Reinsurance brokers are insurance intermediaries and consultants for their clients
who could be insurance companies, reinsurance companies or insurance
brokers. Reinsurance brokers help their clients in solving reinsurance
needs for support capacity and protection of their balance sheet.
The process of providing reinsurance solutions involves a wide range
of activities from analysis of client's insurance portfolios to
seeking our reinsurance markets which are able to provide capacity
or protection at sound and competitive terms.
Reinsurance broking operations usually involves business development
and support services. Business development involves producing brokers
and servicing brokers who will be involved in the production, placement
and servicing of business. Support services will entail personnel
who can provide technical accounting, reinsurance contract vetting
and financial accounting aspects.
Generally, the scope of services provided by reinsurance brokers
calls for a wide range of skills and disciplines. It is envisaged
that general qualifications and interest suitable for reinsurance
broking would related to Law, Accounting, Finance, Economics, and
above all, Insurance Studies and Business Administration.
Besides requisite individual qualifies compatible with a job that
involves transactions with overseas markets; long hours; peak periods
in December; extensive travel; detailed work and negotiating skills,
the prospective broker must have a passion for work within an entrepreneurial
Reinsurance broking is a rewarding career. Generally, salaries for
brokers start at $1,600 a month. Salaries for support staff, who
are generally expected to be experienced, could be in the region
of $2,000 per month.