Senior Bond Underwriter
5 days ago
We are seeking a highly skilled Contract Surety Senior Underwriter to join our team at IAT Insurance Group in Charlotte, North Carolina. This role will involve handling various aspects of daily interactions with assigned agents regarding new and existing accounts, including gathering, analyzing, and evaluating all information on an account and making recommendations or decisions to the Regional Manager based on that information.
This position works a hybrid schedule from an IAT Office, reflecting our values of thinking and acting like an owner, collaboration, and teamwork. The hybrid schedule 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 and initiate correspondence to obtain documentation as required.
- Set-up financial backer files (account files) for new accounts and maintain financial backer files, requesting updated information if necessary (financial statements, credit reports, correspondence, news, etc.) and monitoring 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.
- Analyze bond submissions not affiliated with an account, determining the appropriate rate and indemnity needed and making 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).
- 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).
- Ensure proper indemnity has been secured for new bonds being reported.
- Evaluate 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 ensure 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, such as perfecting indemnity agreements, taking collateral, escrow arrangements, or additional outside indemnity, and discuss with supervisor as needed.
- Evaluate specific bond requests with regard to any unusual hazards and 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.
- Bachelors' degree in Risk Management, Finance, Mathematics, Business, or related field with at least 4 years of experience in bond underwriting or equivalent.
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