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Facultative Property Engineering & Energy Sr. Underwriter

Location Chicago, United States Job type Full-Time Work mode Hybrid Job level Professional Job ID 12137 Company Munich Re America Employment type Regular Area of expertise Claims & Underwriting
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All locations Chicago, United States; New York, United States;

Facultative Property Engineering & Energy Senior Underwriter
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. We believe that  by aligning our single risk business in one unified team we will 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
Future focused and always one step ahead!

The Engineering & Energy business units of Munich Re F&C (Facultative & Corporate) provide custom-made insurance solutions to the power, energy and construction industries. The team is a recognized market leader in these classes of business. For the Munich Re F&C (MRF&C) North America Corporate Engineering & Energy team, we are looking for a qualified Facultative Power, Energy & Construction Underwriter. The underwriter is to be based in either New York or Chicago.

In this role you will underwrite and manage a growing pipeline of construction, power, renewable energy and down/midstream energy and specialty chemical risk accounts within the Property Facultative US Division of Munich Re Facultative and Corporate, and contribute to its overall profitability. You will apply specialized underwriting risk analysis skills and insurance knowledge to adequately assess and price the potential exposures to Power, Energy and Construction Risks underwritten in the unit. You will determine the commensurate terms and conditions applicable and consider risk-sharing acceptances. 

Responsibilities:

•    Develop and maintain strong market presence by developing client and broker strategies.
•    Develop new business opportunities and promote Munich Re Group’s capabilities and competencies externally.
•    Establish and maintain sound contact with clients and brokers, keeping abreast of market and industry developments and client needs. 
•    Promote MRF&C Engineering & Energy capabilities and competencies.

•    Produce and underwrite a variety of civil, energy and power construction projects through contacts with brokers and cedants in line with MR F&C risk appetite. 
•    Produce and underwrite Engineering (Power-Gen & Construction) and Energy business in line with MR F&C risk appetite.
•    Negotiate and conclude the offers, terms of contract with Cedants/Brokers and, when necessary and feasible, submit counter proposals.
•    Use the given pricing and layering models 
•    Review policy forms for compliance with MRF&C guidelines, strategies and best practices developed for MR F&C Engineering & Energy and provide solutions where practical.
•    Relative to losses: track and monitor losses and keep up to date on industry loss trends. Work with the Claims department as needed. 
•    Identify additional requirements and propose improvements to existing MR F&C Energy & Engineering guidelines, strategy and best practices, where appropriate. 
•    Ensure that a consistent standard in the underwriting process of Munich Re’s energy and engineering business is adhered by way of 4-eyeing and peer-reviewing accounts.
•    Be a support/referral resource to other underwriters and units providing engineering insurance underwriting expertise and input where required. 
•    Help to analyze and evaluate the distribution of limits, attachment points and layers for our Engineering & Energy portfolio to maximize profitability potential.
•    Demonstrate proficiency in the use of data and analytics tools, ensuring all required risk information is captured and evaluated appropriately.
•    Assist the Head of Property Facultative US and when required in fulfilling all managerial and administrative duties of the Engineering Group.
•    Participate in appropriate energy and engineering-industry seminars/workshops to elevate Munich Re’s brand.
•    Contribute to technical underwriting and expert groups.
•    Organize, create and deliver technical underwriting and marketing articles, blogs or journals.
•    Ensure appropriate representation in technical insurance market committees, providing technical input as well as sourcing key market knowledge.

Qualifications:

Successful candidates will possess the following skills and capabilities:
•    Mechanical/Chemical/Electrical/Civil Engineer (preferably with a bachelor's degree) preferred, with a minimum of 10 years engineering, energy or property (re)insurance experience.
•    Negotiation, Relationship Management and Marketing skills
•    Strong computer skills.
•    Excellent verbal/written language and communication skills.
•    Ability to travel nationally and internationally.
•    Ability to work cross-functionally and cross-culturally to collaborate with Loss Control Engineering, Claims, Underwriting Analysts, and teams in London, Munich and globally.
•    Management/leadership skills are highly beneficial 

The Company is open to considering candidates in numerous locations, including Chicago, IL and New York City (NYC). The salary range posted below applies to the Company’s Chicago location. The offer will be adjusted per geography.

The base salary range anticipated for this position is $177,700 - $260,600 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 New York City. 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. 

We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:
•    Two options for your health insurance plan (PPO or High Deductible).
•    Prescription drug coverage (included in your health insurance plan).
•    Vision and dental insurance plans.
•    Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
•    Short and Long Term Disability coverage.
•    Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
•    Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).

In addition to the above insurance offerings, our employees also enjoy:
•    A robust 401k plan with up to a 5% employer match
•    A retirement savings plan that is 100% company funded.
•    Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
•    Eligibility to receive a yearly bonus as a Munich Re employee.
•    A variety of health and wellness programs provided at no cost.
•    Paid time off for eligible family care needs.
•    Tuition assistance and educational achievement bonuses.
•    A corporate matching gifts program that further enhances your charitable donation.
•    Paid time off to volunteer in your community.


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.

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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