Senior Underwriter for Financial Institutions

2 weeks ago

Chicago, Illinois, United States Axis Services Full time

This is an exciting opportunity at Axis Services, a reputable global provider of specialty lines insurance and reinsurance. We distinguish ourselves through exceptional client service, strategic risk management, and delivering superior risk-adjusted returns for our stakeholders. Our corporate culture is entrepreneurial, disciplined, and ethical, making us a leader in the industry.

At Axis Services, we recognize that our strength lies in our people. We are committed to fostering an inclusive and welcoming environment where employees from diverse backgrounds feel empowered to express their authentic selves. This commitment ensures that everyone brings their full selves to work.

**Position Overview: Senior Underwriter for Financial Institutions**

**Location: Chicago**

The Senior Underwriter for Financial Institutions will operate within established guidelines to analyze, assess, and monitor both new and renewal accounts for various financial entities, including private banks, insurance firms, hedge funds, investment advisors, and other financial institutions. The role encompasses management liability, professional liability insurance, and related services.

Senior Underwriters are expected to exercise independent judgment in managing underwriting processes, typically holding an Underwriting Authority of $3 to $5 million while developing a portfolio of new and renewal business.

**Candidate Profile**

The ideal candidate will be a hands-on technical expert with a proven track record in a top-tier Commercial Insurance Carrier, focusing on building a portfolio of Financial Institutions Management and Professional Liability (E&O, D&O, EPLI, FLI, and Crime) in the Lower Middle Market segment.

Candidates should possess extensive connections within the Financial Institutions retail broker network and have comprehensive experience in portfolio management, including submission solicitation, underwriting analysis, and preparing and issuing proposals and quotations.

Additionally, the candidate must exhibit an executive presence, demonstrating success in communication, influence, and relationship-building that enhances the Axis Services portfolio and contributes to long-term strategic goals.

**Work Profile**

This position offers a flexible schedule, allowing for remote work two days a week and on-site engagement for three days. Maintaining strong relationships with brokers and clients, along with participation in industry and company events, will require some travel.

**Key Responsibilities**

+ Engage in prospecting by identifying new business opportunities and collaborating with Key Financial Institutions Retail Brokers to ensure proposals are presented. Provide strategic recommendations to supervisors.

+ Evaluate national new and renewal business in accordance with company underwriting guidelines, developing strategies and making informed recommendations.

+ Assess coverage requests from agents and determine the department's position regarding such requests within the granted authority. Present those outside authority to supervisors for approval.

+ Analyze and underwrite individual risks, establishing appropriate limit structures, retention, pricing, and endorsements within the granted authority.

+ Manage a personal portfolio concerning new lines, renewals, and cross-marketing of product lines within the department.

+ Meet all divisional servicing objectives, including quote turnaround, policy issuance, phone management, and documentation maintenance, ensuring data integrity in the underwriting system.

+ Conduct regular marketing calls through timely broker visits, soliciting new accounts, gathering market intelligence, and providing updated departmental information on products and services.

+ Oversee select agency relationships to ensure objectives are met.

+ Travel as necessary for marketing calls and client meetings.

+ Continuously enhance product and underwriting knowledge.

+ Stay informed about economic and legal factors affecting the department's lines of business and the insurance industry.

+ Participate in projects or perform related work as required.

+ Collaborate with branch marketing representatives and profit center representatives to facilitate cross-marketing efforts.

**Required Education/Training & Experience:**

+ Bachelor's degree.

+ A minimum of 5 years of experience in Financial Institutions and executive liability underwriting.

+ Advanced technical expertise, underwriting skills, and knowledge of insurance principles and practices.

+ Experience should include the ability to assess company financials, analyze stock metrics, and manage individual portfolios.

**Other Desired Skills and Characteristics:**

+ Strong negotiation skills and marketing abilities.

+ Team-oriented mindset.

+ Excellent presentation skills.

+ Solid foundation in financial analysis.

+ Proficient in policy language analysis.

+ Proven marketing capabilities and established relationships with brokers.

For this position, we anticipate offering a competitive base salary, complemented by incentive targets based on overall corporate and individual performance. Additionally, we provide a comprehensive benefits package, including medical plans for employees and their families, health and wellness programs, retirement plans, tuition reimbursement, paid vacation, and more.

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