The African Reinsurance Corporation (Africa Re) is the leading Pan-African reinsurance company and the largest re-insurer in Africa with the Financial Strength and Credit Rating of Africa Re is “A” by A.M. Best and “A – “by Standard & Poor’s.
Headquartered in Lagos (Nigeria) since its inception in 1976, Africa Re operates through
a) six (6) Regional Offices across Africa: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Port Louis (Mauritius),
b) one (1) Contact Office in Addis Ababa (Ethiopia),
c) three (3) Subsidiary Companies (Africa Re South Africa Limited in Johannesburg, South Africa), Africa Retakaful Company Ltd. in Cairo (Egypt) and Africa Re Underwriting Agency in Dubai (UAE).
Africa Re has a broad-based shareholding of
• 42 African member States,
• the African Development Bank,
• 113 African insurance and reinsurance companies, and
• three (3) non regional shareholders, including leading global insurers, reinsurers and international finance institutions.
Africa-Re hereby announces the vacancy for the position of Assistant Underwriting Officer (Life Business) at the West Africa Regional Office based in Lagos, Nigeria at the Support Staff category.
The Assistant Underwriting Officer (Life) would be responsible for managing a portfolio of accounts (treaties and facultative) for cedants in Anglophone West Africa.
Reporting directly to the Assistant Director, Underwriting & Marketing (Life Operations), the successful candidate would have the direct responsibilities of underwriting and development of the portfolio he/she is in charge of.
As such, the duties of the Assistant Underwriting Officer (Life Business) shall comprise:
• Monitor Premium and Claims Payments: Ensure timely and accurate processing of premium and claims payments.
• Evaluate Life Insurance Risks: Assess, select and rate life insurance risks to maintain a balanced portfolio.
• Manage Cedant Relationships: Build and maintain strong relationships with cedants to enhance business collaboration.
• Compile Performance Reports: Prepare detailed progress reports on performance metrics and objectives.
• Support Life Underwriting: Assist the Life Underwriting Unit in coordinating and executing key activities.
• Underwriting Support: Provide underwriting support by gathering and analyzing information on new businesses, renewals, and mid-term changes.
• Manage Policy Cessions in SICS: Oversee policy cessions and ensure accurate record-keeping within the SICS system.
• Administer Reinsurance Contracts in SICS: Manage life reinsurance contract details, renewals, etc within the SICS system.
• Process Cedant Statements: Record, verify and process cedant statements, premium closings, accounts and CAT excess of loss premiums.
• Prepare Renewal Notices: Draft and send renewal notices for facultative businesses after obtaining the necessary approvals.
• Maintain Business Records: Keep accurate records of all business offers, transactions and concluded contracts.
• Process Treaties/Facultative Contracts: Ensure treaties and facultative contracts are processed, cover notes/slips/wordings are signed and documents are sent to cedants promptly.
• Client Engagement: Respond to client inquiries, attend social and business functions and engage in activities to enhance marketing effectiveness.
• Support Finance Team: Assist in reconciling cedant accounts, follow up on outstanding payments and ensure timely remittance of funds due to Africa Re.
• Portfolio Management: Oversee portfolio management and maintain strong business relationships.
• Perform any additional tasks assigned by Management.
The successful candidate shall be based in Lagos, Nigeria.
• Strong command of both written and spoken English.
• In-depth knowledge of Life Assurance, Underwriting, Claims, Reinsurance, and Retrocession.
• Comprehensive understanding of Health Insurance laws and regulations.
• Adequate Understanding of actuarial concepts, including present value calculations, compound interest and amortization schedules.
• Excellent skills in MS Office products (Word, Excel, Office 365, SharePoint, PowerPoint, and Outlook).
• Strong interpersonal abilities, detail-oriented and focused on delivering exceptional customer service.
• Highly self-driven, motivated and proactive in task completion.
• Competent in providing oversight and delivering detailed reports.
• Strong analytical and conceptual problem-solving skills.
• Eagerness and passion for learning and professional development.
• Ability to perform effectively under pressure, independently and within tight deadlines.
• Skilled at managing multiple tasks and adapting to change.
• High level of integrity with a strong sense of responsibility.
• Excellent team player, working collaboratively to achieve organizational goals.
• Bachelor’s Degree or Equivalent in Insurance/Actuarial Science or /relevant field
• Minimum of 2 years of relevant work experience in Life Underwriting or Claims or Reinsurance in the Insurance and/or Reinsurance industry.
• Progression or completion of the professional qualifications in insurance
• Relevant Working Exposure in a Multicultural Environment will also be an added advantage.
The successful candidate shall have the following benefits:
• Competitive Basic Salary on the Corporation’s Support Staff Grade Level.
• Variable Pay (Annual Performance Bonus).
• Joint contribution to the Provident Fund (7% of the basic salary paid by staff and 14% by the Employer).
• Children Education Subsidy for each child up to 26 years (maximum 4 children).
• Medical Cover for staff and family.
• Housing Allowance.
• Inflation Adjustment (Cost of Living Allowance), that may increase or decrease depending on the economic situation, paid in local currency.
Applicants must also be:
• Fluent in English
• Working knowledge in French shall be an added advantage.
Interested candidates for this position are requested to visit the Africa Re website (https://www.africa-re.com/career) to complete the employment form and upload their curriculum vitae.
For any request of additional information or clarification, please send an e-mail to info@africa-re.com. Africa-Re is an equal opportunity employer and offers good working environment commensurate with international organizations.
The Corporation reserves the right to appoint at the advertised grade level or at any other level that may suit the profile, qualifications and experience of the successful candidate.
The deadline for submission of interested candidates’ application shall be August 30, 2024.
