Reinsurance Lawyer

This job is with Beazley, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community. Please do not contact the recruiter directly.

Job Title

Ceded Reinsurance Lawyer

Division:

Ceded Reinsurance

Reports To:

Group Head of Ceded Reinsurance

Key Relationships:

Ceded Reinsurance team, Claims Managers, Underwriters, General Management Group

Job Summary:

To provide proactive leadership, and develop clear strategy in respect of ceded reinsurance claims issues, managing the issues to achieve best results and negotiating agreements while considering the broader issues. To provide proactive legal input as appropriate on reinsurance matters and in respect of corporate issues ensuring the Group’s interests are rigorously protected.

Information Sources:

• Brokers: Aon, Guy Carpenter, Gallagher Re, Lockton
• Law firms: as per Key relationships
• Law firm updates:
  • • • • Clydes
        • LG
        • Dentons
        • SDMA
        • CMS Cameron McKenna
        • BLP

Key Responsibilities:

• Take responsibility for ensuring all reinsurance queries are answered on a timely basis working closely with Ceded Reinsurance Technicians, Claims Managers and Underwriters to achieve this.
  • Liaise with claims managers
  • Ceded reinsurance technicians
• Review claims summaries prepared by claims managers from a reinsurance perspective to ensure they address queries raised and to ensure consistency of presentation and approach across the Beazley group.
  • Claims managers
  • Consistency through comparison with other summaries
• Act as coordinator on all ceded reinsurance claims issues ensuring a fair and prompt solution is reached.

• Manage all ceded reinsurance disputes including, where appropriate, appointing, briefing and managing lawyers.
  • Ceded r/i
  • Concerned Claims managers
  • Concerned underwriters
  • Concerned management
  • Outside counsel: Mayer Brown, Clydes, Inces, RPC, Norton Rose, Goldberg Segalla
• Manage panel of lawyers selected to support Beazley with its corporate and HR legal issues.
  • Corporate and HR teams - Samuel Lang and Penny Malik
  • Selection through RFP. Firms chosen from experience and rating in Legal 500
• Coordinate and facilitate reviews and audits undertaken by reinsurers.
  • Ceded r/i
  • Claims managers
  • Reinsurers usually: Gen Re, Munich Re, TRC, Arch Re (but could be any of the reinsurers we have used since 1992)
• Coordination of Specialty Lines team’s Clash and Systemic Products and drafting of notifications to reinsurers.
  • Claims managers
  • Brokers
  • Ceded r/i
• Keep abreast of emerging reinsurance claims issues and English reinsurance case law.
  • Mailing lists from external lawyers
• Highlight learning points to Ceded Reinsurance team, Underwriters, Claims Managers, Risk Management and Business Data Management departments as appropriate.
  • From relevant case law
  • Updates for law firms
• Consider improvements that could be made to Beazley reinsurance wordings in light of experience and make recommendations to reinsurance buyers.
  • Speak to brokers
  • Speak to lawyers
  • Updates from law firms – see Information sources
• Peer review reinsurance wordings for all new placements ensuring consistency of coverage where appropriate and that best in Market clauses are used by the syndicate.
  • Liaise with brokers
• Review current wordings where liabilities exist to determine whether endorsements are necessary.
  • Liaise with brokers
• Review current contracts and documentation for cat bonds, co-ordinating with external legal counsel
• Keep abreast of new clauses and issues relevant to Beazley reinsurance wordings and making appropriate recommendations to reinsurance buyers.
  • Speak to brokers
  • Attend outside lectures
  • Speak to other cedants
• Provide training to members of staff as required in relation to technical reinsurance matters.
• Provide legal support to the Group including:

• Enabling access to training and support from legal advisers
• From external lawyers
• Negotiating rates and SLAs with those legal advisers
• Liaise with relevant teams
• Benchmark against other law firms
• Supporting individuals (on request) when they initiate legal work to ensure legal briefs are appropriately scoped
• Reviewing, challenging, and interpreting (as appropriate) legal advice and associated fee bills
• Undertaking periodic reviews of firms’ performance against SLAs/ expectations and providing feedback/guidance as appropriate
• Liaise with relevant teams
• Providing legal advice (on request) to individuals, including whether or not it would be beneficial to see outside legal counsel
• Managing the selection process for external legal advisers, including determining whether it would be beneficial to tender the business
• Discuss with interested internal teams and other relevant personnel

• Coordinate the placement of the Group’s combined liability insurance policy ensuring that it provides cover for all Group entities and newly emerging risks and ensure claim and circumstances are notified on a timely basis.
  • Liaise with broker (JLT)
  • Obtain information for Proposal form from relevant teams
  • Liaise with Group Finance Director and Exec
  • Liaise with Head of Specialty Lines for amount of cover
  • Liaise with E&O, D&O, Crime, EPL and Cyber underwriters for wordings
  • Deal with Finance for payment of premiums
  • Quarterly bad faith spreadsheet sent out. Liaise with all teams for bad faith updates
• Comply with relevant Beazley procedures and policies.
• Undertake any other reasonable duties as may be requested by the Reinsurance Administration Manager in the provision of the service.

General

It is important that within all your interactions both internally and externally you adhere to Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect Beazley employees to:

• Comply with Beazley procedures, policies and regulations including the code of conduct which incorporates the FCA and PRA Conduct.
• Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
• Display business ethics that uphold the interests of all our customers.
• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
• Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
• Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.

Personal Specification:

Education and Qualifications

• Graduate
• ACII qualified or achieving the professional qualification
• Legal qualification

Skills and Abilities

• General commercial and financial knowledge
• Strong analytical skills with attention to detail
• Able to communicate effectively with others, both verbally and in writing
• Negotiation skills
• Team worker as well as able to work on own initiative
• The ability to manage time, meet deadlines and prioritise
• Computer skills – working knowledge of MS Office including Excel

Knowledge and Experience

• Minimum of 8 years experience of London Market reinsurance.
• Preferably worked as a lawyer within a reinsurance practice or as an LMX Claims Manager or within Ceded Reinsurance team with responsibility for managing reinsurance disputes.
• Must have had previous experience of appointing, briefing and managing lawyers.
• Must have a good understanding of casualty classes of business.
• Strong knowledge and understanding of all forms of reinsurance.

Aptitude and Disposition

• Outcome focussed, self-motivated, flexible and enthusiastic.
• Professional approach to successfully interact with managers/colleagues/external suppliers and interfaces.
• Diplomatic but assertive and tenacious.

Competencies

• Technical reinsurance knowledge
• Analytical thinking
• Conceptual thinking
• Information seeking
• Achievement drive
• Customer focus
• Team working