SVP - Specialty Solutions

Merchants Bonding Company; West Des Moines (IA); On-site; USD 180,000 - 260,000; Full time

Job summary

Merchants Bonding Company in West Des Moines, IA seeks an SVP of Specialty Solutions to oversee strategic direction, underwriting governance, and growth for complex and emerging accounts.

You will shape business strategy, lead underwriting and operations teams, and manage budgets and performance targets to strengthen market position. Collaboration with the CMO and CFO will drive expansion and profitability across the specialty portfolio.

Qualifications

• Education and extensive experience in insurance operations, underwriting and agency relations.
• Plus 15+ years combined experience in insurance, operations, underwriting, management and agency relations.

Responsibilities

• Oversees Specialty Solutions division strategy, profitability, and long-term sustainability.
• Leads underwriting guidelines, account solutions, and risk assessment for complex accounts.
• Partners with executives to expand client base and optimize premium growth.
• Sets department budgets, goals, and performance metrics; conducts appraisals.
• Manages recruitment, development, and policy direction for underwriters and staff.

Skills

Leadership

Underwriting

Strategic planning

Budget management

Education

Bachelors degree in Business, Accounting, or Finance

Job description

Job Purpose

This position oversees the Specialty Solutions division of the company providing business solutions for complex and emerging accounts. The SVP Specialty Solutions role encompasses all activities related to implementing business and market strategy, and achieving business targets.

Job Responsibilities

Merchants Operations Leadership

• Creates the over-arching strategies and business vision for the Specialty Solutions division that will assure the long-term sustainability of the line of business. Proposes new directions and solutions to complex and emerging accounts that create a profitable operation.
• Assesses analytics of department and partners with claims in identifying areas of success and opportunities.
• Partners with SBA program to expand and diversify our customer base and increased premium.
• Establishes and maintains contract bond underwriting guidelines, policies, and disciplines for the division while also establishing solutions to accounts that do not fit Merchants Bonding Company’s normal underwriting profile (e.g. SBA, funds control, collateral, etc.).
• Sets and monitors the annual budget and goals for the Department.
• Develops bond form language alternatives and contributes to the content of the general indemnity agreement.
• Establishes authority limits and guidelines for underwriters for the solutions division.
• Works closely with Compliance to change, approve, and file new rates.
• Provides overall management for Underwriting associates, including recruiting, retaining, and disciplining associates as well as policy creation, including relocation practices. Conducts appraisals for any direct reports and collaboratively establishes their individual performance goals. Holds associates accountable for agreed upon results and outcomes.
• Solicits feedback from CMO on performance and selection of candidates for underwriters.
• Determines salary and department bonus criteria for the Underwriting staff within Specialty Solutions.

Marketing and Relationship Management

• Works collaboratively with CMO to identify where the company should consider having a presence and assesses investment decisions of potential new locations.
• Partners with CMO and CFO in analyzing the performance and results of solutions division
• Collaborates with the Marketing to establish incentives, create metrics for measuring the effectiveness and ROI of marketing and sales efforts; outline marketing training and follow up of production goals and plans for associates. May be involved in creating the content for agent contests. Approves branding and marketing materials for division.
• Builds relationships with key agents and MGA customers to identify issues and opportunities. Works with the CMO to identify and develop relationships with potential new agencies.
• Assists the Marketing in the creation of key messaging and content for marketing materials.
• Networks with industry representatives and counterparts across the country to stay aware of industry trends and best practices. Attends NASBP, AGC, NAIS, National Claims Association, SFAA Government Affairs, and Claims Advisory.

Bond Underwriting Operations

• Reviews complex and unusual contract bond requests and those that require exceptions to current underwriting standards.
• Works closely with underwriters in finding outlets for surety credit and coaching underwrites in Contract on various solutions to help the financial strength of accounts.
• Reviews all agency agreements, including commission schedules outside the standard parameters. Reviews new account files for the division’s contract bond offices nationwide to assure complete and thorough documentation.

Qualifications

• Education and Experience: Bachelors degree in Business, Accounting, or Finance, or equivalent work experience. Experience in Surety underwriting, agency, and business operations preferred. Plus 15+ years of combined experience in insurance, operations, underwriting, management and agency relations.