Facultative Program Property Underwriter

Munich Re; Illinois; On-site; USD 138,400 - 203,000; Full time

Benefits offered by this job

Health insurance coverage

401k match

Paid time off

Tuition assistance

Job summary

A leading global insurance company is seeking a Facultative Program Property Underwriter to join their diverse team. The successful candidate will primarily underwrite property facultative reinsurance programs, manage client relationships, and ensure compliance with corporate guidelines. Experience in underwriting and strong negotiation skills are essential. The position based in Illinois offers a competitive salary range, excellent benefits, and opportunities for bonuses based on performance.

Qualifications

• 5+ years of experience in (re)insurance underwriting, broker community or corporate risk market.
• Proficiency in pricing models and risk evaluation tools.
• Ability to manage Client relationships and maintain profitable relationships.

Responsibilities

• Independently underwrite and price facultative program business.
• Review primary policy and reinsurance contract wording.
• Maintain complete and accurate business records.

Skills

Experience in (re)insurance underwriting

Strong negotiation skills

Interpersonal skills

Oral and written communication skills

Understanding of accounting and finance

Job description

Facultative Program Property Underwriter

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

As a member of Munich Re's US operations, we offer 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.

Munich Re Facultative and Corporate (MR F&C) was created to bundle Munich Re’s facultative and corporate business into one global unit. We believe that by aligning our single risk business in one unified team we will better position Munich Re to provide a holistic suite of products and services that meet the growing demands of our clients and broker partners.

The Opportunity

Future focused and always one step ahead!

With this opportunity, your primary responsibility will be underwriting property facultative reinsurance programs in the US. Facultative Underwriters are responsible for risk analysis and assessment, coverage evaluation, pricing and marketing to assigned brokers and clients. This position will lead or assist in negotiations in order to maintain and develop a profitable facultative reinsurance portfolio.

Responsibilities

• Independently underwrite and price facultative program business in accordance with corporate, divisional and department guidelines and philosophy.
• Underwrite new and renewal business, including all tasks associated with risk and coverage analysis and pricing, and provide recommendations for proposed terms within delegated underwriting authority.
• Review primary policy, reinsurance contract and endorsement wording and ensure accuracy and conformance with guidelines.
• Refer all business outside of delegated underwriting authority to appropriate referral underwriter.
• Assess and analyze required risk information and recommend reinsurance solutions to brokers and clients.
• Maintain complete and accurate business records.
• Provide insight into the quantitative and qualitative analyses of results for the business unit.
• Facilitate internal communication and coordination between the business unit, the Company and if applicable the MR Group.
• Collaborate with Claims.
• Assist management as needed in fulfilling all managerial duties.
• Develop and maintain client relationships and develop new sources of business.
• Provide responsive service on all broker and direct client requests.
• Monitor profitability of assigned clients.
• Promote the Group’s capabilities and competencies externally.
• Participate in peer reviews of team members’ accounts and underwriting reviews of program clients or prospective clients, sometimes in conjunction with other teams.

Qualifications

• 5+ years of experience in (re)insurance underwriting, broker community or corporate risk market.
• Proficiency in the use of pricing models, tools and other risk evaluation models.
• Strong interpersonal skills, excellent negotiation, oral and written communication skills, in addition, solid understanding of accounting, finance and actuarial concepts.
• Ability to manage Client relationships and maintain profitable relationships.
• Experience working with Brokers, Direct Clients or Managing General Agents is required. Required to travel to branch offices, annual client audits, client and broker visits and industry conferences (approx. 20% of time).

The Company is open to considering candidates in numerous locations, including Chicago (IL). The salary range posted below applies to the Company’s Chicago location.

The base salary range anticipated for this position is $138,400 - $203,000 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 displayed represents the typical salary range for candidates hired in this position in Chicago. 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.

We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:

• Two options for your health insurance plan (PPO or High Deductible).
• Prescription drug coverage (included in your health insurance plan).
• Vision and dental insurance plans.
• Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
• Short and Long Term Disability coverage.
• Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
• Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).

In addition to the above insurance offerings, our employees also enjoy:

• A robust 401k plan with up to a 5% employer match
• A retirement savings plan that is 100% company funded.
• Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
• Eligibility to receive a yearly bonus as a Munich Re employee.
• A variety of health and wellness programs provided at no cost.
• Paid time off for eligible family care needs.
• Tuition assistance and educational achievement bonuses.
• A corporate matching gifts program that further enhances your charitable donation.
• Paid time off to volunteer in your community.

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.