Assistant Underwriter, US Casualty

ENGINEERINGUK; London; On-site; GBP 40,000 - 55,000; Full time

Job summary

A leading company in the insurance sector is seeking an Assistant Underwriter in London. The role involves supporting underwriting processes for US Casualty accounts, ensuring compliance with regulations, and fostering relationships with clients. Ideal candidates will have a solid understanding of insurance principles and relevant regulations.

Benefits

25 days Annual Leave + Bank Holidays

10% Non-contributory Pension

Eligibility for an Annual Bonus

Private Medical + Dental Insurance

Critical illness insurance + Life Assurance

Wellbeing and Development Scheme

Hybrid Working + IT Home Set-up Support

Qualifications

• Experience in US Casualty underwriting.
• Understanding of FCA, PRA, and Lloyd's regulations.

Responsibilities

• Assist in the underwriting of new and renewal Casualty accounts.
• Conduct effective relationships with Insureds and Brokers.
• Manage the Casualty portfolio including performance and claims trends.

Skills

Insurance Principles

Legal Principles

FCA and PRA Regulations

Lloyd's Insurance Market

Job description

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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.

Assistant Underwriter, US Casualty

We are currently looking for an Assistant Underwriter to work with us on a full-time basis in our London office , reporting into the Group Head of US Casualty.

The ideal candidate will have experience in US Casualty.

You will be assisting the US Casualty Underwriters in the prudent underwriting of quality US Casualty business in line with 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 underwriting of new and renewal Casualty accounts, 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; referring to Underwriters and Group Head of US Casualty when appropriate;
• Assist in the modelling of individual accounts, data capture and analysis to refine the pricing model.
• Conduct and develop effective relationships with Insureds and Brokers, to both strengthen existing trading relationships and secure new business that falls within the Underwriting business plan
• Review slips and endorsements along with other placing information and literature, working with Casualty team colleagues to ensure the account remains within the Underwriting business plan;
• Assist in the effective management of the Casualty portfolio, including performance, EPI monitoring, referrals, rate movement, claims trends, regular reviews, underwriter visits and audits, Monitor renewal reports, chase outstanding renewal business, manage subjectivities, updating Risk Diary; referring to Underwriters and Group Head of US Casualty when appropriate;
• Liaising with the Underwriting Service Delivery function to oversee their accurate and timely data entry of all Casualty risks in line with Syndicate procedures
• Review rate structures, quote engines, pricing tools, underwriting guides, policy wordings and supporting documentation, working with Casualty team colleagues and other stakeholders to ensure they are appropriate for the portfolio of business;
• Undertake peer review in accordance with the peer review process
• Provide supporting data and reports for team meetings, internal and external meetings, and business plans as and when required;
• Attend and contribute to regular and ad-hoc Casualty team meetings, meetings with colleagues within MRSL and MRSG, and meetings with brokers, assureds, and other entities.
• Ensure that company procedures and systems are followed and maintained, as per procedures and compliance manuals;
• Provide support to manager and team on MRSL strategic initiatives.
• Any other ad-hoc tasks as necessary and directed by the Casualty underwriting team.

Knowledge and Skills

Knowledge and understanding of:

• Underlying Principles of Insurance;
• Legal Principles;
• FCA, PRA and Lloyd's rules and regulations, including conduct risk and contract certainty issues;
• Lloyd's insurance market;
• Delegated property business.

• Able to demonstrate clear understanding of all company specific procedures that relate to own role;
• Able to demonstrate growing understanding of the roles of colleagues and their relationships to the structure and business plans of the firm;
• Willingness to continue to develop knowledge of policies and related issues through formal and informal learning, both internally and externally to the firm
• Be aware of the potential risks facing the business within own job role and the controls that are in place to mitigate them; and report all significant changes in these risks, or the effectiveness of controls, to your line manager in a timely manner.

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!

Benefits

• 25 days Annual Leave + Bank Holidays
• 10% Non-contributory Pension
• Eligibility for an Annual Bonus
• Private Medical + Dental Insurance
• Critical illness insurance + Life Assurance + Permanent Health Insurance
• Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
• Electric Vehicle Salary Sacrifice Scheme
• Study & continuing Professional Development Support
• Hybrid Working + IT Home Set-up Support

#BePresent #BeBold #BeCurious

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