Ceded Technician

RenaissanceRe is a leading writer of Property & Casualty Reinsurance. For over 25 years, we have helped customers and communities recover and build resilience through our industry-leading ability to understand risk, source efficient capital and rapidly pay claims.

Our global team shares a passion for solving our customers’ biggest problems through a collaborative and entrepreneurial culture that empowers employees and rewards creative thinking.

POSITION SUMMARY:

The Ceded Technician is responsible for, but not limited to all ceded post-bind aspects of the company, for a defined ceded external portfolio and internal cessions written across the various platforms and supporting other portfolios as required. This role ensures compliance with ceded contractual terms, analyzing and processing all aspects of ceded reinsurance contracts and collateral agreements. The Ceded Technician is also responsible for supporting certain aspects of the financial accounting, internal controls, and reporting for the company. This role also supports projects to enhance the efficiency and effectiveness of ceded post-bind requirements in an increasingly complex, global environment. The Ceded Technician closely interacts across multiple functional areas of the business to add value across relevant business areas.

PRINCIPAL ACCOUNTABILITIES:

Technical Processing & Reporting

• Interpret, and set up ceded reinsurance contract terms and ceded collateral trust agreements in the underwriting (REMS) and accounting systems (SICS).  Liaise with relevant stakeholders to ensure proper contract management, set-up, and administration, including electronic filing of all documents.
• Review, analyze, and process ceded transactions at contract set up and ensure final contractual terms are complete and accurately reflected.
• Monitor large movements on catastrophe events and understand implications of assumed losses on ceded portfolio.
• Support / complete ceded aspects of the monthly / quarterly close, ensuring appropriate SOX 404 processes exist and internal controls are followed.
• Support month-end / quarter-end processing and reconciliation of ceded accruals and recoveries in our accounting systems (SICS).  Liaise with relevant stakeholders to ensure accuracy of transactions and internal / external reporting and financial disclosures.
• Prepare and analyze ceded proportional bordereaux and claims recoveries notifications: communicate actual vs. expected variances and other gross to net analysis to respective underwriters for sign off; liaise with brokers / reinsurers.
• Support with collateral requirements, amend / withdraw / release when applicable, process and reconcile in our accounting systems (SICS).
• Perform cash pairing in SICS and analysis; prepare reinsurer cash reconciliations, monitor aging of receivables, and pursue collection of receivables / recoveries from reinsurers and settlement of payables when due, research and reconcile discrepancies and minimize unapplied cash at each quarter-end close; provide updates to Operations cash team.
• Proactively liaise with brokers, underwriters, and other functions, responding promptly to reinsurer, broker, and other queries.
• Liaise with internal and external auditors.
• Support the development, implementation and documentation of processes, controls, systems, and solutions, for efficient handling of ceded portfolio.
• Ensure adherence to contract certainty and all processes are carried out with a high degree of quality, in a timely manner.
• Provide back up and support to the team across platforms when required.

London Specific:

• Provide UW support at the Lloyd’s box.

Strategic Projects

• Support the continued enhancement and on-going development of various systems and process improvements, ensuring that all operational and financial needs are met.
• Assist with certain local or global projects and / or project workstreams in connection with global projects.
• Participate in any special projects or ad hoc tasks that may be required, internally or externally, and provide general assistance to other functional areas, as necessary.
• Provide ad hoc support to the VP, Manager, AVP, Assistant Manager(s), Assistant Manager(s) and Senior Ceded Technician(s).

EXPECTED COMPETENCIES:

• A university degree preferred, (emphasis on business, insurance or finance / accounting is advantageous) or comparable reinsurance experience.
• A professional designation required (such as ACII/CPCU/AIC/ARe). 
• At least 2 to 5 years prior relevant experience (ceded reinsurance experience/knowledge advantageous).

• Prioritises responsibilities, makes effective use of time and remains flexible to changing work needs/demands. 
• Performs with minimal supervision. 
• Applies strong technical skills to achieve results. 
• Looks for opportunities to explore and gain new technical skills. 
• Knows and meets industry standards. 
• Consistently meets expectations, excels when it matters most and responds quickly and effectively to resolve issues. 
• Works toward team goals and end result and contributes in ways that benefit the entire team. 
• Regularly shares information and engages in dialogue with manager and peers. 
• Experience with public companies and SOX 404 is advantageous. 
• Working knowledge of SICS and REMS advantageous.

London specific:

• Lloyd’s/ London Market knowledge preferred or completion of the Lloyd’s and London Market Introductory test.

We are an equal opportunity employer.  We provide equal opportunity to all applicants and employees regardless of race, colour, religion, national origin, age, sex, sexual orientation, gender identity, marital status, pregnancy, disability, military status, or other legally protected categories.

Our people are our most valuable resource and core to our success. This is a fast-paced business environment, demanding a strong work ethic and a results-oriented approach. We offer competitive compensation and benefits, a comprehensive talent development program, and a reward system in which employees share in the success of the company. We are an engaged member of the communities in which we live and work and have a locally-led giving philosophy with generous employee matching program, global and local community grants and employee volunteerism.

We seek diversity, create equity, and practice inclusion. Our people are at the heart of everything we do. We are an equal opportunity employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, national origin, sex, sexual orientation, gender identity, marital status, pregnancy, disability, military status or other legally protected categories.