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Master’s in Reinsurance & Capital Markets Engineering

Online master's programme of 1,900 hours in Reinsurance & Capital Markets Engineering, structured in 12 modules covering reinsurance fundamentals, proportional and non-proportional reinsurance, pricing, programme optimisation, solvency, alternative risk transfer, insurance securitisation, capital markets, reinsurance claims and retrocession, with an assigned technical tutor.

Duration1900 h
ModeOnline
LanguageEnglish
Start datesSet by the faculty
AwardSEIUM Institute diploma
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Learning outcomes

What you will be able to do

01

Analyse how the reinsurance market and contracts work.

02

Design proportional and non-proportional programmes.

03

Price reinsurance layers by experience and exposure.

04

Optimise reinsurance programmes using capital criteria.

05

Evaluate alternative risk transfer solutions.

06

Analyse securitisation instruments and investment in them.

07

Manage claims and contractual relationships in reinsurance.

Profile

Who it's for

  • Reinsurance actuaries.
  • Reinsurance underwriters.
  • Reinsurance brokers.
  • ILS analysts in investment funds.
  • Ceded reinsurance managers at insurers.
  • Insurance capital managers.
  • Engineering or science graduates aiming to enter reinsurance.
Standards & tools

What you'll work with

  • Directive 2009/138/EC (Solvency II)
  • Delegated Regulation (EU) 2015/35 (Solvency II implementing rules)
  • IFRS 17 (insurance contracts)
  • Regulation (EU) 2017/2402 (securitisations)
  • Law 20/2015 (Spanish Law on the regulation, supervision and solvency of insurers, LOSSEAR)
  • IAIS Insurance Core Principles (ICP)
  • ARIAS principles (insurance and reinsurance arbitration)
  • Igloo (WTW)
  • Remetrica (Aon)
  • Moody's RMS
  • Python
  • R
Syllabus

12 modules · 1900 h

  1. 1.1Functions of reinsurance
  2. 1.2Cedant, reinsurer and retrocessionaire
  3. 1.3Treaty and facultative reinsurance
  4. 1.4The global reinsurance market
  5. 1.5The renewal cycle
  6. 1.6Reinsurance brokers
  7. 1.7Credit ratings of reinsurers
  8. 1.8The reinsurance contract and slip
  9. 1.9Legal principles of reinsurance
  10. 1.10Case study: analysis of a reinsurance slip
  1. 2.1Quota share
  2. 2.2Surplus
  3. 2.3Reinsurance commission and sliding-scale commission
  4. 2.4Profit commission
  5. 2.5Portfolio entry and withdrawal
  6. 2.6Reserve deposits
  7. 2.7Technical accounts
  8. 2.8Uses of proportional reinsurance for capital
  9. 2.9Advantages and limitations
  10. 2.10Practical exercise: calculating cessions under a surplus treaty
  1. 3.1Per-risk excess of loss
  2. 3.2Per-event excess of loss
  3. 3.3Stop loss and excess of loss ratio
  4. 3.4Retention, capacity and layers
  5. 3.5Reinstatements
  6. 3.6Hours clauses
  7. 3.7Stabilisation clauses
  8. 3.8Annual aggregates
  9. 3.9Experience and exposure rating
  10. 3.10Case study: designing an excess of loss programme
  1. 4.1Burning cost
  2. 4.2Adjustment for inflation and development
  3. 4.3Exposure curves
  4. 4.4Frequency and severity models
  5. 4.5Pareto distribution in high layers
  6. 4.6Modelling with cat models
  7. 4.7Risk load and cost of capital
  8. 4.8Layer simulation
  9. 4.9Comparison of quotes
  10. 4.10Lab: experience rating of an XL layer
  1. 5.1Cedant objectives
  2. 5.2Optimal retention
  3. 5.3Metrics: cost, volatility and capital
  4. 5.4Efficient reinsurance frontiers
  5. 5.5Impact on the SCR
  6. 5.6Impact on IFRS 17 results
  7. 5.7Dynamic financial analysis
  8. 5.8Centralised purchasing in groups
  9. 5.9Counterparty risk
  10. 5.10Practical exercise: optimising retention with simulation
  1. 6.1Recognition of reinsurance under Solvency II
  2. 6.2Mitigating effect on the SCR
  3. 6.3Reinsurer counterparty risk
  4. 6.4Guarantees and collateral
  5. 6.5Third-country equivalence
  6. 6.6Reinsurance in the ORSA
  7. 6.7Reinsurance under IFRS 17
  8. 6.8Accounting for reinsurance contracts held
  9. 6.9Supervision of reinsurance
  10. 6.10Case study: impact of a quota share on the solvency ratio
  1. 7.1The concept of ART
  2. 7.2Financial reinsurance
  3. 7.3Insurance and reinsurance captives
  4. 7.4Protected cell companies
  5. 7.5Multi-year and multi-line contracts
  6. 7.6Industry loss warranties (ILW)
  7. 7.7Sidecars
  8. 7.8Collateralised reinsurance
  9. 7.9Accounting and risk transfer
  10. 7.10Workshop: evaluating a reinsurance captive
  1. 8.1Catastrophe bonds
  2. 8.2Special purpose vehicles
  3. 8.3Triggers: indemnity, index and parametric
  4. 8.4Structure and collateral
  5. 8.5Calculation agents and modelling
  6. 8.6ILS investors
  7. 8.7Life and longevity securitisation
  8. 8.8Regulation (EU) 2017/2402 on securitisations
  9. 8.9Valuation of ILS bonds
  10. 8.10Practical exercise: analysis of a catastrophe bond prospectus
  1. 9.1ILS funds
  2. 9.2Correlation with financial markets
  3. 9.3Return and risk of ILS
  4. 9.4Longevity swaps
  5. 9.5Pension risk transfer
  6. 9.6Insurance derivatives
  7. 9.7Market price versus actuarial price
  8. 9.8Liquidity in secondary markets
  9. 9.9Investor regulation
  10. 9.10Case study: building an ILS portfolio
  1. 10.1Claims notification to reinsurers
  2. 10.2Event aggregation
  3. 10.3Follow-the-fortunes clause
  4. 10.4Inspection of records and audits
  5. 10.5Commutations
  6. 10.6Disputes and arbitration
  7. 10.7Reinsurance recoveries
  8. 10.8Accounts and settlements
  9. 10.9Handling major catastrophes
  10. 10.10Practical exercise: settling an excess of loss event
  1. 11.1Retrocession and its market
  2. 11.2Reinsurer accumulation management
  3. 11.3Reinsurer capital and rating
  4. 11.4Global diversification
  5. 11.5Reinsurance underwriting
  6. 11.6Market cycle and pricing
  7. 11.7Climate change in reinsurance
  8. 11.8Reinsurable emerging risks
  9. 11.9Growth strategy
  10. 11.10Workshop: retrocession plan for a reinsurer
  1. 12.1Selection of the ceding portfolio
  2. 12.2Risk profile analysis
  3. 12.3Loss modelling
  4. 12.4Design of reinsurance alternatives
  5. 12.5Evaluation of ART or ILS solutions
  6. 12.6Impact on capital and results
  7. 12.7Final recommendation
  8. 12.8Conclusions
  9. 12.9Master's Thesis report
  10. 12.10Master's Thesis: defence before a panel
Methodology, software & labs

