As a service department, we support the Hannover Re Group with a wide range of tasks in accounting and actuarial valuation as well as with the processes and systems used to perform these tasks. As part of our national and international scope of responsibility, we are in regular direct contact with our customers worldwide, with Group departments and with other internal and external stakeholders. Most of our work is nevertheless done from Hannover.
What do we do exactly?
The majority of colleagues are involved in the development, provision and hosting of our actuarial modelling system landscape for Solvency II, IFRS 17 and Internal Models of our two Business Groups Life & Health reinsurance and Property & Casualty reinsurance. In doing so, they take on the management and implementation of projects to develop and improve the actuarial modelling processes for group-wide and local requirements (accounting and regulation) and are in close exchange with colleagues from our international life and health reinsurance divisions.
Our two units Property & Casualty Accounting ＆ Claims and Property & Casualty Valuation attend to the valuation of treaties in Property & Casualty reinsurance with a focus on technical accounting, claims handling and reserving (both for purposes of external accounting and as a basis for solvency reporting and internal performance measurement).
In the Technical Accounting & Claims teams numerous members of staff deal with the diverse range of technical accounting tasks, including for example processing statements of account, loss advices, cash calls and collateral requests from brokers/cedants.
The members of the Property & Casualty Valuation team are responsible for the reserves at our international locations for quarterly reporting purposes. They are also responsible for the external review of reserves within the Hannover Re Group and they coordinate external audits (HGB, IFRS, Solvency II) in this area. Furthermore, Group risk management is supported in matters relating to the internal risk capital model for property and casualty reinsurance.
The colleagues working in Valuation of Life & Health reinsurance focus on the accounting and valuation of reinsurance treaties from the life and health business written by the Hannover Re Group. In addition to technical accounting for these portfolios, the team is responsible for actuarial valuation for HGB and IFRS (including planning and forecast processes), Solvency II reporting and the provision of extensive management reporting for various (inter)national specialist units.
In addition to the above, two internal service teams in Reinsurance Accounting ＆ Valuation support the aforementioned members of staff and assist them with their duties.
As the owner of our "Re7" system landscape, the Service, Digitalisation & Automation team is responsible for worldwide treaty administration and accounting. Not only that, it coordinates the worldwide user groups for the individual Re7 applications and takes responsibility for further development of the integrated Re7 system landscape when it comes to digitalising and automating the processes that we operate with Re7.
The Actuarial Models & Systems team is responsible for developing, providing and operating our actuarial modelling system landscape for Solvency II, IFRS 17 and Internal Models for our two business groups of Life & Health and Property & Casualty reinsurance. In this context, the team members lead and conduct projects designed to develop and optimise the actuarial modelling processes for Group-wide and local requirements (for accounting and regulatory purposes) and they engage in a close dialogue with their national and international colleagues.
What are our competencies?
In view of the wide-ranging scope of tasks, our department Reinsurance Accounting ＆ Valuation is home to many members of staff with diverse expertise and qualifications. What we all have in common:
- Degree in mathematics, economics or information technology, commercial training / training as a certified insurance practitioner or comparable qualifications
- Further job-specific qualifications, e.g. as a certified actuary (DAV, CERA) or CFA, round off the skills profile of some colleagues
- Very good numerical reasoning, keen eye for detail and technology-minded
- Strong focus on service coupled with intercultural skills