Lead Surety Underwriting Specialist

2 weeks ago

Charlotte, North Carolina, United States IAT Insurance Group Full time

IAT Insurance Group is seeking a Lead Surety Underwriting Specialist to join our dynamic team. This position will be responsible for managing the daily interactions with designated agents concerning both new and ongoing accounts. The role involves comprehensive analysis and assessment of account information to provide informed recommendations or decisions to the Regional Manager. This position supports a hybrid work model, promoting collaboration and teamwork by requiring in-office presence from Monday to Wednesday, with the flexibility to work remotely on Thursdays and Fridays.

Key Responsibilities:

  • Evaluate initial submissions to identify any additional documentation requirements and initiate communication to gather necessary information.
  • Establish and maintain financial backer files for new accounts, ensuring all relevant financial documents are up-to-date.
  • Promptly inform management of any significant adverse developments or events affecting accounts.
  • Draft comprehensive narratives for new accounts and update them annually, submitting recommendations for review.
  • Update the Underwriting Database with the latest financial statement data.
  • Analyze bond submissions that are not linked to existing accounts, assessing risk and underwriting requirements to determine appropriate rates and indemnities.
  • Investigate unfamiliar bond requirements and consult with management when necessary, especially for high-risk industries.
  • Maintain individual bond files, ensuring annual updates and requesting information from agents as needed.
  • Ensure proper indemnity is secured for new bonds being processed.
  • Assess requests for bond closures requiring surety releases and collateral releases, providing recommendations to management as necessary.
  • Keep abreast of bond-specific underwriting requirements and associated hazards.
  • Regularly review agents' bond number logs to confirm proper reporting and outstanding requests.
  • Conduct reference checks and analyze credit reports to validate past performance and relationship management capabilities.
  • Analyze financial statements to extract key metrics and ratios.
  • Evaluate the necessity for additional protective measures for surety, discussing options with management as needed.
  • Assess specific bond requests for unusual hazards and consult with management as required.
  • Maintain organized documentation for active accounts to facilitate informed decision-making for new requests.
  • Communicate decisions effectively and promptly to the Regional Manager.
  • Engage in regular discussions with Agency Principals/Producers to explore new business opportunities.
  • Achieve premium targets set by the Regional Manager.
  • Perform additional job-related duties as assigned.
Qualifications:

Essential:
  • Bachelor's degree in Risk Management, Finance, Mathematics, Business, or a related field, with a minimum of 4 years of experience in bond underwriting or equivalent.
  • Equivalent experience defined as 8 years of relevant bond underwriting experience.
  • Proven marketing skills with the ability to generate new business and collaborate with contractor clients.
  • Strong proficiency in quantitative and financial analysis.
  • Excellent mathematical aptitude and strong verbal and written communication skills.
  • Customer service-oriented with a commitment to integrity.
  • Proficient in various computer applications, internet-based programs, and spreadsheet software.
  • Applicants must be authorized to work in the United States without requiring VISA sponsorship.
Preferred:
  • AFSB industry designation.
Company Culture:

IAT is recognized as the largest private, family-owned property and casualty insurer in the United States. Our motto, Insurance Answers Together, reflects our commitment to collaboration and providing optimal solutions for our clients. We foster an open and supportive culture that encourages innovation and growth. Our comprehensive benefits package includes:
  • 26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off.
  • 7% 401(k) Company Match and additional Profit Sharing.
  • Hybrid work environment.
  • Numerous training and development opportunities.
  • Healthcare and Wellness Programs.
  • Performance-based bonuses.
  • College Loan Assistance Support Plan.
  • Educational Assistance Program.
  • Mentorship Program.
  • Dress for Your Day Policy.
We are an equal opportunity employer and maintain a drug-free workplace.

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