Senior Contract Surety Underwriter

3 days ago

Charlotte, North Carolina, United States IAT Insurance Group Full time
About the Role

We are seeking a highly skilled and experienced Senior Contract Surety Underwriter to join our team at IAT Insurance Group. As a Senior Contract Surety Underwriter, you will play a critical role in evaluating and managing the risk associated with our clients' contracts.

Key Responsibilities
  • Contract Evaluation: Review initial submissions to determine any additional information needed, and initiate correspondence to obtain documentation as required.
  • Financial Analysis: Set-up financial backer files for new accounts, maintain financial backer files, and request updated information if necessary.
  • Risk Assessment: Advise manager immediately if there have been any significant negative developments or events.
  • Account Management: Compose narratives for new accounts, update narratives on an annual basis, and submit them to manager with account recommendations for review.
  • Database Management: Update accounts in the Underwriting Database with current financial statement information.
  • Bond Analysis: For bond submissions not affiliated with an account, analyze the bond risk/class, the underwriting requirements for that class, and review the applicant's qualifications.
  • Collateral Management: Make sure proper indemnity has been secured for new bonds being reported.
  • Account Closure: Evaluate requests to close bonds which require a release of surety and requests to release collateral and submit a recommendation to manager if necessary.
  • Underwriting Requirements: Maintain information on bond-specific underwriting requirements and on hazards of certain bonds.
  • Agent Management: Periodically check agent's bond number logs to make sure that bonds are being reported and/or that outstanding bond numbers have been requested.
  • Reference Checks: Perform reference checks and order and review credit reports to document proven past capabilities and ability to handle relationship.
  • Financial Statement Analysis: Analyze financial statements to ascertain key components and ratios.
  • Risk Mitigation: Evaluate need for additional measures to protect surety, including perfecting indemnity agreements, taking collateral, escrow arrangements, or additional outside indemnity.
  • Bond Request Evaluation: Evaluate specific bond requests with regard to any unusual hazards.
  • File Maintenance: Maintain file documentation so that information for existing active accounts is fresh enough to make an informed decision should a new request come up.
  • Communication: Communicate decisions as clearly and expeditiously as possible to the Regional Manager.
  • Business Development: Regular discussion or visit with the Agency Principal/Producer about new opportunities for expanding the IFIC presence in the Agency.
  • Performance Targets: Meet certain premium targets assigned to the Senior Bond Underwriter by the Regional Manager.
Qualifications
  • Education: Bachelors' degree in Risk Management, Finance, Mathematics, Business, or related with at least 4 years of experience in bond underwriting or equivalent.
  • Experience: Equivalent is defined as 8 years of relevant bond underwriting experience.
  • Skills: 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.
  • Integrity: Must be customer service oriented and have the utmost integrity.
  • Technical Skills: Must possess knowledge of various computer programs, internet-based programs, and PC literate in the use of spreadsheets.
  • Authorization: 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 Qualifications
  • Industry Designation: AFSB industry designation.

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