Property Underwriter (Delegated)

Munich Re; London; On-site; GBP 50,000 - 80,000; Full time

Job summary

A leading company in the insurance sector is looking for a Property Underwriter to join their London office. The role involves underwriting Property business while ensuring compliance with US regulations and maintaining company integrity. Ideal candidates should possess strong knowledge of US insurance and demonstrate the ability to build relationships within the industry.

Benefits

Critical illness and life insurance benefits

Wellbeing schemes and health assessments

Support for professional development and education

Qualifications

• Proven experience with US Property binders.
• Advanced knowledge of US insurance regulations.
• Understanding of underwriting and legal principles required.

Responsibilities

• Underwrite new and renewal Property binders and manage existing contracts.
• Enter risk data into systems, ensuring compliance and KYC requirements.
• Develop relationships with Coverholders, Brokers, and market entities.

Skills

US Commercial property and liability insurance

FCA / PRA and Lloyd’s regulations

Underwriting principles

Legal principles

Risk assessment

Job description

About us

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

Our success is rooted in a strong culture where people are encouraged to be present, bold, and curious, enabling them to achieve their individual goals.

We are currently seeking a Property Underwriter to join us full-time at our London office, reporting to the Group Head of Delegated Property.

The ideal candidate will have proven experience working with US Property binders.

Your role will involve ensuring the prudent underwriting of quality Delegated Property business in line with our business plan, aiming for maximum profit while maintaining the company's reputation and integrity, demonstrating care for customers and respecting regulatory obligations.

Responsibilities:

1. Underwrite new and renewal Property binders, exercise judgment in all underwriting matters, and stay within your underwriting limits as outlined in the Underwriting Authority sheet, referring to the Group Head of Delegated Property when necessary.
2. Manage property binders effectively, including performance monitoring, EPI, referrals, bordereaux management, rate adjustments, claims trends, reviews, visits, and audits, consulting the Group Head of Delegated Property as needed.
3. Underwrite new and renewal Property risks, exercising judgment and adhering to your underwriting limits and business plan, with appropriate referrals.
4. Service existing binder contracts and make amendments aligned with the syndicate’s underwriting philosophy.
5. Enter relevant risk data into S2000 and other systems, ensuring compliance and KYC requirements are met.
6. Develop and maintain effective relationships with Coverholders, Brokers, colleagues, and market entities.
7. Review slips, endorsements, and other documentation to ensure alignment with the underwriting business plan.
8. Assess rate structures, underwriting guides, and policy wordings for appropriateness.
9. Monitor premium income and country aggregates regularly to ensure limits are respected.
10. Prepare and review information for reinsurers as required.
11. Provide data and reports for meetings and business planning.
12. Participate in team and external meetings, contributing insights and updates.
13. Ensure adherence to company procedures and compliance standards.
14. Monitor renewal reports and follow up on outstanding renewals.

Knowledge and Skills

Advanced knowledge of:

• US Commercial property and liability insurance.
• US Homeowners and High-Value Home insurance.
• FCA / PRA and Lloyd’s regulations, conduct risk, and contract certainty.
• Lloyd’s market operations.
• Underwriting and legal principles.
• Company-specific procedures.

Basic understanding of:

• Risks within the role and mitigation controls.
• Colleagues’ roles and organizational structure.
• Continuous learning about products and underwriting.

Diversity, Equity & Inclusion

At Munich Re, DEI fosters innovation and resilience. We aim to build a diverse workforce that reflects various backgrounds, identities, and experiences. We are committed to an inclusive environment where everyone is valued and has equitable opportunities.

Candidates can request reasonable adjustments during the recruitment process by contacting Talent Acquisition.

Our ESG and Benefits

Our ESG strategy supports environmental, social, and governance initiatives, including community involvement and volunteering.

• Critical illness, life, and health insurance benefits.
• Wellbeing schemes, EAP, health assessments.
• Electric Vehicle Salary Sacrifice Scheme.
• Support for professional development and education.