Title:  Assistant Underwriter, Financial Institutions

 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, Financial Institutions  

We are currently looking for an Assistant Underwriter to work with us on a full-time basis in our London office, reporting into the Group Head of Financial Institutions.

You will be responsible for assisting the Financial Institutions Underwriters in underwriting and performance management of the account. The role will also assist Financial Institutions Underwriters in developing and delivering the strategy to achieve profitable growth of the account. In addition the role will assist in making and building relationships with external partners e.g. brokers and coverholders and generating business for the company.

Responsibilities:

• Assist in underwriting new and renewal portfolios, exercising judgement in all underwriting matters, and remaining aware of own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with Underwriting business plan; referring to Group Head of Financial Institutions when appropriate
• Ensure the effective management of the account, including performance, EPI monitoring, referrals, bordereaux management, rate movement, claims trends, regular reviews, underwriter visits and audits; referring to Group Head of Financial Institutions when appropriate
• Conduct and develop effective relationships with Coverholders and Brokers, to both strengthen existing trading relationships and secure new business that falls within the Underwriting business plan
• Discuss new opportunities, deal pipeline and ideas with the wider underwriting and distribution team to ensure knowledge sharing and alignment
• Monitor and analyse the performance of the in-force business, through relevant metrics, noting any deviations from business plan and taking corrective action where necessary
• Assist in embedding a data driven approach to underwriting that incorporates commerciality in order to achieve profitable growth
• Work collaboratively with colleagues in other classes of business to deliver profitable business and avoid potential misalignment
• Work collaboratively with internal stakeholders (Delegated Underwriting, Pricing and Reserving,
• Claims, Capital and Exposure Management) as required
• Assist in strategy setting, business reporting and business planning activities
• Attend and contribute to regular and ad-hoc team meetings, meetings with colleagues within MRSG, and meetings with Coverholders, brokers, suppliers and other entities.
• Actively engage with the market to understand opportunity and market trends
• Collaborate with stakeholders to establish and maintain best practices, standard processes, compliance regulations, and other MRSG policies
• 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.

Knowledge and Skills

• Strong work ethic, with drive and accountability
• Experience within Financial Institutions as a class of business
• Experience in Pricing/Distribution/Exposure Management functions of insurance companies
• Strong analytical, numerical and quantitative skills
• Excellent presentation, prioritization, and time management skills
• Excellent stakeholder management and influencing skills
• Ability to understand complex structures and then clearly articulate these to stakeholders
• Ability to analyse large and complex datasets and make data driven/informed decisions
• Highly computer literate, able to use spreadsheets, databases and learn the use of new systems.
• Capable of developing and maintaining effective cross-functional relationships at all levels.
• Ability to multi-task and manage conflicting priorities in order to meet tight deadlines

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