Property Underwriter (Delegated)

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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.

Property Underwriter (Delegated)

We are currently looking for a Property Underwriter to work with us on a full-time basis in our London office, reporting into the Group Head of Delegated Property.

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

You will ensure the prudent underwriting of quality Delegated Property business in line with business plan to facilitate maximum return of profit while maintaining the company's reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the company.

Responsibilities:

• Underwrite 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 Group Head of Delegated Property when appropriate;
• Ensure 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 Group Head of Delegated Property when appropriate;
• Service existing binder contracts 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 Coverholders and Brokers, colleagues in the property team and within Lloyd's and the wider market;
• Review slips and endorsements along with other placing information and literature, exercising own judgment to ensure the account remains within the Underwriting business plan;
• Monitor on a monthly 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;
• Attend and contribute to regular and ad-hoc Property team meetings, meetings with colleagues within MRSGMS, and meetings with Coverholders, brokers, suppliers and other entities;
• Ensure that company procedures and systems are followed and maintained, as per procedures and compliance manuals;
• Monitor renewal reports and chase outstanding renewal business;

Knowledge and Skills

Advanced knowledge and understanding of:

• US Commercial property business, including liability associated with commercial property business;
• US Homeowners and High Value Home business;
• FCA / PRA and Lloyd's rules and regulations including conduct risk and contract certainty issues;
• Lloyd's insurance market;
• Underwriting Principles;
• Legal Principles;
• All company specific procedures that relate to own position;

Basic knowledge and understanding of:

• Potential risks facing the business within own role and the controls that are in place to mitigate them;
• A clear understanding of the roles of colleagues and their relationships to the structure and business plans of the syndicate;
• Willingness to continue to develop knowledge of products, underwriting and related issues through formal and informal learning, both internally and externally to the firm;

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

Benefits

• 25 days Annual Leave + Bank Holidays
• 10% Non-contributory Pension
• Eligibility for an Annual Bonus
• Private Medical + Dental Insurance
• Critical illness insurance + Life Assurance + Permanent Health Insurance
• Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
• Electric Vehicle Salary Sacrifice Scheme
• Study & continuing Professional Development Support
• Hybrid Working + IT Home Set-up Support