Insurance Programs Underwriter

Insurance Programs Underwriter

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Welcome to Munich Re Specialty - North America, a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk management expertise to our partners and customers. As a trusted industry expert, we offer a broad range of comprehensive and customized solutions, including casualty, professional lines, property, surety, and public entity coverages. With the financial strength and global resources of our A+ Superior (A.M. Best) rated organization, we provide unmatched stability and reliability. Our team is committed to superior service levels, a distinctive approach to specialty solutions, and a deep understanding of the complex risks our clients face. Join our team and be part of a dynamic and experienced organization that is shaping the future of specialty insurance in North America.

The Opportunity

Future focused and always one step ahead!

This is a senior underwriting position and we are looking for a person well versed in the property and casualty space. Reinsurance knowledge/experience would be a plus.

As a member of our Programs underwriting team, this role is responsible for management and administration of insurance programs written through MGA’s, including production, underwriting, monitoring, and servicing the business to achieve profitability goals.

Key to the achievement of our goals to become a digital enterprise which leverages data analytics to make decisions about current and future risks, you will be empowered and expected to support and add to our culture of innovation and our data-driven vision for the future.

Responsibilities

In this position you will:

• Underwrite and monitor various lines and classes of insurance program business while achieving profitability targets
• Maintain professional relationships with existing or prospective clients, including MGAs, brokers, fronting carriers, captive managers, etc.
• Develop new or potential program business clients, including cultivating current and prospective client relationships, understanding their business needs, and performing initial vetting of opportunities
• Develop monitoring program/schedule to administer existing insurance programs, which includes results monitoring, audits, referrals, and program expansion
• Establish/maintain production/underwriting strategies for assigned programs
• Possess a clear understanding of our underwriting guidelines and pricing guidelines; maintain an in-depth knowledge of all tools and models used in the underwriting process; maintain compliance with Corporate Underwriting (CU) and Divisional underwriting guidelines
• Handle individual risk referrals within underwriting authority, as appropriate
• As directed, serve on “ad hoc” committees to provide input and assistance to management, i.e., Line of business expert groups
• Participate in the development of policy/contract language, underwriting guidelines, and rating plans
• Collaborate with actuarial colleagues to develop rating plans and pricing tools when necessary

Qualifications:

Successful candidates will possess the following experience/skills/qualifications:

• Bachelor’s degree
• Minimum ten (10) years of Property and Casualty Underwriting experience
• Insurance carrier underwriting experience in MGA program business preferred
• Ability to independently lead multi-disciplinary teams including claims, financial, actuarial, operations and legal disciplines who participate as key stakeholder and team members on program business
• Proven analytical and problem-solving skills.
• Strong technical aptitude in general liability and property risks
• Strong analytical abilities including mathematics and statistical concepts
• Experience managing projects and teams in non-direct reporting relationships
• Excellent negotiation skills
• Superior communication skills
• Effective time management and project management skills related to evaluation of new insurance programs and their in-force management
• Strong working knowledge of Microsoft suite of products, especially Excel
• Entrepreneurial spirit and a solutions-based approach with the ability for complex problem solving and the desire to be part of an evolving data driven organization
• Willingness to travel (~ 25%) for client and prospect visits, conferences, audits, etc.

The Company is open to considering candidates in numerous locations, including New York City (NY), Princeton (NJ), Philadelphia (PA), and Chicago (IL). The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.

The base salary range anticipated for this position is $138,400-$230,700, plus opportunity for company bonus based upon a percentage of eligible pay.  In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO). 

The salary estimate is adjusted to reflect the varying market conditions across different locations, with the with the higher end being more aligned with the NYC job market. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:

• Two options for your health insurance plan (PPO or High Deductible).
• Prescription drug coverage (included in your health insurance plan).
• Vision and dental insurance plans.
• Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
• Short and Long Term Disability coverage.
• Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
• Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).

In addition to the above insurance offerings, our employees also enjoy:

• A robust 401k plan with up to a 5% employer match
• A retirement savings plan that is 100% company funded.
• Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
• Eligibility to receive a yearly bonus as a Munich Re employee.
• A variety of health and wellness programs provided at no cost.
• Paid time off for eligible family care needs.
• Tuition assistance and educational achievement bonuses.
• A corporate matching gifts program that further enhances your charitable donation.
• Paid time off to volunteer in your community.

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.   

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.