Delegated Underwriting Analyst

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Sector: Insurance
Role: Analyst
Contract Type: Permanent
Hours: Full Time

About us
At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.
At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.
Please see our website for more information.

Delegated Underwriting Analyst
We are currently looking for a Delegated Underwriting Analyst to work with us on a full-time basis in London, reporting into the Deputy Delegated Underwriting Manager.

Responsibilities:

• Support the DDUM and undertake Coverholder Due Diligence by reviewing relevant documentation, e.g. Lloyd\’s annual compliance, financial crime and other business procedures, PI/E&O insurances, UK and international trading licences, etc., and using Lloyd\’s (Atlas) and MRS tools.
• Conduct timely reviews of Binding Authorities, Lineslips and other forms of delegated underwriting agreements (Pre-Bind Quality Assurance, PBQA) for compliance with Lloyd\’s, MRS and best practice requirements using relevant tools such as DCOM, Crystal, etc.
• Liaise with Underwriters, Brokers and other delegated underwriting stakeholders to ensure due diligence and reviews are undertaken in a timely fashion and feedback is dealt with as required.
• Maintain accurate delegated underwriting records, including managing Coverholder and Binding Authorities entries using MRS dedicated tools (Subscribe and MASSDA) and undertaking quality control of the underwriting teams\’ entries on a weekly and monthly basis.
• Review Lloyd\’s international regulatory trading requirements, e.g. Crystal reviews to support PBQA.
• Support the DDUM with the adoption of Internal Audit recommendations, regulatory changes, etc.
• Support the implementation of Lloyd\’s, MRS, FCA and other regulators\’ policies and procedures in relation to delegated underwriting, e.g. circulate Lloyd\’s Market Bulletins.
• Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.
• Understand all appropriate lines of escalation and the responsibilities of the Product Conduct Risk Strategy Group (PCRSG), Underwriting & Claims Sub Committee (UCSC), ExCo and Board for Conduct Risk.

Knowledge and Skills

Sound business knowledge and understanding of:

• Lloyd\’s delegated authority tools, e.g. Atlas, DCOM and all future developments
• Underlying principles of insurance/reinsurance practice
• Lloyd\’s Market practices and regulation, specifically relating to delegated underwriting
• Demonstrate clear understanding of all company specific procedures that relate to own role
• Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and operation of the department and wider organisation
• Demonstrate willingness to continue to develop knowledge through formal and informal learning, both internally and externally to the organisation

Skills:

• Demonstrate high degree of attention to detail and accuracy and use of relevant reporting tools
• Ability to manage own workload and to work both supportively and jointly with colleagues
• Ability to work under pressure and flexibly when necessary, prioritising tasks, resource planning and meeting deadlines

Diversity, Equity & Inclusion
At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

Learning and innovating today, striving for sustainable societies and business tomorrow
At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Benefits

• 25 days Annual Leave + Bank Holidays
• 10% Non-contributory Pension
• Eligibility for an Annual Bonus
• Private Medical + Dental Insurance
• Critical illness insurance + Life Assurance + Permanent Health Insurance
• Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
• Electric Vehicle Salary Sacrifice Scheme
• Study & continuing Professional Development Support
• Hybrid Working + IT Home Set-up Support

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