Reinsurance Specialist

About Al Etihad Cooperative Insurance Company

Al Etihad Cooperative Insurance Company is a leading public joint-stock insurance provider headquartered in the Kingdom of Saudi Arabia. Established under a Council of Ministers decision and a royal decree, the company operates as a cooperative insurance entity with a robust paid-up capital of 500 million Saudi Riyals. Originally established as United Insurance Company in the Kingdom of Bahrain in 1983, the company has since expanded its operations in Saudi Arabia and, in 2008, became publicly listed on the Saudi Stock Exchange (Tadawul) under the ticker symbol 8170. Regulated by the Saudi Insurance Authority, the company holds licenses to operate across all insurance segments, including general insurance, medical insurance, motor insurance, and protection & savings insurance.

With a legacy of excellence spanning decades, Al Etihad Cooperative Insurance Company has cemented its reputation as a pioneer in the Saudi insurance sector. The company’s extensive network of offices and regional branches ensures accessibility and proximity to customers across the Kingdom. Supported by a dedicated team of professionals, the company is committed to delivering unparalleled service quality and operational efficiency.

Role Overview: Reinsurance Specialist

As a Reinsurance Specialist, you will play a pivotal role in managing reinsurance operations for Protection & Savings products. This position requires a keen eye for detail, strong analytical skills, and the ability to collaborate effectively with internal and external stakeholders. You will be responsible for ensuring seamless communication with reinsurers, accurate financial reporting, and compliance with regulatory and contractual obligations.

Key Responsibilities

• Reinsurance Treaty and Facultative Management: Issue reinsurance treaty and facultative notifications for Protection & Savings products, ensuring timely and accurate communication with reinsurers and internal stakeholders.
• Financial Coordination and Reporting: Perform monthly closing activities and collaborate with branches, finance, and IT departments to facilitate precise and timely reporting.
• Report Generation and Validation: Develop, review, and validate monthly and quarterly reports from the system to ensure data integrity and compliance with reporting standards.
• Claims Monitoring and Allocation: Track policy issuances and claims activities, ensuring accurate allocation and distribution to reinsurers in accordance with treaty and facultative reinsurance agreements.
• Reinsurance Recovery Notifications: Notify reinsurers of Protection & Savings claims received from the Claims Department and prepare the necessary reinsurance recovery notifications.
• Premium Payment Coordination: Work closely with the Finance Department to manage reinsurance premium payment schedules and ensure adherence to contractual terms and conditions.
• Record Maintenance and Reconciliation: Maintain meticulous reinsurance records and support reconciliation processes between operational and financial data to ensure accuracy and compliance.
• Regulatory and Policy Compliance: Ensure full compliance with company policies, reinsurance agreements, and regulatory requirements to mitigate risks and uphold operational integrity.

Qualifications and Requirements

• Professional Experience: Minimum of two years of relevant experience in reinsurance, underwriting, or general insurance operations.
• Educational Background: Bachelor’s degree or diploma in insurance, business administration, finance, marketing, or a related field.
• Technical Proficiency: Strong working knowledge of Microsoft Office applications and business reporting tools.
• Communication Skills: Excellent verbal and written communication abilities in both Arabic and English, with a focus on clarity and professionalism.
• Analytical and Organizational Skills: Demonstrated ability to manage multiple tasks, prioritize effectively, and maintain high levels of accuracy in a fast-paced environment.

If you are a detail-oriented professional with a passion for reinsurance and a commitment to excellence, we invite you to join our dynamic team and contribute to the continued success of Al Etihad Cooperative Insurance Company.