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VP, Power, Energy and Construction Underwriter

Munich Re

Munich Re

Marketing & Communications
Houston, TX, USA
Posted on Wednesday, September 13, 2023

VP, Power, Energy and Construction Underwriter

Company
Munich Re America
Location
New York , United States

*We will consider candidates in New York, Chicago, San Francisco and Houston. 

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.  We will consider a range of experience for this role and the offer will be commensurate with that.
 
The Company
As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.
 
Munich Re Facultative and Corporate (MR F&C) was created to bundle Munich Re’s facultative and corporate business into one global unit. We believe that  by aligning our single risk business in one unified team we will better position Munich Re to provide a holistic suite of products and services that meet the growing demands of our clients and broker partners.
 
The Opportunity
Future focused and always one step ahead


With this opportunity, you will apply your specialized underwriting, engineering and insurance knowledge to adequately assess the potential exposure to Power, Energy, and Construction risks underwritten in the Property Facultative US Division of Munich Re Facultative and Corporate.  You will determine the commensurate terms and conditions applicable and consider risk-sharing acceptances, manage a growing pipeline of construction, power, renewable energy and down/midstream energy and specialty chemical risk accounts within the portfolio. Deliver superior underwriting Munich Re Facultative Engineering & Energy clients and so contribute to its overall profitability.

Major responsibilities include:
 
Marketing

  • Develop and maintain strong market presence by developing client and broker strategies.
  • Develop new business opportunities and promote Munich Re Group’s capabilities and competencies externally.
  • Establish and maintain sound contact with clients and brokers, keeping abreast of market and industry developments and client needs. 

 
Underwriting

 

  • Produce, underwrite and manage the book of business in compliance with underwriting guidelines, strategies and best practices. 
  • Underwrite and price power, energy, and construction classes of business, both traditional and renewable/green technologies.
  • Implement use of pricing and layering models
  • Update and expand the Energy and Engineering Underwriting Guidelines as needed to stress additional requirements and developments. Ensure a consistent standard in the underwriting process of Munich Re’s energy and engineering business.
  • Be a support/referral resource to other distribution channels and Client Groups, providing engineering insurance underwriting expertise and input.
  • Negotiate and conclude the offers, terms of contract with Cedants/Brokers and, when necessary and feasible, submit counter proposals.
  • Demonstrate proficiency in the use of data and analytics tools, ensuring all required risk information is captured and evaluated appropriately.
  • Assist the Head of Property Facultative US and when required in fulfilling all managerial and administrative duties of the Engineering Group.

 

 Seminars and Media

  • Participate in appropriate energy and engineering-industry seminars/workshops to elevate Munich Re’s brand.
  • Contribute to technical underwriting and expert groups.
  • Organize, create and deliver technical underwriting and marketing articles, blogs or journals.
  
Participation on Technical Market Committees
  • Ensure appropriate representation on technical insurance market committees, so providing technical input as well as sourcing key market knowledge.

 

Successful candidates will possess the following skills and capabilities:
  • Mechanical/Chemical/Electrical/Civil Engineer (preferably with a bachelor's degree) with a minimum of 5 years of practical engineering-industry experience and 7+ years engineering or property facultative (re)insurance experience.
  • Negotiation and relationship marketing skills.
  • Strong computer skills.
  • Excellent verbal/written, language and communication skills.
  • Ability to travel nationally and internationally.
  • Ability to work cross functionally, cross-culturally; Loss Control Engineering, Claims, Underwriting Analysts, other teams in London, Munich and globally.
  • Management/leadership skills would be highly beneficial. 

 

The Company is open to considering candidates in numerous locations, including NYC and San Francisco. The salary range posted below applies to the Company’s NYC and San Francisco locations.
 
The base salary range anticipated for this position is $142,400 to 208,800, plus opportunity for company bonus based upon a percentage of eligible pay.  In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO). 
 
The salary estimate displayed represents the typical salary range for candidates hired in this position in NYC or San Francisco. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.


At Munich Re US, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.  

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.