Senior 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 Senior Ceded Technician is responsible for, but not limited to all ceded post-bind aspects of the company, including assuming responsibility for an agreed set of processes, 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, including providing support for more complex technical areas. The Senior Ceded Technician is also responsible for supporting certain aspects of the financial accounting, internal controls, and reporting for the company.  This role supports projects to enhance the efficiency and effectiveness of ceded post-bind requirements in an increasingly complex, global environment, including leading smaller projects or certain workstreams within larger projects. The Senior Ceded Technician closely interacts across multiple functional areas of the business to add value across relevant business areas.

PRINCIPAL ACCOUNTABILITIES:

Technical Processing & Reporting

• Coordinate the review, interpretation, and set up of 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.
• Coordinate the review, analysis, and processing of 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.
• Coordinate ceded aspects of the monthly / quarterly close, ensuring appropriate SOX 404 processes exist and internal controls are followed.
• Coordinate 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.
• Coordinate preparation and analysis of 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.
• Coordinate monitoring of collateral requirements, amend / withdraw / release when applicable, process and reconcile in our accounting systems (SICS).
• Coordinate cash pairing in SICS and analysis; prepare reinsurer cash reconciliations, monitor ageing 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.
• Provide suggestions for potential write-offs and full data analysis for commutations.
• Analyze and process ad hoc transactions such as annual premium adjustments, additional premiums, no claims bonuses, and profit commissions.
• Proactively liaise with brokers, underwriters, and other functions, responding promptly to reinsurer, broker, and other queries.
• Liaise with internal and external auditors.
• Assist with 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.

Financial Performance and Analysis

• Provide ad hoc deal performance and analysis to underwriters throughout the renewal process, and as required throughout deal life cycle.
• Prepare ongoing and ad hoc ceded data analysis for other functions.

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 workstre