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
This role is an essential part of the Technical Operations Team, supporting the Team Lead to ensure all premiums are chased, calculated and recorded accurately and on time. The role also deputises for the Team Lead when required and provides supports with the ongoing development of the team.
Key accountabilities
Act as deputy to the UK and Dublin Premium Management Lead.
Understand all management information, SLA and KPI reporting, and produce this as cover for the Premium Management Lead when required.
Understand the governance meetings attended by the Premium Management Lead and deputise where necessary.
Work with the Premium Management Lead to review and enhance management information used to monitor team performance, progress and issues.
Premium Review and Updates
Check and book reinstatement premiums and follow up with brokers on overdue reinstatement adjustments.
Review statutory premium reserves and ensure retained reserves are released in line with policy terms and conditions.
Ensure Quota Share premium statements are received on time and chase brokers for missing submissions.
Ensure Aggregate Lineslip premiums are booked in Prequel before month close.
Review policies with a No Claims Bonus to identify whether any returns are due and follow up with brokers accordingly.
Calculate annual profit commissions in line with policy terms, update policies and follow up with brokers on any return submissions.
Co-ordinate the quarterly EPI review and ensure all policies are reviewed and tracked in the EPI Review tool.
Ensure the quarterly EPI process is completed by the deadline and EPI figures are updated in Prequel by quarter close.
Review expired Lineslips with zero booked premium and follow up with brokers for premium confirmation.
Review of cancelled contracts to ensure correctly cancelled within Prequel and no further balances are to be accounted.
Policy Reviews / Premium Status
Review policies against premium slip conditions to ensure premiums are accurately booked and expected premium endorsements are captured. Follow up with brokers on any expected premiums not yet recorded.
Compliance Reporting
Review surplus lines reporting monthly and chase for missing data.
Assist with the preparation of compliance reports as requested by the Compliance team.
Assisting the Manager with the Oversight of the Outsourced Company
Oversee outsourced processes, currently including premium adjustment chasing, premium adjustment processing and bordereau processing/management.
Ensure data quality is maintained and agreed targets are met. Where issues arise, work with the outsourced provider’s leadership team to complete root cause analysis and implement remediation plans.
Assisting the Manager with the Oversight of the IPT Submissions
Ensure all IPT returns are submitted by the required deadlines to avoid late submissions.
Ensure queries from the Regulatory Reporting Team or Fiscal Representatives are responded to in a timely manner.
Binders
Maintain a repository of binder agreements and endorsements, including binder and endorsement references for reflection in Prequel.
Define and maintain a database capturing key binder parameters, including endorsement adjustments and applicable date ranges:
Risk/policy level validation parameters
Aggregate limit capture and monitoring
Binder GWP limits
Binder aggregate exposure limits
Bordereau/BDX production and query management
Review and approve system-produced risk premium, paid premium and claims bordereaux, and send them to brokers for onward submission to carriers. Identify issues and agree actions for current and future bordereaux.
Manage broker and carrier queries relating to risk premium, paid premium and claims BDX.
Skills & experience
Minimum of 10 years’ experience in an Operations team, with a focus on Premium Management.
Demonstrated operations experience in an MGA.
Practical understanding of underwriting and policy administration systems.
Basic competency in Microsoft Office applications, including Word, and Adobe Standard.
Advanced Outlook and Excel skills.
Ability to learn new concepts quickly and take ownership of personal development.
Ability to build effective relationships with key internal and external stakeholders.
Ability to self-lead and work effectively both independently and as part of a team.
Ability to deliver accurate, thoughtful and detail-focused 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.
