Jay Banskota - Senior Vice President of Reinsurance & Operations
Mr. Banskota has been an insurance and reinsurance professional for over 18 years, specializing in assumed and ceded reinsurance focusing on audits, claims management, collections, commutations, and reinsurance reporting. From 2006 to 2014 at Enstar US, he managed ten subsidiary insurers’ ceded reinsurance departments, oversaw due diligence reviews of merger targets, developed operational synergies at closing, and increased reinsurance assets by collecting over $350 million of overdue recoverables.
Mr. Banskota was key in the development of software system features required for reinsurance administration. He performs and manages run-off assessments, including analysis of assumed, ceded and retroceded reinsurance operations, development of commutation strategies with a focus on creating efficiencies, and creation of best practices procedure manuals. He interprets reinsurance contracts for claims attachment and contractual cessions, performs detailed audits on contract rules, manages treaty and facultative concerns, and verifies Schedule F and Sarbanes-Oxley Act compliance.
Prior to Enstar, he served in various capacities with AIG, Gerling Global Re and Realm National Insurance Company in management and collections of reinsurance recoverables while maintaining timely collection of reinsurance recoverables during a period when these insurers increased the overall usage of ceded reinsurance.