Senior Engineering Underwriter

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.

We are currently looking for a Senior Engineering Underwriter to work with us on a full‑time basis in London, reporting into the Group Head of Engineering. You will ensure the prudent underwriting of quality business in line with the business plan to facilitate maximum return of profit while maintaining the firm’s reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the firm.

Responsibilities

• Assist in the creation and delivery of the business plan for the Engineering team and be a driving force of the underwriting, accountable for ensuring targeted income levels are met throughout the year and growth targets are met year‑on‑year.
• Underwrite Engineering risks, exercising judgement in all underwriting matters, and remain aware of own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with Underwriting business plan.
• Ensure the effective management of Engineering business, including performance, EPI monitoring, referrals, bordereaux management, rate movement, claims trends, regular reviews, underwriter visits and audits.
• Service existing contracts and open market risks, and make amendments in line with the Syndicate’s underwriting philosophy.
• Conduct and develop effective relationships within peers, clients, coverholders and brokers, with a view to retaining quality business and securing new business that falls within the Munich Re Specialty Group appetite for Engineering risks.
• Oversee the development and training (technical and non‑technical) of junior members of the team, driving their progress and knowledge, including shadowing their work on new tasks and increased underwriting responsibilities.
• Work collaboratively and engage regularly with the teams in the Service Companies to ensure adherence to the global product approach of MRSG.
• Establish and run projects and initiatives such as new sub‑classes and products to serve clients and diversify the portfolio from both a risk and income perspective.
• Conduct book review as well as regular monitoring and portfolio management to ensure the business plan is being executed.
• Monitor recording of all aggregate and reporting information as follows: Monitor on weekly basis, or as instructed; Review and forward to Exposure Management on a quarterly basis.
• Undertake quarterly collation of RDS aggregates from all classes of business; apply aggregates to reinsurance program for Board review; maintain full audit trail for all the above in line with Firm’s procedures manual.
• Provide Analytical Support as follows: S2000 – risk entry report production using MS Excel; Use of S2000 Adhoc reporting feature.
• Supervise the underwriting assistant in monitoring of income flows (late premiums/adjustments etc).
• Provide management reports as and when required.
• Review slips and/or other information/literature, exercising own judgment, based on knowledge and experience, acting within own limits of authority.
• Make written records of all conversations with customers, both internal and external, in accordance with the firm’s procedures manual.
• Negotiate new wordings and structures, ensuring clients’ needs are serviced and regulatory requirements met, whilst preserving a prudent risk appetite, in line with the syndicate and team’s underwriting strategy.
• Ensure that all contract certainty issues are addressed for all relevant risks.
• Review and administer existing contracts and make amendments in line with MRSG’s underwriting philosophy.
• Monitor recording of risk entry and amend where appropriate.
• Ensure that Peer Review Group see appropriate information and respond to PRG queries relating to the Engineering Account.

Knowledge and Skills

• Advanced (Level 3) knowledge and understanding of: Underwriting Principles; Legal Principles; FCA and Lloyd’s rules and regulations including contract certainty issues; All company specific procedures that relate to own role and role of those employees that you are supervising; Engineering risks.
• Intermediate (Level 2) knowledge and understanding of: Other syndicate lines of business. Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Firm. Develop and maintain market awareness.

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. All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

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. Learn more about sustainability at Munich Re – choose your impact!

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