Underwriting Specialist

Arch Insurance Group Inc.; Chicago (IL); On-site; USD 129,000 - 175,000; Full time

Job summary

A leading company in the insurance sector is seeking an Underwriting Specialist to manage profitable underwriting for new and renewal business. The role involves maintaining relationships with brokers and clients, negotiating terms, and fulfilling governance frameworks. This mid-senior level position offers a salary range of $129,500 to $174,800 per year, based on experience.

Qualifications

• A minimum of 4+ years of Commercial Property & Casualty Underwriting experience.
• Completion of professional insurance qualification (e.g. CPCU) is preferred.

Responsibilities

• Underwrite profitable new and renewal business to meet targets.
• Negotiate terms and conditions with producers.
• Manage assigned broker portfolio for profitability and growth.

Skills

Risk Assessment and Management

Pricing and Market Management

Contract Drafting and Interpretation

Policy Management

Communication Skills

Influencing Skills

Analytical Skills

IT Skills

Education

Undergraduate degree (Economics, Finance, Insurance Management, Business Administration)

Job description

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Arch Insurance Group Inc. provided pay range

This range is provided by Arch Insurance Group Inc.. Your actual pay will be based on your skills and experience — talk with your recruiter to learn more.

Base pay range

$129,500.00/yr - $174,800.00/yr

With a company culture rooted in collaboration, expertise and innovation, we aim to promote progress and inspire our clients, employees, investors and communities to achieve their greatest potential. Our work is the catalyst that helps others achieve their goals. In short, We Enable Possibility℠.

Job Summary

• Underwrite profitable new and renewal business to meet LoB targets regionally including global elements
• Ownership of large accounts / clients including negotiation of participation, pricing and terms and conditions
• Training and development resource for Underwriters & Senior Underwriters
• Develop and maintain strong relationships with brokers and clients
• Specialized technical expertise / lead for at least one sub-LoB, Industry, or Product Line such as General Liability, Umbrella, Commercial Auto, Commercial Property, Workers Compensation
  
  

Responsibilities:

• Manage assigned broker portfolio of accounts to achieve efficient returns of profitability and growth
• Underwrite new and renewal accounts to meet top and bottom line targets
• Negotiate price and terms and conditions with producers
• Proactively manage capacity
• Underwrite and evaluate Natural Catastrophe Accumulation, ensuring an understanding of catastrophe modeling and interpretation of scenarios (for relevant LoBs)
• Specialist / Technical Expert in Product Line within Middle Market Business
• Underwrite International Insurance Programs (for relevant LoBs)
• Underwrite in line with LoB governance framework - e.g. Underwriting Authorities, global MSU, Underwriting Guidelines, Rules and Principles
• Ensure placing and binding of FAC Reinsurance prior to policy inception
• File maintenance – ensure file is established (whether electronic or paper) and maintained for each risk and transaction handled
• Proactively develop relationships with brokers and agents assigned within the territory to either pursue new business acquisition and / or large renewal retention
• Acquisition of new business and retention of existing business including client and broker negotiations
• Training, developing and coaching of less experienced staff (including Underwriters)
• Manage complex referrals from underwriters and spokes and re-underwrite complex business as appropriate
• Delegate work as appropriate
• Positively represent Arch externally to the market
• Proactively drive involvement of functional areas in Underwriting process, including e.g. MMC, ARC, Claims, Operations
• Develop and maintain strong relationships with key brokers and clients and other relevant stakeholders (e.g. risk managers)
  
  

Skills:

• Risk Assessment and Management: Ability to assess risk inherent exposures and natural hazards relevant to LoB
• Pricing and Market Mgt: Analyze current performance against benchmarks applying how the market operates and functions, the business needs and customer needs
• Contract Drafting and Interpretation: Design, develop and implement consistent, robust wordings
• Policy Management: Robust understanding of policy administration life cycle, information collection, policy issuance, premium bookings, credit control, cancellation.
• Communication skills: Clearly and effectively express ideas and messages via speech or writing.
• Influencing Skills: Ability to persuade and motivate others to act, without executive authority
• Analytical Skills: Ability to effectively absorb information from various sources, then analyze, study or examine data in detail, and draw appropriate conclusions.
• IT Skills (Office applications): Use general office application tools e.g. Power Point, Excel, Word.
  
  

Requirements:

• A minimum of 4+ years or Commercial Property & Casualty Underwriting experience. Middle Market experience is preferred
• Recognized established relationships with brokers at peer group level and within market
• Specialized understanding of regional / local insurance markets and competitor landscape
• Good understanding of legal and regulatory framework
• Undergraduate degree required. Economics, Finance, Insurance Management, or Business Administration is preferred
• Completion of professional insurance qualification (e.g. CPCU) is preferred
  
  

For individuals assigned or hired to work in the location(s) indicated below, the base salary range is provided. Range is as of the time of posting. Position is incentive eligible.

$129,500 - $174,800/year

• Total individual compensation (base salary, short & long-term incentives) offered will take into account a number of factors including but not limited to geographic location, scope & responsibilities of the role, qualifications, talent availability & specialization as well as business needs. The above pay range may be modified in the future.
  
  

Click here to learn more on available benefits.

Do you like solving complex business problems, working with talented colleagues and have an innovative mindset? Arch may be a great fit for you. If this job isn’t the right fit but you’re interested in working for Arch, create a job alert! Simply create an account and opt in to receive emails when we have job openings that meet your criteria. Join our talent community to share your preferences directly with Arch’s Talent Acquisition team.

14400 Arch Insurance Group Inc.

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Full-time

Job function

• Job function

  Finance and Sales

• Industries

  Insurance

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