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Job Details

Director of Reinsurance and Capital Management

Company name
Farmers Insurance Group.

Location
Bellevue, WA, United States

Employment Type
Full-Time

Industry
Executive, Manager, Finance, Insurance

Posted on
Jun 20,2019

Valid Through
Oct 03,2019

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Profile

Director of Reinsurance and Capital Management','190004QY','!*!

  We are Farmers! 

Join a team of diverse professionals at Farmers to acquire skills on the job and apply your learned knowledge to future roles at Farmers. Farmers Insurance also offers extensive training opportunities through the award winning University of Farmers named by Training magazine amongst top 10 corporate training units in the world. Start your career at Farmers today! 

Job Summary 

The Director of Reinsurance Operations manages the negotiation, placement, and maintenance of ceded reinsurance treaties. This role will meet with business unit leaders to determine how reinsurance can support their strategic initiatives. Engage reinsurance trading partners (including reinsurance brokers) to bid on new and renewal reinsurance purchases, ensuring that the reinsurance has the right structure, the right terms and conditions, at the best possible price. Develop and review the marketing materials and submission exhibits required for the bidding process. Meet with brokers and reinsurers to explain our reinsurance needs, market our placements, and answer questions. 

Essential Job Functions 

Manage the placement of new and renewal reinsurance treaties. At the strategic level, understand how each reinsurance program supports the activities of the Exhanges, for instance by enabling premium growth, managing the premium:surplus ratio, or reducing exposure to catastrophic loss. From an execution standpoint, manage the entire process – similarly to a Project Manager – which includes deal construction, marketing, submission preparation, negotiation, contract review, and accounting. Finally, collaborate with various stakeholders such as accounting, claims, legal, underwriting, and products. Meet regularly with business units leaders and with Head of Reinsurance to discuss strategic value of reinsurance placements and make recommendations to leadership on the placement of new reinsurance treaties. Ensures that reinsurance activities and decisions will support the business’ strategic direction, and provides regular updates to the business unit leaders on such activity. Perform, and monitor the effectiveness of, current reinsurance processes including contract documentation, year-end funding, review of reinsurers’ financial stability, claims, billings, collections, and accounting reconciliation. Assist in the accounting of reinsurance transactions and recovery of reinsurance claims. Serve as technical resource on all reinsurance related subjects. Establish and maintain a network of relationships with key reinsurers and reinsurance intermediaries through regular visits, and conference attendance, in order to 1) select the most capable reinsurance intermediaries for each reinsurance program, 2) select the most worthy reinsurance partners (iro financial stability, expertise, and value-added services), and 3) credibly represent Farmers in negotiations with these trading partners. Analyze, and approve all reinsurance transactions for compliance with accounting standards and National Association of Insurance Companies (NAIC) rules. Serve as key contact for Q<(>&<)>A with external auditors (such as Price-Watterhouse Coopers, Ernst <(>&<)> Young, etc). Represent the Exchanges in reinsurance commutations, liquidations, and novation negotiations. Analyze these arrangements, when they arise, and recommend courses of action for management’s consideration.  

Physical Actions 

Physical Environment 

Education Requirements 

Bachelor's degree required in business, finance, or related field. 

Experience Requirements 

Ten years of experience related to reinsurance. Strong skills in MS Office including Excel, Word, and PowerPoint. Working knowledge of reinsurance accounting principles. Strong algebra skills. Previous leadership experience in a reinsurance role or function preferred.  

Special Skill Requirement 

  

Farmers is an equal opportunity employer, committed to the strength of a diverse workforce. ]]>','United States-Washington-Bellevue','','Farmers Insurance','Reinsurance Management','Full-time','06/20/19','Director of Reinsurance and Capital Management

Company info

Farmers Insurance Group.
Website : http://www.farmers.com

Company Profile
In 1928, two men shared a dream of providing a quality insurance product at a reasonable price. In the decades that followed we’ve grown and adapted to meet the changing needs of Americans. But one constant has remained: We have an unwavering commitment to uphold our founding ideals to provide industry-leading products and first-rate services to the customers we’re privileged to serve.Farmers not only prides itself on helping you plan wisely for the unexpected, but also on helping restore order when it occurs, so you can keep moving along the road of your life’s plans. In 1959 a Farmers customer wrote us a letter of surprised gratitude when his car battery was replaced just an hour after it was stolen. A letter from a couple in 2002 wrote that their Farmers agent and Claims Adjuster “were exceptional in their handling of our grief, what we needed to do, and helpful in many other ways.” That same year, when Hurricane Rita struck Beaumont, Texas, Farmers sent 300 agents to assess damages while policy holders were evacuated. Farmers also donated $100,000 for the city’s emergency operations center and two megawatt generators that restored power to Beaumont. Whatever year or decade a disaster occurs, you can count on us to be there for you.

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