Underwriter - Personal Lines Specialist

1 week ago

Richmond, Virginia, United States Ryan Specialty Full time
Job Summary:
We are seeking an experienced Underwriter - Personal Lines Specialist to join our team at Ryan Specialty. The successful candidate will be responsible for developing and maintaining the book of personal lines business by assessing and analyzing insurance risks, determining coverage terms as per binding authority underwriting guidelines, and building relationships with internal and external stakeholders. The role will review and authorize binding authority requests and ensure compliance with regulatory standards. The Underwriter - Personal Lines Specialist will collaborate with brokers, negotiate terms, evaluate exposures, and establish premium rates.

Key Responsibilities:
  • Reviews and analyzes renewal and new business submissions, risks submitted by brokers, evaluates historical performance, and assists in the development of profitable binding terms as per underwriting guidelines.
  • Applies binding authorities effectively while brokering risks to successfully negotiate a placement while delivering on underwriting targets.
  • Evaluates documents such as application forms, binders, inspection reports, etc. to determine the degree of risk and obtains further information as needed to establish premium amount.
  • Determines the profitability of the premium amount and seeks to evaluate possibility of losses due to catastrophe or excessive insurance.
  • Ensures quality underwriting practice by adhering to guidelines and procedures and meets high service standards for timely quoting, binding, and customer service.
  • Demonstrates knowledge of binding authority underwriting guidelines and best practices and ensures compliance with regulatory and statutory policies and procedures.
  • Develops strong, long-term relationships with brokers, agents, and fellow underwriters to add to a profitable book of business.
  • Identifies opportunities to optimize premium coverage and monitors previous losses and actions on coverage gaps and/or opportunities impacting profitability, leveraging knowledge of all markets.
  • Develops the underwriting associates by providing technical knowledge transfer for them to successfully carry out operational tasks and enhances their business communication skills.
Requirements:
  • Minimum of 5 years of experience in Binding Authority and Insurance Underwriting with a Bachelor's degree, or 3 years of experience and a Master's degree.
Education:
  • Bachelor's degree required, Master's degree preferred; Business Administration, Risk Management preferred. Any other related discipline or commensurate work experience considered.
Licenses and Certifications:
  • Minimum requirements for state P&C and/or surplus line licenses within a designated time period if not currently licensed.
  • Preferred: Certified Insurance Counselor (CIC), Chartered Property Casualty Underwriter (CPCU)

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