Assistant Underwriter, Terrorism & Political Violence

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.

Assistant Underwriter, Terrorism & Political Violence

We are currently looking for an Assistant Underwriter, Terrorism & Political Violence to be based in London on a full-time basis, reporting into the Group Head of Terrorism and PV.

You will be responsible for the prudent underwriting of quality business, including Terrorism & Political Violence risks, exercising good judgment in all underwriting matters with due consideration for your own underwriting limits as set out on the Underwriting Authority sheet. This will be done in accordance with the syndicate’s business plan to maximize profit returns while maintaining the firm’s reputation and integrity, demonstrating care for customers, and adhering to the firm’s regulatory obligations.

Responsibilities:

• Build and maintain effective relationships within Lloyd’s, including peers and brokers, to secure new and renewal business within the syndicate’s Terrorism & Political Violence portfolio;
• Provide analytical support, including S2000 risk entry report production, RMS data entry to monitor aggregate exposures, management reporting, and formulation of benchmarking data with underwriting rationale for IPF3 uploads;
• Review slips and related documents using judgment in line with experience and authority limits, referring to the Group Head when required, and ensure adherence to firm procedures and compliance manuals;
• Administer existing contracts, making amendments consistent with the syndicate’s underwriting philosophy, and monitor and amend risk entries as appropriate;
• Support Political Violence Underwriters by shadowing client/broker meetings, taking minutes, and inputting underwriting information and premium data into the S2000 system; manage premium chasing with brokers when requested;
• Review and post daily premium closing messages, review daily claims reports, and handle weekly management of Political Violence exception reports;
• Participate in bi-weekly Political Violence Underwriting meetings and ensure timely responses to Peer Review Group queries related to the Terrorism & Political Violence account;
• Take ownership of risks within your role, understanding potential losses or failures to meet objectives, maintain controls to mitigate risks, and promptly report significant changes or control effectiveness to your line manager;
• Promote and support good conduct practices to deliver optimal outcomes for customers and policyholders by understanding lines of escalation and the roles of PCRSG, UCSC, ExCo, and the Board in Conduct Risk management;
• Ensure accurate and complete transfer of underwriting information into systems, maintain records, and support risk monitoring and reporting in accordance with syndicate and firm standards.

Knowledge and Skills

A strong knowledge and understanding of:

• Underlying Principles of Insurance;
• Legal Principles;
• FCA and rules and regulations, including contract certainty issues;
• Political Violence cover.

A basic knowledge and understanding of:

• All other classes written by the syndicate;
• Company specific procedures that relate to own role and of the roles of colleagues and their relationships to the structure and business plans of the firm;
• Willingness to continue to develop knowledge of policies, underwriting and related issues through formal and informal learning, both internally and externally to the firm;
• Awareness of the potential risks facing the business within own job role and the controls that are in place to mitigate them; and report all significant changes in these risks, or the effectiveness of controls, to your line manager in a timely manner.

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!

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