We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.
The Company
Munich Re Specialty Insurance (MRSI) provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners. Products include: property, casualty, professional liability and other specialty insurance solutions. Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients' needs. We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.
Munich Re Specialty Insurance (MRSI) is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. For more information on MRSI, including licensing, regulatory-required, and other information on the operating companies, visit
https://www.munichre.com/us-non-life/en/general/munich-re-specialty-insurance-disclosures.html
.
Future focused and always one step ahead
The Opportunity
The main purpose of this position is to spend approximately 75% time on conducting internal and external underwriting audits as the Property Insurance expert for all Business Units within MRSI, with the ultimate goal to assure minimum quality standards which shall result in improved bottom line results for the business in question. The other 25% is in support of various Underwriting and other Governance aspects, including Underwriting Guidelines, Underwriting Referrals, Training and various other Underwriting Quality assurance measures.
Responsibilities:
Establish & customize the scope and focus of underwriting reviews with the parties requesting such reviews, including holding pre-audit meetings. Support internal Ex-Post review process.
Conduct and lead formal and informal underwriting reviews of internal Business Units and external clients (e.g., MGAs, Pools), focusing on areas agreed upon in the review scope document. Participate in Due Diligence reviews.
Focus underwriting reviews on compliance with Underwriting & Pricing guidelines, as well as other factors contributing to the volatility of a book of business, management and expertise of the underwriting staff, quality of risk selection, compliance with our insurance carrier's Underwriting guidelines and coverage documents, comprehensiveness of information development and document analysis, pricing procedures, adequacy of underwriting controls and adherence to other Munich Re Directives. Identify any (potential) systemic underwriting/pricing issues.
Prepare concise, objective and accurately written review reports including key findings, identification of key strengths and weaknesses in a timely fashion, along with formal recommendations addressing deficiencies to present to Business Unit Managers and the MRSI CUO. Convey results to audited parties in a professional manner.
Support the Head of Property in various aspects of Underwriting Governance, including but not limited to the creation and/or review of Underwriting Guidelines, Underwriting Referrals, Underwriting intent in coverage forms, Underwriting training and various other Underwriting Quality assurance measures or projects.
Enable the success of our underwriting teams by incorporating and maintaining consistent standards, managing letters of authority, reducing friction in the underwriting process, and ensuring underwriting discipline across and within our suite of products. Support business plan execution while stressing bottom line profitability.
Advance portfolio monitoring and steering efforts through support of the integration of transparent self-service tools.
Serve as a product and coverage expert for Commercial Property coverages (Property, Inland Marine, BOP, Crime). Will also provide support Audits and Governance for Casualty coverages.
Job Requirements:
Minimum of 10 years multi-line P&C Underwriting background including previous Underwriting audit experience, with a strong focus on Property Insurance; Casualty Insurance background helpful.
Expert knowledge of policy wording and structure, legal and regulatory topics, underwriting process & guidelines, strategic principles, and of Property related topics.
Self-motivated, determined individual who is inquisitive, remains objective and independent, with attention to detail, strong aptitude for math and problem-solving skills.
Strong communication skills, both in writing as well as verbal, and an eagerness to work with others in the current Hybrid environment in order to find constructive solutions.
Demonstrate ability to meet target dates, even under time pressure.
Willingness to travel and/or conduct virtual audits.
The Company is open to considering candidates in Princeton, NJ; Philadelphia, PA; Hartford, CT; Chicago, IL or New York City. The salary range posted below applies to the Company's NYC location.
The base salary range anticipated for this position is
$
193,100 - $283,100
plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).
The salary estimate displayed represents the typical salary range for candidates hired in this position in NYC. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.
At Munich Re, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.
We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
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