Delegated Authority Contract Wording Specialist

Canopius; City Of London; On-site; GBP 70,000 - 90,000; Full time

Job summary

A leading insurance firm in the UK is seeking a highly specialised professional to manage and enhance insurance contracts related to delegated authority arrangements. The ideal candidate will have deep expertise in insurance law, significant experience in contract drafting, and strong stakeholder management skills. This role is instrumental for ensuring compliance and operational efficiency. Competitive compensation and opportunities for growth are offered.

Qualifications

• Proven experience in insurance contract drafting and review.
• Comprehensive understanding of delegated authority underwriting principles.
• Extensive knowledge of regulatory requirements including FCA and PRA.

Responsibilities

• Lead the review and development of binding authority agreements.
• Analyse and enhance delegated contract wordings.
• Provide expert guidance on contract interpretation.

Skills

Insurance contract drafting and review

Delegated authority arrangements

Insurance law knowledge

Stakeholder management

Strong communication skills

Education

Law degree (LLB) or equivalent

ACII/FCII qualification

Job description

Job Description

The Role

A highly specialised role reporting directly to the Head of Delegated Authority Management and positioned within the Delegated Authority Management team in the UK Operations. This role will focus on the development, review, and refinement of insurance contracts and policy wordings within delegated authority arrangements. The role requires deep expertise in insurance law, contract drafting, and regulatory compliance, particularly in relation to binding authority agreements and diverse insurance policy wordings. The role will ensure all contractual documentation meets legal requirements, industry standards, and company guidelines while managing risk effectively. The role holder will be instrumental in implementing improvements to existing processes and documentation standards to enhance operational efficiency and risk control frameworks.

Key responsibilities:

• Lead the review and development of binding authority agreements, ensuring alignment with regulatory requirements and market practices while maintaining proper risk transfer mechanisms and clear operational guidelines for coverholders and third-party administrators.
• Analyse and enhance delegated contract wordings across multiple insurance lines, incorporating market developments, claims experience, and emerging risks to ensure comprehensive and clear coverage terms that protect both the insurer's and policyholders' interests. Where necessary perform gap analysis on consumer facing policy wording to support consumer duty requirements.
• Collaborate with underwriting teams to develop bespoke contract wordings and modify existing ones, ensuring technical accuracy while maintaining commercial viability and alignment with the company's risk appetite and strategic objectives.
• Provide expert guidance on contract interpretation and policy wording matters to internal stakeholders, including underwriters, claims teams, and compliance officers, while offering solutions to complex contractual issues that arise in delegated authority arrangements.
• Monitor and assess regulatory changes and legal developments affecting insurance contracts and delegated authority arrangements, implementing necessary updates to maintain compliance and managing the transition of existing agreements to new requirements.
• Conduct regular audits of existing contracts to identify potential gaps, inconsistencies, or areas for improvement, developing standardized templates and clauses where appropriate to ensure consistency across the portfolio.
• Coordinate with legal counsel, brokers, and coverholders to negotiate and finalize contract terms, ensuring all parties' interests are properly addressed while maintaining appropriate risk controls and operational efficiency.

Skills and experience:

• Proven experience in insurance contract drafting and review within delegated authority arrangements or a law degree (LLB) / equivalent legal qualification or ACII/FCII qualification (or significant progress toward completion)
• Comprehensive understanding of delegated authority underwriting principles and practices, with proven experience in managing binding authority agreements and policy wordings across multiple insurance lines
• Extensive knowledge of insurance law, contract law, and regulatory requirements (FCA, PRA), including Lloyd's minimum standards and international insurance market guidelines
• Strong stakeholder management skills with experience in collaborating with underwriters, brokers, coverholders, and legal counsel to negotiate and finalize complex contractual arrangements
• Deep understanding of insurance market operations (particularly Lloyd's of London or similar markets) combined with commercial awareness and ability to balance risk control with business objectives
• Excellent written and verbal communication skills, with the ability to clearly articulate technical contract matters to various stakeholders and provide practical solutions to complex issues