Underwriting Associate - Commercial Property

Ryan Specialty Group; Chicago (IL); Hybrid; USD 64,000 - 80,000; Full time

Benefits offered by this job

Paid time off

Paid parental leave

Mental health services

Bonuses

Job summary

Velocity Risk in Chicago is seeking an early-career insurance professional to join our Property Underwriting team as an Underwriting Assistant. You will collaborate with seasoned underwriters to evaluate property risks, support new and renewal business, and learn risk selection, pricing, coverage, and Velocity’s underwriting appetite.

This role offers hands-on underwriting exposure and increasing responsibility as knowledge grows, in a hybrid schedule from our Wacker Drive office.

Qualifications

• Bachelor’s degree or equivalent relevant insurance experience preferred.
• 1–2 years property underwriting experience is a plus for career growth.
• Keen interest in developing technical underwriting knowledge and building a long-term underwriting career.

Responsibilities

• Support the evaluation of new and renewal property submissions, ensuring underwriting information is complete and accurate.
• Review submission information and exposure data to identify key risk characteristics for underwriting review.
• Assist underwriters with risk selection, pricing, quoting, binding, endorsements, renewals, and policy issuance.
• Gather and organize information from brokers and partners needed to evaluate submissions.
• Maintain underwriting files, documentation, and system information throughout an account's lifecycle.
• Communicate with brokers and partners regarding submissions, documentation, and inquiries.
• Build relationships with brokers and internal partners and provide responsive, solutions-oriented service.
• Monitor underwriting activity and assist with reporting and portfolio information.

Skills

Analytical skills

Written and verbal communication

Detail-oriented

Organized

Education

Bachelor's degree in Risk Management & Insurance, Finance, Business, Economics, or related discipline

Job description

Position SummaryVelocity Risk is seeking an early-career insurance professional to join our Property Underwriting team in Chicago. This opportunity is well suited for an Underwriting Assistant looking to build toward an underwriting career, a recent college graduate interested in commercial property insurance, or an early-career underwriter with approximately 1–2 years of property underwriting experience.In this role, you will work closely with experienced underwriters to evaluate property risks, support new and renewal business, prepare accounts for underwriting review, and develop an understanding of risk selection, pricing, coverage, and Velocity’s underwriting appetite. The position offers hands-on exposure to the underwriting process and the opportunity to take on increasing underwriting responsibility as your knowledge and experience grow.This position requires the ability to work a hybrid schedule from our Wacker Drive office in downtown Chicago.What will your job entail?Support the evaluation of new and renewal property submissions, ensuring underwriting information is complete, current, and accurate.Review submission information and exposure data to help identify key risk characteristics and prepare accounts for underwriting review.Assist underwriters with risk selection, pricing, quoting, binding, endorsements, renewals, and policy issuance.Gather and organize information from brokers and other business partners needed to evaluate and process submissions.Develop an understanding of Velocity’s property underwriting appetite, guidelines, coverage forms, pricing considerations, and risk-selection criteria.Assist with premium calculations and the application of rates in accordance with underwriting guidelines and authority.Maintain accurate underwriting files, documentation, and system information throughout the lifecycle of an account.Communicate with brokers and business partners regarding submissions, outstanding information, policy documentation, and general underwriting inquiries.Build strong relationships with brokers and internal partners by providing responsive, solutions-oriented service.Monitor underwriting activity and assist with reporting, portfolio information, and other underwriting metrics as needed.Support audit, compliance, and documentation requirements and ensure underwriting activities follow established policies and guidelines.Partner closely with experienced underwriters and actively participate in training and development opportunities to build technical underwriting knowledge.Take on increasing responsibility for risk evaluation and underwriting decisions as experience, technical knowledge, and underwriting authority develop.Work Experience & EducationBachelor’s degree in Risk Management & Insurance, Finance, Business, Economics, or a related discipline preferred; equivalent relevant insurance experience will also be considered.We are open to candidates at multiple early-career stages, including: Underwriting Assistants or other insurance professionals interested in developing into an underwriting role; Recent college graduates with relevant coursework, internships, or demonstrated interest in commercial insurance; or Underwriter Trainee / Underwriter I candidates with approximately 1–2 years of commercial property underwriting experience.Prior exposure to commercial property insurance, underwriting, brokerage, or another P&C insurance environment is a plus but not required for recent graduates.Interest in developing technical expertise in commercial property underwriting and building a long-term career in underwriting.Strong analytical skills and comfort working with detailed exposure, financial, and risk information.Strong written and verbal communication skills with an ability to build relationships with brokers and internal partners.Detail-oriented, organized, and able to manage multiple submissions and priorities in a fast-paced environment.Licenses & CertificationsAbility to obtain any applicable P&C and/or surplus lines licensing required for the role.Insurance coursework or professional designations such as CPCU or AU are a plus but not required.Work LocationChicago, IllinoisHybrid schedule with regular in-office presence at our Wacker Drive location requiredRyan Specialty is an Equal Opportunity Employer. We are committed to building and sustaining a diverse workforce throughout the organization. Our vision is an inclusive and equitable workplace where all employees are valued for and evaluated on their performance and contributions. Differences in race, creed, color, religious beliefs, physical or mental capabilities, gender identity or expression, sexual orientation, and many other characteristics bring together varied perspectives and add value to the service we provide our clients, trading partners, and communities. This policy extends to all aspects of our employment practices, including but not limited to, recruiting, hiring, discipline, firing, promoting, transferring, compensation, benefits, training, leaves of absence, and other terms, conditions, and benefits of employment.How We Support Our TeammatesRyan Specialty seeks to offer our employees a comprehensive and best-in-class benefits package that helps them — and their family members — achieve their physical, financial, and emotional well-being goals. In addition to paid time off for company holidays, vacation, sick and personal days, Ryan offers paid parental leave, mental health services and more.The target salary range for this position is $64,000.00 - $80,000.00 annually.The wage range for this role considers many factors, such as training, transferable skills, work experience, licensure and certification, business needs, and market demands. The pay range is subject to change and may be modified in the future. Full-time roles are eligible for bonuses and benefits. For additional information on Ryan Specialty Total Rewards, visit our website https://benefits.ryansg.com/.We provide individuals with disabilities reasonable accommodations to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment in accordance with applicable law. Please contact us to request an accommodation at [e-mail] above is intended to describe this job's general requirements. It is not to be construed as an exhaustive statement of duties, responsibilities, or physical requirements. Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.