end Reinsurance process from Post Placement through to Credit Control and Reporting
• A good understanding of the downstream Financial impact and processes
• A good understanding of the ceding process from an inwards perspective
• Knowledge of a reinsurance processing platform and its functionality
• Good understanding of MS Excel, MS Word, MS Powerpoint
• 3+ years experience