Facultative Risk Underwriter

2 weeks ago

New York, New York, United States Munich Re Full time
Reinsurance Program Underwriter Company Munich Re America Location New York, United States

We are considering candidates in various locations.

Join our diverse team of professionals dedicated to fostering a culture that promotes innovative solutions for our business units and clients. We welcome a wide range of experience for this role, and the compensation will reflect that.

About Munich Re

As part of Munich Re's US operations, we provide the financial strength and stability associated with being a leader in the insurance and reinsurance industry. Our risk specialists collaborate to create the ideal mix of products and services that help our clients maintain a competitive edge—ranging from traditional reinsurance offerings to specialized insurance solutions.

Munich Re Facultative and Corporate (MR F&C) consolidates our facultative and corporate business into a single global unit. This alignment enables us to deliver a comprehensive suite of products and services that meet the evolving needs of our clients and broker partners.

The Role

As a Reinsurance Program Underwriter, you will be responsible for underwriting and pricing a portfolio of reinsurance business in line with Munich Re's guidelines, strategic objectives, and profitability standards. Your duties will include developing recommended risk pricing and terms within your underwriting authority. This encompasses conducting risk analysis and assessment, evaluating coverage and pricing, and engaging in client negotiations to sustain and grow a profitable reinsurance portfolio.

Key Responsibilities:

Underwriting:
  • Exhibit the ability to underwrite and price moderately to highly complex reinsurance transactions in accordance with corporate and departmental guidelines.
  • Underwrite new and renewal business, encompassing all tasks related to risk and coverage analysis and pricing, while providing recommendations for proposed terms within your delegated authority.
  • Deliver responsive service to all broker and direct client inquiries.
  • Possess thorough knowledge of guideline structures and apply sound underwriting judgment.
  • Adhere to underwriting procedures and delegated authority.
  • Demonstrate proficiency in utilizing pricing models, tools, and other risk evaluation methodologies.
  • Monitor the profitability of assigned clients, including audits for program business.
  • Collaborate with colleagues across different functional areas and share knowledge by participating in line of business monitoring and product development initiatives.
Marketing:
  • Possess strong knowledge of Munich Re's products and services.
  • Identify opportunities within and beyond your area of expertise.
  • Establish and nurture client relationships.
  • Developing new business sources will be a significant aspect of this role.
  • Maintain a strong market presence through effective client and broker strategies.
  • Contribute meaningfully to departmental strategy and implementation.
Business Planning:
  • Engage in and provide valuable input for business plan development.
  • Execute specific components of the business plan as assigned.
  • Focus on self-development to achieve business and personal growth objectives.
Qualifications:
  • 7+ years of experience in primary insurance and/or reinsurance, with a minimum of 5 years in underwriting.
  • Bachelor's Degree in Business, Insurance, or Risk Management preferred.
  • CPCU, ARe designations are preferred.
  • Demonstrated knowledge of General Liability, Automobile Liability, and Umbrella/Excess Liability coverage and risk analysis.
  • Familiarity with common facultative and treaty reinsurance structures and terms.
  • In-depth understanding of the US insurance and reinsurance markets, supported by participation in industry workshops and active involvement in professional organizations.
  • Excellent oral and written communication skills, with the ability to convey complex transaction structures to both technical and non-technical audiences.
  • A high degree of intellectual curiosity combined with critical thinking skills, analytical problem-solving abilities, and strong intuition to explore new approaches to underwriting and pricing methodologies.
  • Strong interpersonal skills to effectively engage with clients, brokers, and colleagues.
  • Effective time management capabilities.
  • Proficient computer skills.
  • Ability to develop and implement plans and provide strategic direction to achieve unit goals.
  • Willingness to travel for audits and client and broker visits.

This position is based in our offices. The salary range for this role is competitive and includes opportunities for bonuses and a comprehensive benefits package.

At Munich Re, we prioritize Diversity, Equity, and Inclusion as essential components in addressing the challenges and opportunities we face. Our aim is to cultivate an inclusive culture and build a workforce that mirrors the customers we serve and the communities in which we operate. We strive to create a workplace where all colleagues feel respected, valued, and empowered to perform at their best every day. We are committed to recruiting and developing talent with a focus on delivering innovative products and services to our customers.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

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