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Corporate Underwriting Specialist - Property

Munich Re

Munich Re

New York, NY, USA
Posted on Monday, July 1, 2024

Corporate Underwriting Specialist - Property

Company
Munich Re America
Location
New York , United States

Title: Corporate Underwriting Specialist - Property

*This position will need to be based out of our NYC office in our hybrid structure.

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.

The Insurance Operations

Munich Re Specialty North America provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners. Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients’ needs. We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.

Munich Re Specialty North America is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. For more information on Munich Re Specialty North America, including licensing, regulatory-required, and other information on the operating companies, visit https://www.munichre.com/us-non-life/en/general/munich-re-specialty-insurance-disclosures.html.

The Opportunity

The corporate underwriting specialist is responsible for the oversight, monitoring and steering of all Property lines of business in support of the Munich Re Specialty North America Corporate Underwriting Office. Ensure the quality of Property underwriting and manage all accumulation potentials across the Business Unit.

In this position you will:

  • Enable the success of our underwriting teams by incorporating and maintaining consistent guidelines/standards, reducing friction in the underwriting process, and ensuring underwriting discipline across and within our suite of products.

  • Support business plan execution while stressing bottom line profitability.

  • Support the Head of Property in various aspects of Underwriting Governance portfolio steering and ESG initiatives.

  • Develop, research, introduce & pursue high level Underwriting Strategy/Appetite.

  • Manage underwriting referrals in a timely fashion, review and approve underwriting authority, and handle dispensations where necessary.

  • Handle various tasks related to catastrophic perils, including risk evaluation, risk selection, underwriting, pricing, loss mitigation and accumulation controls.

  • Lead or participate in occasional special projects related to Property/Cat.

  • Participate in occasional IT/Data/operational projects related to Property and Catastrophe as needed.

  • Contribute to the design and implementation of underwriting training, regular exchanges, due diligence reviews and portfolio monitoring/steering tools, including follow-up actions.

  • Participate in the planning and execution of formal and informal underwriting audits reviews both internally and with our external partners (MGA’s, Cover holders)

  • Represent Corporate Underwriting on topics related to Property and Inland Marine (Builders Risk) as well as related coverages (e.g. NatCat, CBI, silent cyber, terrorism).

Successful candidates will possess the following experience/skills/qualifications:

  • Significant depth of underwriting expertise developed over 7+ years of insurance or reinsurance experience. Advanced insurance certification preferred.

  • In-depth knowledge of the Commercial Property line of business, including policy wording and structure, legal and regulatory topics, underwriting process & guidelines, and strategic principles.

  • Working knowledge of standard and non-standard, single risk and portfolio business experience, preferred in areas of Public entities, MGA/Program & E&S business. Desire to contribute to innovative product development and experience in development of new products

  • Working knowledge of shared and layered business including excess of loss business.

  • Understanding of catastrophe related topics, ranging from risk selection, underwriting, pricing, Cat modeling interpretation to accumulation management.

  • Desire to contribute to innovative underwriting and pricing approaches, creation of accompanying underwriting guidance including product development.

  • Proficiency in Microsoft Office suite; Excel skills required and Power BI preferred

  • Strong communication skills and an eagerness to work with others in order to find solutions

  • Time management and organizational skills are critical

The salary range posted below applies to the Company’s NYC locations.

The base salary range anticipated for this position is $150,300 - $220,400 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. 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, 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.