Reinsurance Clerk jobs in Passaic, NJ

At Selective, we don't just insure uniquely, we employ uniqueness.

Our Business

Selective is a midsized U.S. domestic property and casualty insurance company with a history of strong, consistent financial performance for nearly 100 years.Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in Forbes Best Midsize Employers in 2023 and certification as a Great Place to Workin 2023.

Working at Selective

At Selective, we don't just insure uniquely - we employ uniqueness. Employees are empowered and encouraged to Be Uniquely You by being their true, unique selves and contributing their diverse talents, experiences, and perspectives to our shared success. Together, we are a high-performing team working to serve our customers responsibly by helping to mitigate loss, keep them safe, and restore their lives and businesses after an insured loss occurs.

Selective Insurance offers a total rewards package that includes a competitive base salary, incentive plan eligibility at all levels, and a wide array of benefits designed to help you and your family stay healthy, achieve your financial goals, and balance the demands of your work and personal life. These benefits include comprehensive health care plans, retirement savings plan with company match, discounted Employee Stock Purchase Program, tuition assistance and reimbursement programs, and paid time off plans. Additional details about our total rewards package will be provided during the recruiting process.

Job Summary

Responsible for administering all aspects of reinsurance placement and analysis based on guidance from the Chief Risk Officer and consistent with parameters set by the Market Security Committee (MSC). This position supervises and leads the Reinsurance staff to manage the treaty renewal and facultative placement processes. All job duties and responsibilities must be carried out in compliance with applicable legal and regulatory requirements.

Job Responsibilities

• Execute reinsurance strategy and objectives set by Market Security Committee (MSC).
• Manage treaty renewal process by working with brokers, reinsurers, Corporate Underwriting and Actuarial Department to identify and gather information necessary for each reinsurance treaty submission and leading staff in developing comprehensive analysis related to reinsurance purchase including, but not limited to, analysis of received quotes, quoting behavior, treaty structure, year on year changes in treaty cost, budget to actual treaty cost, comparison of direct policy pricing vs. facultative pricing, etc.
• Manage facultative placement process by building facultative specific relationship and leverage larger reinsurance purchasing power to obtain most desirable pricing and developing facultative purchase analysis to assure understanding of the marketplace dynamics and most efficient ways to purchase facultative.
• Spearhead reinsurer credit quality review process including semi-annual financial review presented to MSC.
• Consistently monitor and report on financial stability of reinsurance partners to MSC.
• Manage internal and broker resources to build and maintain an effective and efficient process for reinsurer credit quality monitoring.
• Provide recommendations to MSC based on thorough analysis of reinsurer financial conditions.
• Assist the SVP, Chief Risk Officer by maintaining positive relationships with and appropriately representing the organization to the reinsurance partners; develop marketing strategy that efficiently builds reinsurer/broker understanding and knowledge of Selective; assist in the preparation of marketing presentations assuring data accuracy and consistency.
• Successfully manage the annual Reinsurance Audits and biennial Reinsurance Conference, including coordination of materials to be distributed to the reinsurers, coordination of resources and related events, coordinating the preparation of underwriting and claims overview presentations, facilitating individual reinsurer meetings with Selective staff, documenting follow-ups, and effectively addressing inquiries from the reinsurers.
• Provide necessary support to various departments in reinsurance claims collection, treaty interpretation, risk transfer analysis.
• Actively monitor and when necessary, provide direction for all reinsurance related transactions (claim notices, premium/loss recording, ceded allocations, etc.).
• Provide necessary reinsurance education and reinsurance program understanding to non-reinsurance departments.
• Lead the reinsurance department's contributions to various catastrophe modeling processes.
• Manage, guide, and participate in the collection, testing and analysis of cat modeling data and provide direction to staff in maintaining quality, efficiency, and timeliness of the process.
• Support internal parties (Actuarial Pricing, Underwriting, Enterprise Risk Management) in their use of catastrophe modeling results, including but not limited to providing analysis and expertise to internal groups as appropriate to help them make informed decisions and use the outputs correctly.
• Actively manage and develop reinsurance staff, providing opportunity for professional growth and building bench strength of the department.
• Coordinate with the Accounting Department to ensure letters of credit and reinsurance recoveries are received on a timely basis.
• Manage the application and placement of primary insurance policy coverages, including Directors and Officers Liability, Fiduciary Liability, Fidelity Bond, and Employers Liability.
  

Job Qualifications

• Bachelor's degree required; Masters preferred.
• Three or more years reinsurance placement experience preferred.
• Three or more years' experience, or adequate exposure, to Underwriting and Claims processes required.
• Three years Finance/Accounting/Audit experience preferred.
• ARe, CPCU and AIAF designations preferred.
• Very strong knowledge of reinsurance, including its financial impact on the Corporation and reinsurance placement process.
• Strong financial acumen and insurance business acumen.
• Ability to communicate effectively and to think strategically.
• Ability to interpret contracts and negotiate effectively.

The expected starting salary range for this role is$146,000 - $209,000. The actual base salary is based on geographic location, and the range is representative of salaries for this role throughout Selective's footprint. Additional considerations include relevant education, qualifications, experience, skills, performance, and business needs.

Selective is an Equal Employment Opportunity employer. That means we respect and value every individual's unique opinions, beliefs, abilities, and perspectives. We are committed to promoting a welcoming culture that celebrates diverse talent, individual identity, different points of view and experiences - and empowers employees to contribute new ideas that support our continued and growing success. Building a highly engaged team is one of our core strategic imperatives, which we believe is enhanced by diversity, equity, and inclusion. We expect and encourage all employees and all of our business partners to embrace, practice, and monitor the attitudes, values, and goals of acceptance; address biases; and foster diversity of viewpoints and opinions.

Selective maintains a drug-free workplace.

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