Senior International Delegated Property Underwriter

Munich Re

  • London
  • Permanent
  • Full-time
  • 1 month ago
At Munich Re Specialty Group (MRSG), individuality and intellectual curiosity is a key driver for our success and innovation. We believe that leveraging a variety of perspectives and backgrounds, and empowering all employees to make an impact, will motivate us to perform at our best and give us a competitive edge. We know there is always more work to be done, but we're committed to building a strong and inclusive culture where everyone is welcomed and valued for their “own expression of self-identity”.About usMRSG is part of the Munich RE group. We are known for our dedication to excellence and quality of service provision across both primary and reinsurance.As well as operating in the Lloyd's of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Singapore, Labuan and Dubai.Our group of companies provide solutions covering Casualty, Marine & Cargo, Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht. Our purpose is to inspire our clients and people with the confidence and freedom to explore, create and build - to enable people and businesses to thrive.Senior International, Delegated Property UnderwriterWe are looking to employ a Senior International Delegated Property Underwriter to be based in London and to work with us on a Full Time basis.If you'd like to work within an energetic, fun and collaborative team atmosphere where you can make difference, we'd love to hear from you.The RoleProvide leadership, management and be responsible for the overall results of the International Property binder book within Global Specialty Insurance and Munich Re Syndicate Limited (MRSL). Ensure prudent underwriting of quality business in line with business plan to facilitate maximum return of profit while maintaining the company's reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the company.What we are looking for
  • Underwrite new and renewal International Property binders, exercising judgement in all underwriting matters, and remaining aware of own underwriting limits as set out in the Underwriting Authority sheet. All in accordance with Underwriting business plan; referring to the Group Head or CUO when appropriate;
  • Ensure the effective management of International Property binders, including performance, EPI monitoring, referrals, bordereaux management, rate movement, claims trends, regular reviews, underwriter visits and audits;
  • Enter relevant risk information into S2000 and other appropriate systems, ensuring compliance and KYC requirements are in order;
  • Conduct and develop effective relationships with cover holders and brokers, to both strengthen existing trading relationships and secure new business that falls within the Underwriting business plan;
  • Conduct and develop effective relationships within Lloyd's and the wider market, with peers and brokers, to keep abreast of market developments that may affect the Syndicate's trading effectiveness;
  • Review slips and endorsements along with other placing information and literature, exercising own judgment to ensure the account remains within the Underwriting business plan;
  • Monitor on a weekly basis the written and signed premium income of the International Property binder account;
  • Monitor on an ongoing basis country aggregates to ensure that acceptances are within agreed limits;
  • Prepare and review information for reinsurers as and when required;
  • Provide supporting data and reports for team meetings, internal and external meetings, and business plans as and when required;
  • Monitor recording of risk entry and amend where appropriate;
  • Assist the Group Head in the oversight and supervision of Underwriters and Underwriting Assistants where appropriate;
  • Shadow Property Group Head for internal and external meetings, deputising where required;
  • Attend, contribute to or chair regular and ad-hoc Property binder team meetings, meetings with colleagues within MRSL, and meetings with cover holders, brokers, suppliers and other entities;
  • Ensure that company procedures and systems are followed and maintained, as per procedures and compliance manuals;
  • Monitor renewal reports and chase outstanding renewal business;
  • Be aware and take ownership of the potential risks facing the business within your own job role and understand the controls that are in place to mitigate them; report all significant changes in these risks, or the effectiveness of controls, to your line manager in a timely manner. In this context risk is the potential for loss or failure to meet business objectives as a consequence of internal or external events;
  • Provide underwriting assistance on other classes of business, as and when required;
  • Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders;
  • Understand all appropriate lines of escalation and the responsibilities of the Product Conduct Risk Strategy Group (PCRSG), Underwriting & Claims Sub Committee (UCSC), ExCo and Board for Conduct Risk;
  • Carry out such other duties as agreed;
  • Ensure that the Peer Review Group (PRG) see appropriate information and respond to PRG queries relating to the property account.
Key Skills & ExperienceAdvanced (Level 3) knowledge and understanding of:
  • Underwriting Principles;
  • Legal Principles; FCA and Lloyd's rules and regulations including contract certainty issues;
  • All company specific procedures that relate to own role and role of those employees that you are supervising;
  • International commercial property business, including liability associated with commercial combined / package business;
  • International Homeowners and HVH business;
Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Firm;
Develop and maintain market awareness.
MS Office PackageQualificationsUniversity Degree and/or relevant professional qualificationYour career with usAt MRSG, you'll find the flexibility, development and support you need to excel your career combined with a competitive salary and a benefits package that promotes wellbeing and work-life balance, on top of the standard features that include a non-contributory pension, private medical care, life assurance and more!Diversity & InclusionCreating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.Working together, we are an employer of choice by building the workforce for today and the future. We make it happen. Together.Push Boundaries. With us. | Munich Re

Munich Re