Assistant Underwriter, Political Risk & Credit

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

Job summary

An international insurance provider is seeking an Assistant Underwriter in London. This role includes technical support for the Political Risk & Credit team, ensuring compliance, underwriting, and building relationships with brokers. Ideal candidates will have an understanding of underwriting principles and regulations, alongside a commitment to diversity and sustainability within the working environment.

Qualifications

• Intermediate understanding of underwriting principles and regulations.
• Basic understanding of credit, political risk, and violence.
• Willingness to develop market awareness and risk management skills.

Responsibilities

• Provide administrative and technical support to the Political Risk & Credit team.
• Underwrite risks and maintain compliance with company procedures.
• Develop relationships with brokers to secure new business.

Skills

Underwriting Principles

Legal Principles

Economics and Financial Principles

FCA and Lloyd’s regulations

Market Awareness

Job description

Assistant Underwriter, Political Risk & Credit

About us

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

We foster a strong culture where people are encouraged to be present, bold, and curious, enabling them to achieve their individual goals.

Position Overview

We are seeking an Assistant Underwriter to join us full-time at our London office, reporting to the Senior Political Risk & Credit Underwriter.

This role involves providing administrative and technical support to the Political Risk & Credit team, assisting with prudent underwriting to maximize profit while maintaining the company's reputation and regulatory compliance.

Responsibilities include:

• Underwrite risks within your authority, exercising judgment according to the underwriting business plan.
• Develop relationships within Lloyd’s and with brokers to secure new business within the Munich Re Syndicate portfolio.
• Record and monitor all reporting information, support class underwriters with calculations, and maintain audit trails.
• Provide analytical support, including risk entry reports and management reports.
• Review slips and other literature, making informed judgments and escalating when necessary.
• Maintain accurate records of customer interactions.
• Ensure compliance with procedures and address contract certainty issues.
• Review and amend contracts aligning with underwriting philosophy.
• Participate in peer reviews and attend client/broker meetings as needed.
• Promote good conduct to deliver optimal outcomes for customers.

Knowledge and Skills

Intermediate understanding of:

• Underwriting Principles
• Legal Principles
• Economics and Financial Principles
• FCA and Lloyd’s regulations
• Company procedures related to the role

Basic understanding of:

• Credit
• Political Risk and Violence

Additional requirements include developing market awareness, continuous learning, and risk management.

Diversity, Equity & Inclusion

We value diversity and strive to create an inclusive environment where everyone can succeed. Candidates can request reasonable adjustments during the recruitment process.

Our Commitment to Sustainability and Development

Our ESG strategy emphasizes environmental, social, and governance impacts, supporting community initiatives and offering development opportunities such as insurance, wellbeing schemes, and professional growth programs.