Title:  Credit Rating Specialist (m/f/d)*

The Credit Risk Management team is responsible for the management of Munich Re’s credit risks. This includes the development of the group-wide credit risk strategy and, more specifically, all credit risk management activities arising from investments, external retro and reinsurance placements, and reinsurance transactions that give rise to credit risk exposures, i.e. credit (re)insurance business or financially motivated reinsurance (FinMoRe). To achieve our goals, we work in close collaboration with other reinsurance departments, other risk management and investment management units as well as with our primary insurance group ERGO and asset manager MEAG.

Your Job:

You will work independently or as part of a team on credit risk management topics or provide support in processing these topics.

• Establishment, maintenance and further development of efficient risk management processes for  the US mortgage risk insurance business with Fannie Mae and Freddie Mac and the insurance of structured Basel Capital Relief Transactions of European banks (so-called synthetic securitization transactions under the Basel III framework) which both belong to the credit (re)insurance segment:

• Defining the risk strategy and the underwriting mandate and maintaining and updating relevant underwriting guidelines and best practices
• Analyzing and documenting pricing models and approaches to derive the Solvency II capital requirements
• Surveillance of the in-force portfolio
• Monitoring of relevant markets and regulatory developments.
• Ensuring adequate accumulation control processes
• Participating in underwriting reviews

• Further development of the credit risk strategy of the Munich Re Group:

• Updating existing and creating new content of the ORSA (Own Risk and Solvency Assessment) Report
• Contributing board submissions
• Taking over reporting as well as data preparation and analysis tasks and the maintenance and further development of risk management risk management data bases

• Managing credit risk exposure arising from external reinsurance or retrocession

• Maintaining and updating relevant norms
• Supporting the accumulation control processes
• Collaboration in the planning, design and implementation of a new IT tool for accumulation control purposes

Your Profile:

• University degree, ideally in economics, mathematics, business administration or a comparable field
• First experience in underwriting or risk management in the (re)insurance industry or in trading or structuring in a bank
• Understanding of fixed income and structured products (ABS, CLO, RMBS, CMBS) and experience with structured credit risk transfer products is a plus
• Conceptual skills and the ability to think in solutions
• Independent and responsible approach to work
• Ability to integrate and manage perspectives of different stakeholders in the development of one solution
• Good analytical skills and distinct ability to explain and present complex issues in a clear and simple way
• Very good command of English (written and spoken)
• Programming skills (MATLAB, VBA, Python, R) are a plus

Application Instructions

Please apply through our online portal and upload your CV, as well as your academic reference letters, including school certificates, graduation certificates and transcripts of record for any degrees. If applicable, please also submit reference letters from any previous employers or certificates from any other qualifications you may have. We recommend writing a cover letter to tell us more about why the position and Munich Re is of interest to you.

About us

As the world's leading reinsurance company with more than 11,000 employees at over 50 locations, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into a manageable risk we enable fundamental change. Join us working on topics today that will concern society tomorrow, whether that be climate change, major construction projects, medical risk assessment or even space travel.

Together we embrace a culture where multiskilled teams dare to think big. We create the new and the different for our clients and cultivate innovation.

Sounds like you? Push boundaries with us and be part of Munich Re.

Our employees are our greatest strength. That’s why we offer them a wide range of benefits. You can find some examples below.

Unlock your potential

• Diversity, Equity & Inclusion: we embrace the power of differences and are convinced that diversity fosters innovation and resilience and enables us to act braver and better.
• Continuous Learning: we believe that continuous learning is a key differentiator and critical for building new skills and accelerating growth.
• Career Mobility: we actively support career mobility, and our strong global and regional presence offers a wealth of career growth opportunities for you.

Rewards & Recognition

• Competitive salary: appropriate compensation for your high level of commitment.
• Retirement provision: state of the art in-house pension solutions.
• Work-life balance: promoting the compatibility of family and work in addition to overall work-life balance.
• Health management: focus on your physical and mental health far beyond legal requirements.
• Hybrid working: living the best of both worlds – we offer you a very flexible approach as well as the opportunity to work from abroad on an occasional basis.

* Munich Re not only stands for fairness with regard to its clients; it is also an equal opportunities employer. Severely disabled candidates will also be prioritized, if equally qualified. 

Münchener Rückversicherungs-Gesellschaft
Katharina Schlechter

HR Consultant