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Senior Retrocession Specialist (12 Month FTC)
senior · Insurance
Job Description
Senior Retrocession Specialist (12 Month FTC)
AXA XL is an Equal Opportunity Employer.
London – UK The Ceded Reinsurance department at AXA XL plays a critical role in shaping and executing the reinsurance strategy, while ensuring the effective administration of reinsurance treaties throughout their lifecycle. The Ceded Re team operates under the leadership of the AXA XL Chief Underwriting Officer.
The Retrocession Operations team is responsible for the administration of all retrocession covers placed within AXA XL Re. The team is composed of a Business As Usual team, responsible for contract set-up, bordereaux settlement, cash flow management and regulatory reporting, and a project team currently focused on the implementation of a new ceded reinsurance operating system.
This fixed-term role will form part of the Retrocession Operations project team and will support the successful delivery of the new ceded reinsurance operating system. The role is focused on supporting system testing, User Acceptance Testing, data and contract reconciliation, issue resolution, go-live readiness and post go-live stabilisation, working closely with project, operations, finance, data and segment teams.
What you’ll be doing
As a Senior Retrocession Specialist, you will contribute to the end-to-end delivery of the Retrocession workstream within the system implementation programme. You will help ensure that retrocession contracts, balances, bordereaux, claims, data feeds and operational processes are accurately migrated, tested, reconciled and ready for go-live. The role requires a robust operational understanding of reinsurance, attention to detail, proactive issue management and the ability to work effectively across multiple stakeholder groups.
Key responsibilities will include:
- Support system testing and User Acceptance Testing for retrocession processes, ensuring test scenarios are complete, clearly evidenced and aligned to business requirements.
- Validate contract set-up in the new system, including key treaty attributes, retrocession structures, financial terms and related operational data.
- Perform reconciliations of inbound data feeds, outbound feeds to the Reinsurance Data Warehouse and subsequent downstream feeds to the Finance Data Mart.
- Support the back-loading and reconciliation of legacy contracts, identifying data gaps, exceptions and remediation actions.
- Test and validate billing processes, including bordereaux creation, settlement outputs, cash flow impacts and related controls.
- Support claims monitoring activities and ensure claims-related data is accurately reflected in the new operating system.
- Track, investigate and escalate open items, defects and reconciliation breaks to support timely resolution ahead of go-live.
- Work closely with Reinsurance and Insurance Segment Teams, Finance, Data, Technology and project stakeholders to support delivery milestones.
- Contribute to go-live readiness activities, including operational readiness, handover to BAU, process documentation and post go-live stabilisation.
You will report to the Ceded Re Operations Journey Owner, who is responsible for the overall delivery of the project and reports to the Head of Ceded Re Operations.
What you’ll bring
We’re looking for someone who has these abilities and skills:
Required Skills and Abilities:
- 5–10 years’ experience within the reinsurance or insurance industry, ideally with exposure to ceded reinsurance, retrocession or technical accounting operations.
- Robust understanding of reinsurance contracts, treaty structures, bordereaux, settlements, claims and related operational processes.
- Delivery-focused mindset, with the ability to work through complex operational issues, propose practical solutions and drive items to closure.
- Effective written and verbal communication skills, with the ability to engage effectively with internal stakeholders across operations, finance, data, technology and segment teams.
- Highly organised, detail-oriented and able to manage multiple priorities, tight deadlines and dependencies in a project delivery environment.
- Proactive approach to issue identification, investigation, escalation and resolution, with the ability to use sound judgement in day-to-day activities.
- Outstanding MS Excel skills and confidence working with large volumes of data, reconciliations and exception reporting.
Desired Skills and Abilities:
- Experience supporting system implementation, User Acceptance Testing, data migration, operational readiness or process transition activities.
- Experience working with distributed or remote teams and collaborating across functions, geographies and time zones.
What we offer
Inclusion
AXA XL is committed to equal employment opportunity and will consider applicants regardless of gender, sexual orientation, age, ethnicity and origins, marital status, religion, disability, or any other protected characteristic. At AXA XL, we know that an inclusive culture enables business growth and is critical to our success. That’s why we have made a strategic commitment to attract, develop, advance and retain the most inclusive workforce possible, and create a culture where everyone can bring their full selves to work and reach their highest potential. It’s about helping one another — and our business — to move forward and succeed.
- Five Business Resource Groups focused on gender, LGBTQ+, ethnicity and origins, disability and inclusion with 20 Chapters around the globe.
- Robust support for Flexible Working Arrangements
- Enhanced family-friendly leave benefits
- Named to the Diversity Best Practices Index
- Signatory to the UK Women in Finance Charter
Learn more at axaxl.com/about-us/inclusion-and-diversity. AXA XL is an Equal Opportunity Employer.
Total Rewards
AXA XL’s Reward program is designed to take care of what matters most to you, covering the full picture of your health, wellbeing, lifestyle and financial security. It provides competitive compensation and personalized, inclusive benefits that evolve as you do.
We’re committed to rewarding your contribution for the long term, so you can be your best self today and look forward to the future with confidence.
Sustainability
At AXA XL, Sustainability is integral to our business strategy. In an ever-changing world, AXA XL protects what matters most for our clients and communities. We know that sustainability is at the root of a more resilient future. Our 2023-26 Sustainability strategy, called “Roots of resilience”, focuses on protecting natural ecosystems, addressing climate change, and embedding sustainable practices across our operations.
Our Pillars:
- Valuing nature: How we impact nature affects how nature impacts us. Resilient ecosystems - the foundation of a sustainable planet and society – are essential to our future. We’re committed to protecting and restoring nature – from mangrove forests to the bees in our backyard – by increasing biodiversity awareness and inspiring clients and colleagues to put nature at the heart of their plans.
- Addressing climate change: The effects of a changing climate are far-reaching and significant. Unpredictable weather, increasing temperatures, and rising sea levels cause both social inequalities and environmental disruption. We're building a net zero strategy, developing insurance products and services, and mobilizing to advance thought leadership and investment in societal-led solutions.
- Integrating ESG: All companies have a role to play in building a more resilient future. Incorporating ESG considerations into our internal processes and practices builds resilience from the roots of our business. We’re training our colleagues, engaging our external partners, and evolving our sustainability governance and reporting.
- AXA Hearts in Action: We have established volunteering and charitable giving programs to help colleagues support causes that matter most to them, known as AXA XL’s “Hearts in Action” programs. These include our Matching Gifts program, Volunteering Leave, and our annual volunteering day – the Global Day of Giving.
For more information, please see axaxl.com/sustainability.
Who we are
AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. For mid-sized companies, multinationals and even some inspirational individuals we don’t just provide re/insurance, we reinvent it.
How? By combining a comprehensive and efficient capital platform, data-driven insights, leading technology, and the best talent in an agile and inclusive workspace, empowered to deliver top client service across all our lines of business − property, casualty, professional, financial lines and specialty.
With an innovative and flexible approach to risk solutions, we partner with those who move the world forward.
Learn more at axaxl.com