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Special Risks Underwriter

Location London, United Kingdom Job type Full-Time Work mode Hybrid Job level Professional Job ID 11961 Company Munich Re Specialty - Global Markets Employment type Regular Area of expertise Claims & Underwriting
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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.

Special Risks Underwriter

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

This person will support the prudent underwriting of quality business 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:

  • Underwrite for the Special Risks Account.  Exercise judgement in all underwriting matters, and remain aware of own underwriting limits in accordance with prevailing authority, all in accordance with the Syndicate Business Plan;
  • Supervise the work of the Assistant Underwriter to ensure the provision of an accurate and quality underwriting and administrative service to the Special Risks Account.
  • Conduct and develop effective business relationships with brokers, coverholders and clients with a view of both securing new business and retaining appropriate renewal business;
  • Provide input for the Rating Adequacy Process and other Management Reports;
  • Review and administer existing contracts and make amendments in line with the firm’s underwriting philosophy;
  • Monitor accurate input of data to S2000 and  amend where appropriate;
  • Review daily claims report for Contingency Account.
  • Ensure Contingency Account conforms with the principles of Contract Certainty;
  • Transfer underwriting information from slips to notes on Subscribe to provide more efficient retrieval of information;
  • Obtain Contingency account monthly renewals report from S2000 and chase brokers for outstanding renewals and premiums;
  • Assist in the production of ad hoc reports to aid Contingency account analysis and/or management reports as required;
  • Keep appropriate records of all conversations with broker and other customers and/or insurers, or other relevant business contacts, in accordance with the firm’s procedures manual;

Knowledge and Skills

  • University Degree and/or relevant professional qualification
  • Underwriting experience in the contingency market
  • Knowledge and understanding of:
    1. Contingency coverages
    2. Underwriting Principles
    3. Insurance Legal Principles
    4. PRA/FSA and rules and regulations, including contract certainty issues;
  • Lloyd’s Insurance market
  • Potential risks facing the business within own job role and the controls that are in place to mitigate them.

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.

Learn more about sustainability at Munich Re – choose your impact!

#BePresent #BeBold #BeCurious

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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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