Facultative Program Property Underwriter

Munich Re Careers•Chicago, IL

14d•$138,400 - $203,000•Hybrid

About The Position

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products. Munich Re Facultative and Corporate (MR F&C) was created to bundle Munich Re’s facultative and corporate business into one global unit. We believe that by aligning our single risk business in one unified team we will better position Munich Re to provide a holistic suite of products and services that meet the growing demands of our clients and broker partners. With this opportunity, your primary responsibility will be underwriting property facultative reinsurance programs in the US. Facultative Underwriters are responsible for risk analysis and assessment, coverage evaluation, pricing and marketing to assigned brokers and clients. This position will lead or assist in negotiations in order to maintain and develop a profitable facultative reinsurance portfolio.

Requirements

5+ years of experience in (re)insurance underwriting, broker community or corporate risk market.
Proficiency in the use of pricing models, tools and other risk evaluation models.
Strong interpersonal skills, excellent negotiation, oral and written communication skills, in addition, solid understanding of accounting, finance and actuarial concepts.
Ability to manage Client relationships and maintain profitable relationships.
Experience working with Brokers, Direct Clients or Managing General Agents is required.

Nice To Haves

Bachelor’s Degree preferred, advanced degree a plus.
CPCU, ARe designations preferred.

Responsibilities

Independently underwrite and price facultative program business in accordance with corporate, divisional and department guidelines and philosophy.
Underwrite new and renewal business, including all tasks associated with risk and coverage analysis and pricing, and provide recommendations for proposed terms within delegated underwriting authority.
Review primary policy, reinsurance contract and endorsement wording and ensure accuracy and conformance with guidelines.
Refer all business outside of delegated underwriting authority to appropriate referral underwriter.
Assess and analyze required risk information and recommend reinsurance solutions to brokers and clients.
Maintain complete and accurate business records.
Provide insight into the quantitative and qualitative analyses of results for the business unit.
Facilitate internal communication and coordination between the business unit, the Company and if applicable the MR Group.
Collaborate with Claims.
Assist management as needed in fulfilling all managerial duties.
Develop and maintain client relationships and develop new sources of business.
Provide responsive service on all broker and direct client requests.
Monitor profitability of assigned clients.
Promote the Group’s capabilities and competencies externally.
Participate in peer reviews of team members’ accounts.
Participate in underwriting reviews of program clients or prospective clients, sometimes in conjunction with other teams.

Benefits

health insurance coverage
employee wellness program
life and disability insurance
401k match
retirement savings plan
paid holidays
paid time off (PTO)
Two options for your health insurance plan (PPO or High Deductible).
Prescription drug coverage (included in your health insurance plan).
Vision and dental insurance plans.
Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
Short and Long Term Disability coverage.
Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).
A robust 401k plan with up to a 5% employer match
A retirement savings plan that is 100% company funded.
Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
Eligibility to receive a yearly bonus as a Munich Re employee.
A variety of health and wellness programs provided at no cost.
Paid time off for eligible family care needs.
Tuition assistance and educational achievement bonuses.
A corporate matching gifts program that further enhances your charitable donation.
Paid time off to volunteer in your community.