At a Glance
- Tasks: Join a dynamic team to shape the future of W&I underwriting and drive innovative strategies.
- Company: Be part of Markel, a Fortune 500 company with a global presence and a focus on innovation.
- Benefits: Enjoy a competitive salary, annual bonus, and a comprehensive benefits package including private medical cover.
- Other info: Flexible working options available; we celebrate diversity and support personal growth.
- Why this job: Make a real impact in a growing field while developing your skills in a supportive environment.
- Qualifications: Experience in underwriting or M&A processes; analytical skills are a plus.
The predicted salary is between 63000 - 77000 £ per year.
The W&I team is currently looking for a M&A consultancy / advisory specialist with exposure to M&A transaction processes, due diligence, sale and purchase agreements, and related deal documentation (with direct experience of W&I insurance a plus) or experienced W&I underwriter to complement its existing expertise in market experience, law, tax and financial due diligence. You will be joining a highly motivated team at an exciting time as we look to establish ourselves as the market leader in W&I SME risks and embrace new ideas in terms of portfolio construction, policy development and IT/AI solutions.
Who we are:
Business Unit overview: Professional & Financial Risks (PFR) focus on international and UK-domiciled business. The team is made up of five business divisions: Professional Indemnity, Management Liability, Warranty & Indemnity, Financial Institutions and Cyber Liability. We provide excellent service via our knowledgeable underwriters who are available both at Lloyd's and in our offices. We have a flexible and innovative approach to underwriting that ensures that we can provide the product required by our customers.
The Warranty & Indemnity (W&I) team is currently comprised of 9 individuals: Director - Head of W&I, three Senior Underwriters, an Underwriter, three Assistant Underwriters and a Graduate Assistant Underwriter. It is a relatively new team that was set up in Q4 2022 to write open market W&I risks. PFR has supported a broad portfolio of coverholders in the transactional liability space since 2014, which has performed well and informed a long-term strategy to underwrite directly alongside the delegated book. The team focuses on underwriting SME risks (deal sizes of c. GBP/USD/EUR 3m to 300m) in the UK and Europe, using the data and insights from its coverholder portfolio and the resources of a global, multi-line specialist insurer.
What you'll be doing:
- Contributing to the W&I underwriting strategy to establish a market leading team within the W&I marketplace.
- Review and underwrite new risks using a technical rating model and coverage guidelines that we have developed.
- Harvest insights from the sizeable data pool we have access to through the 10+ years of supporting coverholders to derive claims trends and inform underwriting approach.
- Build and develop positive relationships with new and existing brokers, other distribution partners and private equity / acquisitive corporate clients, and establish yourself as a market leader in your skill-set.
- Support the analysis of overall portfolio data and act upon those findings - i.e., iterate on the rating model and coverage guidelines as the book matures to expand margin and drive profitable growth over the market cycle.
- Develop skills in negotiating policy terms and conditions.
- Help to build and maintain strong working relationships within Markel.
Key Skills:
- Technical Underwriting Experience within your specialist skill-set relevant for W&I underwriting or direct experience underwriting W&I risks.
- Strong understanding of the risks inherent in underwriting W&I from the perspective of your specialist skill-set.
- Develop an understanding of the principles of the technical rating engine and monitor portfolio rate adequacy according to Markel's underwriting principles and in line with authority limits.
- Use analytical skills to improve Markel's underwriting capabilities (e.g. loss performance and underwriting efficiency).
- Work with others to navigate the complexities of drafting / amending a wording / clause in particular with respect to your specialist skill-set.
Business Development:
- Help to develop, own and enhance the W&I portfolio, assessing risk-reward for targeting certain countries (within the UK and Europe) and sectors conducting M&A.
- Help to maintain and update a broker / customer engagement plan for a portfolio of brokers and use this to drive quote requests and conversion.
General Skills:
- Come up with new points of view and innovative ideas to support the achievement of goals.
- Be computer literate and have the ability to develop a full understanding and capability of in-house and MS systems.
What's in it for you?
- A great starting salary plus annual bonus & strong benefits package.
