Underwriter - Marine Subsea

Beazley Group; Greater London; Hybrid; GBP 70,000 - 110,000; Full time

Job summary

Beazley Group in London is seeking an experienced Underwriter – Marine Subsea to join our Marine team. You will underwrite Marine Subsea accounts, provide counsel on underwriting issues, and uphold Beazley’s reputation for technical excellence.

The role demands a proven marine insurance background, deep underwriting knowledge, and the ability to structure bespoke solutions, monitor profitability, and maintain strong relationships with brokers, clients and the MAP Risks framework.

Qualifications

• Proven extensive background in marine insurance, subsea experience preferred.
• Thorough knowledge of underwriting policy, philosophy and practice.
• Advanced knowledge of underwriting processes and systems.
• Able to communicate effectively, both verbally and in writing.
• Computer skills – MS Office, advanced Excel skills.

Responsibilities

• Develop and underwrite a profitable portfolio of Marine Subsea accounts.
• Structure tailor-made solutions within policy to win new business and retain clients.
• Monitor premiums, costs and claims ratios to ensure profitability at account level.
• Evaluate risk premiums considering costs, reinsurance, capital exposure and admin costs.
• Supervise assistants to ensure compliance with underwriting standards and cross-team consistency.
• Develop good relationships with claims managers and maintain broker relationships.
• Produce business plans, market literature and knowledge sharing across the Beazley group.

Skills

Marine insurance experience

Subsea experience

Underwriting policy knowledge

Analytical skills

Time management

Tools

MS Office

Excel

Job description

General

Underwriter – Marine Subsea

JobSummary:

To underwrite within the Marine team with a focus on Marine Subsea and provide counsel and advice on underwriting related issues. Provide technical expertise in this business area and maintain and improve market reputation of the Beazley brand.

KeyRelationships:

Brokers, underwriters, claims staff,coverholders, external clients and suppliers

KeyResponsibilities:

Underwriting

• Develop and underwrite a profitable portfolio of business as part of the Marine team with a particular focus on the marine subsea accounts.
• Structure tailor-made solutions by considering the team underwriting parameters and underwriting policy and using underwriting knowledge and experience to win new business and retain existing.
• Monitor premiums, costs and claims ratios per contract and take corrective measures if necessary to ensure long term profitability at account level.
• Evaluate appropriate risk premium by considering the risk costs, reinsurance cessions, capital exposure as well as the Underwriting and general administration costs to ensure profitability, using rating models as applicable.
• Monitor peer underwriters in their daily work to ensure profitability as well as efficient and cost effective administration of the account.
• Monitor and supervise assistants in their daily work to ensure compliance with underwriting philosophy and policy and consistency within the team and MAP Risks.
• Comply with Beazley’s underwriting control standards for business written through Lloyd’s or Beazley’s internal MGAs.
• Develop a good working relationship with the claims managers on this class of business.

Client Management

• Advise, assist and service clients on insurance and risk matters to ensure clients’ satisfaction.
• Foster positive relationships with clients to get a mutual understanding of both their and Beazley’s needs.
• Maintenance of good business relationships with brokers
• Maintain awareness of overall Beazley product range and take advantages of opportunities to introduce other Beazley products to clients

General

• Leverage networking opportunities within the business to develop standardised underwriting policy and best practice within Beazley.
• Develop best practice and disseminate business and class knowledge within the Hull & War team.
• Work with peers within Marine and MAP Risks to maximise business opportunities and profitability within the department. This will include but not be limited to sharing market information, marketing sources and cross selling opportunities.
• Share and gather knowledge within the Beazley Group to ensure dissemination of best practice and maximise business opportunities and profitability across the Group.
• Production of presentations and marketing literature as required.
• Production of business plans/research documents for the Beazley Subsea account as required.

  It is important that within all your interactions both internally and externally you adhere to Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect Beazley employees to:

  • Comply with Beazley procedures, policies and regulations including the code of conduct.
  • Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
  • Display business ethics that uphold the interests of all our customers.
  • Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
  • Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management.
  • Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.

Personal Specification:

Essential:

• Proven extensive background in marine insurance, with a preference for subsea experience
• Thorough knowledge of underwriting policy, philosophy and practice
• Advanced knowledge of underwriting processes and systems
• Able to communicate effectively with others, both verbally and in writing
• Computer skills – good working knowledge of MS Office, advanced Excel skills
• Strong analytical skills with attention to detail
• Ability to manage time, meet deadlines and prioritise

Desirable:

• Technical background in the marine subsea industry
• Motivational skills
• General commercial and financial knowledge
• Result focused, self-motivated, flexible and enthusiastic
• Professional approach to interact successfully with managers/colleagues/external suppliers
• Team worker as well as able to work on own initiative
• Customer focused, with a strong ethic of service and fairness to the customer