Senior Underwriter, Delegated Property

Munich Re Group; Whitehall; On-site; GBP 90,000 - 130,000; Full time

Job summary

Munich Re Group in London seeks a Senior Underwriter, Delegated Property, to join our Global Markets team. You will underwrite new and renewal Property binders within delegated authority and report to the Group Head of Delegated Property.

You will manage binders, monitor performance, assess risk, and build strong relationships with Coverholders, Brokers, Lloyd's, and market peers. Strong knowledge of FCA/PRA, Lloyd's, and underwriting principles is essential.

Qualifications

• UK commercial property knowledge and market awareness.
• Strong knowledge of underwriting principles and risk assessment.

Responsibilities

• Underwrite new and renewal Property binders within delegated authority.
• Manage property binders, monitor performance, and review risk trends.

Skills

Underwriting principles

Lloyd's market

Relationship management

FCA/PRA rules

Education

Bachelor's degree in a relevant field

Tools

S2000

Job description

We are currently looking for a Senior Underwriter, Delegated Property to be based in London on a full-time basis, reporting into the Group Head of Delegated Property.

Responsibilities

• Underwrite new and renewal Property binders within delegated authority limits, aligned with the Underwriting business plan, referring to the Group Head of Delegated Property as needed;
• Manage property binders effectively, overseeing performance, EPI monitoring, referrals, bordereaux, rate movements, claims trends, reviews, underwriter visits, audits, and risk management surveys;
• Service and amend existing binder contracts per syndicate underwriting philosophy, ensuring compliance, proper risk entry, and KYC through systems like S2000;
• Develop and maintain strong relationships with Coverholders, Brokers, Lloyd's, and wider market peers to enhance trading relationships, secure new business, and stay informed of market developments;
• Regularly review slips, endorsements, risk placements, account performance, premium income vs. EPI, and country/region aggregates to ensure alignment with the Underwriting business plan and agreed limits;
• Prepare and review reinsurer information, provide data/reports for meetings and business plans, monitor renewals, chase outstanding business, and support internal and external meeting activities including deputizing and chairing;
• Assist the Group Head of Delegated Property with supervision of Underwriters, contribute to strategic initiatives across teams and Munich Re entities, and provide underwriting support on other classes as needed;
• Ensure adherence to company procedures, compliance manuals, and conduct risk frameworks; understand escalation lines and report significant risk changes promptly to line management;
• Support the drive for good business conduct to deliver optimal customer outcomes and respond to Peer Review Group queries related to the property account;
• Perform any other ad-hoc tasks as directed by the Group Head of Delegated Property to support overall business objectives and governance.

Knowledge and Skills

• UK commercial property market, including SME commercial combined/package and property owners business, competitors, brokers, third-party service companies, claims TPAs, and Adjusters;
• FCA/PRA and Lloyd's rules and regulations, including conduct risk and contract certainty issues;
• Lloyd's insurance market;
• Underwriting principles.

Knowledge and understanding of

• UK commercial liability associated with commercial combined/package business;
• Overseas property business;
• Potential risks facing the business within own role and controls in place to mitigate them;
• Roles of colleagues and their relationships to the syndicate's structure and business plans;
• Willingness to continue developing knowledge of products, underwriting, and related issues through formal and informal learning, both internally and externally to the firm.

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., 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 sustainability is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our sustainability strategy aims to deliver holistic impacts across environmental, social and governance topics.