Property Assistant Underwriter (Delegated)

Munich Re; London; On-site; GBP 35,000 - 50,000; Full time

Job summary

A leading insurance provider seeks a Property Assistant Underwriter to support the Delegated Property Underwriters. The role involves managing property binders, ensuring compliance with regulations, and building relationships with brokers. Ideal for candidates with knowledge of Lloyd’s market and insurance principles, this position offers a collaborative environment promoting professional growth.

Qualifications

• Experience in the Lloyd’s insurance market.
• Understanding of insurance principles and regulations.
• Willingness to learn and adapt.

Responsibilities

• Assist in managing property binders and underwriting processes.
• Build relationships with cover holders and brokers.
• Conduct data entry and monitor premium income.

Skills

Knowledge of Delegated property business

Understanding of Legal Principles

FCA, PRA and Lloyd’s regulations knowledge

Relationship management

Data entry accuracy

Job description

Property Assistant Underwriter (Delegated)

About us

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

Our success is driven by a strong culture that encourages presence, boldness, and curiosity, enabling individuals to achieve their goals.

Role Overview

Assist Delegated Property Underwriters in prudent underwriting of quality Property business, aligned with the business plan to maximize profit while maintaining the firm's reputation and integrity, and demonstrating care for customers and regulatory compliance.

Responsibilities:

1. Manage property binders effectively, including performance monitoring, EPI, referrals, bordereaux, rate movements, claims trends, reviews, visits, and audits, consulting with Underwriters and senior staff as needed.
2. Assist in underwriting new and renewal Property binders, exercising judgment within limits, and adhering to the underwriting authority and business plan.
3. Accurately enter all Property risk data in line with procedures.
4. Build and maintain relationships with Coverholders and Brokers to strengthen existing and secure new business within the business plan.
5. Collaborate with colleagues across teams including claims, actuarial, binder management, and compliance.
6. Engage with Lloyd’s and the broader market to stay informed on market developments.
7. Review slips, endorsements, and other documentation to ensure compliance with the business plan.
8. Review rate structures, quoting tools, and policy documents for appropriateness.
9. Monitor premium income and rate trends.
10. Participate in peer reviews and monitor regional aggregates for compliance.
11. Provide data and reports for meetings and planning.
12. Attend and contribute to team and external meetings.
13. Ensure adherence to company procedures and systems.
14. Follow up on renewal reports and outstanding business.

Knowledge and Skills:

• Understanding of delegated property business, insurance principles, legal principles, and Lloyd’s market rules.
• Awareness of company procedures and roles within the organization.
• Willingness to learn and develop knowledge continuously.
• Experience in Lloyd’s market and familiarity with relevant systems.

We encourage candidates who may not meet every requirement to apply, as we value diverse experiences and perspectives.

Diversity, Equity & Inclusion

We promote an inclusive environment that values diversity across various dimensions and provides equitable opportunities for all.

Candidates can request reasonable adjustments during recruitment.

ESG Commitment

Our ESG strategy focuses on environmental, social, and governance impacts, supporting community initiatives and fostering a sustainable, inclusive workplace.