Senior Cargo Underwriter

Munich Re; London; On-site; GBP 60,000 - 85,000; Full time

Job summary

Munich Re seeks a Senior Cargo Underwriter in London to support its Cargo portfolio management within Global Specialty Insurance. The role involves underwriting new and renewal Cargo risks, building client relationships, overseeing junior staff training, and driving strategic projects. Candidates should possess advanced underwriting knowledge and a strong understanding of market trends.

Benefits

Critical illness insurance

Life assurance

Health insurance options

Wellbeing programs

Support for professional development

Electric Vehicle Salary Sacrifice Scheme

Qualifications

• Advanced understanding of FCA and Lloyd’s regulations.
• Ability to negotiate wordings and structures in underwriting.

Responsibilities

• Underwrite new and renewal Cargo risks and manage portfolio performance.
• Develop relationships with clients and oversee the training of junior team members.
• Lead projects and ensure compliance with underwriting philosophy.

Skills

Advanced understanding of underwriting principles

Market awareness

Thought leadership

Job description

About us

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

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

We are seeking a Senior Cargo Underwriter based in London, working full-time and reporting to the Cargo Underwriting Manager.

Your role will support the Cargo Underwriting Manager in managing the Cargo portfolio within Global Specialty Insurance. You will ensure prudent underwriting of quality business aligned with the business plan to maximize profits while maintaining the company's reputation and regulatory compliance.

Responsibilities:

1. Assist in creating and executing the business plan for the Cargo team, driving underwriting efforts to meet income and growth targets.
2. Underwrite new and renewal Cargo risks, exercising judgment within your authority limits, in accordance with the business plan.
3. Manage cargo business performance, including monitoring, referrals, rate adjustments, claims trends, reviews, visits, and audits.
4. Service existing contracts and open market risks, making amendments aligned with the underwriting philosophy.
5. Develop effective relationships with peers, clients, coverholders, and brokers to retain quality business and secure new opportunities.
6. Oversee the development and training of junior team members, fostering their technical and non-technical skills.
7. Collaborate with Service Companies to ensure adherence to the global product approach.
8. Lead projects such as new subclasses and products to diversify the portfolio.
9. Conduct regular book reviews and portfolio management to ensure business plan execution.
10. Monitor and report on aggregates and RDS data, maintaining full audit trails.
11. Provide analytical support, including risk entry reports and management reports.
12. Review slips and literature, exercising judgment based on knowledge and experience.
13. Negotiate wordings and structures to meet client needs while maintaining prudent risk appetite.
14. Ensure compliance with procedures and address contract certainty issues.
15. Manage existing contracts and amendments per underwriting philosophy.
16. Monitor risk entry and respond to Peer Review Group queries.
17. Own the understanding and mitigation of potential risks within your role, reporting 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, D&O.
• Ability to develop market awareness and demonstrate thought leadership.

Diversity, Equity & Inclusion

We promote diversity and inclusion to foster innovation and resilience, building a workforce reflecting various backgrounds and identities. We are committed to an equitable environment where everyone has opportunities to succeed. Candidates can request reasonable adjustments during recruitment.

Our commitment to sustainability and ESG

Our ESG strategy supports business opportunities and fosters an inclusive, sustainable work environment, including community initiatives and volunteering opportunities.

• Critical illness insurance, life assurance, and health insurance options.
• Wellbeing programs, EAP, health assessments (eligibility applies).
• Electric Vehicle Salary Sacrifice Scheme.
• Support for professional development and studies.