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.
Please see our website for more information.
Property Underwriter (D&F)
We are currently looking for a Property Underwriter (D&F) to work with us on a full-time basis in London, reporting into the Group Head of Property (D&F) .
You will support the 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 the 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.
Responsibilities:
- 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, to both strengthen existing trading relationships and secure new business that falls within the Underwriting business plan;
- Conduct, and develop effective relationships with colleagues in the property team and other teams, including claims, actuarial, underwriting management, exposure management, compliance and finance;
- Conduct and develop effective relationships within Lloyd’s and the wider market, with peers and brokers, to keep abreast of market developments that may affect the Syndicate’s trading effectiveness;
- 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;
- Provide support to your line manager on team and MRSL strategic initiatives;
- Provide underwriting assistance on other classes of business, as and when required;
- Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders;
- Carry out such other duties as agreed;
- As appropriate ensure that the Peer Review Group (PRG) see appropriate information and respond to PRG queries relating to the property account.
Knowledge and Skills
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,
- Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the firm;
- Develop and maintain market awareness and willingness to continue to develop knowledge of products, underwriting and related issues through formal/ 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.
All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.
Learning and innovating today, striving for sustainable societies and business tomorrow
At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.
Learn more about sustainability at Munich Re – choose your impact!
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
#BePresent #BeBold #BeCurious
