Political Risk & Credit Underwriter

Munich Re Specialty - Global Markets, Syndicate; Greater London; On-site; GBP 60,000 - 80,000; Full time

Job summary

Munich Re Specialty - Global Markets, Syndicate is hiring a Political Risk & Credit Underwriter in Greater London. The role involves underwriting quality business while ensuring compliance with legal and regulatory requirements. You will assist in achieving income targets and train junior team members to enhance their underwriting skills.

The ideal candidate will have strong knowledge of underwriting principles, FCA regulations, and market dynamics. Join us to be part of a diverse and inclusive workplace where you can make a significant impact.

Qualifications

• Strong knowledge of underwriting principles and legal requirements.
• Experience in Political Risk & Credit Cover.
• Ability to maintain market awareness and develop thought leadership.

Responsibilities

• Underwrite Political Risk & Credit risks and ensure compliance with business plans.
• Assist in delivering the business plan and ensuring income targets are met.
• Develop relationships with peers, clients, and brokers to retain and secure quality business.
• Oversee training and development of junior team members.

Skills

Underwriting Principles

Legal Principles

FCA and Lloyd’s rules and regulations

Trade and Structured Credit

Political Risk

Political Violence

Tools

MS Excel

Job description

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.

Political Risk & Credit Underwriter

The prudent underwriting of quality business in line with the 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 delivery of the business plan for the Political Risk & Credit team and be accountable for ensuring targeted income levels are met throughout the year and growth targets are met year-on-year.
• Underwrite Political Risk & Credit risks, 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;
• Conduct and develop effective relationships with peers, clients and brokers, with a view to retaining quality business and securing new business that falls within the Munich Re Specialty Group appetite for Political Risks & Credit.
• Oversee the development and training (technical and non-technical) of junior members of the team, driving their progress and knowledge, including shadowing their work on new tasks and increased underwriting responsibilities.
• Work collaboratively and engage regularly with the teams in the Service Companies to ensure adherence to the global product approach of MRSG
• Establish and run projects and initiatives such as new sub-classes and products to serve clients and diversify the portfolio from both a risk and income perspective.
• Conduct book review as well as regular monitoring and portfolio management to ensure the business plan is being executed.
• Monitor recording of all aggregate and reporting information as follows:
• Aggregates:
• Monitor on weekly basis, or as instructed;
• Review and forward exposure bordereau to Exposure Management as instructed.
• Provide Analytical Support as follows:
• S2000 – risk entry report production using MS Excel; Use of S2000 Adhoc reporting feature.
• Work closely with the Credit Control team
• Provide management reports as and when required.
• Review slips and/or other information/literature, exercising own judgment, based on knowledge and experience, acting within own limits of authority at all times.
• Make written records of conversations with customers, both internal and external, in accordance with MRSG’s procedures manual.
• Negotiate new wordings and structures, ensuring clients’ needs are serviced and regulatory requirements met, whilst preserving a prudent risk appetite, in line with the syndicate and team’s underwriting strategy.
• Ensure that company procedures and systems are followed and maintained, as per procedure and compliance manuals.
• Ensure that all contract certainty issues are addressed for all relevant risks;
• Review and administer existing contracts and make amendments in line with MRSG’s underwriting philosophy;
• Monitor recording of risk entry and amend where appropriate;
• Ensure that Peer Review Group see appropriate information and respond to PRG queries relating to the Political Risk & Credit Account;

Knowledge and Skills

Strong knowledge and understanding of:

• Underwriting Principles;
• Legal Principles;
• FCA and Lloyd’s rules and regulations including contract certainty issues;

Strong knowledge and understanding of:

• Trade and Structured Credit
• Political Risk
• Political Violence
• Experience of working within Political Risk & Credit Cover
• Be able to demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Firm;
• Be able to develop and maintain market awareness and continually demonstrate thought leadership

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

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!