Senior Cargo Underwriter

Munich Re; London; On-site; GBP 70,000 - 90,000; Full time

Job summary

Munich Re is seeking a Senior Cargo Underwriter in London to manage the Cargo book within Global Specialty Insurance. This role emphasizes prudent underwriting, client relationship management, and team training, aimed at maximizing profits while upholding the firm's integrity and compliance with regulations.

Benefits

Critical illness insurance

Life assurance

Health schemes

Electric vehicle schemes

Professional development support

Qualifications

• Experience in underwriting, especially in the cargo insurance sector.
• Understanding of FCA and Lloyd’s regulations.

Responsibilities

• Underwrite new and renewal Cargo risks according to business plan.
• Manage performance monitoring and claims trends analysis.
• Develop relationships with clients and brokers to secure quality business.

Skills

Advanced understanding of underwriting principles

Intermediate knowledge of BBB/PI and D&O insurance

Ability to develop market awareness and demonstrate thought leadership

Tools

MS Excel

S2000 reporting features

Job description

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.

We are currently looking for a Senior Cargo Underwriter to be based in London on a full-time basis, reporting into the Cargo Underwriting Manager.

You will support the Cargo Underwriting Manager in the effective management of the Cargo book within Global Specialty Insurance. Your role involves ensuring prudent underwriting of quality business aligned with the business plan to maximize profit while maintaining the firm's reputation and integrity, demonstrating care for customers and respecting regulatory obligations.

Responsibilities:

1. Assist in creating and delivering the business plan for the Cargo team, driving underwriting efforts to meet targeted income and growth objectives.
2. Underwrite new and renewal Cargo risks, exercising judgment within your underwriting limits, and in accordance with the business plan.
3. Manage cargo business effectively, including performance monitoring, referrals, bordereaux management, rate adjustments, claims trends analysis, reviews, visits, and audits.
4. Service existing contracts and open market risks, making amendments aligned with the syndicate’s underwriting philosophy.
5. Develop and maintain effective relationships with peers, clients, coverholders, and brokers to retain quality business and secure new opportunities within Munich Re's appetite.
6. Oversee the development and training of junior team members, supporting their technical and non-technical growth.
7. Collaborate with Service Companies to ensure adherence to the global product approach.
8. Lead projects such as new subclasses and products to diversify risk and income streams.
9. Conduct regular book reviews and portfolio management to ensure business plan execution.
10. Monitor aggregate data and report as required, including weekly reviews, quarterly reporting, and reinsurance program application.
11. Provide analytical support using tools like MS Excel and S2000 reporting features.
12. Supervise underwriting assistants in monitoring income flows and work closely with Credit Control.
13. Prepare management reports as needed.
14. Review slips and other documentation, exercising judgment based on knowledge and experience.
15. Negotiate wordings and structures to meet client needs while maintaining prudent risk appetite.
16. Ensure compliance with company procedures and address contract certainty issues.
17. Monitor risk entry and amendments, ensuring proper documentation and audit trails.
18. Engage with Peer Review Group for relevant queries and information sharing.
19. Own and report on potential risks within your role, including significant changes.

Knowledge and Skills

• Advanced understanding of underwriting principles, legal principles, FCA and Lloyd’s regulations, and contract certainty issues.
• Intermediate knowledge of BBB/PI and D&O insurance.
• Ability to understand and develop market awareness and demonstrate thought leadership.

Diversity, Equity & Inclusion

We foster innovation and resilience through DEI, aiming to build a diverse and inclusive workforce where everyone has equitable opportunities to succeed. Candidates can request reasonable adjustments during the recruitment process.

Our Commitment to Sustainability and Employee Wellbeing

Our ESG strategy supports environmental, social, and governance initiatives, including community projects and volunteering. Benefits include critical illness insurance, life assurance, health schemes, electric vehicle schemes, and professional development support.