Head of Commercial Surety

Munich Re Group; Princeton (NJ); On-site; USD 227,000 - 378,000; Full time

Benefits offered by this job

Health insurance

Wellness program

Life insurance

Disability insurance

401k match

Retirement savings plan

Paid holidays

PTO

Job summary

Munich Re Specialty - North America is seeking a Head of Commercial Surety to lead underwriting, risk management, administration, and business development for the commercial surety line. You will serve as the lead underwriter and partner with regional offices to drive profitability and growth across multiple geographies including New York, Philadelphia, Princeton, and Hartford.

The role requires a strategic thinker with deep expertise in surety, strong broker relationships, and the ability to

Qualifications

• Bachelor's degree in Business Administration, Economics, Finance, Accounting, or related field.
• 10+ years of progressive experience in commercial surety.
• Entrepreneurial skill set with strong marketing, negotiating and communication abilities.
• Proven track record of developing and maintaining strong relationships with agents/brokers.
• Ability to think strategically and operate tactically.
• Exceptional communication skills to energize brokers, clients and colleagues and convey a client-focused vision.
• Ability to present and negotiate complex commercial surety agreements.
• Effective time management and organizational skills.

Responsibilities

• Develop and execute a strategic plan to expand the commercial surety portfolio and maintain P/L responsibility.
• Assist Regional Bond Managers to establish and maintain key surety broker relationships per guidelines.
• Develop risk management and portfolio tools to meet objectives while controlling risk in the book.
• Underwrite and manage referrals of commercial surety accounts and bond requests exceeding field limits, including renewals.
• Evaluate bond forms, contracts and documents to assess risk.
• Coordinate with home office personnel for joint ventures or co-surety arrangements.
• Collaborate with MRSI surety colleagues to expand customer base.
• Engage field offices, home office and reinsurers to ensure standards and effective communications.

Skills

Underwriting

Risk management

Business development

Strategic thinking

Relationship building

Negotiation

Communication

Education

Bachelor's degree in Business Administration Economics Finance Accounting or related field

Job description

All locations New York, United States; Hartford, United States; Philadelphia, United States; Princeton, United States;

We are 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.

The Company

Welcome to Munich Re Specialty - North America, a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk management expertise to our partners and customers. As a trusted industry expert, we offer a broad range of comprehensive and customized solutions, including casualty, professional lines, property, surety, and public entity coverages. With the financial strength and global resources of our A+ Superior (A.M. Best) rated organization, we provide unmatched stability and reliability. Our team is committed to superior service levels, a distinctive approach to specialty solutions, and a deep understanding of the complex risks our clients face. Join our team and be part of a dynamic and experienced organization that is shaping the future of specialty insurance in North America.

The Opportunity

Future focused and always one step ahead!

The Head of Commercial Surety will be responsible for the underwriting, risk management, administration, and overall business development of the commercial surety Line of Business in accordance with the company's surety business model to meet projected profitability and expense goals. You will serve as lead underwriter for all commercial surety business. The position supports the Head of Surety in balancing the needs to achieve budgeted financial results (premium volume, loss ratio, premium collections and expense management including commissions) through sound underwriting practices and effective risk management of the commercial surety line in an effort to produce profitable results. You will also serve as lead in Book of Business reviews with the Regional Offices and assist in portfolio management.

Our value proposition includes embedding significant underwriting authority in the position to create an enhanced, new age customer and broker experience. We will do this by providing an enhanced level of autonomy in the position to allow our regional offices to better service our agents and clients using an agile and lean approach.

Responsibilities

In this position you will:

• You will develop and execute a strategic business plan in order to expand our commercial surety portfolio and will maintain full P/L responsibility for the line of business
• You will assist the Regional Bond Managers to establish and maintain key surety broker relationships in compliance with guidelines for all commercial surety business
• You will develop risk management and portfolio management tools that will allow the department to achieve strategic objectives and maintain an acceptable level of risk in the commercial surety book to achieve stated department goals.
• You will underwrite and manage all referrals of commercial surety account and bond requests from the field offices that exceed the field's authority limits. This will include annual surety line renewals as well as individual bond requests.
• You must be able to effectively evaluate bond forms, contracts and other relevant documents in an effort to assess risk
• You will coordinate communications with other surety company home office personnel for any joint venture or co-surety arrangement in the commercial surety line of business.
• You will collaborate with MRSI surety colleagues in order to fully leverage MRSI surety capabilities and increase our customer base
• Interact and collaborate with field offices, Home Office colleagues, reinsurers and other critical business associates. Maintain and manage workflow, including effective communications, with assigned field office meeting all company standards and expectations.
• Participate in MRSNA senior management decisions as respects developing or improving underwriting procedures, guidelines and policy.

Qualifications

• Bachelor's degree in Business Administration, Economics, Finance, Accounting, or related field
• 10 years or more of progressive experience working in commercial surety
• Entrepreneurial skill set, excellent marketing, negotiating and communication skills
• Successful track record of developing and maintaining strong relationships with agents/brokers
• Ability to think strategically and function tactically
• Exceptional communication skills that energize and engage brokers, clients and colleagues and the ability to convey a vision and client-focused solutions
• Ability to present and negotiate complex agreements related to commercial surety accounts
• Effective time management and organizational skills

• Willingness to travel up to 30%

The Company is open to considering candidates in numerous locations, including New York (NY), Philadelphia (PA), Princeton (NJ), Hartford (CT) and Remote. The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.

The base salary range anticipated for this position is $226,900-$378,100, 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 with the higher end being more aligned with the NYC 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.