What are the responsibilities and job description for the Vice President, Ceded Reinsurance position at Old Republic Specialty Insurance Group?
Job Title : Vice President, Ceded Reinsurance
Job Location : Chicago, IL
Job Type : Full Time
Department : Ceded Reinsurance
Reports To : Vice President, Ceded Reinsurance
Office Schedule : Hybrid, 3 days in-office
Who We Are :
Old Republic International Corporation (ORI), which traces its beginning to 1923, is a Fortune 500 company and one of the nation’s 50 largest shareholder-owned insurance organizations. Our subsidiaries actively market, underwrite and provide risk management services for a wide variety of coverages, mostly in the general and title insurance fields.
Our Mission is to provide quality insurance security and related services to businesses, individuals and public institutions, and be a dependable long-term steward of the trust that policyholders, shareholders and other important stakeholders place in us.
Position Overview :
The VP, Ceded Reinsurance is responsible for managing reinsurance contracts, the placement of external and internal reinsurance treaties, and facultative reinsurance. The ideal candidate is capable of maintaining and updating reinsurance reports, developing catastrophe models for exposure analysis and reporting, and overseeing reinsurance claims and accounting. As a leader, this role is crucial in ensuring effective collaboration and partnership with reinsurance brokers and reinsurers. This includes both executive-level relationships as well as treaty-specific and transactional relationships. This role also offers the opportunity to regularly interact with management, claims, accounting, and underwriting departments from various operating companies.
Essential Job Functions :
- Manage treaty placement; including analysis of exposure and loss information, contract review, reinsurance security, and interaction with reinsurers and reinsurance brokers
- Maintain documents and files involved in the oversight and management of reinsurance
- Update, streamline and maintain the reinsurance contract management and program profiles and summaries
- Develop quarterly reports to monitor and manage the reinsurance treaty business
- Assist with the management of the Ceded Reinsurance team, including staff evaluation development
- Regularly prepare presentations for the Reinsurance Control Group and present materials
- Support the Old Republic brand with reinsurance brokers and carriers through relationship management activities and by attending industry conferences
- Coordinate with the Actuarial Department with annual reinsurance pricing
- Monitor and manage reinsurance claims reporting by subsidiary operating companies and reinsurance recoverable collections, including reinstatements
- Coordinate reinsurance accounting between subsidiary operating companies and corporate accounting
- Maintain and control reinsurance contracts both hard copy and electronic
Leadership and Team Management :
Qualifications :
ORI is an Equal Opportunity Employer. ORI provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.
