Assistant Underwriter, Cargo

About us

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.  

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.  

Please see our website for more information.

Assistant Underwriter, Cargo

We are currently looking for an Assistant Underwriter, Cargo to work with us on a full-time basis in our London office, reporting into our Cargo Underwriting Manager.

This role supports Cargo Underwriters in underwriting and performance management, contributing to the execution of strategies aimed at achieving profitable account growth. The position also involves assisting in the development and maintenance of relationships with external partners such as brokers and coverholders, helping to attract quality business to the company.

Key responsibilities include the prudent underwriting of cargo risks to maximize profitability while upholding the firm’s reputation, customer care standards, and regulatory obligations. Integrity, sound judgment, and alignment with the company’s strategic and compliance goals are essential.

Responsibilities:

Underwrite Cargo risks, exercising judgement in all underwriting matters, with due consideration for own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with the syndicate’s business plan; referring to the Cargo Underwriting Manager, when appropriate

• Conduct and develop effective relationships within Lloyd’s, both with peers and with brokers, with a view to securing new and renewal business that falls within the syndicate’s portfolio, specifically Cargo risks;
• Provide analytical support as follows:

1. S2000 – risk entry report production using MS Excel; use of S2000 Ad-hoc reporting feature;
2. Provide management reports as and when required.
3. RMS – data entry to monitor aggregate exposures.

• Review slips and/or other information/literature, exercising own judgement, based on knowledge and experience, acting within own limits of authority and referring to the Cargo Underwriting Manager, London when appropriate;
• Ensure that firm’s procedures and systems are followed and maintained, as per procedures and compliance manuals and instructions;
• Review and administer existing contracts and make amendments in line with the syndicate’s underwriting philosophy;
• Shadow the Cargo Underwriters for client/broker meetings, taking minutes when required.
• Monitor recording of risk entry and amend where appropriate;
• Formulate accurate benchmarking data for each risk to be uploaded into IPF3, with relevant notes and underwriting rationale;
• Weekly review and management of PV exception reports
• Input data into the in-house S2000 underwriting system
• Undertake premium chasing with Brokers when requested
• Transfer underwriting information from documents of all kinds into S2000
• Review and post daily premium closing messages in S2000;
• Review daily claims report;
• Attend the fortnight Cargo Underwriting meeting;
• Ensure that Peer Review Group see appropriate information and respond to PRG queries relating to the Cargo account

Knowledge and Skills

Knowledge required:

• Good knowledge and understanding of:
• Underlying Principles of Insurance;
• Legal Principles;
• FCA and rules and regulations, including contract certainty issues;
• Cargo cover

Basic knowledge and understanding of:

• Of all other classes written by the syndicate
• Demonstrate clear understanding of all company specific procedures that relate to own role and of the roles of colleagues and their relationships to the structure and business plans of the firm.
• Demonstrate willingness to continue to develop knowledge of policies, underwriting and related issues through formal and informal learning, both internally and externally to the firm.
• Be aware of the potential risks facing the business within own job role and the controls that are in place to mitigate them; and report all significant changes in these risks, or the effectiveness of controls, to your line manager in a timely manner.

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. 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.

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.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Learn more about sustainability at Munich Re – choose your impact! 

Benefits

• 25 days Annual Leave + Bank Holidays
• 10% Non-contributory Pension
• Eligibility for an Annual Bonus
• Private Medical + Dental Insurance
• Critical illness insurance + Life Assurance + Permanent Health Insurance
• Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
• Electric Vehicle Salary Sacrifice Scheme
• Study & continuing Professional Development Support
• Hybrid Working + IT Home Set-up Support

#BePresent #BeBold #BeCurious