Senior Claims Specialist - Surety

Munich Re Specialty - North America; Princeton (NJ); On-site; USD 120,000 - 170,000; Full time

Benefits offered by this job

Health insurance coverage

Wellness program

Life and disability insurance

401k match

Retirement savings plan

Paid holidays and PTO

Tuition assistance and educational and

volunteer time off

Job summary

Munich Re Specialty - North America is seeking a Senior Claims Specialist - Surety to lead in-house handling of Performance and Payment Bond claims. You will direct adjustments, coordinate with counsel and vendors, and drive optimal resolutions while assessing coverage and managing investigations.

Travel up to 25% will be required as part of the role. The role requires 8+ years in surety matters, a Bachelor’s degree, and ideally a JD.

Qualifications

• Bachelor’s degree required; JD a plus.
• 8+ years of experience handling surety matters.
• Detail-oriented, adaptable, and strategic in decision-making.
• Strong organizational and time management skills.
• Willingness to travel up to 25%.
• Maintain valid adjuster licenses in states assigned or the ability to obtain them.

Responsibilities

• Thorough investigation and assessment of claims against surety bonds for coverage, damages, and recoveries.
• In-depth understanding of coverage issues, bond forms, contracts, regulatory requirements, and changing legal landscape for Performance Bonds and Payment Bonds.
• Proactive and prompt management of claims, with strategic vision for optimal outcomes.
• Continual evaluation of claims to set appropriate reserves over the life of the claim.
• Coordinate and manage outside counsel and vendors to obtain optimal outcomes.
• Present high exposure claims to Claims Leadership and stakeholders.
• Collaborate with internal and external partners for client meetings, product development, and account audits.
• Innovate to improve claim efficiencies and outcomes.

Skills

Surety claims

Negotiation skills

Analytical thinking

Verbal and written communication

Education

Bachelor’s degree

JD

Job description

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 Senior Claims Specialist - Surety is a critical role in our growing Claims Department, and will be responsible to direct all aspects of in-house file handling of Performance Bonds and Payment Bonds. The Senior Claims Specialist will direct the adjusting and litigation process, strategically partner with counsel, experts and vendors, and drive optimal claim resolutions. In this role, the Senior Claims Specialist will analyze and determine coverage, manage the claim investigation, evaluate the overall claim, communicate promptly with internal and external stakeholders, and pursue recoveries and risk transfer where warranted.

Key Responsibilities

• Thorough investigation and assessment of claims against surety bonds for coverage, damages, and pursuit of recoveries and subrogation/contribution opportunities.
• In-depth understanding of coverage issues, bond forms, contracts, regulatory requirements, and changing legal landscape for Performance Bonds and Payment Bonds.
• Proactive and prompt management of claims, considering all aspects with a strategic vision for optimal claim outcome.
• Continual evaluation of claim to set appropriate, timely reserves over the life of the claim to reflect changes in exposure.
• Demonstrate strong technical claims proficiency through consistent execution of best claim practices.
• Strategically coordinate and manage outside counsel and vendors to obtain optimal claim outcome.
• Present high exposure claims to Claims Leadership and Key Stakeholders.
• Collaborate with internal and external business partners for client meetings, product development and improvement, and account audits.
• Innovative mindset - looks for ways to improve claim efficiencies and outcomes.

Qualifications

• Bachelor’s degree required; JD a plus.
• 8 years+ experience in handling surety matters.
• Detail-oriented, adaptable, and strategic in decision-making.
• Understanding of technical claims proficiency and execution of best claim practices.
• Ability to work independently, multi-task, and remain self-motivated in a fast-paced environment.
• Strong organizational skills and time management of claims desk.
• Strong business acumen and ability to collaborate with other departments and vendors.
• Customer-service and relationship oriented.
• Innovative, dynamic and growth mindset.
• Good verbal and writing skills for internal and external communication, presentations and reporting.
• Good analytical thinking, advocacy and negotiation skills.
• Willingness to travel for mediations, settlement conferences, and client or account meetings. (25%)
• Maintain valid adjusters’ license(s) in states assigned or an ability to obtain same.

The Company is open to considering candidates in numerous locations, including: Philadelphia (PA), Chicago (IL), Hartford (CT), Atlanta (GA), Princeton (NJ), or New York (NY). 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 $120,000 - $170,000, 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 is adjusted to reflect the varying market conditions across different locations, with the higher end being more aligned with the Princeton (NJ) 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.

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.