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Contract Surety Senior Underwriter

3 months ago

Newark, United States IAT Insurance Group Full time
IAT Surety has an immediate opening for a Contract Surety Senior Underwriter located our Newark, New Jersey location. This role will handle most aspects of daily interaction with assigned agents regarding new and existing accounts this includes gathering, analyzing and evaluating all information on an account and making a recommendation or decision to the Regional Manager based on that information. This role works a hybrid schedule from an IAT Office. The hybrid schedule reflects our values (thinking and acting like an owner, collaboration, and teamwork) as it requires working from the office with colleagues and other disciplines Monday through Wednesday, with the option of working Thursday and Friday remotely.

Responsibilities:

  • Review initial submissions to determine any additional information needed. Initiate correspondence to obtain documentation as required
  • Set-up financial backer files (account files) for new accounts. Maintain financial backer files and request updated information if necessary (financial statements, credit reports, correspondence, news, etc.) and monitor the aggregate liability
  • Advise manager immediately if there have been any significant negative developments or events
  • Compose narratives for new accounts, update narratives on an annual basis and submit them to manager with account recommendations for review
  • Update accounts in the Underwriting Database with current financial statement information
  • For bond submissions not affiliated with an account, analyze the bond risk/class, the underwriting requirements for that class and review the applicant's qualifications. Determine the appropriate rate and indemnity needed and make a recommendation to the manager if not within your own authority
  • Evaluate unfamiliar or new bond requirements and discuss with manager if necessary (if potentially hazardous, high risk associated with industry {i.e. mortgage brokers, money transmitters})
  • Maintain individual bond files which require updated underwriting information on an annual basis and request information from the agent if necessary (financial statements, current ownership, status, etc.)
  • Make sure proper indemnity has been secured for new bonds being reported
  • valuate requests to close bonds which require a release of surety and requests to release collateral and submit a recommendation to manager if necessary
  • Maintain information on bond-specific underwriting requirements and on hazards of certain bonds
  • Periodically check agent's bond number logs to make sure that bonds are being reported and/or that outstanding bond numbers have been requested
  • Perform reference checks and order and review credit reports to document proven past capabilities and ability to handle relationship
  • Analyze financial statements to ascertain key components and ratios
  • Evaluate need for additional measures to protect surety. This means perfecting indemnity agreements, possibly taking collateral, escrow arrangements, or additional outside indemnity. Discuss such additional measures as needed with supervisor
  • Evaluate specific bond requests with regard to any unusual hazards. Discuss with supervisor as required
  • Maintain file documentation so that information for existing active accounts is fresh enough to make an informed decision should a new request come up
  • Communicate decisions as clearly and expeditiously as possible to the Regional Manager
  • Regular discussion or visit with the Agency Principal/Producer about new opportunities for expanding the IFIC presence in the Agency
  • Meet certain premium targets assigned to the Senior Bond Underwriter by the Regional Manager.
  • Perform other job-related duties as required
Qualifications:

Must-Have:
  • Bachelor's degree in Risk Management, Finance, Mathematics, Business or related with at least 4 years contract surety underwriting or equivalent.
  • Equivalent is defined as 8 years of relevant contract surety underwriting experience.
  • Ability to analyze financial statements and make recommendations on requests.
  • Strong marketing skills and ability to obtain new business and work with contractor clients.
  • Possess the ability to appropriately apply loss development and advanced loss analysis concepts to achieve optimal pricing of a risk.
  • Customer service oriented and have the utmost integrity.
  • To qualify, applicants must be authorized to work in the United States and must not require VISA sponsorship, now or in the future, for employment purposes.
Preferred to Have:
  • AFSB industry designation.
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran. We maintain a drug-free workplace and participate in E-Verify.

Our Culture

IAT is the largest private, family- owned property and casualty insurer in the U.S. Insurance Answers Together® is how we define IAT, in letter and in spirit. We work together to provide solutions for people and businesses. We collaborate internally and with our partners to provide the best possible insurance and surety options for our customers. It's about far more than being a workplace. We're a work family.

At IAT, our fundamental belief is to create a culture where all employees are heard and have a sense of belonging. Inclusion and Diversity are not just initiatives, it's how we live. We're committed to driving and building an open and supportive culture. By embracing the uniqueness of our employees, investing in their development, listening to, and engaging their ideas, we are stronger as an organization.

Our employees propel IAT forward - driving innovation, stable partnerships, and growth. That's why we continue to build an engaging workplace culture to attract and retain the best talent.

We offer comprehensive benefits like:
  • 26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off
  • 7% 401(k) Company Match and additional Profit Sharing
  • Hybrid work environment
  • Numerous training and development opportunities to assist you in furthering your career
  • Healthcare and Wellness Programs
  • Opportunity to earn performance-based bonuses
  • College Loan Assistance Support Plan
  • Educational Assistance Program
  • Mentorship Program
  • Dress for Your Day Policy


All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran. We maintain a drug-free workplace and participate in E-Verify.

Come join the IAT family