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Reinsurance is insurance for insurers like Admiral, who buy reinsurance cover from other companies to reduce their overall risk level. Reinsurance is especially important for Admiral, who insures millions of customers and faces large losses from individual or collective events.
This role focuses on our excess of loss (XoL) reinsurance, which protects us from large losses. This can include incidents causing significant injury or disability to individuals or large-scale events affecting many policyholders across the UK.
The detail
This is a fantastic opportunity for a highly numerate individual with excellent communication skills to join the small but valued reinsurance side of the Group Finance Team within Admiral. You will collaborate with each of the UK Insurance businesses to understand their major risks and help formulate their reinsurance protection requirements, as well as interact with our International Insurance teams. The role involves working with reinsurance brokers, requiring travel to London (and via Teams), and opportunities for travel within Europe and beyond to support our annual contract timetable and to maintain relationships with reinsurers.
You will work closely with departments such as Pricing, Risk, Claims, Product, and Underwriting to understand their evolving needs. There is significant exposure to senior leaders as your team’s recommendations are presented at Committee and Board level.
You will support the Reinsurance Manager in updating the risk appetite statement and will be involved in all aspects of reinsurance renewals, including data collection, documentation, discussions with brokers and colleagues, evaluating reinsurance options, interacting with reinsurers, obtaining sign-off from internal committees, and managing contract particulars to ensure timely and budget-compliant purchase of reinsurance coverage.
This role is suitable for an experienced actuary or a newly/nearly qualified actuary, as well as applicants with strong accounting, statistical, or numerical backgrounds.
The successful candidate will have the opportunity to shape their role, work autonomously, and lead communication with reinsurance brokers as needed.
* Produce MI for renewal submissions, management, and contract performance monitoring, considering market and internal developments.
* Create reinsurance structure recommendations aligned with the risk appetite statement and present them for approval at Committee/Board level.
* Work with brokers and reinsurers to achieve timely placement of structures at the lowest cost.
* Ensure timely premium payments, claim notifications, recoveries, and dispute resolution.
* Serve as the first point of contact for reinsurance queries.
* Implement endorsements, special acceptances, and notifications linked to risk events.
* Monitor reinsurer results, M&A activity, credit ratings, and appetite changes.
* Document internal processes, risk controls, and contracts related to reinsurance, including the Reinsurance Policy.
* Contribute to external documentation such as QRTs, ORSA, AFR, etc.
* Collaborate with Reserving, Capital, Pricing, Claims, Underwriting, Product, Business Planning, Risk, Legal, Data Protection, and other departments, focusing on the UK but linking with Gibraltar, AECS, and EIC for a Group view.
* Maintain relationships with brokers to meet needs and maximize efficiency.
* Work with overseas underwriting entities in France, Spain, Italy, and the USA to standardize reinsurance processes across the Group and share best practices.
* Manage contractual relationships with reinsurers, ensuring timely analysis, negotiation, and communication of significant changes.
* Support ad hoc projects as needed.
Essential knowledge and skills
* Relevant work experience within the insurance or financial industry.
* Excellent written and interpersonal communication skills.
* Ability to work independently and proactively, supporting a small team.
* Attention to detail with an analytical and problem-solving mindset.
Salary, Benefits, and Work-Life Balance
Salary will depend on the candidate’s experience. We welcome CVs from all qualified candidates and are open to discussing compensation packages.
At Admiral, we value diversity and prioritize our people and customers. We offer great benefits to promote work-life balance and are proud to be recognized as a top employer in the UK. We support flexible working arrangements to accommodate individual lifestyles.
All colleagues will receive holiday entitlement (including bank holidays) upon joining, increasing with service, up to a maximum. There is also an option to buy or sell up to five days of annual leave.
Additional key benefits are available for viewing.
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