Fac Program Underwriter Company Munich Re America Location New York , United States We will consider candiates in: Chicago, Princeton or NYC. We're 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. We will consider a range of experience for this role and the offer will be commensurate with that.
The Company As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive - from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products. Munich Re Facultative and Corporate (MR F&C) was created to bundle Munich Re's facultative and corporate business into one global unit. By aligning our single risk business in one unified team we better position Munich Re to provide a holistic suite of products and services that meet the growing demands of our clients and broker partners.
The Opportunity As a Fac Program Underwriter, you will underwrite and price a portfolio of reinsurance business in accordance with Munich Re guidelines, strategy and profitability standards. You will be responsible for developing recommended risk pricing and terms within appropriate underwriting authority. This includes completing risk analysis and assessment, coverage evaluation and pricing as well as participating in client negotiations in order to maintain and develop a profitable portfolio of reinsurance business.
Key Responsibilities of this position include: Underwriting: - Demonstrate ability to underwrite and price moderate to highly complex reinsurance business in accordance with corporate, divisional and department guidelines and philosophy.
- Underwrite new and renewal business, including all tasks associated with risk and coverage analysis and pricing, and provide recommendations for proposed terms within delegated underwriting authority. Refer all business outside of delegated underwriting authority to appropriate referral underwriter.
- Provide responsive service on all broker and direct client requests.
- Possess comprehensive knowledge of guidelines structure and exercise sound underwriting judgement.
- Adhere to underwriting procedures and delegated authority.
- Demonstrate proficiency in the use of pricing models, tools and other risk evaluation models.
- Monitor profitability of assigned clients including audits for program business.
- Work collaboratively with colleagues in other functional areas and across the group, share knowledge by participating in line of business monitoring and product development activities.
Marketing: - Strong knowledge of Munich Re Products and Services
- Develop opportunities inside and outside area of expertise.
- Develop and maintain client relationships.
- Developing new sources of business will be a significant part of position.
- Develop and maintain strong market presence by developing client and broker strategies.
- Provide significant input for department strategy and implementation.
Business Planning: - Participate in and provide significant input for the business plan development.
- Execute specific aspects of business plan as assigned.
- Self -Development Planning to achieve business and developmental objectives.
Qualifications - 7+ years of primary insurance and / or reinsurance experience. At least 5 years of underwriting experience is required
- Bachelor's Degree in Business, Insurance or Risk Management preferred.
- CPCU, ARe designations preferred;
- Demonstrated knowledge of General Liability, Automobile Liability, Umbrella/Excess Liability coverage and risk analysis
- Knowledge of common facultative and treaty reinsurance structures and terms
- In-depth knowledge of the US insurance and reinsurance markets supported by attending industry workshops/conferences and active involvement in professional societies.
- Excellent oral and written communication skills. Ability to explain complex transaction structures to both technical and non-technical audiences
- High degree of intellectual curiosity combined with critical thinking skills, analytical problem solving abilities, and strong intuition to flexibly seek new ways to approach underwriting / pricing methodologies.
- Strong ability to interact effectively with clients, brokers, and colleagues.
- Effective time management skills
- Excellent computer skills
- Ability to develop and execute plans and to provide strategic direction to the development and achievement of unit goals;
- Willingness to travel for audits and client and broker visits (approx. 25% of time but can fluctuate upwards during renewal season)
This position will be located in our Princeton, NJ; Chicago, IL or NYC, NY offices. The salary range posted below applies to the Company's NYC location. The base salary range anticipated for this position is
150,300 - $220,400 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, Equity 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.