Underwriting Technician – 18 Month FTC
RiverStone International is an established global non-life run-off insurance business specialist with more than 25 years of experience. Operating in the UK company and Lloyd’s of London markets, Bermuda, U.S., and Europe, RiverStone International has transacted a wide variety of deals – from insurance and reinsurance portfolio transfers to company purchases, acquiring over $17.7 billion of gross liabilities since 2010 and with around $6.7 billion of liabilities currently under management.
This role focuses on assisting with the administration of run-off for assigned classes of business in accordance with RiverStone’s guidelines and controls, while supporting due diligence for all on-boarding prospects. This includes actively participating in the on-boarding process and maintaining strict confidentiality throughout. Additional responsibilities include producing Underwriting’s ExCo and Technical Balance reports, ensuring compliance with Lloyd’s and RiverStone minimum standards and providing accurate information and data to meet regulatory return requirements. Confidentiality must be maintained both within and outside the company at all times.
This role focuses on assisting with the administration of run-off for assigned classes of business in accordance with RiverStone’s guidelines and controls, while supporting due diligence for all on-boarding prospects. This includes actively participating in the on-boarding process and maintaining strict confidentiality throughout. Additional responsibilities include producing Underwriting’s ExCo and Technical Balance reports, ensuring compliance with Lloyd’s and RiverStone minimum standards and providing accurate information and data to meet regulatory return requirements. Confidentiality must be maintained both within and outside the company at all times.
Responsibilities
- To comply with appropriate systems that are in place for the monitoring and reporting of aggregate exposures for the class and for the monitoring and reporting of premium income for the class.
- To lead the underwriting team in the review of all future profit commission accruals by portfolio and liaise with Finance to validate.
- To comply with all endorsement agreements and update changes in PINS and any other applicable systems – as appropriate.
- Collaboration with claims and reinsurance executives with regard to the claims and reinsurance operations for the class.
- To assist and support the Delegated Team function as required – which may include, but not be limited to data management, business, regulatory and MI reporting and assist in the management of all third parties operating under a Delegated Authority
- Escalate to the Senior Underwriter any complaints or potential issues which may lead to legal action against the syndicate agency relating to class underwriting matters.
- Providing support to senior management in the understanding and assessment of risks and exposures both underwriting and claims.
- To ensure premium estimates from transitioning business are verified and assist with credit control efforts where required
- To assist when required with all periodic returns to Lloyd’s or local regulators across all portfolio’s
- To fulfil team and regulatory responsibilities
- To assist in the acquisition process in line with departmental requirements
- To provide support to enable underwriting decisions across all portfolios.
- To lead the underwriting team with validation and process Profit Commission computations.
- To support Underwriting & Delegated Team with administration and processing requirements. For example, PINS, Workflow etc.
- To assist with Acquisition & Business Development (ABD) reviews as required
- To embed Treating Customers Fairly (TCF) and Conduct Risk within the business
- Have an awareness of Data Protection legislation, including the Data Protection Act and the General Data Protection Regulations
- To sort the underwriting unassigned workflow tasks in Image Right.
- To complete the underwriting Exco report every month.
- To play a key role in the creation of underwritings technical balance report.
- To manage and train underwriting support n other departments.
- To be the focal underwriting member in the processing of consortium commissions and brokerages.
- To assist in projects where necessary.
Requirements
Experience- Communication (verbal & written).
- Awareness of Lloyd’s and non-Lloyd’s insurance underwriting practice and procedure
- Awareness of open market risks, the operation of cover holders, broking facilities and delegated underwriting
- Awareness of wordings and their application in various classes and jurisdictions
- Awareness of both inwards and outwards reinsurance programmes, together with an awareness of the relationship between business written and outwards protections
- Awareness of international regulatory environments relative to insurance
Knowledge
- Hold a degree or equivalent qualification
- Applicants must have an interest for self development for acquiring new skills and knowledge
- Applicants must have an awareness of how the insurance and reinsurance market operate
- Applicants should be proficient in standard office software applications
- Applicants will be expected to learn and adhere to company policies and procedures
Skills
- Applicants must have strong verbal and written communications skills
- Applicants must have strong interpersonal and collaboration skills by being able to build relationships with people at all levels
- Hold a good level of numeracy for analysing and interpreting data
- Ability to manage multiple tasks, set priorities and organise work efficiently is crucial
- Ability to adapt to new challenges and embrace change while remaining resilient under
Benefits
We believe in taking care of our team and helping our employees thrive both professionally and personally.Our benefits include:
- Private Medical and Dental cover – Comprehensive Private Medical and Dental Insurance schemes with Bupa
- Health and Wellness –including access to our Employee Assistance Programme, Headspace subscription, Mental Health First aiders at each site, up to five funded counselling sessions per year, annual health check-up and eye test voucher
- Wellbeing Allowance – Can be used towards either physical or mental health wellbeing activities
- 25 days’ holiday per year – plus bank holidays and office closure on Christmas Eve. Holiday entitlement increases with length of service
- Bonus scheme – dependent on achieving individual, department and company goals
- Pension – a non-contributory defined contribution pension scheme
- Life Assurance – provides a lump sum 10 x your salary
- Permanent Health Insurance Scheme – scheme pays benefits during a prolonged period of illness or disability lasting more than 26 weeks
- Parental Leave – Enhanced Maternity, Paternity and Shared Parental Leave policy
- Training and development – Company funding for professional qualifications that would be beneficial for your role
- Volunteering and charity – triple matching donations made independently or via our Give As You Earn scheme, and two paid volunteering days per year to help give back to our local communities
- Cycle To Work Scheme – a tax efficient way to purchase a bicycle
- Interest Free Travel Loan – to assist with commuting costs
- Travel Insurance – business and personal travel
- Sports and Social – active sports and social committee that organises subsidised events
Our standard working hours are from 09.30 a.m. to 5.30 p.m. Full time employees are to be in the office for 3 days per week, with 2 days working from home.