Casualty Reinsurance Underwriter

Munich Re; New York (NY); On-site; USD 174,200 - 290,300; Full time

Benefits offered by this job

Health Insurance

Employee Wellness Program

Life Insurance

Disability Insurance

401k Match

Paid Holidays

Paid Time Off

Job summary

An established industry player is seeking a seasoned Underwriter to join their diverse team in New York. This role involves underwriting and pricing a portfolio of reinsurance business while developing strong client relationships. The ideal candidate will have over a decade of experience in insurance and reinsurance, with a strong focus on analytical problem-solving and strategic decision-making. You will be part of a culture that values diversity and innovation, working to create tailored solutions that meet client needs. If you are passionate about risk management and thrive in a collaborative environment, this opportunity is perfect for you.

Qualifications

• 10+ years of insurance/reinsurance experience with a focus on underwriting.
• Strong analytical skills and ability to explain complex structures.

Responsibilities

• Independently underwrite and price complex reinsurance business.
• Develop and maintain strong market presence with clients and brokers.

Skills

Underwriting

Risk Analysis

Negotiation Skills

Communication Skills

Analytical Problem Solving

Client Relationship Management

Strategic Decision Making

Education

Bachelor’s Degree

Tools

Pricing Models

Job description

We will consider candidates in NYC or Chicago.

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. We will consider a range of experience for this role and the offer will be commensurate with that.

The Company

Munich Re US (MR US) offers the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.

We address the key challenges of the future – that is what we have been doing in the US property/casualty reinsurance market since 1917. As a leading reinsurer, we deal with the issues that affect business and society and work to devise risk management and risk transfer solutions that render tomorrow’s world insurable. Our recipe for success: we anticipate risks early on and deliver solutions tailored to our clients’ needs, creating opportunities to achieve sustained profitable growth.

The Opportunity

As an Underwriter, you will underwrite and price a portfolio of reinsurance business in accordance with Munich Re guidelines, strategy and profitability standards. You will be responsible for developing recommended risk pricing and terms within appropriate underwriting authority. This includes completing risk analysis and assessment, coverage evaluation and pricing as well as participating in client negotiations in order to maintain and develop a profitable portfolio of reinsurance business.

Responsibilities:

• Independently underwrite and price moderate to highly complex business in accordance with corporate, divisional and department guidelines and philosophy.
• Produce, underwrite and manage the book of business in compliance with applicable underwriting guidelines, strategies and best practices.
• Perform the underwriting referral function as specified and as required in the underwriting guidelines and mandates.
• Help to fine tune and implement our portfolio strategy.
• Assure a high quality of underwriting through coaching and mentoring, technical guidance, and frequent feedback interactions.

Client relationship management:

• Develop and maintain strong market presence by developing client and broker strategies.
• Develop new business opportunities and promote Group’s capabilities and competencies externally in close cooperation with Client Management.
• Establish and maintain sound contact with clients and brokers, keeping abreast of market and industry developments and client needs.
• Excellent negotiation skills, facilitating and managing the complexities and challenges associated with offers, terms of contract with Brokers/Clients and, when necessary and feasible, submit counter proposals.
• Demonstrate advanced proficiency in the use of pricing models and other risk evaluation models.
• Strategic decision making based on data interpretation beyond models.
• Participate in and provide significant input for the business plan development.
• Self-Development Planning to achieve business and developmental objectives.

Qualifications:

• 10+ years of primary insurance and/or reinsurance experience.
• 5+ years of underwriting experience preferred.
• Bachelor’s Degree preferred.
• Demonstrated knowledge of General Liability, Automobile Liability, Umbrella/Excess Liability coverage and risk analysis.
• Knowledge of common facultative and treaty reinsurance structures and terms.
• In-depth knowledge of the US insurance and reinsurance markets supported by attending industry workshops/conferences and active involvement in professional societies.
• Excellent oral and written communication skills. Ability to explain complex transaction structures to both technical and non-technical audiences.
• High degree of intellectual curiosity combined with critical thinking skills, analytical problem solving abilities, and strong intuition to flexibly seek new ways to approach underwriting/pricing methodologies.
• Strong ability to interact effectively with clients, brokers, and colleagues.
• Ability to develop and execute plans and to provide strategic direction to the development and achievement of unit goals.
• Willingness to travel for audits and client and broker visits (approx. 25% of time but can fluctuate upwards during renewal season).

The base salary range anticipated for this position is $174,200 - $290,300, plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).

The salary estimate is adjusted to reflect the varying market conditions across different locations, with the higher end being more aligned with the New York City job market. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.

At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.