Who we are
American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security.
The Assistant Ceded Reinsurance Manager works with the profit centres, Ceded Reinsurance Managers and possibly external reinsurers in placing and administering facultative reinsurance.
Accountabilities for the role:
- Support effective and compliant placement of facultative programs through:
- Providing assistance to the Ceded reinsurance Managers
- Reviewing facultative submissions on the eReinsure marketplace prior to release to the market
- Ensuring compliance with local regulations, corporate/regional/legal entity reinsurance strategies, guidelines, and risk appetites and managing exceptions
- Assist with any treaty programs on behalf of the local profit centres by:
- Understanding Profit Centre business strategy and reinsurance objectives
- Ensuring corporate treaties and/or changes provide adequate cover to and are consistent with contractual documentation
- Reviewing friendly front wordings
- Ensuring PPW compliance
- Reviewing any non-compliant or potentially non-complaint contracts and ensuring remediation and/or resolution
- Ensure compliance with corporate and regional security policy through:
- Ensuring all reinsurance participants are approved and the placements are within established limits
- Managing the special exception process when appropriate
- Within the SAP FS-RI software application:
- Confirm accurate capture of contractual terms and conditions upon inception, endorsement, renewal and commutation/novation
- Validate policy liability and premium allocations
- Assist with the coordination of external reinsurance underwriting audits as well as conduct field audits for compliance
- Assist with MI reporting of Facultative placements.
- Work within agreed decision-making standards, limitations and authorities
- Comply with key regulatory and risk management responsibilities
- Carry out all accountabilities and objectives within the framework of AIG UK’s TCF policy
Experience & Qualifications Required:
- Reinsurance experience
- Effective communication and negotiation skills
- Ability to build strong relationships with profit centres and reinsurance market
- Strong service orientation
- Proficiency in MS Office suite expected. Exposure to SAP a plus.