Title:  Underwriting Assistant

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.

Underwriting Assistant, Surety Bond & Guarantee Specialist

We are looking for an Underwriting Assistant to be based in Spain, Madrid on a full time permanent basis. This role is central to the development and delivery of Munich Re’s Surety operations in Spain.

The Surety Bond & Guarantee Specialist will support the Surety underwriting team by managing the full lifecycle of bonds and guarantees—from issuance to cancellation—ensuring compliance, operational excellence, and superior client service. The role combines technical underwriting support with strategic and administrative responsibilities, contributing to the growth of a new and dynamic business line.

Responsibilities 

• Set up brokers and clients in internal systems, performing KYC, sanctions, and AML checks
• Conduct ESG assessments on clients and projects in line with internal guidelines.
• Collect, update, and maintain client and broker documentation in compliance with regulatory and internal standards.
• Support the setup of guarantee facilities based on underwriter analysis.
• Review and validate bond request forms, authorized signatories, and ensure alignment with facility terms.
• Create and review bond wordings, ensuring consistency with underwriting intent and legal standards.
• Review public tender documents to assess bond requirements and risks.
• Capture, issue, and amend bonds and guarantees in underwriting systems, ensuring necessary approvals are obtained.
• Manage the signing and delivery process, including handling of wet signatures when required.
• Register bonds in SECAD, SEDA, and other applicable regional systems.
• Assist in obtaining and managing “Bastanteos” for bond issuance.
• Administer collateral, including system uploads and accurate data entry.
• Maintain a comprehensive and accurate database of all active guarantees and bonds, including terms, expiration dates, and associated risks.
• Ensure diligent documentation and storage of all relevant information for audit readiness and internal reviews.
• Provide support during internal and external audits related to guarantees and bonds.
• Handle end-to-end invoicing processes, including remittances, refunds, and reconciliation of broker statements.
• Resolve reconciliation issues and maintain up-to-date financial and operational reports.
• Create meaningful monthly reports that contribute to strategic decision-making and business insights.
• Act as a key point of contact for clients and beneficiaries throughout the bond lifecycle.
• Collaborate with internal stakeholders such as underwriting, finance, and compliance to ensure seamless operations and service delivery.

Knowledge and Skills

• Experience with bonds, SBLCS and guarantees in a bank or insurance company
• Knowledge of Spanish bond & guarantee wordings as well as Bastanteos is a plus
• Excellent experience in processing and issuing bonds, guarantees or SBLCs
• Knowledge of URDG & ICC guidelines are a plus
• Basic knowledge and understanding of guarantee business.
• Basic knowledge on sanctions and AML procedures, commercial and company law
• Strong skills and experience with Microsoft Office.
• Demonstrates competency in administrative and clerical procedures including diligent handling files and records, and processes for providing excellent customer service
• Ability to work both independently and collaboratively while establishing priorities; ability to handle several tasks in a fast-paced environment
• Full proficiency in Spanish, English and German language (spoken & written); Italian is a plus

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

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!

#BePresent #BeBold #BeCurious