Assistant Underwriter, Green Solutions

Munich Re; London; On-site; GBP 35,000 - 55,000; Full time

Job summary

An established industry player is seeking a dedicated Assistant Underwriter to join their London team. This full-time role involves prudent underwriting of quality business, providing high-quality administrative support, and ensuring compliance with regulatory standards. You will play a crucial role in delivering the business plan while safeguarding the company's reputation. The ideal candidate will possess a solid understanding of insurance principles and FCA regulations, with a commitment to ongoing learning. Join a supportive environment that values diversity and fosters professional development, making a significant impact in the insurance sector.

Benefits

Critical Illness Insurance

Life Assurance

Permanent Health Insurance

Wellbeing and Development Schemes

Electric Vehicle Salary Sacrifice Scheme

Support for Professional Development

Qualifications

• Understanding of insurance principles and FCA regulations.
• Commitment to ongoing learning about policies and related issues.

Responsibilities

• Underwrite and service Green Solutions risks.
• Provide analytical support, including risk entry and report generation.
• Monitor and update risk entry records as necessary.

Skills

Insurance Principles

FCA Regulations

Analytical Skills

MS Excel

Risk Management

Education

Degree in Finance or Business

Tools

S2000

Qlikview

Exact System

Job description

About us

At Munich Re Specialty – Global Markets (MRS-GM), our ambition is to become the leading Primary Specialty Insurance provider through an effective and adaptable strategy, superior products, and industry-leading professionals working in a supportive environment.

Our success is rooted in a strong culture where people are encouraged to be present, bold, and curious, enabling them to achieve their individual goals.

We are currently seeking an Assistant Underwriter based in London on a full-time basis, reporting to the Head of Renewables.

You will be responsible for the prudent underwriting of quality business aligned with our business plan to maximize profits while safeguarding our reputation and integrity, demonstrating care for customers and respecting regulatory obligations.

Your role also includes providing high-quality administrative support to the Green Solutions underwriting team, ensuring compliance with regulatory standards.

Responsibilities:

1. Assist in delivering the agreed business plan.
2. Underwrite and service Green Solutions risks, exercising judgment within your underwriting limits as specified in the Underwriting Authority sheet, in accordance with the business plan.
3. Maintain records of all material conversations with customers, internal and external, following company procedures.
4. Ensure adherence to company procedures and systems, as per compliance manuals.
5. Monitor and update risk entry records as necessary.
6. Review daily claims reports.
7. Coordinate with the Peer Review Group for appropriate information sharing and responses.
8. Provide analytical support, including risk entry and report generation using MS Excel, S2000, and Qlikview.
9. Supervise and assist Underwriting Assistants in monitoring income flows such as late premiums and adjustments.
10. Generate management reports as required.
11. Benchmark pricing and monitor rates across accounts.
12. Assist with aggregation data entry on the ‘Exact’ system and collaborate with the exposure management team, ensuring compliance with syndicate requirements.
13. Support Underwriting Assistants and perform ad-hoc tasks as needed.
14. Promote good conduct to deliver optimal outcomes for customers and policyholders.
15. Understand escalation processes and responsibilities related to conduct risk management, reporting significant risks or control issues to your manager.

Knowledge and Skills:

• Understanding of insurance principles, legal principles, and FCA regulations, including contract certainty.
• Familiarity with company-specific procedures related to your role.
• Commitment to ongoing learning about policies and related issues.
• Market awareness and understanding of potential risks and mitigation controls.

Diversity, Equity & Inclusion

Munich Re values diversity and inclusion, recognizing their importance in fostering innovation and resilience. We aim to build a workforce that reflects a wide range of backgrounds, identities, and experiences, ensuring equitable opportunities for all.

Candidates can request reasonable adjustments during the recruitment process by contacting their Talent Acquisition representative.

Our commitment to sustainability and development

Our ESG approach focuses on seizing business opportunities and fostering an inclusive, sustainable work environment. We support community initiatives and volunteering opportunities for our colleagues.

• Critical illness insurance, life assurance, and permanent health insurance.
• Wellbeing and development schemes, including EAP and health assessments (subject to eligibility).
• Electric Vehicle Salary Sacrifice Scheme.
• Support for professional development and continuing education.