Senior Contract Surety Underwriter

1 month ago


Charlotte, North Carolina, United States IAT Insurance Group Full time
Job Title: Senior Contract Surety Underwriter

We are seeking a highly skilled Senior Contract Surety Underwriter to join our team at IAT Insurance Group. As a key member of our underwriting team, you will be responsible for analyzing and evaluating financial information to determine the risk associated with new and existing accounts.

Responsibilities:
  • Review initial submissions to determine additional information needed and initiate correspondence to obtain required documentation.
  • Set up financial backer files for new accounts and maintain them, requesting updated information as necessary.
  • Advise managers immediately of significant negative developments or events.
  • Compose narratives for new accounts, update them annually, and submit them to managers with account recommendations for review.
  • Update accounts in the Underwriting Database with current financial statement information.
  • Analyze bond risk and class, underwriting requirements, and applicant qualifications for bond submissions not affiliated with an account.
  • Evaluate unfamiliar or new bond requirements and discuss with managers if necessary.
  • Maintain individual bond files, requesting updated underwriting information annually and from agents if necessary.
  • Ensure proper indemnity is secured for new bonds being reported.
  • Value requests to close bonds, requiring a release of surety and requests to release collateral, and submit recommendations to managers if necessary.
  • Maintain information on bond-specific underwriting requirements and hazards.
  • Periodically check agent's bond number logs to ensure bonds are being reported and/or 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.
  • Evaluate specific bond requests with regard to any unusual hazards and discuss with supervisors as required.
  • Maintain file documentation to ensure information for existing active accounts is fresh enough to make informed decisions.
  • Communicate decisions clearly and expeditiously to Regional Managers.
  • Regularly discuss or visit with Agency Principals/Producers about new opportunities for expanding the IFIC presence in the Agency.
  • Meet premium targets assigned to Senior Bond Underwriters by Regional Managers.
Qualifications:
  • Bachelor's degree in Risk Management, Finance, Mathematics, Business, or related field with at least 4 years of experience in bond underwriting or equivalent.
  • Equivalent experience 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 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 Qualifications:
  • AFSB industry designation.

We offer a comprehensive benefits package, including 26 PTO days, 7% 401(k) company match, hybrid work environment, numerous training and development opportunities, healthcare and wellness programs, opportunity to earn performance-based bonuses, college loan assistance support plan, educational assistance program, mentorship program, and dress for your day policy.

IAT Insurance Group is an equal opportunity employer and maintains a drug-free workplace. We participate in E-Verify and consider all qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.



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