Braam Vermeulen - reinsurance manager
Braam Vermeulen is the reinsurance manager for King Price Insurance and their chief financial officer. Just like clients acquire insurance cover for their assets and belongings, an insurance company also acquires insurance cover for the company itself. We call this concept reinsurance and it is a financial management function of an insurance company. The reinsurance manager’s core responsibility is to ensure that the financial capabilities and wellness of an insurance company is not compromised.
Typically insurance companies acquire reinsurance cover from a reinsurer against major catastrophic events that might cause damage to the assets and belongings of the clients it insures. “My main responsibility is to protect the company against unforeseen financial as well as insurance risks,” explains Vermeulen. He also makes sure that the financial wellbeing of the company is managed appropriately.
Reinsurance is a ‘global spreading of risk’ concept that entails insurance companies entering into international reinsurance agreements, called treaties. “On a weekly basis I meet with account executives of reinsurers to negotiate terms and renew contracts. From day to day I deal with settling reinsurance creditors, financial reconciliations and account compilations,” says Vermeulen.
He was inspired to make a career in reinsurance and financial management as he “enjoys managing risks especially when it comes to handling money and having a love for mathematics helps as well”.
For one to prosper as a reinsurance manager you need to have a passion for financial and risk management as well as being responsible and hardworking and be able to negotiate well.
Pull quote:
“My main responsibility is to protect the company against unforeseen future financial as well as insurance risks.”
A reinsurance manager should:
· Have a love for love for mathematics.
· Be good at negotiating terms for contracts.
· Be able to protect the insurance company well so that it can protect its clients best.
Typically insurance companies acquire reinsurance cover from a reinsurer against major catastrophic events that might cause damage to the assets and belongings of the clients it insures. “My main responsibility is to protect the company against unforeseen financial as well as insurance risks,” explains Vermeulen. He also makes sure that the financial wellbeing of the company is managed appropriately.
Reinsurance is a ‘global spreading of risk’ concept that entails insurance companies entering into international reinsurance agreements, called treaties. “On a weekly basis I meet with account executives of reinsurers to negotiate terms and renew contracts. From day to day I deal with settling reinsurance creditors, financial reconciliations and account compilations,” says Vermeulen.
He was inspired to make a career in reinsurance and financial management as he “enjoys managing risks especially when it comes to handling money and having a love for mathematics helps as well”.
For one to prosper as a reinsurance manager you need to have a passion for financial and risk management as well as being responsible and hardworking and be able to negotiate well.
Pull quote:
“My main responsibility is to protect the company against unforeseen future financial as well as insurance risks.”
A reinsurance manager should:
· Have a love for love for mathematics.
· Be good at negotiating terms for contracts.
· Be able to protect the insurance company well so that it can protect its clients best.
Comments
Namibian Sun
No comments have been left on this article