Surety Production Underwriter

Company
Munich Re America
Location
Princeton , United States

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a ulture 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

Munich Re US (MR US) offers 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.

We address the key challenges of the future – that is what we have been doing in the US property/casualty reinsurance market since 1917. As a leading reinsurer, we deal with the issues that affect business and society and work to devise risk management and risk transfer solutions that render tomorrow’s world insurable. Our recipe for success: we anticipate risks early on and deliver solutions tailored to our clients’ needs, creating opportunities to achieve sustained profitable growth.

The Opportunity

Future focused and always one step ahead

The Surety Production Underwriter will be responsible for the profitable underwriting of all treaty and facultative business and coordinating underwriting and marketing activities on new and renewal opportunities in conjunction with risk appetite and the client strategy for the Credit & Surety Division.

At Munich Re, 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.

Requirements

• Profitably underwrite and price all treaty, special acceptance, and facultative business in accordance with corporate and divisional guidelines and strategies independently and also under the supervision of more senior underwriters. Coordinate activities with Client Management.
• Underwrite new and renewal treaty business in accordance with underwriting authority, including all tasks associated with risk and coverage analysis and pricing, and provide recommendations for proposed terms independently.
• Determine pricing, terms and conditions, including the design of reinsurance structure, in conjunction with pricing analyst and actuaries
• Assist the Claims department with analysis of, and decision-making on, reinsurance claims.
• Primary point of contact within MRUS for assigned clients within the Credit & Surety department.
• Provide guidance and direction on portfolio development and management consistent with corporate risk appetite.
• Provide input in development of market-analytics and product/portfolio management tools in conjunction with the relevant internal departments (IT, marketing, digital solutions, etc.) where appropriate.
• Develop enhanced technical product and underwriting expertise with respect to Credit & Surety line of products.
• Provide responsive service on all broker and client requests and conduct in-person and virtual client visits in support of broader marketing strategy.

• Review contract and endorsement wordings and ensure accuracy, in conjunction with contract writers.
• Actively undertake underwriting file reviews (whether in-person or virtually), and provide audit reports, as required.
• Provide input on or develop client strategies, where applicable.
• Analyze and monitor account experience and provide guidance on any emerging issues.
• Develop advanced proficiency in the use of Munich Re pricing models and other risk evaluation models.
• Develop strong market presence by being active in broker marketing and industry meetings.
• Develop enhanced technical product and underwriting expertise with respect to primary insurance market and products.
• Work collaboratively with colleagues in other functional areas and across the Group, share knowledge by participating in, or leading, line of business monitoring and business development activities.
• Lead, or assist in, projects related to the development and implementation of underwriting strategy for Surety lines
• Maintain underwriting responsibility for key accounts

Qualifications

• Bachelor's degree in Business, Economics, Actuarial Science, Accounting or related field or equivalent work experience required. Advanced degree, CPCU, ARe preferred.
• At least 5-10 years of experience in (re)insurance, with 5+ years of surety related underwriting, preferably within primary U.S. Surety.
• In-depth knowledge of primary Surety and reinsurance principles and procedures preferred.
• Thorough knowledge of financial statements and financial analysis.
• Ability to explain complex transaction structures to both technical and non-technical audiences.
• Strong interpersonal and social skills as well as strong negotiation, communication and presentation skills;
• Proven strong risk selection skills.
• Understanding of accounting, finance and actuarial concepts;
• High level of actuarial understanding and demonstrated competency using pricing tools;

• High level of (re)insurance contract (terminology) understanding and ability to develop alternative clauses where necessary;
• Experience in leading cross-functional projects;

At Munich Re, 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.