Senior Claims Specialist- Assumed Reinsurance

JOB PURPOSE

Handles complex Assumed Reinsurance claims. Conducts due diligence analyses as part of the evaluation to determine whether to acquire potential portfolios. Provides acknowledged technical expertise. Works with significant autonomy.

KEY RESPONSIBILITIES

• Works with and assists M&A Team to evaluate claims portfolios of potential reinsurance acquisitions
• Confirms coverage and analyzes cessions by reviewing contracts and documents submitted in support of reinsurance claims
• Analyzes coverage and communicates coverage positions
• Conducts, coordinates, and directs investigation into loss facts and extent of damages
• Negotiates settlements of cessions, while maintaining good working relationships with ceding companies
• Directs and monitors assignments to experts and outside counsel
• Recognizes significant potential exposure on claims
• Sets reserves within authority or provides claim recommendations concerning reserve changes to manager
• Evaluates and negotiates the resolutions of claims within authority level, directly or indirectly, and mitigates damage to achieve cost-effective claims outcomes
• Provides and prepares appropriate reports to senior leaders and business partners in a timely manner
• Audits files handled by R&Q Claims and vendors
• Participates in special projects
• Other responsibilities as directed
• To maintain compliance with any applicable UK or International statutory or regulatory obligation as required by the role. This includes but not limited to obligations arising from:
  • The prudent management of the business.
  • Placing due regard on the interests of customers.
  • Observing rules on Sanctions and financial crime.
  • Regulatory requirements and local licensing restrictions.
  • Promoting and follow the Group’s whistleblowing procedures
  • Where applicable, following the Company’s Consumer Duty principles to deliver good outcomes for retail customers

SKILLS / KNOWLEDGE

• Capable of working in a small office environment
• Capable of working independently and meeting assigned deadlines
• Ability to analyze, interpret, and write professional documents
• Able to respond to internal and external inquiries accurately and effectively and/or complaints
• Comfortable with presenting information to corporate executive level
• Strong analytical and problem-solving skills
• Strong organization and time management skills
• Ability to deliver outstanding customer service
• Strong desire for continuous improvement and sense of urgency
• Experience leading others preferred

Education

• College degree or equivalent experience
• CPCU or other industry designation a plus

Experience

• 10+ years’ experience handling Assumed Reinsurance claims or JD with at least 7 years’ experience handling complex claims
• Must possess solid understanding of how reinsurance contracts respond to underlying claims and ability to interpret and apply contract language to ceded loss(es)
• Strong skills with Microsoft365 suite of products, including Excel/PowerBI/Sharepoint

Physical Demands:

• Limited physical exertion required (lifting heavy files)
• Required to sit for a long period of time

Work environment:

• Usual office working conditions
• Travel to mediations, trials, and conferences as required