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IBA Reinsurance Finance Manager

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Lockton Companies

13d ago

  • Job
    Full-time
    Senior & Expert Level
  • Accounting & Tax
    Banking & Finance
  • Dubai

AI generated summary

  • You need a finance/accounting degree, reinsurance industry experience, strong financial analysis skills, strategic thinking, leadership abilities, reinsurance knowledge, and excellent communication skills.
  • You will manage reinsurance finances, supervise the team, support operations, analyze reports, collaborate strategically, improve processes, and build relationships with clients and reinsurers.

Requirements

  • 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.

Responsibilities

  • Your Responsibilities
  • 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, negotiate financial terms, and ensure strong partnerships. They may also participate in client visits, meetings, and industry events.

FAQs

What is the primary responsibility of the IBA Reinsurance Finance Manager at Lockton?

The primary responsibility is the overall financial management of the reinsurance function, which includes budgeting, forecasting, and monitoring financial performance to ensure adherence to financial goals.

What qualifications are required for this role?

A bachelor's degree in finance, accounting, or a related field is required, with a master's degree or professional certifications (such as CFA or CPA) preferred. Experience in the reinsurance industry is also essential.

What skills are important for success in this position?

Important skills include strong financial analysis and reporting abilities, strategic thinking, leadership and team management expertise, in-depth knowledge of reinsurance concepts, and excellent relationship-building skills.

Is experience in the reinsurance industry necessary?

Yes, experience in the reinsurance industry is essential, preferably in a finance or accounting role.

What type of work environment will this position be in?

This position offers a hybrid work environment, combining both remote and in-office work.

Will the Reinsurance Finance Manager be responsible for managing a team?

Yes, the role includes providing daily oversight of the reinsurance finance team, setting KPIs, and providing guidance and support to team members.

Are there any specific language requirements for this position?

Proficiency in relevant languages, such as English and Arabic, is typically required, with additional language skills, especially in French, preferred.

What is Lockton's stance on diversity and inclusion?

Lockton is committed to an inclusive culture where everyone is treated with respect and dignity and believes that diversity, equity, and inclusion are vital for long-term success.

What kind of support does Lockton provide to its employees?

Lockton provides industry-leading health insurance and additional options to support employees' overall health and wellbeing, as well as opportunities for career growth and development.

Can you explain the importance of relationship building in this role?

Building and maintaining relationships with top cedants and reinsurers is vital as it involves understanding their financial requirements, negotiating terms, and ensuring strong partnerships.

Lockton Companies

Finance
Industry
10,001+
Employees
1966
Founded Year

Mission & Purpose

What makes Lockton stand apart is also what makes us better: independence. Lockton's private ownership empowers its 10,750+ Associates doing business in over 140+ countries to focus solely on clients' risk and insurance needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results.