Binding Authority Underwriter

Ryan Specialty; Richmond (VA); On-site; USD 79,000; Full time

Job summary

An established industry player is seeking a Binding Authority Underwriter to join their team in Richmond, VA. This role is pivotal in developing and maintaining a robust book of business by assessing insurance risks and determining coverage terms. The ideal candidate will have a strong background in underwriting, with a focus on building relationships with brokers and clients. Responsibilities include pricing renewals, negotiating terms, and ensuring compliance with regulatory standards. This position offers a competitive salary and a comprehensive benefits package, making it an excellent opportunity for professionals looking to advance their careers in insurance underwriting.

Benefits

Paid time off

Paid parental leave

Mental health services

Comprehensive benefits package

Qualifications

• 5+ years in Binding Authority and Insurance Underwriting required.
• Master's degree preferred; related experience considered.

Responsibilities

• Assess and price renewals and new business per guidelines.
• Manage relationships with brokers and customers effectively.
• Ensure compliance with regulatory standards in underwriting.

Skills

Guidance Adherence

Documentation

Marketing

Policy language

Data Analysis

Communication

Project Management

Group Presentations

Time Management

Event Marketing

Education

Bachelor's degree

Master's degree

Job description

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The Binding Authority Underwriter is responsible for developing and maintaining the book of business by assessing and analyzing insurance risks, determining coverage terms as per binding authority underwriting guidelines and building relationships with internal and external stakeholders. The role reviews and authorizes binding authority requests and ensures compliance with regulatory standards. They collaborate with brokers, negotiate terms, evaluate exposures, and establish premium rates.

What will your job entail?

Job Responsibilities

• Assess and price renewals, new business, and endorsements according to guidelines outlined in the underwriting manual and within their authority level.
• Select and/or verify class code and premium base and rating exposure.
• Determine appropriate credits and/or debits to obtain a fair and sustained premium for risk.
• Determine coverage forms and necessary endorsements.
• Effectively communicate to broker quote conditions
• Provide accurate documentation in the file and/or in electronic notes of underwriting thought process.
• Ensure timely and accurate preparation for issuance of policies.
• Order/review inspection reports to assess risk quality and to confirm exposure base accuracy.
• Accurate and timely processing of endorsements.
• Actively manage relationships with assigned brokers, customers, and members.
• Ensure that information available from internal and external resources is properly integrated into underwriting decision making.
• Ensure that referral guidelines are properly followed regarding all lines of business underwritten.
• Conduct stewardship meetings and leads marketing activities. Establish and monitor the production pipeline of new business. Participate in industry conferences.
• Drive a multi-disciplinary approach to understanding insureds’ risks. Collaborate with other underwriters and team members to gain a comprehensive understanding of the exposure and best means to provide coverage.

Work Experience And Education

• Bachelor’s degree required, Master’s degree preferred; Business Administration, Risk Management preferred. Any other related discipline or commensurate work experience considered.
• Minimum of 5 years of experience in Binding Authority and Insurance Underwriting with a Bachelor’s degree, or 3 years of experience and a Master’s degree.

Licenses & Certifications

• Prescribed: Minimum requirements for state P&C and/or surplus line licenses
• Preferred: Certified Insurance Counselor (CIC), Chartered Property Casualty Underwriter (CPCU)

Skills

Technical/Functional Skills:

• Guidance Adherence
• Documentation
• Marketing
• Policy language
• Data Analysis
• Communication

Behavioral Skills

• Project Management
• Group Presentations
• Time Management
• Event Marketing

Ryan Specialty is an Equal Opportunity Employer. We are committed to building and sustaining a diverse workforce throughout the organization. Our vision is an inclusive and equitable workplace where all employees are valued for and evaluated on their performance and contributions. Differences in race, creed, color, religious beliefs, physical or mental capabilities, gender identity or expression, sexual orientation, and many other characteristics bring together varied perspectives and add value to the service we provide our clients, trading partners, and communities. This policy extends to all aspects of our employment practices, including but not limited to, recruiting, hiring, discipline, firing, promoting, transferring, compensation, benefits, training, leaves of absence, and other terms, conditions, and benefits of employment.

How We Support Our Teammates

Ryan Specialty seeks to offer our employees a comprehensive and best-in-class benefits package that helps them — and their family members — achieve their physical, financial, and emotional well-being goals. In addition to paid time off for company holidays, vacation, sick and personal days, Ryan offers paid parental leave, mental health services and more.

The target salary range for this position is $78,750.00 - $78,750.00 annually.

The wage range for this role considers many factors, such as training, transferable skills, work experience, licensure and certification, business needs, and market demands. The pay range is subject to change and may be modified in the future. Full-time roles are eligible for bonuses and benefits. For additional information on Ryan Specialty Total Rewards, visit our website https://benefits.ryansg.com/.

We provide individuals with disabilities reasonable accommodations to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment in accordance with applicable law. Please contact us to request an accommodation at [e-mail]

The above is intended to describe this job's general requirements. It is not to be construed as an exhaustive statement of duties, responsibilities, or physical requirements. Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Full-time

Job function

• Job function

  Finance and Sales

• Industries

  Insurance

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