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Kentucky Farm Bureau Mutual Insurance Company
Louisville, KY, United States (hybrid)
5 days ago
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Spotlight Preferred
Kentucky Farm Bureau Mutual Insurance Company
Louisville, Kentucky, United States (hybrid)
5 days ago

Description

JOB SUMMARY

In collaboration with senior leadership, this position is responsible for developing strategies aimed to protect the Company from risks associated with our insurance operations.  A major component of this position is the formulation of a comprehensive ceded reinsurance program.  To be successful, collaboration with KFB underwriting and claims management on current industry trends is necessary, which will influence operations aimed at improving corporate results. The manager is also responsible for diversification of corporate risk via generation of additional premium through sound underwriting of a profitable book of assumed reinsurance business.

ESSENTIAL FUNCTIONS

  • Collaborates with senior leadership to develop the reinsurance strategies and related reinsurance ceded programs aimed to mitigate risks and maximize the profitability of our insurance operations.  Interpret catastrophe modeling results and provide recommendations to senior management for modifications to the ceded reinsurance program.
  • Works with senior management and brokers to negotiate favorable contract terms for ceded reinsurance agreements.
  • Solicits opportunities to expand the assumed reinsurance book of business.  Analyzes underwriting submissions to determine the appropriate premium relative to the exposure, and makes recommendations to either write or reject the business.  Manages all aspects of the assumed reinsurance book of business to generate profitability.
  • Analyzes industry trends gleaned from the reinsurance community and from this role and collaborates with KFB underwriting and claims management on ways to improve Company results.
  • Develops and maintains relationships with reinsurers.
  • Provides documentation that the risk transfer requirement of SSAP 62 is met in all reinsurance contracts for which risk transfer is not self-evident.
  • Assists in the completion of the annual data submission for the AM Best Supplemental Rating Questionnaire.
  • Design, build, maintain and report results of the Assumed Reinsurance Exposure Model to ensure diversification of both domestic and international risks.
  • Keeps current on reinsurance industry information, including news, trends, and catastrophic events and shares this information to senior leadership.
  • Conducts audits on assumed reinsurance business including claims, reserves, underwriting, and premiums.
  • Assists as needed with ceded and assumed reinsurance accounting reports.
  • Negotiates commutations for cancelled assumed reinsurance contracts with outstanding liabilities.
  • Assist in the completion of annual/quarterly documentation requests to maintain Accredited Reinsurer status in U.S. states outside of Kentucky.
  • Develops, maintains, and implements procedures documentation, including schedules and workflows to necessitate the timely renewal of all reinsurance agreements.
  • Analyzes and monitors the Total Insured Values for all lines of KFB business.
  • Collaborates with actuarial services to update case reserves and IBNR on a monthly basis for all assumed reinsurance contracts.
  • Interprets and reviews contract wording for all reinsurance agreements.
  • Creates and maintains summary documents for all reinsurance contracts.
  • Responds to reinsurance inquiries from internal and external sources.
  • Projects annual ceded and assumed reinsurance premiums for budgeting purposes.
  • Gathers data for ad hoc reporting related to reinsurance functions.
  • Attends reinsurance industry events and conferences.
  • Participates in Accounting Department staff meetings.
  • Regular, predictable attendance.
  • This list of essential functions in non-exhaustive and may be supplemented as necessary.

OTHER RESPONSIBILITIES

  • Understands KFB file structures and data to efficiently and effectively retrieve accurate information.
  • Knows insurance products and systems, specifically those of Kentucky Farm Bureau.
  • Working knowledge of reinsurance terminology and industry awareness.
  • Active pursuit of professional development through continuing education opportunities.

JOB SPECIFICATIONS

  • Physical demands:  Normal vision and hearing (with or without correction); Reading; Speaking.
  • Mental demands:  High level of concentration over sustained time periods; Able to handle multiple projects simultaneously; Deadline oriented within time constraints; Able to adjust quickly to workplace change with minimal disruption.
  • Environmental factors:  Standard office lighting, temperature and noise.
  • Equipment:  Telephone; Keyboard; Audio/visual equipment; Personal Computer.


Requirements

  • Bachelor’s degree required.
  • Five or more years of experience in the insurance industry with concentration on reinsurance preferred.
  • Chartered Property Casualty Underwriter (CPCU) and Associate in Reinsurance (ARe) designations preferred.
  • Experience with Microsoft Excel or similar spreadsheet software is required.
  • Excellent time management skills.
  • Excellent interpersonal and communication skills (both verbal and written).
  • Knowledge of personal computers with emphasis on Microsoft Office products.
  • Excellent organizational skills necessary to work simultaneously on multiple tasks of moderate size and complexity.  
  • Deadline oriented under time restraints.
  • Ability to grasp new concepts quickly.

Job Information

  • Job ID: 65835597
  • Workplace Type: Hybrid
  • Location:
    Louisville, Kentucky, United States
  • Position Title: Corporate Reinsurance Manager
  • Company Name For Job: Kentucky Farm Bureau Mutual Insurance Company
  • Job Function: Insurance
  • Job Type: Full-Time
  • Job Duration: Indefinite
  • Min Education: BA/BS/Undergraduate
  • Min Experience: 5-7 Years

Please refer to the company's website or job descriptions to learn more about them.

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