Coverholder Oversight Analyst
London, LND, GB
Munich Re Speciality North America is a leading expert in understanding and connecting US coverholders and brokers to flexible and innovative insurance solutions. We are also a registered Lloyd’s Broker. As a wholly owned subsidiary of Munich Re, we have access to the expertise, products and risk appetite of one of the largest and most successful insurance groups in the world.
We are specialists in offering expertise in underwriting, broking and capacity management for US Excess and Surplus (E&S) lines insurance solutions. The unique combination of broking and underwriting divisions provides the ability to quote and bind risks through inhouse binding authorities, while providing customers with access to Lloyd’s, London Market companies, and Munich Re owned capacity in Germany and the US.
Why Join Us?
We are a responsible employer, with a reputation for innovation and adding value in the insurance distribution chain. As a wholly owned subsidiary of Munich Re, we have access to the expertise, products, risk appetite and career development opportunities of one of the largest and most successful insurance groups in the world. As our business continues to grow, we are committed to expanding our team and provide development opportunities to ensure we are always supporting our people in their career journey. Our talent pool makes us who we are, and our inclusive culture means we are looking to continue to build our team with broad expertise, diverse backgrounds, and ambitious employees. Being part of Munich Re Specialisty North America provides access to multiple health and wellbeing benefits, work-life balance initiatives (including hybrid working), financial wellbeing packages as well as training, development and career opportunities.
Purpose of This Position:
To assist with the smooth running and control of the Coverholder Oversight team within the Technical Department, with particular attention being made towards the points detailed below.
Duties & Responsibilities:
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Prepare and deliver regular reports to multiple B&C boards and committees to include reporting delays, audit reports and findings.
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To deputise at several committees and groups.
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To help complete Lloyd's Atlas Coverholder applications.
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To help complete post-approval changes in Atlas, including new classes of business, Atlas relationships, important staff, ownership/name changes etc.
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Complete due diligence checks before a delegated authority renewal, ensuring the annual compliance is not due, E&O/PI, financials and licences are current, and that there are no outstanding audit recommendations.
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Communicate with Coverholders to maintain the necessary compliance information to ensure B&C remains compliant with its own obligations under its delegated authority agreements with insurers and different regulatory bodies.
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Assist with the oversight of existing Coverholders to ensure they remain compliant with insurer requirements for approval, including assisting in the completion of annual compliance tasks and obtaining annual attestations from Coverholders as they fall due with Lloyd's, GLISE or other insurers.
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To oversee the control and negotiation of the scheduling and management of external audits of B&C's sub-delegated Coverholders and TPAs.
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To report from the MRS-NA audit tool (GLOW system) Power BI reporting suite.10. To take ownership of the audit recommendations for Coverholders that have been allocated to you and ensure their closure, escalating issues where necessary.
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To embrace and actively implement the core principles of Continuous Conversations (Commitments, Feedback and Development) as part of daily activities and with other colleagues.
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Take ownership of and make personal and professional development a priority as part of Continuous Conversations.
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In line with Continuous Conversations, establish and achieve development aspirations and needs through the setting of commitments and giving and receiving frequent, constructive feedback (referring to resources provided for support).
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To abide by the policies and procedures of Bell & Clements Ltd.
Desired Skills & Experience:
- Previous Coverholder auditing experience.
- Knowledge of the business productts
- Meets deadlines, motivates themselves and has a “can do” approach
- Ensure clients are provided with a professional and compliant service
- Can communicate effectively
- Organised and can prioritise tasks.
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.