Assistant Underwriter, Property

About us

At Munich Re Specialty - Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.

Assistant Underwriter, Property (Delegated)

We are currently looking for an Assistant Underwriter to work with us on a full-time basis in our London office, reporting into the Senior Property Underwriter.

The ideal candidate will have demonstrated experience working with US Property Binders.

You will be assisting the Delegated Property Underwriters in the prudent underwriting of quality Property business in line with 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.

Responsibilities:

• Assist in the effective management of property binders, including performance, EPI monitoring, referrals, bordereaux management, rate movement, claims trends, regular reviews, underwriter visits and audits; referring to Underwriters, Senior Underwriters and Group Head of Delegated Property when appropriate;
• Assist in the underwriting of new and renewal Property binders, exercising judgement in all underwriting matters, and remain aware of own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with Underwriting business plan; referring to Underwriters, Senior Underwriters and Group Head of Delegated Property when appropriate;
• Accurate and timely data entry of all Property risks in line with Syndicate procedures;
• Review slips and endorsements along with other placing information and literature, working with DA Property Team colleagues to ensure the account remains within the Underwriting business plan;
• Build and maintain relationships with Coverholders, Brokers, and internal teams to support business development and ensure effective collaboration;
• Review rate structures, quote engines, pricing tools, underwriting guides, policy wordings and supporting documentation, working with Property Team colleagues and other stakeholders to ensure they are appropriate for the portfolio of business;
• Regularly monitor the written and signed premium income of the Property account;
• Pricing and rate monitoring of binders;
• Monitor on an ongoing basis country and regional aggregates to ensure that acceptances are within agreed limits;
• Provide supporting data and reports for team meetings, internal and external meetings, and business plans as and when required;
• Monitor renewal reports and chase outstanding renewal business;
• Any other ad-hoc tasks as necessary and directed by the Group Head of Delegated Property.

Knowledge and Skills

Knowledge and understanding of:

• Delegated property business;
• Underlying Principles of Insurance;
• Legal Principles;
• FCA, PRA and Lloyd's rules and regulations, including conduct risk and contract certainty issues;
• Lloyd's insurance market;
• Able to demonstrate clear understanding of all company specific procedures that relate to own role;
• Able to demonstrate growing understanding of the roles of colleagues and their relationships to the structure and business plans of the firm;
• Willingness to continue to develop knowledge of policies and related issues through formal and informal learning, both internally and externally to the firm;
• Be aware of the potential risks facing the business within own job role and the controls that are in place to mitigate them; and report all significant changes in these risks, or the effectiveness of controls, to your line manager in a timely manner.