Reinsurance Graduate Programme 2024

Are you interested in a career in underwriting?  Perhaps you wish to become an Actuary, or you have an interest in the law and claims? Join Everest’s 2024 two-year London Graduate Reinsurance scheme, just a stone’s throw from the iconic Lloyd’s of London building on Lime Street, in the heart of the city. This is a fantastic opportunity for smart, intuitive, inquisitive minds to join a leading global financial organisation that is genuinely passionate about the development of our entry level employees and future leaders.  We pride ourselves on nurturing talent and kick-starting lifelong careers in a professional, exciting, and long-standing industry. 

For 50 years, Everest has been a global leader in reinsurance with a broad, international footprint and deep, long-term, profitable client relationships.  We have a reputation for underwriting excellence, and we focus on delivering responsive client service and customized solutions. We are ranked in the Top Ten Reinsurers worldwide. This is a huge financial services and risk management industry and Everest Re is a key player here in London, which is the epicentre of the global insurance and reinsurance marketplace.

Our opportunity provides a leading London training programme with hands-on learning. You will work alongside some of the best reinsurance professionals in the market within underwriting, actuarial, data analysis and claims.  In addition to the support provided to gain an Actuarial or Chartered Insurance Institute designations, we provide the tools to enable you to thrive in our Programme, and ultimately your permanent position.

So, what is reinsurance? 

Essentially, it’s the insurance of insurance.   Our clients are insurance companies who need additional protection for the risks they assume.  But this additional protection is not for the standard car, home, and pet coverage you might think of when you hear the word ‘insurance’.  Here at Everest, we reinsure special, high- value or high-risk businesses and industries across different classes of insurance such as Aviation, Property, Engineering, Public and Employers’ Liability, Professional Indemnity, Medical Malpractice, Accident & Health, Contingency and Cyber…

The ”risks” our clients might reinsure could range from  Messi’s left foot, a rocket launch,  the Ed Sheeran Tour, a petrochemical refinery, or a thousand residential properties on the coast of Florida.

When the worst happens, a policyholder is reliant on their Insurer to help them recover and move forward. But what happens when a hurricane hits the USA, a major music festival is cancelled because of Covid, or a CEO’s ill-timed tweet plunges a company’s share price? Thematic events like this can result in huge losses for Insurers and that is where reinsurance comes in.   Reinsurers like Everest Re not only pay claims at the time of loss; more importantly, we provide business continuity.

What is the Job Opportunity?

The job of the reinsurance underwriter is to assess and select risks.   The underwriter’s role is both technical and commercial as the underwriter must determine how much risk to assume and at what cost, what are best terms and conditions of coverage, as well as negotiate and sell the deal to our broker clients.   When reinsurers underwrite individual risks, it’s called “facultative” reinsurance.   

The actuaries are crucial in helping us achieve a profitable portfolio through analyse of numerical data and trends and determining appropriate risk-adjusted prices.  Actuaries also work to determine how much we should “reserve” for current and future losses.   

Our claims executives evaluate claims to determine if coverage applies and what the final indemnity should be to adequately compensate for the loss, which is the ultimate purpose of insurance and reinsurance.

Our Graduate opportunity is a rotation programme across 4 different teams covering a variety of classes of reinsurance business.  You will have the opportunity to rotate through the facultative underwriting team, work in the actuarial team looking at reserving, and in claims you will have the opportunity to be on the front-end, supporting our clients.  In addition, you will rotate through the management information team performing data analysis responsibilities. 

Depending on the rotation, responsibilities could include:

• Assisting underwriters during the entire underwriting process, with special focus on the technical tools used to evaluate risk.  
• Entry of risk information and the maintenance of underwriting files
• Monitoring and maintaining accurate and up to date risk data on the underwriting systems.
• Maintaining and developing key relationships including brokers and both internal and external clients
• Producing management reports, supporting new business development, and marketing
• Assistance with profitability analyses, and with reserving
• Produce ad hoc reports and analysis
• Adjusting reinsurance claims from a diverse multi-class portfolio
• Attending meetings and presentations on high value and complex losses
• Participating in client visits and audits, developing investigatory skills, and building relationships.

Beyond your day-to-day activities we will encourage you to network within the Insurance community and to support others through our Diversity Equity and Inclusion initiatives, Mentoring Programs and Charity Outreach Programs.  

What are we looking for?

The position is open to graduates that are hoping to build a career with a globally recognised brand name reinsurer, located in the world’s leading marketplace for Re/Insurance. We are looking for graduates who are curious and eager to learn! You will be a strong communicator, have excellent numerical and analytical skills, and enjoy building relationships and collaborating with others.

Minimum requirements

• You should have achieved (or be on target to achieve) an upper second class (2:1) degree or higher from a recognised university in any discipline
• Graduated in 2023 / Due to graduate in 2024
• At least GCSE Grade A (or equivalent) in English and Maths.  Ideally having studied Maths at AS/A Level. If you would like to take the Actuarial exams, you must meet the minimum requirements set by the IFoA
• Right to work in the UK
• Excellent IT skills including Excel