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Underwriting
- Underwrite relevant risks, (foreign book renewals and syndicate lead business when required) exercising judgement in all underwriting matters, and remain aware of own underwriting limits as set out on the Binding Authority Agreement, all in accordance with Underwriting business plan;
- Focus on expanding marine liability business in a profitable manner
- Conduct and develop effective relationships within Lloyd’s, both with peers and with Brokers, with a view to securing new business that falls within the Munich Re Syndicate portfolio, specifically the risks underwritten by your team.
Management Reporting
- Support Class underwriter in London to calculate quarterly Realistic Disaster Scenario (“RDS”) reporting;
- Provide Analytical Support as follows:
- Monitor underwriting performance. As a minimum, this includes; gross/net premium, claims paid/outstanding/incurred and loss ratio
- Assess and report on underwriting market conditions and the likely impact to the current business plan
- Ensure that Written/Anticipated premium is in line with Booked premium.
Compliance
- Ensure that company procedures and systems are followed and maintained, as per procedures and compliance manuals.
- Ensure that underwriting takes place within the agreed authority criteria, otherwise to obtain authorisation from the Class underwriter in London.
- Ensure that all contract certainty issues are addressed for all relevant risks;
- Ensure that all rules and regulations, as prescribed by the MAS and Lloyd’s are complied with, especially those relating to the underwriting function.
Administration
- Review slips and/or other information/literature, exercising own judgment to ensure the Marine Liability and Specie risks’ accounts remain within Underwriting business plan and adheres to authority limits.
- Perform an independent and objective peer review function for other underwriting classes;
- To liaise with and provide assistance (when required) to Finance department in respect of credit control, to ensure the timely recovery of premiums due and outstanding
You are required to comply with following conduct rules:
• Acting with honesty and integrity at all times
• Acting at all times with due care, skill and diligence
• Being open and honest with the regulators at all times
• Always paying due regard to the interests of customers and always treat them honestly and fairly
• Observing proper standards of market conduct at all times
• You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively
• You must take reasonable steps to ensure that the business of the firm for which you are responsible complies with the relevant requirements and standards of the regulatory system
• You must take reasonable steps to ensure that any delegation of your responsibilities is to an appropriate person and that you oversee the discharge of the delegated responsibility effectively.
• You must disclose appropriately any information of which the regulators would reasonably expect notice
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- Strong knowledge and understanding of:
- Underwriting a marine liability account, including applicable risks, wordings, and clauses
- Marine liability risks
- Insurance Legal Principles;
- MAS and Lloyd’s rules and regulations including contract certainty issues;
- All company specific procedures that relate to own role and role of those employees that you are supervising;
- Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Company
- Develop and maintain market awareness;
- Willingness to continue to develop knowledge of products, underwriting and related issues through formal and informal learning, both internally and externally to the firm.
- Be aware of the potential risks facing the business within own job role and the controls that are in place to mitigate them; and report all significant changes in these risks, or the effectiveness of controls, to your line manager in a timely manner.
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