Head of Commercial Surety

Munich Re•Hartford, CT

1d•$226,900 - $378,100•Remote

About The Position

We are 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. Welcome to Munich Re Specialty - North America, a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk management expertise to our partners and customers. As a trusted industry expert, we offer a broad range of comprehensive and customized solutions, including casualty, professional lines, property, surety, and public entity coverages. With the financial strength and global resources of our A+ Superior (A.M. Best) rated organization, we provide unmatched stability and reliability. Our team is committed to superior service levels, a distinctive approach to specialty solutions, and a deep understanding of the complex risks our clients face. Join our team and be part of a dynamic and experienced organization that is shaping the future of specialty insurance in North America. Future focused and always one step ahead! The Head of Commercial Surety will be responsible for the underwriting, risk management, administration, and overall business development of the commercial surety Line of Business in accordance with the company’s surety business model to meet projected profitability and expense goals. You will serve as lead underwriter for all commercial surety business. The position supports the Head of Surety in balancing the needs to achieve budgeted financial results (premium volume, loss ratio, premium collections and expense management including commissions) through sound underwriting practices and effective risk management of the commercial surety line in an effort to produce profitable results. You will also serve as lead in Book of Business reviews with the Regional Offices and assist in portfolio management. Our value proposition includes embedding significant underwriting authority in the position to create an enhanced, new age customer and broker experience. We will do this by providing an enhanced level of autonomy in the position to allow our regional offices to better service our agents and clients using an agile and lean approach.

Requirements

Bachelor’s degree in Business Administration, Economics, Finance, Accounting, or related field
10 years or more of progressive experience working in commercial surety
Entrepreneurial skill set, excellent marketing, negotiating and communication skills
Successful track record of developing and maintaining strong relationships with agents/brokers
Ability to think strategically and function tactically
Exceptional communication skills that energize and engage brokers, clients and colleagues and the ability to convey a vision and client-focused solutions
Ability to present and negotiate complex agreements related to commercial surety accounts
Effective time management and organizational skills

Nice To Haves

Willingness to travel up to 30%

Responsibilities

Develop and execute a strategic business plan in order to expand our commercial surety portfolio and will maintain full P/L responsibility for the line of business
Assist the Regional Bond Managers to establish and maintain key surety broker relationships in compliance with guidelines for all commercial surety business
Develop risk management and portfolio management tools that will allow the department to achieve strategic objectives and maintain an acceptable level of risk in the commercial surety book to achieve stated department goals.
Underwrite and manage all referrals of commercial surety account and bond requests from the field offices that exceed the field’s authority limits. This will include annual surety line renewals as well as individual bond requests.
Effectively evaluate bond forms, contracts and other relevant documents in an effort to assess risk
Coordinate communications with other surety company home office personnel for any joint venture or co-surety arrangement in the commercial surety line of business.
Collaborate with MRSI surety colleagues in order to fully leverage MRSI surety capabilities and increase our customer base
Interact and collaborate with field offices, Home Office colleagues, reinsurers and other critical business associates. Maintain and manage workflow, including effective communications, with assigned field office meeting all company standards and expectations.
Participate in MRSNA senior management decisions as respects developing or improving underwriting procedures, guidelines and policy.