Surety Underwriter

IAT Insurance Group; Alpharetta (GA); Hybrid; USD 80,000 - 110,000; Full time

Benefits offered by this job

PTO 38 days

401(k) company match

Hybrid work environment

Training and development

Healthcare and wellness programs

Performance-based bonuses

College loan assistance

Educational assistance program

Mentorship program

Dress for your day policy

Job summary

IAT Insurance Group in Alpharetta, Georgia (with Birmingham as an option) is seeking a Surety Underwriter to handle contract and commercial surety. You will gather information, analyze accounts, and make recommendations to the Regional Manager, with a hybrid schedule requiring office work Monday–Wednesday and optional remote Thursday/Friday.

The role requires a Bachelor’s degree or equivalent (8 years of underwriting), strong quantitative skills, marketing ability, and CPCU preferred.

Qualifications

• Bachelor’s degree in Risk Management, Finance, Mathematics, Business or related field with at least 2 years of experience in surety underwriting or equivalent.
• Equivalent is defined as 8 years of relevant bond underwriting experience.
• Strong marketing skills and ability to obtain new business and work with contractor clients.
• Strong competency in quantitative and financial analysis.

Responsibilities

• Review initial submissions and obtain missing documentation.
• Set up financial backer files and monitor accordance with liability.
• Advise the manager immediately if negative developments occur.
• Compose narratives for new accounts and submit recommendations to the manager.
• Update accounts in the Underwriting Database with current financial data.
• Analyze bond submissions, determine appropriate rate and indemnity, and seek guidance if needed.
• Maintain bond files with current underwriting information annually.
• Communicate decisions clearly to the Regional Manager.
• Meet premium targets assigned by the Regional Manager.

Skills

Marketing skills

Financial analysis

Verbal and written communication

Customer service

Math aptitude

Computer literacy

Work authorization in US

Education

Bachelor’s degree in Risk Management/Finance/Math/Business or related

Equivalent: 8 years of relevant bond underwriting experience

Tools

Excel

Job description

IAT Surety has an immediate opening for a Surety Underwriter located in our Birmingham, Alabama or Alpharetta, Georgia location that will be handling both contract and commercial surety. This role will handle most aspects of daily interaction with assigned agents regarding new and existing accounts this includes gathering, analyzing, and evaluating all information on an account and making a recommendation or decision to the Regional Manager based on that information.

This role works a hybrid schedule that requires working from the office Monday through Wednesday, with the option of working Thursday and Friday remotely.

Responsibilities

• Review initial submissions to determine any additional information needed. Initiate correspondence to obtain documentation as required
• Set up financial backer files (account files) for new accounts. Maintain financial backer files and request updated information if necessary (financial statements, credit reports, correspondence, news, etc.) and monitor the aggregate liability
• Advise the manager immediately if there have been any significant negative developments or events
• Compose narratives for new accounts, update narratives on an annual basis, and submit them to the manager with account recommendations for review
• Update accounts in the Underwriting Database with current financial statement information
• For bond submissions not affiliated with an account, analyze the bond risk/class, the underwriting requirements for that class and review the applicant’s qualifications. Determine the appropriate rate and indemnity needed and make a recommendation to the manager if not within your own authority
• Evaluate unfamiliar or new bond requirements and discuss with the manager if necessary (if potentially hazardous, high risk associated with industry {i.e. mortgage brokers, money transmitters})
• Maintain individual bond files which require updated underwriting information on an annual basis and request information from the agent if necessary (financial statements, current ownership, status, etc.)
• Make sure proper indemnity has been secured for new bonds being reported
• valuate requests to close bonds which require a release of surety and requests to release collateral and submit a recommendation to manager if necessary
• Maintain information on bond-specific underwriting requirements and on hazards of certain bonds
• Periodically check agent’s bond number logs to make sure that bonds are being reported and/or that outstanding bond numbers have been requested
• Perform reference checks and order and review credit reports to document proven past capabilities and ability to handle relationship
• Analyze financial statements to ascertain key components and ratios
• Evaluate need for additional measures to protect surety. This means perfecting indemnity agreements, possibly taking collateral, escrow arrangements, or additional outside indemnity. Discuss such additional measures as needed with supervisor
• Evaluate specific bond requests with regard to any unusual hazards. Discuss with supervisor as required
• Maintain file documentation so that information for existing active accounts is fresh enough to make an informed decision should a new request come up
• Communicate decisions as clearly and expeditiously as possible to the Regional Manager
• Marketing. Regular discussion or visit with the Agency Principal/Producer about new opportunities for expanding the IFIC presence in the Agency
• Meet certain premium targets assigned to the Senior Bond Underwriter by the Regional Manager.
• Perform other job-related duties as required

Qualifications

Must-Have:

• Bachelor’s degree in Risk Management, Finance, Mathematics, Business or related with at least 2 years of experience in surety underwriting or equivalent.
• Equivalent is defined as 8 years of relevant bond underwriting experience
• Strong marketing skills and ability to obtain new business and work with contractor clients
• Strong competency in quantitative and financial analysis
• CPCU industry designation preferred
• Requires strong math aptitude, excellent verbal and written communication, interpersonal and negotiating skills
• Must be customer service oriented and have the utmost integrity
• Must possess knowledge of various computer programs, internet-based programs, and PC literate in the use of spreadsheets
• To qualify, applicants must be authorized to work in the United States and must not require VISA sponsorship, now or in the future, for employment purposes

Preferred To Have

• AFSB industry designation
• Experience with both contract and commercial surety

IAT Insurance Group is the largest private, family-owned property and casualty insurer in the U.S. Insurance Answers Together is how we define IAT, in letter and in spirit. We work together to provide solutions for people and businesses. We collaborate internally and with our partners to provide the best possible insurance and surety options for our customers.

At IAT, we’re committed to driving and building an open and supportive culture for all. Our employees propel IAT forward – driving innovation, stable partnerships and growth. That’s why we continue to build an engaging workplace culture to attract and retain the best talent.

We Offer Comprehensive Benefits Like

• 26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off
• 7% 401(k) Company Match and additional Profit Sharing
• Hybrid work environment
• Numerous training and development opportunities to assist you in furthering your career
• Healthcare and Wellness Programs
• Opportunity to earn performance-based bonuses
• College Loan Assistance Support Plan
• Educational Assistance Program
• Mentorship Program
• Dress for Your Day Policy

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran. We maintain a drug-free workplace and participate in E-Verify.