- Up to 16% company pension scheme, Private medical and dental cover, Menopause plan, emergency care benefit (children/Pets/dependants), Income protection, Life assurance, electric car scheme, travel insurance.
- 25 days paid holiday plus Bank Holidays, with the opportunity to buy/sell extra leave.
- As well as other great benefits on offer, there are countless opportunities to learn new skills and develop in your career!
Are you ready to play your part? If you're looking for a place where you can make a meaningful difference, you've found it. The work we do at Markel gives people the confidence to move forward, reach their full potential and seize opportunities. You'll find your fit amongst our diverse global community of optimists and problem-solvers. We're always pushing each other to think further because we believe that when we strive for better and realise our potential, we can help others reach theirs. Join us and play your part in something special!
Choose 'Apply Now' to fill out our short application, so that we can find out more about you. At Markel we are all about the people, celebrating the value of a diverse workforce that brings experience and expertise from a wide variety of backgrounds and life circumstances. Whatever your background, if you feel you meet the requirements of this role then we want to hear from you. We are also happy to consider candidates who are looking for flexible working patterns.
We will ensure that individuals are provided with any reasonable accommodations to be able to participate in the job application or interview process and to perform essential job functions if successful. Please contact us via email or call us to request any accommodations or adjustments that may be needed, including alternative formats of documents or information on how to apply offline.
Underwriter employer: Markel Corporation
Markel Law is an exceptional employer, offering a dynamic and collaborative work environment in the heart of Manchester. As a partner-level lawyer, you will benefit from competitive remuneration, annual bonuses, and ample opportunities for professional growth while leading a dedicated team in high-value real estate transactions. Our commitment to fostering strong client relationships and quality documentation ensures that you will find meaningful and rewarding work here.
StudySmarter Expert Advice🤫
We think this is how you could land Underwriter
✨Dive Into Industry Networking Events
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Got friends or family in the industry? Now’s the time to reach out! Personal referrals can give you a head start, so let them know you're on the lookout for full-time opportunities at places like Markel Corporation. Don’t shy away from asking for a coffee chat; you never know what doors it might open!
We think you need these skills to ace Underwriter
Some tips for your application 🫡
Highlight Your Analytical Skills:In insurance, we love a candidate who can crunch numbers and analyse data effectively. When crafting your CV, make sure to showcase any relevant coursework or experiences that highlight your analytical abilities, especially if you’ve tackled risk assessment or financial modelling.
Showcase Industry Knowledge:Don’t be shy about your knowledge of the insurance sector! We want to see that you've done your homework on current trends, regulations, and challenges in the industry. Mention any relevant projects or studies you’ve completed that demonstrate your understanding of the field in your cover letter.
Craft a Compelling Cover Letter:Your cover letter should tell us why you’re passionate about insurance. Share any personal experiences or what drew you into this profession. We’re looking for enthusiasm and a clear motivation for why you want to be part of our team at Markel Corporation.
Tailor Your CV for the Role:Don't just send a generic CV! Focus on tailoring it specifically for the insurance role at Markel Corporation. Highlight relevant skills such as risk management, customer service experience, or any certifications you've earned in the industry to make your application stand out.
How to prepare for a job interview at Markel Corporation
✨Know Your Numbers: Insurance Fundamentals
Brush up on your understanding of key insurance concepts, like underwriting principles and risk assessment. Expect the interviewer at Markel Corporation to throw some technical questions your way, so be ready to demonstrate your grasp of these essentials.
✨Showcase Your Analytical Side
In the insurance world, it's all about data. Prepare to discuss any analytical tools or methodologies you've used in past experiences. If you have a portfolio of projects where you've tackled complex data, bring that along to impress the team!
✨Prepare for Behavioural Questions
As a full-timer at Markel Corporation, they'll want to know how you handle real-life scenarios, not just theory. Think about challenges you've faced in teamwork or customer service, and how those experiences can relate to a career in insurance.
✨Know the Company Culture Inside Out
Understanding Markel Corporation's values and workplace culture is essential. Don’t just memorise their mission statement; think about how your personal values align with theirs. This will show your genuine interest in being part of their team long-term.