How you'll learn

100% online training on the SEIUM campus, with downloadable material, recorded classes and an assigned technical tutor. No fixed timetables: you progress at your own pace within the intake, so you can combine it with your job.

Each module combines theory, guided reading of the original standard and applied exercises. The working software is Igloo (WTW), Remetrica (Aon), Moody's RMS, Python and R, in free, academic or evaluation versions. Testing is studied through real procedures: pricing excess of loss layers, optimising reinsurance programmes and analysing catastrophe bonds and ILS structures. Assessment is continuous by module, plus the final Master's Thesis.

Standards covered: Directive 2009/138/EC (Solvency II), Delegated Regulation (EU) 2015/35, IFRS 17, Regulation (EU) 2017/2402, Law 20/2015 (LOSSEAR), IAIS Insurance Core Principles (ICP) and ARIAS arbitration principles.

Assigned technical tutor:every module ends with a deliverable that your tutor marks individually.
Standards-based learning:guided reading of Solvency II (Directive 2009/138/EC and Delegated Regulation (EU) 2015/35) and IFRS 17 applied to real cases, not as a theoretical annex.
Industry software:Igloo (WTW), Remetrica (Aon), Moody's RMS, Python and R, in free, academic or evaluation versions.
Master's Thesis with defence:A reinsurance project for a ceding portfolio, with loss modelling, programme alternatives, ART or ILS evaluation and impact on capital and results, defended before a panel.
Flexible format:100% online, no fixed timetables, compatible with full-time work.
Capstone project

Build it end to end

Your final project follows the real engineering workflow, step by step, reviewed by your tutor.

Risk profile analysis
Analyse the risk profile of the selected ceding portfolio.
Loss modelling and pricing
Model losses and price XL layers by experience and exposure.
Programme alternatives
Design reinsurance alternatives and optimise retention against capital metrics.
ART and ILS evaluation
Evaluate ART or ILS solutions and their impact on the SCR and IFRS 17 results.
Master's Thesis
Final reinsurance recommendation for the portfolio, defended before a panel.
Career opportunities

Where this takes you

Reinsurance actuaryReinsurance underwriterReinsurance brokerILS analystCeded reinsurance managerInsurance capital manager
Admissions & scholarships

Requirements

  • A university degree in engineering, science or architecture, or equivalent demonstrable professional experience.
  • An internet connection and a computer capable of running the programme's software.
  • English sufficient to read technical standards.

Ready to start?

Send your application today. Our admissions team replies within 72 hours with your study plan and funding options.

Apply now Scholarships
FAQ

Frequently asked questions

The programme totals 1,900 hours over 12–14 months. You set your own pace within each intake, and your tutor helps you plan the workload around your job.

You work with Igloo (WTW), Remetrica (Aon), Moody's RMS, Python and R, using free, academic or evaluation versions. Your tutor indicates the free alternative wherever one exists.

A SEIUM Institute diploma, awarded on passing the continuous assessment and the Master's Thesis. It is SEIUM's own qualification, not an official state degree; its recognition depends on the programme completed and the regulations of each country.

Yes. Modules passed in a course or postgraduate diploma in the same area are recognised in the higher programme. Ask about the recognition policy when you enrol.

A university degree in engineering, science or architecture (or equivalent professional experience), a computer able to run the programme's software and English sufficient to read technical standards.

Start dates are set by SEIUM's faculty for each intake. Our admissions team will confirm the next available date when you apply.

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