The Fidelis Partnership is a leading privately-owned, Bermuda-based Managing General Underwriter, which, through its subsidiaries, is a global underwriter of property, bespoke and specialty insurance and reinsurance products. The Fidelis Partnership is one of the largest Managing General Underwriters globally and its operations also include outwards reinsurance, claims handling, exposure management and portfolio analytics. The Fidelis Partnership also sponsors and incubates specialist MGAs through its Pine Walk platform. The Fidelis Partnership is separately owned and managed from the ownership and management of Fidelis Insurance Group.
Across product lines and geographies, we focus on three diversified pillars: reinsurance, specialty and bespoke solutions. We are truly diversified. Our long-standing partnerships with capital providers and quota share partners make us nimble. Our breadth of expertise and capabilities deliver outstanding market returns.
The role
Thisrole is an essential part of the Technical Operations Team, and the purpose of the role is to ensure that all premiums are chased, calculated, and recorded in an accurate and timely manner.
Key accountabilities
Bordereaux management
Ensure the timeliness, accuracy, and completeness of data entry into the system of record for all the Fidelis Delegated Authority book of business including reviewing bordereau information, following up with brokers for outstanding bordereau, and reconciliation of paid to written bordereau.
Review and resolve all errors and exceptions.
Management Tool
Manage all final adjustments and account closing advices checking against premium instalments - with any discrepancies to be brought to the Underwriters’ attention or directly liaising with the broker as appropriate.
Reconcile and match Xchanging entries to policy and premium entries booked.
Acquisition costs to be reviewed for differences between expected and received.
Premium Review and Updates
Check and book all premium adjustments received and follow up with broker for overdue adjustments.
Check and book all reinstatement premiums and follow up with broker for overdue reinstatement adjustments.
Statutory premium reserve reviews and ensure that all reserves that have been retained are released.
Ensure that all Quota Share premium statements are received on time and chasefor any missing submissions.
Ensure that all Aggregate Lineslip premiums are booked in Prequel before the month close.
Review policies which contain a No Claims Bonus to identify whether any returns of the NCB are due.
Perform annual calculations of the profit commissions according to the policy terms and conditions and ensure that the policies are updated accordingly. Follow up with broker to ensure any return of profit commissions are submitted.
All unaccounted premiums should be review and resolved on a monthly basis before each month close.
Co-ordinate the quarterly EPI review and ensure that all policies are reviewed and tracked in the EPI Review tool.
All Lineslips which contain zero booked premium after the expiry of the Lineslips should be reviewed and followed up with brokers for confirmation of the premium.
Review policies which contain a Continuity Commission/bonus to identify whether any returns are due.
Policy Reviews / Premium Status
All policies to be reviewed in line with premium slip conditions to ensure that all premiums are accurately booked and all endorsements for expected premium are captured in the system.
Compliance Reporting
Assisting with the preparation of compliance reports as requested by the Compliance team.
Ensure early identification and submission of the Compliance reports to ensure that no late filings of the Statutory reporting.
IPT Returns
Responsible for the preparation of the IPT returns which are submitted to the Fiscal Representatives.
Ensure that all the checklist items are reviewed and monitored and that the requires levels of data are stored to ensure that audit trails are maintained.
Resolve any queries received from the Regulatory Reporting Team or the Fiscal Representatives.
Ensure that all IPT returns are submitted before the required deadlines.
Complete data quality checks to ensure that the correct IPT rates are being included and that breakdown of detailed data is supplied.
Ensure that any negative amounts are reported.
Import agreed paid IPT items into the Credit Control system and work with the Credit Control team to ensure that all items are allocated.
Ensure that all IPT process documentation is kept updated.
Audits
Support the internal and external audit reviews.
Skills & experience
A minimum of 3 years experience in an Operations team with a particular focus on Premium Management
A practical understanding of Underwriting and policy administration systems; Basic competency in MS Office applications: Word and Adobe Standard required
Advanced Outlook and Excel skills
Demonstrated ability to master new concepts quickly, and take initiative with own personal development
Ability to develop relationships with key stakeholders both internal and externally across the Company
Must be able to self-lead and work effectively both independently and with teams
Demonstrated ability to deliver and manage accurate thoughtful detail-oriented work within tight deadlines.
Other
The Fidelis Partnership Ethos
At The Fidelis Partnership, we aim to be different while making a difference.
We set the standard for quality in our industry. Guided by our expertise, our clients can take unique and material risks with confidence.
Our approach is tailored and designed to deliver excellence for our clients. We are trailblazers, creating unique solutions in the (re)insurance space.
We are experts. Our brokers and clients value the depth of our knowledge and experience. We leverage state-of-the-art underwriting technology to be a market leader.
We believe sound ethics make for good business. We deliver value for our customers, investors and communities while actively avoid trading with industries that cause harm to people, the environment and animals.
We pride ourselves in creating a workplace that prizes execution, meritocracy, Diversity & Inclusion. Our people herald from countless backgrounds and are united by ambition and the unabashed desire to deliver excellence every day. We provide a competitive environment that helps people cultivate themselves professionally and personally and balance a rigorous workplace with a mindset that prioritises environmental and charitable activities in our communities worldwide.
Our ethos dictates our decisions and actions. It unites us as a team of experts and colleagues and provides us with a compass for ensuring we deliver our best to every stakeholder we serve.
Diversity, Equity & Inclusion
Diversity & Inclusion in the workplace
Insofar as possible, we aim to ensure the composition of our workforce reflects the make-up of the local community
We have specific programmes in all our offices to support diversity within the hiring process, e.g. internship and scholarship award programmes
This is a particular focus in Bermuda, where we engage actively with local organisations to source diverse talent and provide coaching/mentoring for underrepresented groups
We aim to maintain a focus on equal opportunities across all stages of hiring process
We measure and minimise the pay gap where possible.
Bring Your Whole Self to Work
Our vision is for a workplace culture where differences are valued and where diversity of background, experience and thought are welcomed. We want to create an environment where all employees, regardless of who they are, are given equal opportunities for career progression and enjoy fair reward from their and The Fidelis Partnership's successes. This will be driven by a workforce that embraces Diversity & Inclusion at every level, in every department across The Fidelis Partnership.
To ensure that all candidates have a fair opportunity to show their abilities during the recruitment process, adjustments may be required. If your physical or mental health or disability may necessitate an adjustment, please contact fidelis@avenciaconsulting.com to discuss. All information relating to your health or disability will be treated in accordance with our data protection policy.
