IBA Reinsurance Finance Manager

Your Responsibilities

At Lockton, we’re passionate about helping our people achieve their ultimate potential. Our people are curious, action-oriented, and always striving to make ourselves and those around us better. We’re active listeners working to ensure understanding and problem solvers developing innovative solutions. If you can see yourself delivering excellent service to clients, giving back to our communities and being a part of our caring culture, you belong here.

The role of a Reinsurance Finance Manager typically encompasses a range of responsibilities related to overseeing the financial operations within the reinsurance department.

Key aspects of the role:

• Financial Management: Overall financial management of the reinsurance function. This includes budgeting, forecasting, financial planning, and monitoring financial performance to ensure adherence to financial goals and targets.
• Team Supervision: Provide daily oversight of the reinsurance finance team. Set key performance indicators (KPIs), establish job roles and responsibilities, and provide guidance and support to team members. They also foster a collaborative and high-performance work environment.
• Hands-on Support: Willing to provide hands-on support to the team when needed. This may involve assisting with complex financial tasks, resolving issues, and ensuring smooth operations within the reinsurance finance department.
• Reporting and Analysis: Generating and analyzing financial reports; prepare regular reports on financial performance, including year-over-year analysis, results to budget comparisons, aging reports, and strategic reports. Provide insights and recommendations based on the analysis to support decision-making for leadership.
• Strategic Collaboration: Works closely with the Chief Financial Officer (CFO) and other senior leaders to develop and implement strategic initiatives. They contribute to the strategic planning process, provide financial insights, and assist in the preparation of high-level strategic reports. They may also collaborate with other departments to align financial goals with overall business objectives.
• Process Improvement: Identifying opportunities for process improvement and implementing best practices within the reinsurance finance function is an important aspect of the role. The Reinsurance Finance Manager continually assesses existing processes, systems, and controls to enhance efficiency and effectiveness.
• Relationship Building: Building and maintaining relationships with top cedants (primary insurers) and reinsurers is vital. Engage with key clients to understand their financial requirements, negotiates financial terms, and ensures strong partnerships. They may also participate in client visits, meetings, and industry events.
  
  

Qualifications

Education and Experience

• A bachelor's degree in finance, accounting, or a related field is usually required. A master's degree or professional certifications (such as CFA or CPA) is preferred.
• Experience in the reinsurance industry is essential, preferably in a finance or accounting role. Knowledge of reinsurance principles, contracts, and regulations is required.
  
  

Financial Expertise

• Strong financial analysis and reporting skills, including experience in preparing financial statements, budgeting, forecasting, and variance analysis.
• Proficiency in interpreting financial data, identifying trends, and providing insightful recommendations to senior management.
• Familiarity with reinsurance accounting practices, such as IBNR (Incurred But Not Reported) reserves, premium recognition, and loss reserves.
  
  

Strategic Thinking

• Possess strategic thinking skills to align financial goals and initiatives with the overall business strategy. Ability to contribute to the development of long-term financial plans and provide high-level analysis.
• Experience in conducting financial modeling, scenario analysis, and risk assessment to support decision-making processes.
• Aptitude for identifying opportunities for process improvement and implementing effective financial controls.
  
  

Leadership and Team Management

• Proven leadership skills, including the ability to effectively manage and develop a finance team.
• Strong communication and interpersonal skills to collaborate with cross-functional teams and build relationships with key stakeholders.
• Experience in setting performance goals, providing feedback, and fostering a positive work environment.
  
  

Reinsurance Knowledge

• In-depth understanding of reinsurance concepts, terminology, and best practices.
• Familiarity with reinsurance contracts, treaty structures, and related documentation.
• Knowledge of industry regulations, compliance requirements, and reporting standards specific to reinsurance across the region.
  
  

Reporting and Compliance

• Experience in generating various financial reports, including monthly performance reports, aging reports, and strategic reports, is important.
  
  

Relationship Building

• Excellent interpersonal and communication skills are essential for building and maintaining relationships with top cedants and insurers. The ability to negotiate and collaborate with key stakeholders is crucial in the reinsurance industry.
  
  

Language Skills

• Proficiency in relevant languages, such as English and Arabic, is typically required. Additional language skills, especially in French, may be preferred for international organizations with diverse operations.