Title:  Underwriting Oversight Manager for Single Risks Business (m/f/d)*

Great Lakes Insurance SE (Great Lakes) is the specialty insurance solution provider for the Munich Re Group. Great Lakes offers market access, primary insurance operations and expertise to the Munich Re Group. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy and Australia, as well as a newly formed subsidiary in the UK.

We are seeking an experienced and qualified individual to join our dynamic team at Great Lakes.  The role will operate within a newly formed division for 2024, reporting to the new Head of Single Risks and Branch Retro Underwriting. 

UW Oversight is a fundamental core function for Great Lakes due to the nature of its business model operation (facilitator for MR Group activities).  In order to continue to offer innovative products, risk solutions and services, as well as support the creation of this new division, we need to expand our team with a further Underwriting Oversight Manager. 

The role will be to act as an interface between Great Lakes‘ Single Risks and Branch Retro Underwriting Oversight function and the business unit(s) of the Munich Re Group in an oversight function where the business units provide underwriting services on behalf of Great Lakes. The role will be part of a growing Underwriting Oversight team within this new division and will be responsible for overseeing / monitoring all Single Risks underwriting activities and controls that are performed by all stakeholders in a transparent, effective and efficient manner.  .

The ideal candidate should have an understanding of underwriting principles, risk management, and regulatory requirements, as well as experience working with development, approval, monitoring and management of Single Risks business.

Your Job

• Be part, support the underwriting oversight function on all underwriting oversight activities (insourced / outsourced) within the Single Risks division
• Conduct the overseeing of all UW outsourced activities and controls over the value chain (underwriting/ pricing/wording/policy admin/budget monitoring/regulatory reporting/etc… )
• Conduct the measurement of the efficiency and effectiveness of the underwriting oversight framework
• Perform the assessment of adequacy of underwriting processes and controls in order to keep underwriting operational risks within risk appetite level and, at the same time, meet regulatory requirements
• Organize and set up periodical performance review of the business unit(s) performing underwriting services of behalf of Great Lakes (including the follow-up and closing of arsing actions)
• Collaborate with Great Lakes stakeholders and outsourced parties to review/ redesign underwriting oversight activities
• Develop and regularly produce reports on Underwriting performance for senior management, and internal and external stakeholders.

Your Profile

• Successfuly completed degree in Accounting, Finance, Business/Administration, Economics
• Experience in Underwriting, Audit, or Operational Risk Management will be considered an asset.
• Ideally, knowledge of Munich Re Group organisation
• Strong communication skills and ability to interact in Group project teams and cross-divisional project teams in a dynamic environment
• High level of motivation, commitment, responsibility and willingness to learn
• Passion to strive for Great Lakes underwriting oversight  goals together with a diverse set of stakeholders
• Very good command of Business English

Application Instructions

In order to consider your application, we require your application to be submitted via our online applicant portal. In addition to uploading your CV, we recommend writing a cover letter to tell us more about why the position 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
Vesselina Markova • HR Consultant
Königinstraße 107 • 80802 München • GERMANY