Senior Underwriter

Munich Re Specialty North America is a leading expert in understanding and connecting US coverholders and brokers to flexible and innovative insurance solutions. We are also a registered Lloyd’s Broker. As a wholly owned subsidiary of Munich Re, we have access to the expertise, products and risk appetite of one of the largest and most successful insurance groups in the world.

We are specialists in offering expertise in underwriting, broking and capacity management for US Excess and Surplus (E&S) lines insurance solutions. The unique combination of broking and underwriting divisions provides the ability to quote and bind risks through in-house binding authorities, while providing customers with access to Lloyd’s, London Market companies, and Munich Re owned capacity in Germany and the US.

Why join us?

We are a responsible employer, with a reputation for innovation and adding value in the insurance distribution chain. As our business continues to grow, we are committed to expanding our team and provide development opportunities to ensure we are always supporting our people in their career journey. Our talent pool makes us who we are, and our inclusive culture means we are looking to continue to build our team with broad expertise, diverse backgrounds, and ambitious employees. Being part of Bell & Clements provides access to multiple health and wellbeing benefits, work-life balance initiatives (including hybrid working), financial wellbeing packages as well as training, development and career opportunities.

Purpose of the Position

To assume a prominent role in all aspects of the management of the Munich Re Specialty – North America Binding Authorities portfolio. This includes the profitable underwriting of delegated business, coverholder oversight, management of Nat Cat budget allocation and Cat aggregate deployment, developing and evaluating new business relationships, conducting underwriting file reviews and detailed analysis of the underwriting results of delegated business.

Duties and Responsibilities

• Underwriting & Portfolio Management
  • Work with the CUO and the rest of the Managed Underwriting team to ensure successful execution of our underwriting strategy and plan, in accordance with applicable underwriting authority levels, underwriting guidelines, internal directives, and client strategies.
  • Manage and steer underwriting results for the applicable segments of the portfolio, utilizing MI and KPIs to critically analyse and evaluate the business - including review of production, loss experience, exposure, rate adequacy, and pricing discipline.
  • Assess and refine underwriting guidelines, pricing models, and program performance metrics in collaboration and alignment with the rest of the Binding Authorities Underwriting teams and with Corporate Underwriting, where necessary.
  • Manage CAT budget allocations and prudent deployment of CAT aggregate for the applicable segments of the portfolio.
  • Support in the oversight of the activities of Underwriters and junior members of the Managed Underwriting department as required, as well as providing peer review where needed.
• Coverholder & Client Management
  • Coverholder oversight - including relationship management, operational reviews, audits, and due diligence to ensure accuracy, consistency, and adherence to standards.
  • Conduct customer visits and travel for marketing purposes to play a prominent role in developing and overseeing new and existing business relationships.
  • Conduct policy and underwriting file reviews to ensure accuracy, consistency, and adherence to standards.
• Operational & Cross-Functional Collaboration
  • Collaborate with Corporate Underwriting and actively participate on any cross-functional committees as needed, assisting with the production of reports as required.
  • Develop innovative insurance solutions and products in addition to conventional covers in close co-operation with other business units.
  • Work closely with IT, Accounting, Claims, and other internal functions to resolve technical, operational, and system-related issues.
  • Embrace and actively implement the core principles of Continuous Conversations (Commitments, Feedback and Development) as part of daily activities and with other colleagues.
  • Take ownership of and make personal and professional development a priority as part of Continuous Conversations.
  • In line with Continuous Conversations, establish and achieve development aspirations and needs through the setting of commitments and giving and receiving frequent, constructive feedback.

Benefits

• This position is offered on a Permanent basis.
• Annual salary will be dependent on the skills and experience of the successful candidate.
• Annual leave - 25 days per year (plus bank holidays), increases with length of service.
• Health & Wellbeing – our offering includes private medical insurance for employees, their partners and their families, a Digital GP service and an annual allowance (currently £550) for any activities which support health and wellbeing.
• Hybrid and remote working – to support your work balance we have introduced hybrid working. You will be provided with support to work from home up to a maximum of three days per week.
• Flexible working hours – the opportunity to flex your working hours.
• Professional Qualification Support – (discretionary) financial support covering the cost of professional qualifications, including institute membership, exams, study materials and completion bonuses.
• Generous gender-neutral family leave policy - employees with 26 weeks’ continuous service at the Expected Week of Childbirth are eligible to receive 26 weeks full pay.
• Team fun – warm and social culture with regular get-togethers.

About us

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning.

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders.

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn.

You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions.

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged.

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. 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.

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!

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.