Head Of Gsi, Specialty Lines Underwriting

Company
Munich Re Specialty Group
Location
London , United Kingdom

At Munich Re Specialty Group (MRSG), individuality and intellectual curiosity is a key driver for our success and innovation. We believe that leveraging a variety of perspectives and backgrounds, and empowering all employees to make an impact, will motivate us to perform at our best and give us a competitive edge. We know there is always more work to be done, but we’re committed to building a strong and inclusive culture where everyone is welcomed and valued for their “own expression of self-identity”.

About us

MRSG is part of the Munich RE group. We are known for our dedication to excellence and quality of service provision across both primary and reinsurance.

As well as operating in the Lloyd’s of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Singapore, Labuan and Dubai.

Our group of companies provide solutions covering Casualty, Marine & Cargo, Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht. Our purpose is to inspire our clients and people with the confidence and freedom to explore, create and build – to enable people and businesses to thrive.

Head of Global Specialty Insurance, Specialty Lines Underwriting

As a key member of the Global Specialty Insurance (GSI) Corporate Underwriting team, the Head of GSISpecialty Lines Underwriting assumes a strategic role in providing a portfolio level view of the Specialty risks (being defined as Marine, Aviation and Space, Contingency, Engineering, Political Violence, War, Political Risk and Credit, Surety, Cyber) that make up the global primary insurance portfolio.

It is a second line of defence ensuring the quality of underwriting across the various risk-taking entities in GSI. The focus will be on consistent views of risk across the local underwriting teams in the entities, including identification of misalignment that threatens long-term profitability of the Specialty Lines portfolio, it will not involve underwriting decision making

The Role

As Head of GSISpecialty Lines Underwriting, you’ll be responsible for the following:

• Implement GSI specific underwriting strategies and application of guidelines through the GSI Underwriting teams.
• Responding to industry trends and their impacts on GSI portfolio results: when industry, regulatory and Claims events and trends are identified, coordinate consistent Underwriting strategy in terms of policy language, strategic underwriting approach, portfolio management etc.
• Implementation of the Global Specialty UW strategies and Global UW guidelines, where applicable.
• Expert advice in relation to referrals from business units (BUs) and second set of eyes and opinion for difficult underwriting decisions including supporting the BUs through the GURC referral process and similar/related MRM processes.
• Providing thought leadership on Specialty lines topics, and leadership of Specialty lines Underwriting Roundtable. Supporting emerging risk analysis and cross platform initiatives with Specialty lines expertise. Evaluating Specialty Underwriting training needs, ensuring needed underwriting training within GSI is conducted and contributing to Group training initiatives.
• Ensuring there are measurable standards for Business Unit Underwriting excellence, including KPIs, best practices, UW quality assurance, sufficient underwriting risk controls, appropriate responses to market developments and results monitoring for primary BUs.
• Coordinating the established Underwriting Strategies and Mandates of the BUs to ensure consistent approaches to risk in the market.
• Conducting regional portfolio monitoring to identify opportunities for improving short- and long-term profitability of GSI Specialty lines portfolio, including coordination of quarterly exchange between Reserving, Pricing, Underwriting and Claims. Reviewing and coordinating lessons learned analyses of BUs for improvement in UW performance.
• Implementing quantitative analytics and pricing methodologies for Specialty lines segments which contribute to GSI entities making better underwriting decisions and are consistent with Munich Re’s overall approach.
• Leading Primary insurance business unit Underwriting audits/reviews according to risk-based audit plan. In alignment with CU Munich and with the help of compliance and standards groups within the BUs, coordinate audit activities, share best practice, promote consistency.
• Ensuring that the guidance provided by CU Munich , with respect to Specialty lines of business, is well understood throughout GSI; participate in Expert Groups, relevant CU boards, Topic Networks and Consulting Groups, and provide cross-divisional support, advice and assistance for Underwriting activities. Work with BU Underwriting teams to ensure consistent understanding and application of MR guidance.
• Occasional coordination with Reinsurance colleagues in the various Reinsurance Divisions, including support for Reinsurance underwriting strategy initiatives as needed.
• Periodic assessment of Specialty lines accumulations across all GSI entities to inform GSI Underwriting Strategy and proactive portfolio management at GSI strategic level.
• Coordination of budget requests, where needed, to ensure strategy will deliver the highest return opportunities. In instances where model variation introduces ambiguity, reconcile differences and agreements.

What we are looking for

Successful candidates will possess the following skills/capabilities:

• In-depth knowledge of Insurance Underwriting practices and procedures, skill in analyzing qualitative and quantitative data and decision-making capability.
• Minimum of 10 years Specialty lines Underwriting of primary business, in a minimum of two specialty classes of business.
• Experience underwriting MGA/Program business.
• Experience in London and E&S markets, including commercial lines
• Ability to provide clear underwriting intent as it relates to the development of new products
• Ability to explain complex insurance and reinsurance concepts to both technical and non-technical audiences
• Strong communication, interpersonal, and influencing skills
• Excellent presentation skills
• Willingness to travel (up to 35% - 45%)

Key Skills & Experience

• BS/ BA, advanced degree a plus.
• CPCU, ARe designations preferred.

Your career with us

At MRSG, you’ll find the flexibility, development and support you need to excel your career combined with a competitive salary and a benefits package that promotes wellbeing and work-life balance, on top of the standard features that include a non-contributory pension, private medical care, life assurance and more!

Diversity & Inclusion

Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.

Working together, we are an employer of choice by building the workforce for today and the future.We make it happen. Together.

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