Sr. Claims Specialist Surety

Munich Re•Chicago, IL

26d•$120,000 - $170,000

About The Position

The Senior Claims Specialist - Surety is a critical role in Munich Re Specialty - North America’s growing Claims Department. The position is responsible for directing all aspects of in-house file handling for Performance Bonds and Payment Bonds. The specialist directs the adjusting and litigation process, strategically partners with counsel, experts, and vendors, and drives optimal claim resolutions. Responsibilities also include analyzing and determining coverage, managing claim investigations, evaluating claims, communicating promptly with internal and external stakeholders, and pursuing recoveries and risk transfer where warranted. The role may be based in Philadelphia, Chicago, Hartford, Atlanta, Princeton, or New York. The position requires travel for mediations, settlement conferences, and client or account meetings (25%).

Requirements

Bachelor’s degree required.
8 years or more of experience handling surety matters.
Detail-oriented, adaptable, and strategic decision-making.
Understanding of technical claims proficiency and execution of best claim practices.
Ability to work independently, multitask, and remain self-motivated in a fast-paced environment.
Strong organizational skills and ability to manage time across a claims desk.
Strong business acumen and ability to collaborate with other departments and vendors.
Customer-service and relationship orientation.
Innovative, dynamic, and growth mindset.
Good verbal and writing skills for internal and external communication, presentations, and reporting.
Good analytical thinking, advocacy, and negotiation skills.
Willingness to travel for mediations, settlement conferences, and client or account meetings (25%).
Maintain valid adjusters’ license(s) in assigned states or be able to obtain them.

Nice To Haves

Juris Doctor (JD) degree.

Responsibilities

Thoroughly investigate and assess claims against surety bonds for coverage, damages, and opportunities to pursue recoveries, subrogation, or contribution.
Apply an in-depth understanding of coverage issues, bond forms, contracts, regulatory requirements, and changes in the legal landscape for Performance Bonds and Payment Bonds.
Proactively and promptly manage claims, considering all aspects with a strategic focus on optimal outcomes.
Continually evaluate claims and set appropriate, timely reserves that reflect changes in exposure throughout the life of each claim.
Demonstrate technical claims proficiency through consistent execution of best claim practices.
Strategically coordinate and manage outside counsel and vendors to obtain optimal claim outcomes.
Present high-exposure claims to Claims Leadership and key stakeholders.
Collaborate with internal and external business partners on client meetings, product development and improvement, and account audits.
Identify opportunities to improve claim efficiencies and outcomes.
Travel for mediations, settlement conferences, and client or account meetings (25%).

Benefits

Health insurance with PPO or High Deductible plan options, including prescription drug coverage.
Vision and dental insurance plans.
Basic life insurance and AD&D coverage at no cost, each equal to one times annual salary.
Short- and long-term disability coverage.
Supplemental life and AD&D plans available for employees and dependents.
Voluntary accident, critical illness, and hospital indemnity plans.
401(k) plan with up to a 5% employer match.
Retirement savings plan that is 100% company funded.
Paid time off starting at 24 days per year, with additional days for service anniversaries.
Eligibility for a yearly company bonus.
Health and wellness programs at no cost.
Paid time off for eligible family care needs.
Tuition assistance and educational achievement bonuses.
Corporate matching gifts program.
Paid time off to volunteer in the community.