Subcontractor Default Underwriting Lead

Shepherd • Fort Worth, TX

3d • $200,000 - $240,000 • Onsite

About The Position

Shepherd is launching a Subcontractor Default Insurance (SDI) product within its Construction vertical. The Subcontractor Default Underwriting Lead will build and shape the product expansion, establish how subcontractor prequalification controls and subcontractor management practices are evaluated, and define underwriting strategy, go-to-market, and long-term profitable growth. The role is responsible for building a nationally scalable SDI vertical and developing the guidelines, products, tools, and broker relationships needed to grow a profitable book.

Shepherd uses a client-centric underwriting approach focused on efficient processes and leveraging technology and data to make quick, informed decisions tailored to clients. The role partners with capacity providers and colleagues across Product, Engineering, Data, Risk Engineering, Actuarial, Corporate Underwriting, Claims, Customer Experience, and Finance. It includes underwriting new and renewal programs, managing portfolio results and risk changes, marketing the product, and hiring and developing an underwriting team. The position is based in Shepherd’s New York City, San Francisco, Chicago, Los Angeles, or Dallas–Fort Worth offices and involves approximately 25% travel.

Requirements

• At least 8 years of underwriting experience, including significant direct experience underwriting Subcontractor Default Insurance at an established SDI carrier or program; contract surety underwriters with meaningful SDI exposure will also be considered.
• Deep knowledge of general contractors and construction managers across the construction industry.
• Proven record of building and growing an SDI portfolio profitably, including originating, quoting, and binding new business and scaling premium while managing loss-ratio and combined-ratio targets.
• Strong financial analysis skills, including reviewing contractor financial statements, work-in-progress schedules, backlog, working capital, and bank lines, and assessing a contractor’s capacity to perform.
• Deep understanding of how general contractors prequalify, select, and manage subcontractors, and ability to evaluate prequalification, monitoring, and default-management practices.
• Technical command of SDI program structure, including enrollment, per-loss deductibles, co-pays, per-loss and aggregate limits, project and annual programs, and comparisons with subcontractor bonds.
• Sound judgment on policy wording, direct and indirect cost coverage, and default, cure, and completion scenarios, working closely with claims on complex losses.
• Established regional and national broker relationships capable of driving submission flow from day one.
• People leadership experience leading, mentoring, or managing underwriters, including setting authority and conducting underwriting audits.
• Executive presence to present strategy and results to leadership, capacity partners, and reinsurers.
• Comfort with ambiguity, sound decision-making with incomplete information, and ability to adapt as the business evolves.
• Willingness to travel approximately 25%.
• Bachelor’s degree or equivalent experience.

Nice To Haves

• Background in construction accounting, finance, or law.

Responsibilities

• Define and build Shepherd’s SDI strategy, including target contractor profiles, construction sectors, program sizes, limits and retentions, geographies, appetite, and growth and loss-ratio targets.
• Establish underwriting guidelines, authority framework, referral rules, and rating approach for the product.
• Work with capacity partners to secure and structure program capacity and keep those partners informed about results.
• Partner with Product, Engineering, and Data to design the submission-to-bind workflow, contractor financial and prequalification analysis tools, and portfolio views.
• Underwrite new and renewal SDI programs within authority, including financial reviews, prequalification audits, and meetings with contractor leadership.
• Establish procedures for monitoring in-force programs for changes in contractor financial health, backlog, and subcontractor enrollment, and respond when risk changes.
• Own premium, profit, loss-ratio, and retention results for the book.
• Use broker relationships to generate first-year submission flow and market Shepherd’s SDI product at broker and client meetings, industry events, and through targeted business development.
• Hire, coach, and grow a team of SDI underwriters as the book scales.
• Track construction market trends, including labor, materials, and subcontractor financial stress, to maintain profitability and competitiveness.
• Collaborate with Risk Engineering, Actuarial, Corporate Underwriting, Claims, Customer Experience, and Finance to ensure the business is underwritten, serviced, and reported well.
• Travel approximately 25% to meet brokers, partners, and the team.

Benefits

• 100% company contribution to top-tier health, dental, and vision coverage.
• Fertility benefits and family-building support.
• Unlimited PTO.
• Daily lunches, dinners, and snacks.
• Professional development, including access to premium coaching and leadership development.
• Competitive 401(k) plan.
• Dog-friendly San Francisco office.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior