General Manager – Underwriting & Reinsurance

Old Mutual Kenya is based in Nairobi and is part of a larger group that offers solutions in long-term savings, asset management and investment. We offer solutions to individuals and corporates underpinned by our core values which are: Respect, Integrity, Accountability and Pushing beyond boundaries.

General Manager – Underwriting & Reinsurance

Job Summary

• The General Manager – Underwriting & Reinsurance, oversees the company’s technical results. This will cut across Underwriting management, Reinsurance management, Customer service and general departmental operations.

• The role sets and enforces underwriting strategy, pricing and risk appetite across all non-life classes, and designs and places a reinsurance programme that protects capital and earnings at an efficient cost. Oversee retention of the business and ensure renewal budget, specialty and facultative budget is achieved.

• As an ExCo member, the role shapes company strategy and ensures profitable growth stays within the Board-approved risk appetite, Group technical standards, and the requirements of the Insurance Regulatory Authority (IRA) under the Insurance Act (Cap 487).

Key Task & Responsibilities

Strategy and executive leadership (15%).

• Contribute to company strategy as an ExCo member and translate it into a three-year underwriting and reinsurance plan.

• Define target portfolio mix by class, channel and segment, with growth and profitability targets for each.

• Lead the technical input into the annual business plan, budget and capital plan.

• Represent underwriting and reinsurance at Board committee meetings.

Underwriting management (25%)

• Set the underwriting policy, guidelines and risk appetite for every class, and keep them current.

• Oversee acceptance of large, complex and non-standard risks within delegated authority.

• Maintain a tiered authority framework for underwriters, brokers, agents and bancassurance partners, with regular audit of its use.

• Drive portfolio remediation: re-price, re-underwrite or exit loss-making segments and accounts.

• Ensure accurate risk surveys, risk engineering and loss-prevention support for commercial and corporate clients.

Pricing and portfolio performance (15%)

• Own technical pricing and rating models for all classes, working with Actuarial.

• Monitor loss ratios, combined ratios, rate adequacy and premium leakage monthly, and act on adverse trends.

• Work with Claims on claims-cost insight, reserving trends and fraud patterns that affect pricing.

• Approve new products and product changes, including filing with the IRA where required.

Reinsurance (25%)

• Design the annual reinsurance programme (treaty and facultative) to fit risk appetite, capital and Group guidelines.

• Lead renewal negotiations with brokers, reinsurers and Group reinsurance, and secure Board approval of the programme.

• Ensure compliance with statutory cessions and local-placement rules, and file treaty arrangements with the IRA on time.

• Manage reinsurer security: counterparty ratings, concentration limits and credit exposure.

• Oversee reinsurance accounting, bordereaux, recoveries and reconciliation with Finance, keeping reinsurance debtors within target.

• Model catastrophe and accumulation exposure (such as flood, political violence and aggregates) and buy protection to match.