Head of Surety Spain

Munich Re Group; Madrid; On-site; EUR 120,000 - 190,000; Full time

Job summary

Munich Re Specialty – Global Markets is seeking a seasoned Head of Surety Underwriting Spain to establish and grow its surety business in Spain. You will shape local strategy, build and lead the underwriting team, and represent Munich Re in the market as we expand our portfolio.

You will work closely with senior stakeholders, drive underwriting discipline, and pursue profitable growth while managing cross- border relationships and regulatory considerations.

Qualifications

• Minimum 10 years’ experience in surety underwriting, credit insurance, or banking.
• University graduate or equivalent education.
• Fluency in English and Spanish; additional European languages (e.g. German or Italian) are a plus.
• Strong knowledge of surety products, financial analysis, and credit risk assessment.
• Proven track record in originating, structuring, and underwriting surety transactions.
• Strong understanding of financial markets, credit risk, and capital instruments.
• Entrepreneurial mindset with the ability to develop tailored solutions for complex client needs.
• Excellent communication, negotiation, and stakeholder management skills.

Responsibilities

• Lead ramp-up of Munich Re’s surety operations in Spain.
• Develop and execute the regional strategy aligned with Munich Re Specialty’s broader global objectives.
• Identify market opportunities and establish Munich Re as a key player in the Spanish surety market.
• Build, mentor, and lead a high-performing underwriting team.
• Represent Munich Re in the market, strengthening relationships with brokers, clients, and industry stakeholders.
• Underwrite complex surety risks and oversee risk analysis and transaction approvals.
• Collaborate with cross-functional teams to ensure seamless service delivery and margin discipline.

Skills

Surety underwriting

Credit risk

Financial analysis

Origination & structuring

Stakeholder management

English & Spanish fluency

Leadership

Education

University graduate or equivalent

Job description

About Us

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.

Head of Surety Underwriting Spain

Munich Re Specialty was formed as a stand-division in 2023 and brings together the wider Munich Re Group’s primary specialty business units. Complementing an already strong presence in the UK and the US, Munich Re Specialty – Global Markets (MRSGM) has been tasked with executing a broader strategy to expand its global footprint across key European markets.

As part of this expansion, we are seeking a Head of Surety Underwriting Spain to establish and grow our surety business in the Italian market.

This is a unique opportunity to play a key role in establishing and growing Munich Re’s surety presence in Spain. As Head of Surety Underwriting, you will shape the local strategy, build and develop the underwriting team, and represent Munich Re in the market as we develop a strong and sustainable portfolio.

Working closely with senior stakeholders across Munich Re Specialty, you will combine entrepreneurial thinking with disciplined underwriting to develop a sustainable and profitable portfolio while positioning Munich Re as a trusted partner in the Italian surety market.

This role will suit a market-facing leader who enjoys building businesses, developing teams, and representing a global brand in a growing specialty segment.

Responsibilities

Business Development & Strategic Leadership

• Lead the ramp-up of Munich Re’s surety operations in Spain.
• Develop and execute the regional strategy aligned with Munich Re Specialty’s broader global objectives.
• Identify and pursue new business opportunities while establishing Munich Re as a key player in the Spanish surety market.
• Build, mentor, and lead a high-performing underwriting team.
• Represent Munich Re in the market, strengthening relationships with brokers, clients, and industry stakeholders.

Underwriting & Portfolio Management

• Underwrite complex surety risks including credit assessments, deal structuring, and risk analysis in line with Munich Re’s underwriting guidelines.
• Lead and support restructuring and claims situations in collaboration with internal and external stakeholders.
• Monitor portfolio performance ensuring underwriting discipline, data accuracy, and profitability.
• Approve transactions within delegated authority or upscale referrals when required.

Strategy & Market Engagement

• Collaborate with the Chief of Staff / Head of Surety Strategy to implement the local surety strategy.
• Identify market trends, opportunities, and emerging risks to support informed underwriting and strategic decisions.
• Monitor competitor activity and contribute to strengthening Munich Re’s market position.

Collaboration & Leadership

• Recruit, mentor, and lead a team of underwriters, fostering a culture of excellence and innovation.
• Work closely with cross-functional teams including claims, legal, compliance, and finance to ensure seamless service delivery.
• Support internal training initiatives and knowledge sharing across the organization.
• Contribute to strategic initiatives and special projects as required.

Knowledge And Skills

• Minimum 10 years’ experience in surety underwriting, credit insurance, or banking.
• University graduate or equivalent education.
• Strong knowledge of surety products, financial analysis, and credit risk assessment.
• Proven track record in originating, structuring, and underwriting surety transactions.
• Strong understanding of financial markets, credit risk, and capital instruments.
• Entrepreneurial mindset with the ability to develop tailored solutions for complex client needs.
• Excellent communication, negotiation, and stakeholder management skills.
• Fluency in English and Spanish; additional European languages (e.g. German or Italian) are a plus.
• Willingness to travel and experience working in international and cross-cultural environments.
• Strong leadership capabilities with the ability to build and develop teams.

If you are motivated to play a key role in building Munich Re’s surety presence in Italy, we would be delighted to hear from you.

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues

Learn more about sustainability at Munich Re – choose your impact!

#BePresent #BeBold #BeCurious