About this role
ICBL is Barbados’ largest general insurance provider, writing business in all areas of general insurance including, Property, Liability, Accident, Motor, Marine, Aviation and Transit Insurance. ICBL also offers insurance coverage for Group Life, Group Health and Group Pensions.
We are recruiting for a Reinsurance Officer who would provide administrative and technical support in all aspects of reinsurance operations, with a focus on facultative administration, claims processing and reporting support to the relevant business units. The ideal candidate will support the Reinsurance Technician in the prompt placement of all classes of outward facultative risks and ensure that each facultative renewal and new business risk (inward and outward) is underwritten and reduced monthly.
Major Areas of Responsibility:
• Assists with assessing the acceptability of Inward Facultative offers.
• Liaises with the Underwriting Business Unit on the placement of all facultative risks
• Maintains records of all inward and outward facultative business, including data entry in PURE, updating of the facultative register and filing of documentation.
• Liaises with Finance monthly to ensure facultative placement records are in alignment with the General Ledger.
• Sets up and monitors all claims as advised by the Policy Benefits (Claims) Business Unit and ceding companies.
• Processes claims payments and assists in pursuing recoveries from local companies and overseas reinsurers, including the collation of supporting claims documentation.
• Assists with the preparation of monthly cessions and month-end reporting.
• Assists with the preparation of the debit notes, balances, opening entries and monthly transaction summaries provided to the Finance Business Unit to support the reconciliation of reinsurance transactions.
• Works in conjunction with Accounts Receivables and Payables on the collection of outstanding premiums from reinsurers and the timely settlement of remittances.
• Assists with the compilation of statistical data and the completion of questionnaires to facilitate the annual treaty renewals.
• Performs other related duties as assigned for the effective functioning of the Reinsurance Business Unit.
• Performs other related duties as assigned and necessary for the development of the Insurance Corporation of Barbados Limited.
Qualifications, Experience and Skills:
• Associate Degree in related discipline or equivalent qualification.
• Functional knowledge & understanding of the principles and practice of insurance and reinsurance processes.
• Formal training in insurance operations; pursuit of a Professional Designation i.e. ARe; BDI, ACII, CPCU or equivalent would be an asset.
• At least one year's experience in the insurance industry.
• Proficient in Microsoft Office Suite, with sound Excel skills and the ability to process and analyse data.
• Good negotiating and analytical skills.
• Must possess the highest level of professionalism, confidentiality, sound morals and ethics, with the ability to develop trusting and effective working relationships with colleagues across the organization.
• Sound problem-solving and planning skills, with a high level of accuracy and attention to detail.
• Sound knowledge of the insurance industry and the latest developments within their field of specialty, and teamwork skills.
• Excellent verbal and written communication skills as well as the ability to collaborate effectively.
• Results oriented with the ability to work independently and manage competing priorities.
Compensation
A competitive remuneration package will be offered in accordance with qualifications and
experience.
Deadline Date for Applications
August 10, 2026 DOE