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 Hong Kong, Singapore, Labuan and Dubai. We are also represented in Lloyd’s China.
Our group of companies provide solutions covering Casualty, Marine & Cargo, Energy & 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.
Property Underwriter, D&F
We are looking to employ a Property Underwriter, D&F to be based in London, and to work with us on a full-time basis.
If you’d like to work within a high-performing and collaborative team atmosphere where you can make difference, we’d love to hear from you.
The Role
- Underwrite new and renewal Property business, exercising judgement in all underwriting matters, and remaining aware of own underwriting limits as set out in the Underwriting Authority sheet. All in accordance with Underwriting business plan; referring to your line manager, the Group Head or CUO when appropriate;
- Ensure the effective management of property business, including performance, EPI monitoring, referrals, bordereaux management, rate movement, claims trends, regular reviews, underwriter visits and audits;
- Service existing contracts and open market risks, and make amendments in line with the Syndicate’s underwriting philosophy;
- Enter relevant risk information into S2000 and other appropriate systems, ensuring compliance and KYC requirements are in order;
- Conduct and develop effective relationships with insureds and brokers, colleagues in the property team and other teams, and within Lloyd’s and the wider market to both strengthen existing trading relationships and secure new business that falls within the Underwriting business plan;
- Review slips and endorsements along with other placing information and literature, exercising own judgment to ensure the account remains within the Underwriting business plan;
- Review rates, proposal forms, policy wordings and other supporting documentation, exercising own judgement to ensure they are appropriate for the business being written;
- Monitor on a weekly basis the written and signed premium income of the property account;
- Monitor on an ongoing basis country aggregates to ensure that acceptances are within agreed limits;
- Managing risk management surveys
- Prepare and review information for reinsurers as and when required;
- Provide supporting data and reports for team meetings, internal and external meetings, and business plans as and when required;
- Monitor recording of risk entry and amend where appropriate;
- Attend, contribute to regular and ad-hoc Property team meetings, meetings with colleagues within GSI/ MRSL, and meetings with reinsurers, brokers, insurers, suppliers and other entities where appropriate;
- Ensure that company procedures and systems are followed and maintained, as per procedures and compliance manuals;
- Monitor renewal reports and chase outstanding renewal business;
- You are required to comply with the PRA and FCA conduct rules
What we are looking for
You to support your line manager/ Group Head of D&F Property in the effective underwriting of the Property D&F book within Global Specialty Insurance and Munich Re Syndicate Limited (MRSL).
Ensure prudent underwriting of quality business in line with the business plan to facilitate maximum return of profit while maintaining the firm’s reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the firm.
Key Skills & Experience
- Advanced knowledge and understanding of:
- Underwriting Principles;
- Legal Principles;
- FCA / PRA and Lloyd’s rules and regulations including conduct risk and contract certainty issues;
- Lloyd’s insurance market
- All company specific procedures that relate to own role
- UK, US and International commercial property business, including liability associated with commercial combined / package business;
- UK, US and International Homeowners and HVH business, where appropriate;
Qualifications
- University Degree and/or relevant professional qualification
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.
Push Boundaries. With us. | Munich Re
Apply now!