Assistant Manager, Reinsurance Operations

About This Role

Description:

The Reinsurance Operations Specialist / Reinsurance Accountant is responsible for the administration of the ceded facultative and treaty reinsurance arrangements purchased by DAMAN. The jobholder will be accountable for the timely and accurate booking of the reinsurance transactions while ensuring the constant adherence to DAMAN reinsurance procedures and standards. The role acts as a key link between Underwriting, Finance, Claims, IT, Compliance and external partners (brokers/reinsurers) to drive financial performance. The role will also be directly involved in the set-up and upkeep of the Company’s P&C Reinsurance System and ensuring their connectivity with the Company’s financial accounting and reporting systems.

Responsibilities:

• Manage the day-to-day reinsurance booking and technical accounting tasks. Ensure its efficiency and its adherence to internal policies and processes.
• Prepare the production of reinsurance data required by reinsurance brokers and reinsurers including, but not limited to, monthly and quarterly reinsurance SOA and reinsurance bordereaux.
• Prepare and communicate all ceded reinsurance closings to reinsurance brokers and reinsurers in accordance with agreed contractual terms and with SLA agreed with other stakeholders.
• Assist in the calculation and the booking of reinsurance premium reinstatements and adjustments, commission adjustments and reinsurance recoveries related to the facultative and treaty outward reinsurance arrangements.
• Responsible for the timely and accurate closing and reconciliation of all reinsurance accounts (including reinsurance technical provisions) in accordance with the SLA agreed with the Finance Department
• Coordinate with Finance on all reinsurance settlement matters including, but not limited to, collection of Tax invoices from UAE based reinsurers and coordinate with Finance for VAT returns.
• Assist or Develop and maintain operations manuals (Policies, SOPs)
• Participate in the implementation and configuration of DAMAN General Insurance Core System and its Modules (Production, Claims, and Reinsurance).
• Collaborate with the IT & Transformation Teams in the integration of the General Insurance Core System with the Company’s accounting and reporting systems to enable real-time and validated data flow
• Ensure compliance with local regulations and corporate reinsurance strategies, including audits and regulatory filings
• Foster collaborative, trust-based relationships with reinsurers, brokers and internal departments.

Qualifications:

Preferred Educational Qualifications and Professional Certifications

• BS in Finance
• Qualified Accountant (ACCA / ACA)
• Achieved Cert II. Dip CII is a plus

Experience

• 5+ years of experience in a reinsurance function handling facultative and/or treaty reinsurance administration and accounting
• UAE/GCC reinsurance market experience is an advantage
• Comprehensive expertise in core P&C lines (Property, Engineering, Energy, Liability, Aviation), covering the full policy lifecycle for both direct and assumed business and related reinsurance outward transactions
• Deep understanding of reinsurance contracts (treaty and facultative) & accounting principles for P&C lines
• Strong analytical and problem-solving skills to handle complex facultative reinsurance placements
• Proficiency in MS Excel / Power BI / Alteryx.
• Understanding of IFRS 17 is desirable