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.
Engineering Underwriter
Responsible for the prudent underwriting of quality business in line with the business plan to facilitate maximum return of profit while maintaining the firm’s reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the firm.
Responsibilities:
- Assist in the delivery of the business plan for the Engineering London Market team.
- Underwrite Engineering & Construction risks, exercising judgement in all underwriting matters, and remain aware of own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with Underwriting business plan;
- Conduct and develop effective relationships with peers, clients, coverholders and brokers in the London Market, with a view to retaining quality business and securing new business that falls within the Munich Re Specialty Group appetite for Engineering
- Provide appropriate technical and training resource to junior members of the team.
- Work collaboratively and engage regularly with the Engineering teams in the Service Companies to ensure adherence to the global product approach of MRSG
- Monitor recording of all aggregate and reporting information as follows:.
- Provide Analytical Support as follows:
- S2000 – risk entry report production using MS Excel; Use of S2000 Ad hoc reporting feature.
- Supervise the Underwriting Assistants in monitoring of income flows (late premiums/adjustments etc) and work closely with the Credit Control team
- Provide management reports as and when required.
- Review slips and/or other information/literature, exercising own judgment, based on knowledge and experience, acting within own limits of authority at all times.
- Make written records of conversations with customers, both internal and external, in accordance with MRSG’s procedures manual.
- Ensure that company procedures and systems are followed and maintained, as per procedure and compliance manuals.
- Review and administer existing contracts and make amendments in line with MRSG’s underwriting philosophy;
Knowledge and Skills
Advanced knowledge and understanding of:
- Underwriting Principles;
- Legal Principles;
- FCA 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;
Intermediate knowledge and understanding of:
- BBB/PI
- D&O and/or Property / Construction or Engineering line of business
- Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Firm;
- Develop and maintain market awareness and continually demonstrate thought leadership
- A levels and/or relevant professional qualification
