Executive Director (Underwriting)
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Full job description
Salary: PKR Negotiable
Pakistan Reinsurance Company Limited, the country's public sector reinsurer working under the Ministry of Commerce, is looking for a senior underwriting leader to head its reinsurance and Retakaful underwriting function. The Executive Director (Underwriting) will report to the Chief Executive Officer and take charge of profitable treaty and facultative business, along with a secure retrocession programme that stays within the Board's approved risk appetite. This is a three year performance based contract for a seasoned insurance professional who understands treaty renewals, pricing discipline and regulatory compliance in depth.
What we're looking for:
- ACII or FCII with at least 15 years of relevant post qualification experience with an insurer or reinsurer, including 5 years as a Key Officer.
- OR a Master's degree or 16 years of education in Insurance, Risk Management, Finance or M.Com Insurance from an HEC recognised university with at least 20 years of relevant experience, including 5 years as a Key Officer.
- OR Fellow or Associate membership of the Casualty Actuarial Society, the Institute of Actuaries in England, or the Society of Actuaries in the USA with at least 15 years of relevant experience, including 5 years as a Key Officer.
- Deep working knowledge of reinsurance underwriting and pricing across property, engineering, marine, aviation and accident classes.
- Hands on experience of retrocession structuring and placement, plus catastrophe exposure and accumulation management.
- Strong grasp of insurance regulation, governance and compliance, including the Insurance Ordinance 2000, the SOE Act 2023 and SECP requirements.
- Proven leadership skills, with the ability to develop an underwriting team and communicate clearly with the Board and its committees.
- Maximum age 57 years on the closing date; must meet the fit and proper criteria for senior management officers.
Key Responsibilities & Deliverables:
- Lead the annual underwriting plan, setting class wise appetite and capacity for approval by the CEO, the Underwriting Committee and the Board.
- Drive treaty renewals and facultative underwriting, accepting or declining risks within delegated authority and keeping full documentation for every decision.
- Design and place the retrocession programme, including proportional, excess of loss and catastrophe covers, so net retentions stay within Board approved limits.
- Monitor portfolio profitability by class, cedant and broker, and recommend corrective action wherever a segment starts losing money.
- Oversee Window Retakaful underwriting under the Takaful Rules 2012 and the Shariah Advisor's rulings, keeping its records separate from conventional business.
- Report catastrophe exposure, probable maximum loss and appetite use to the Risk Management and Compliance Committee, and escalate any breach at once.
Skills & Tools:
Position: Executive Director (Underwriting)
Work: On-site
Salary: Market Competitive
Company: PAKISTAN REINSURANCE COMPANY LIMITED, GOVERNMENT OF PAKISTAN
Work Location: Karachi, Pakistan
Apply by sending your CV + profile through Jobswala.
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