Assistant Underwriter, Property

This job is with Munich Re, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community. Please do not contact the recruiter directly.

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.

Assistant Underwriter, Property

We are currently looking for an Assistant Underwriter to be based in London on a full-time basis, reporting into the Group Head of Delegated Property.

You will assist the Delegated and D&F 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 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 and Group Head of Delegated Property when appropriate;
• Assist in the underwriting of new and renewal property risks, 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 and Group Head of D&F Property when appropriate; Assist in the servicing of existing binder contracts and open market risks, and make amendments in line with the syndicate’s underwriting philosophy;
• Accurate and timely data entry of all Property risks in line with Syndicate procedures
• Conduct and develop effective relationships with Coverholders and Brokers, 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, working with Property Team colleagues to ensure the account remains within the Underwriting business plan;
• 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;
• Managing risk management surveys
• Pricing and rate monitoring of binders
• Undertake peer review in accordance with the peer review process
• Monitor on an ongoing basis country 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;
• Attend and contribute to regular and ad-hoc Property team meetings, meetings with colleagues within MRSL and MRSG, and meetings with Coverholders, brokers, suppliers and other entities.
• Monitor renewal reports and chase outstanding renewal business;
• Be aware of and take ownership 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. In this context risk is the potential for loss or failure to meet business objectives as a consequence of internal or external events.

Knowledge and Skills

Knowledge and understanding of:

• 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;
• Property risks D&F open market and / or delegated property business.

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