Title:  Assistant Underwriter, Political Risk & Credit

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, Political Risk & Credit

We are currently looking for an Assistant Underwriter to work with us on a full-time basis in our London office, reporting into the Senior Political Risk & Credit Underwriter.

You will provide administrative and technical services and support to the Political Risk & Credit team and assist with the prudent underwriting of quality business to facilitate maximum return of profit, while maintaining the firm’s reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the firm. 

Responsibilities:

• Underwrite relevant risks, exercising judgement in all underwriting matters, and remain aware of own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with Underwriting business plan;
• Conduct and develop effective relationships within Lloyd’s, both with peers and with Brokers, with a view to securing new business that falls within the Munich Re Syndicate portfolio, specifically the risks underwritten by your team.
• Monitor recording of all reporting information as follows:

1. Support Class underwriter in the calculation of quarterly RDS;
2. Maintain full audit trail for all the above in line with Firm’s procedures manual.

• Provide Analytical Support as follows:

1. S2000 – risk entry report production using MS Excel;
2. Provide management reports as and when required.

• Review slips and/or other information/literature, exercising own judgment, based on knowledge and experience, acting within own limits of authority and referring to Class Underwriter or other senior colleague when appropriate
• Make written records of all conversations with customers, both internal and external, in accordance with the firm’s procedures manual.
• Ensure that company procedures and systems are followed and maintained, as per procedures and compliance manuals.
• Ensure that all contract certainty issues are addressed for all relevant risks;
• Review and administer existing contracts and make amendments in line with the firm’s underwriting philosophy;
• Monitor recording of risk entry and amend where appropriate;
• Ensure that Peer Review Group see appropriate information and respond to PRG queries relating to own/Class Underwriter’s business;
• Attend client/broker meetings, taking minutes when required.
• Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.

Knowledge and Skills

Intermediate (Level 3) knowledge and understanding of:

• Underwriting Principles;
• Legal Principles;
• Economics and Financial 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;

Basic knowledge and understanding of:

• Credit
• Political Risk
• Political Violence

• Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Company
• Develop and maintain market awareness;
• Willingness to continue to develop knowledge of products, 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