Director, Business Development - Surety (Large Commercial)

Nationwide•Chicago, IL

1d•$152,000 - $269,000

About The Position

The Director, Business Development - Surety leads a surety underwriting team, including territory managers and field underwriters responsible for sales and underwriting relationships across a surety book of business. The role focuses on underwriting, agency and customer relationship management, employee engagement, and expense management for a territory. The director independently underwrites accounts within their authority and the company’s underwriting appetite, while leading portfolio performance, territory sales strategy, and profitable growth. The role builds and maintains relationships with agencies and brokers to grow sales and expand distribution. It develops territory plans, monitors portfolio and account performance, manages underwriting quality and service delivery, and coaches associates. The director also collaborates with internal partners and external stakeholders on business opportunities, complex accounts, operational needs, and risk management. The preferred work location is the Chicagoland area, though a Minneapolis metropolitan area location may also be considered. The role is exempt from overtime, may require extended or non-standard work hours and extensive field travel, and may require relocation. A valid driver’s license and satisfactory driving record are required. This position does not qualify for employer-sponsored work authorization, and Nationwide does not participate in the STEM OPT Extension program.

Requirements

Ten years of commercial or contract surety or related underwriting experience is preferred.
Significant experience in large commercial surety underwriting, including new business and portfolio management of complex or high-exposure accounts.
Significant business management and people leadership experience is desired.
Knowledge of contract and/or commercial surety operations, products, procedures, and practices.
Expertise in surety lines of business, ratings, customer environments, and markets.
Expertise in underwriting risks and using relevant underwriting tools.
Extensive knowledge of surety underwriting best practices, field underwriting operations, and day-to-day underwriting needs.
Demonstrated success in territory development and broker distribution management, including identifying expansion opportunities, building producer plans, and developing target-account strategies.
Advanced ability to analyze complex financial statements, including profitability, leverage, cash flow, working capital, liquidity, backlog, and work-in-progress trends.
Experience evaluating the credit quality and capacity of privately held and publicly traded companies, including identifying emerging deterioration and concentration risk.
Expertise reviewing bond forms, indemnity agreements, collateral arrangements, and other risk-mitigation structures for larger or more complex accounts.
Ability to structure, negotiate, and recommend underwriting terms that balance growth objectives with risk discipline.
Experience monitoring and managing a territory or surety portfolio, including trend analysis, close-out strategies, and proactive identification of adverse developments.
Strong marketing and relationship-management skills, including the ability to serve as a trusted broker partner and influence new business opportunities.
Excellent verbal and written communication skills to communicate leadership’s vision and motivate a large agency force.
Ability to set work priorities and initiate, evaluate, and recommend solutions to upper management.
Ability to perform duties using independent judgment within underwriting authority and company standards.
Demonstrated decision-making ability in day-to-day operations, including resolving customer service, work processing, underwriting selection, rating, and compliance issues.
Strong drive for results.
Must have a valid driver’s license and a satisfactory driving record in accordance with Nationwide standards.
Regularly and consistently demonstrate Nationwide Values.

Nice To Haves

Undergraduate degree in business, insurance, or a related field.
Actively pursuing AFSB, CPCU, or another insurance- or finance-related certification.
CPA designation or experience in financial or credit underwriting.
Familiarity with other company products.
The Chicagoland area is the preferred work location; Minneapolis metropolitan area is also being considered.

Responsibilities

Lead a surety underwriting team that includes territory managers and field underwriters responsible for sales and underwriting relationships for a surety book of business.
Establish and maintain agency and broker relationships to grow sales and expand distribution.
Independently underwrite accounts within assigned authority and company underwriting appetite.
Analyze portfolio and individual account performance and develop actions to drive profitable growth.
Monitor risk selection, renewal retention, and pricing at both portfolio and individual account levels.
Review and approve staff underwriting decisions and ensure compliance with legal requirements and organizational, business, and strategic objectives.
Recommend underwriting strategy and business opportunities to leadership; manage underwriting processing and quality.
Set department priorities and workflow and service standards, monitor performance measures, and align organizational structure to business results.
Plan and integrate territory sales plans, translating strategic plans into organizational direction and establishing financial and operational goals, budgets, and timelines.
Direct associates and oversee performance management, salary planning and administration, organizational planning, hiring, and placement.
Drive sales strategies to develop new business, improve retention, and maintain profitability; meet with clients and handle escalated service issues.
Consult with agents and brokers to provide expertise, educate, and identify business opportunities.
Consult with the team and Home Office leaders on complex accounts and matters requiring higher authority.
Communicate strategic direction, operational plans, policies, procedures, and financial budgets to associates and external partners.
Partner with agencies to expand program share in shared surety accounts and understand existing surety programs.
Build collaborative internal and external partnerships, including with Claims, Marketing, and IT, to understand developments and resolve business needs.
Partner with fellow leaders to manage associate training and maintain competency and professionalism across the surety organization.
Coach territory managers and field underwriters to pursue agency and broker opportunities and grow profitable territories.
Identify territory expansion opportunities through broker partnerships, producer planning, and target-account strategies.
Track territory production, visibility, marketing trends, and activities to contribute to business planning.
Support negotiation and execution of indemnity, collateral, and other risk-mitigation arrangements for larger or more complex accounts.
Provide consultative underwriting guidance and training on complex risks, including financial analysis, contract review, backlog and work-in-progress trends, and liquidity.
Monitor territory portfolio trends to identify concentration risk, emerging credit concerns, and close-out strategies.
Coordinate complex account matters and operational processing opportunities with Claims, Legal, Finance, Compliance, and Operations.
Monitor regional market conditions, industry developments, and competitive dynamics that may affect territory underwriting strategy.
Assist with remediation strategies for stressed or deteriorating accounts, including action planning, communication strategy, and monitoring requirements.
Perform other responsibilities as assigned.

Benefits

Medical, dental, and vision coverage.
Life insurance.
Short- and long-term disability coverage.
Paid time off, with newly hired associates receiving a minimum of 18 days per full calendar year, prorated quarterly based on hire date.
Nine paid holidays.
Eight hours of Lifetime paid time off.
Eight hours of Unity Day paid time off.
401(k) with company match.
Company-paid pension plan.
Business casual attire.