Senior Contract Surety Underwriter

4 days ago

Anaheim CA, United States IAT Insurance Group Full time

We are seeking a highly skilled Contract Surety Senior Underwriter to join our team at IAT Insurance Group. This role will be responsible for handling daily interactions with assigned agents regarding new and existing accounts, including gathering, analyzing, and evaluating all information on an account and making a recommendation or decision to the Regional Manager based on that information.

Key Responsibilities:
  • Review initial submissions to determine any additional information needed and initiate correspondence to obtain documentation as required.
  • Set-up financial backer files for new accounts and maintain them, requesting updated information if necessary, and monitor the aggregate liability.
  • Advise the manager immediately if there have been any significant negative developments or events.
  • Compose narratives for new accounts, update them on an annual basis, and submit them to the 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, 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 the manager if necessary.
  • Maintain individual bond files, which require updated underwriting information on an annual basis, and request information from the agent if necessary.
  • Ensure proper indemnity has been secured for new bonds being reported.
  • Value requests to close bonds, which require a release of surety and requests to release collateral, and submit a recommendation to the 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 relationships.
  • Analyze financial statements to ascertain key components and ratios.
  • Evaluate the need for additional measures to protect surety, including perfecting indemnity agreements, taking collateral, escrow arrangements, or additional outside indemnity, and discuss such additional measures as needed with the supervisor.
  • Evaluate specific bond requests with regard to any unusual hazards and discuss with the 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.
  • Regularly discuss 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.
Qualifications:
  • Bachelor's degree in Risk Management, Finance, Mathematics, Business, or related with at least 4 years of experience in bond underwriting or equivalent.
  • Equivalent is defined as 8 years of relevant bond underwriting experience.
  • Strong marketing skills and ability to obtain new business and work with contractor clients.
  • Strong competency in quantitative and financial analysis.
  • Requires strong math aptitude, excellent verbal and written communication, interpersonal, and negotiating skills.
  • Must be customer service oriented and have the utmost integrity.
  • Must possess knowledge of various computer programs, internet-based programs, and PC literate in the use of spreadsheets.
  • 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.

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