Binding Authority Underwriter

Ryan Specialty • Richmond, VA

79d • $78,750 - $78,750

About The Position

The Binding Authority Underwriter is responsible for developing and maintaining the book of business by assessing and analyzing insurance risks, determining coverage terms as per binding authority underwriting guidelines and building relationships with internal and external stakeholders. The role reviews and authorizes binding authority requests and ensures compliance with regulatory standards. They collaborate with brokers, negotiate terms, evaluate exposures, and establish premium rates.

Requirements

• Bachelor’s degree required, Master’s degree preferred; Business Administration, Risk Management preferred.
• Minimum of 5 years of experience in Binding Authority and Insurance Underwriting with a Bachelor’s degree, or 3 years of experience and a Master’s degree.
• Minimum requirements for state P&C and/or surplus line licenses.

Nice To Haves

• Certified Insurance Counselor (CIC)
• Chartered Property Casualty Underwriter (CPCU)

Responsibilities

• Assess and price renewals, new business, and endorsements according to guidelines outlined in the underwriting manual and within their authority level.
• Select and/or verify class code and premium base and rating exposure.
• Determine appropriate credits and/or debits to obtain a fair and sustained premium for risk.
• Determine coverage forms and necessary endorsements.
• Effectively communicate to broker quote conditions.
• Provide accurate documentation in the file and/or in electronic notes of underwriting thought process.
• Ensure timely and accurate preparation for issuance of policies.
• Order/review inspection reports to assess risk quality and to confirm exposure base accuracy.
• Accurate and timely processing of endorsements.
• Actively manage relationships with assigned brokers, customers, and members.
• Ensure that information available from internal and external resources is properly integrated into underwriting decision making.
• Ensure that referral guidelines are properly followed regarding all lines of business underwritten.
• Conduct stewardship meetings and lead marketing activities.
• Establish and monitor the production pipeline of new business.
• Participate in industry conferences.
• Drive a multi-disciplinary approach to understanding insureds’ risks.
• Collaborate with other underwriters and team members to gain a comprehensive understanding of the exposure and best means to provide coverage.

Benefits

• Paid time off for company holidays, vacation, sick and personal days.
• Paid parental leave.
• Mental health services.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: Bachelor's degree
• Number of Employees: 1,001-5,000 employees