At a Glance
- Tasks: Underwrite Political Risk & Credit risks and develop client relationships.
- Company: Join Munich Re, a leader in specialty insurance with a supportive culture.
- Benefits: Competitive salary, diverse work environment, and opportunities for professional growth.
- Other info: Embrace diversity and inclusion in a dynamic workplace focused on sustainability.
- Why this job: Make an impact in the insurance industry while working on innovative projects.
- Qualifications: Knowledge of underwriting principles and experience in Political Risk & Credit cover.
The predicted salary is between 55000 - 65000 £ per year.
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.
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 delivery of the business plan for the Political Risk & Credit team and be accountable for ensuring targeted income levels are met throughout the year and growth targets are met year-on-year.
- Underwrite Political Risk & Credit 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.
- Conduct and develop effective relationships with peers, clients and brokers, with a view to retaining quality business and securing new business that falls within the Munich Re Specialty Group appetite for Political Risks & Credit.
- 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: Aggregates: Monitor on weekly basis, or as instructed; Review and forward exposure bordereau to Exposure Management as instructed.
- Provide Analytical Support as follows: S2000 – risk entry report production using MS Excel; Use of S2000 Adhoc reporting feature.
- Work closely with the Credit Control team 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 at all times.
- 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 company procedures and systems are followed and maintained, as per procedure and compliance manuals.
- 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 Political Risk & Credit Account.
- Strong knowledge and understanding of: Underwriting Principles; Legal Principles; FCA and Lloyd’s rules and regulations including contract certainty issues;
- Strong knowledge and understanding of: Trade and Structured Credit, Political Risk, Political Violence.
- Experience of working within Political Risk & Credit Cover.
- Be able to demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Firm.
- Be able to develop and maintain market awareness and continually demonstrate thought leadership.
If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!
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!
Political Risk & Credit Underwriter employer: Munich Re
At Munich Re Specialty – Global Markets, we pride ourselves on being an exceptional employer that fosters a culture of support, curiosity, and boldness. Our commitment to employee growth is evident through comprehensive training programmes and opportunities for collaboration across teams, ensuring that every individual can thrive in their career. Located in a dynamic environment, we also prioritise diversity, equity, and inclusion, making it a rewarding place to work where your contributions are valued and celebrated.
StudySmarter Expert Advice🤫
We think this is how you could land Political Risk & Credit Underwriter
✨Tip Number 1
Network like a pro! Reach out to people in the industry, attend events, and connect with potential colleagues on LinkedIn. The more you engage, the better your chances of landing that Political Risk & Credit Underwriter role.
✨Tip Number 2
Prepare for interviews by researching Munich Re's values and recent projects. Show them you're not just another candidate; demonstrate how your skills align with their mission to be bold and curious in the insurance space.
✨Tip Number 3
Practice your pitch! Be ready to explain how your experience in Political Risk & Credit can contribute to their goals. Keep it concise and impactful – remember, first impressions matter!
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets noticed. Plus, we love seeing candidates who take the initiative to engage directly with us.
We think you need these skills to ace Political Risk & Credit Underwriter
Some tips for your application 🫡
Tailor Your Application:Make sure to customise your CV and cover letter for the Political Risk & Credit Underwriter role. Highlight relevant experience and skills that align with the job description, showing us why you're the perfect fit!
Showcase Your Knowledge:Demonstrate your understanding of underwriting principles and political risk in your application. We want to see that you’re not just familiar with the terms, but that you can apply them in real-world scenarios.
Be Clear and Concise:When writing your application, keep it straightforward and to the point. Use clear language and avoid jargon unless it's necessary. We appreciate a well-structured application that’s easy to read!
Apply Through Our Website:We encourage you to submit your application through our website. It’s the best way for us to receive your details and ensures you’re considered for the role. Plus, you’ll find all the info you need about us there!
How to prepare for a job interview at Munich Re
✨Know Your Underwriting Principles
Make sure you brush up on your understanding of underwriting principles, especially in relation to Political Risk and Credit. Be prepared to discuss how these principles apply to real-world scenarios, as this will show your depth of knowledge and ability to exercise judgement.
✨Demonstrate Relationship-Building Skills
Since the role involves developing effective relationships with clients and brokers, think of examples from your past experiences where you've successfully built and maintained professional relationships. This will highlight your interpersonal skills and your ability to secure quality business.
✨Showcase Your Analytical Skills
Be ready to talk about your experience with analytical tools, particularly MS Excel and any reporting features you've used. You might be asked to provide insights or examples of how you've used data to inform your underwriting decisions, so have some concrete examples at hand.
✨Embrace the Company Culture
Familiarise yourself with Munich Re's values of being present, bold, and curious. During the interview, express how you embody these values in your work. This will demonstrate that you're not just a fit for the role, but also for the company culture.
