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Production Underwriter I
2 months ago
FM is a leading property insurer of the world's largest businesses, providing more than one-third of FORTUNE 1000-size companies with engineering-based risk management and property insurance solutions. FM helps clients maintain continuity in their business operations by drawing upon state-of-the-art loss-prevention engineering and research; risk management skills and support services; tailored risk transfer capabilities; and superior financial strength. To do so, we rely on a dynamic, culturally diverse group of employees, working in more than 100 countries, in a variety of challenging roles.
This exciting opportunity is with FM Affiliated, our “best-in-class” middle market property insurer. FM Affiliated is exploring new ways to expand and tailor coverage to meet our brokers’ and client’s ever-evolving business challenges. Drawing on the full strength of the FM Group, we help our clients choose how to best identify, prioritize and reduce future loss in a way that makes practical and affordable sense. We distribute our property insurance products and engineering solutions exclusively through a network of brokers. We value long-term relationships that provide the realization of greater value by deploying the skills of our highly trained Account Engineers and Production Underwriters.
FM Affiliated is seeking a Production Underwriter to join the Parsippany, NJ or New York City Office. This is a unique opportunity to be part of and help maintain and grow one of the largest FM Affiliated offices in the country. This is an extremely important position because the FM Affiliated Production Underwriter is responsible for both new business production and renewal retention while maintaining underwriting profit and protecting the company’s assets. They must effectively market FM Affiliated products and services to a network of producers with whom long term relationships are developed, maintained and cultivated.
The FM Affiliated Production Underwriter is responsible for profitable risk selection, negotiation of pricing, terms and conditions, and using creative underwriting strategies to optimize net retentions that effectively balance both customer and company needs. The Production Underwriter is responsible to coordinate account team resources in order to provide excellent and responsive services that add value to our broker and customer relationships.
In addition, the role works closely with Account Engineers to review renewal and new business opportunities to ensure proper risk identification, selection and assessment in order to ensure the development and growth of a profitable portfolio of business. FM Affiliated Production Underwriters primary relationships are with brokers and reinsurers for insurance related issues. Responsibilities include meeting specific profit, retention, and production goals. Business relationships and a network of contacts must be established and an effective program of calls must be executed to meet an average of 10 external calls a month to ensure high visibility.
Travel is required for marketing and training including out of state travel. New risks must be pre-qualified based on acceptability today and its future potential, this includes a thorough analysis of the broker submission, desired pricing, terms and conditions, financial condition, adequacy of reported values, and loss experience. The company’s assets must be protected by adhering to company underwriting standards and procedures, this will include determining the amount subject, net capacity commitment, checking cross liability, management of catastrophe aggregate retentions, negotiating and purchasing reinsurance and establishing commissions in a manner most advantageous to the company.
- Bachelor’s Degree or equivalent combination of education and experience
- 2-5 years FM or Property Insurance experience
- Sound working knowledge of our business including a good understanding of risk identification and assessment, property insurance coverage, forms, financial statements and business computer applications.
- Demonstrated skills in oral and written communication, time management, analysis, decision-making, problem solving, sales/negotiation/presentation and leadership as well as the ability to establish a network of property producers and industry contacts.
The final salary offer will vary based on individual education, skills, and experience. The position is eligible to participate in FM's comprehensive Total Rewards program that includes an incentive plan, generous health and well-being programs, a 401(k) and pension plan, career development opportunities, tuition reimbursement, flexible work, time off allowances and much more.
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