Director of Reinsurance and Capital Management

Job Description

  
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. 
]]>
Schedule: Full-time

Job Posting: 06/20/2019