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.
Munich Re Specialty was formed as a stand-alone division in 2023, and brings together the wider Munich Re group’s primary specialty business units. Complementing an already strong presence in the UK and the US, Munich Re Specialty – Global Markets (MRSGM) has been tasked with executing a wider plan to build a broader global footprint. We’re looking for a passionate and experienced Assistant Underwriter, Political Violence and Terrorism to join our Specialty team at a truly exciting time.
Objective
To support the prudent underwriting of quality business, in line with the business plan, to optimise return of profit, while maintaining the firm’s reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the firm.
Job Responsibilities
- Underwrite Terrorism & Political Violence risks, exercising judgement in all underwriting matters, with due consideration for own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with the syndicate’s business plan.
- Assist in the underwriting of business via the Service Company network.
- Conduct and develop effective relationships within Lloyd’s, both with peers and with brokers, with a view to securing new and renewal business that falls within the syndicate’s portfolio, specifically Terrorism & Political Violence risks. Where necessary, represent the Company at broker or client meetings alone.
- Review slips and/or other information/literature, exercising own judgement, based on knowledge and experience, acting within own limits of authority and referring to the Senior Underwriter, Specialty Risks when appropriate.
- Review and administer existing contracts and make amendments in line with the syndicate’s underwriting philosophy.
- Input data and process risk entries in Websure underwriting system when required.
- The recording and monitoring of data, aggregates, pricing and income flows and produce analysis and support where applicable.
- Undertake premium chasing and assist with Credit Control.
- Ensure that company procedures and systems are followed and maintained, as per procedures and compliance manuals.
- Help drive forward good conduct for the business to deliver the best outcomes for customers / policyholders.
- Understand all appropriate lines of escalation and the responsibilities of the Lloyd’s, MAS, Munich Re Specialty ExCo and Board for Conduct Risk.
Knowledge and Skills
Strong knowledge and understanding of:
- Underwriting Principles;
- Legal Principles;
- Political Risk
- Political Violence and Terrorism
- At least 3-5 years of insurance experience in this class of business
- Be able to demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Firm;
- Be able to develop and maintain market awareness and continually demonstrate thought leadership
If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!
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.
