Reinsurance FAC

Company: Unilight Insurance Brokers Pvt. Ltd.

Location: Mumbai

Experience: Minimum 5 Years

Travel: Open to extensive travel

About the Role

The Reinsurance FAC professional will be responsible for managing Facultative Reinsurance placements, including business development, risk analysis, market placement, insurer/reinsurer coordination, negotiations, documentation, and portfolio servicing. The role requires strong technical knowledge of facultative reinsurance, excellent market relationships, and the ability to manage placements from enquiry to closure.

Key Responsibilities

Facultative Reinsurance Placement

Handle end-to-end Facultative Reinsurance placements across relevant lines of business.
Analyse client/cedant requirements, risk information, policy terms, and exposure details.
Prepare and circulate facultative submissions to appropriate reinsurers and international markets.
Obtain competitive terms, quotations, capacity, and coverage from reinsurers.
Negotiate pricing, terms, conditions, deductibles, limits, and other placement requirements.

Reinsurance Market & Relationship Management

Develop and maintain strong relationships with domestic and international reinsurers, brokers, and underwriting markets.
Identify appropriate markets based on risk profile, capacity requirements, appetite, and pricing.
Engage with reinsurers to secure optimal terms and placement solutions.
Stay updated on market capacity, underwriting appetite, pricing trends, and emerging risks.

Client & Internal Coordination

Understand client requirements and provide technically sound reinsurance solutions.
Coordinate closely with business development, underwriting, and placement teams.
Support client meetings and presentations whenever required.
Ensure timely communication of quotations, terms, conditions, and placement status.

Documentation & Policy Servicing

Ensure accuracy and completeness of facultative submissions and placement documentation.
Coordinate confirmations, debit/credit notes, reinsurance slips, endorsements, and other relevant documentation.
Track placement timelines and ensure closure within agreed TATs.
Maintain accurate records of placements, renewals, and market responses.

Claims & Portfolio Support

Coordinate with reinsurers and relevant stakeholders on facultative claims matters.
Support claims-related negotiations and documentation wherever required.
Monitor existing facultative placements and support renewals and portfolio retention.

Market Development & Compliance

Identify new facultative opportunities and support business development initiatives.
Participate in client meetings, market visits, industry events, and reinsurer meetings.
Ensure adherence to IRDAI regulations, company policies, and internal processes.
Maintain confidentiality and high standards of professional and ethical conduct.

Key Competencies & Skills

Technical & Reinsurance Skills

Strong understanding of Facultative Reinsurance processes and placements.
Knowledge of underwriting principles, risk assessment, policy structures, and reinsurance terminology.
Ability to assess risk information and identify appropriate reinsurance markets.
Strong negotiation and placement skills.

Market & Business Skills

Good relationships with reinsurers and reinsurance markets.
Strong commercial acumen and ability to understand client requirements.
Ability to manage multiple placements simultaneously and work within tight deadlines.
Strong analytical and problem-solving capabilities.

Communication & Personal Skills

Excellent written and verbal communication skills.
Strong presentation, negotiation, and interpersonal skills.
High level of ownership, integrity, and attention to detail.
Ability to work under pressure and deliver within TAT.
Willingness to travel extensively for client and market meetings.

Technical Tools

Proficiency in MS Office – Excel, Word, PowerPoint, and Outlook.
Ability to prepare reinsurance submissions, placement summaries, and market presentations.

Qualifications & Experience

Education: Bachelor's degree in Commerce, Business Administration, Insurance, or a related discipline. A professional qualification in Insurance/Reinsurance will be an added advantage.
Experience: Minimum 5 years of relevant experience in Facultative Reinsurance.
Candidates from Insurance Broking, Reinsurance Broking, or General Insurance backgrounds with strong FAC exposure will be preferred.
Strong experience in handling end-to-end facultative placements and market negotiations.
Willingness to travel extensively for client, reinsurer, and market engagements.