Reinsurance Senior Officer📣 Job Ad

About the Role

Walaa Cooperative Insurance Co. is seeking a dedicated Reinsurance Senior Officer to join its team in Al Khobar, Eastern Province, Saudi Arabia. This full-time position is integral to managing the company's reinsurance operations, ensuring compliance, and supporting departmental efficiency through prompt and professional handling of all reinsurance tasks.

Key Responsibilities

• Manage the timely and professional administration of facultative and treaty reinsurance operations, including correspondence with reinsurers and brokers, and follow-up on counter-signed slips.
• Effectively handle Facultative Reinsurance placements, preparing closings, updating participants on endorsements, and maintaining accurate filing and documentation.
• Coordinate with Underwriting, Claims, Finance/Accounts, and IT Departments to ensure the proper execution of reinsurance functions, including arranging, submitting, and settling balances with reinsurers.
• Provide timely loss notifications to Facultative reinsurers as required.
• Respond to queries from underwriters, brokers, and reinsurers and follow up on pending issues.
• Ensure the timely reporting and settlement of Reinsurance balances for all products, including Individual Life, Group Life, and Credit Life.
• Manage the inward reinsurance business process, covering policy issuance, reporting, premium collection, settlement, and reinsurance slip management.
• Oversee all treaty maintenance processes and renewals.
• Manage and follow up on all claims recoveries.
• Monitor and update the rating records of all reinsurers.
• Prepare and generate required reports.
• Ensure compliance with all local laws and regulations pertaining to reinsurance operations.

Qualifications and Requirements

• Bachelor's Degree in a relevant field.
• A minimum of 3 years of experience in the insurance industry.
• A minimum of 2 years and a maximum of 5 years of experience specifically in reinsurance.

Required Skills

• Strong analytical skills with a solid understanding of mathematical and statistical concepts.
• Exceptional attention to detail to ensure accuracy in all tasks.
• Proficiency in IT skills relevant to reinsurance operations.
• Effective negotiation and interpersonal skills for managing stakeholder relationships.
• Excellent planning and organizing skills to manage multiple tasks and deadlines.
• Proficient report writing skills for clear and concise communication.

Work Environment and Details

This is a full-time position based in Al Khobar, Eastern Province, Saudi Arabia. The role operates within Walaa Cooperative Insurance Co.