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Reinsurance Manager

Reinsurance Manager: Braam Vermeulen

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. Braam Vermeulen is the chief financial officer at King Price Insurance. He is also responsible for managing the reinsurance department. Typically insurance companies acquire reinsurance cover from a reinsurer against major catastrophic events like cyclones, hail storms and earthquakes that might cause damage to the assets and belongings of the clients it insures. Reinsurance is a “global spreading of risk” concept that entails insurance companies entering into international reinsurance agreements, called treaties, with reinsurers all over the world. A reinsurance managers' core responsibility is to ensure that the financial capabilities and wellness of an insurance company is not compromised with regards to the insurance risks it accepts from clients.