Assistant Underwriter, Liability

Munich Re; London; On-site; GBP 30,000 - 45,000; Full time

Job summary

A leading company in the specialty insurance market seeks an Assistant Underwriter to join their London office. This role involves managing Liability portfolios and ensuring adherence to regulatory compliance while facilitating strategic business objectives. Ideal candidates should have relevant experience in Liability insurance and knowledge of market regulations.

Benefits

Critical illness insurance

Life Assurance

Permanent Health Insurance

Wellbeing and Development Scheme

Health Assessments

Electric Vehicle Salary Sacrifice Scheme

Study & Professional Development Support

Qualifications

• Experience in Liability (Marine, Energy & Marine Property)
• Knowledge of FCA and PRA regulations
• Understanding of the Lloyd's insurance market

Responsibilities

• Assist in the management of the Liability portfolio.
• Underwrite new and renewal Liability accounts.
• Support data entry of Liability risks and monitor premium income.

Skills

Insurance Principles

Legal Principles

FCA regulations

PRA regulations

Lloyd's market knowledge

Job description

About us

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, supported 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, enabling them to achieve their individual goals.

We are currently looking for an Assistant Underwriter to join us full-time at our London office, reporting to the Group Head of Liability.

The ideal candidate will have proven experience in Liability (Marine, Energy & Marine Property).

You will assist Liability Underwriters in the prudent underwriting of Marine and Energy Liability (including Marine Property) business, aligning with the business plan to maximize profit while maintaining the company's reputation and integrity, demonstrating care for customers and respecting regulatory obligations.

Responsibilities:

1. Assist in managing the Liability portfolio, including performance monitoring, referrals, bordereaux management, rate adjustments, claims trends, reviews, underwriter visits, and audits; referring to Underwriters and the Group Head of Liability when appropriate.
2. Support the underwriting of new and renewal Liability accounts, exercising judgment within your underwriting limits as per the Underwriting Authority sheet, in line with the business plan; referring to relevant managers as needed.
3. Ensure accurate and timely data entry of all Liability risks following Syndicate procedures.
4. Develop effective relationships with Coverholders and Brokers to strengthen existing trading relationships and secure new business within the business plan.
5. Review slips, endorsements, and other placing documents with colleagues to ensure compliance with the business plan.
6. Review rate structures, quote engines, pricing tools, underwriting guides, and policy documents to ensure appropriateness for the portfolio.
7. Monitor written and signed premium income regularly.
8. Price and monitor facultative business and binders.
9. Undertake peer reviews as per the peer review process.
10. Monitor exposures and aggregates to ensure acceptances are within limits.
11. Provide data and reports for team and business meetings.
12. Participate in team meetings and external meetings with brokers and other stakeholders.
13. Follow company procedures and compliance standards.
14. Monitor renewal reports and follow up on outstanding renewals.
15. Support the manager with strategic initiatives.
16. Perform any other ad-hoc tasks as directed by the team.

Knowledge and Skills

Understanding of:

• Insurance principles
• Legal principles
• FCA, PRA, Lloyd’s rules and regulations, including conduct risk and contract certainty
• Lloyd’s market operations
• Delegated property business

Additional skills include:

• Understanding of company procedures related to the role
• Awareness of colleagues' roles and business structure
• Willingness to develop knowledge through learning
• Awareness of risks and control measures in the role, reporting significant changes to management

Diversity, Equity & Inclusion

We foster innovation and resilience through diversity and inclusion, recognizing the multi-dimensional and intersectional nature of diversity. We aim to build a workforce that reflects a wide range of backgrounds and identities, and we are committed to an equitable and inclusive environment where everyone can succeed.

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

Our Approach to ESG

Our ESG strategy supports business opportunities and a stimulating, inclusive workplace. We focus on environmental, social, and governance topics, supporting community initiatives and volunteering opportunities.

• Critical illness insurance, Life Assurance, Permanent Health Insurance
• Wellbeing and Development schemes, EAP, Health assessments (subject to eligibility)
• Electric Vehicle Salary Sacrifice Scheme
• Support for professional development and studies