Underwriting Specialist - Management Liability D&O (Financial Institutions)

Nationwide•Chicago, IL

15h•$96,000 - $178,500

About The Position

The Underwriting Specialist is the highest non-management level underwriter and is responsible for assessing company risk profiles and determining or negotiating pricing, coverage, terms, and conditions for highly complex D&O accounts. The role independently analyzes company financial documents and other information, evaluates exposures, and uses judgment to develop underwriting recommendations that balance customer needs with business goals. The specialist works toward territory production and loss-ratio goals, manages and markets the assigned territory, and builds effective relationships with brokers to generate profitable business. The position handles complex accounts and policy matters, evaluates claims and loss history, and determines reinsurance placement when applicable. It also leads meetings with brokers, clients, and other underwriters; conducts program, form, and rate development; and provides technical assistance. The specialist trains and mentors underwriting team members and may indirectly oversee underwriting assistants. The role reports to a Director/AVP and is based in a normal office environment, with local and overnight travel as needed.

Requirements

Typically 3 or more years of related experience as a D&O and/or E&O underwriter.
Undergraduate studies focused on Finance, Accounting, Economics, and/or Risk Management; the posting also states a degree.
In-depth knowledge of underwriting policies, practices, procedures, insurance law, and underwriting marketing principles and techniques.
In-depth knowledge of financial documents, financial analysis, investments, and market conditions.
Ability to set work priorities across multi-line underwriting support and rating activities.
Ability to communicate complex underwriting concepts and communicate persuasively and effectively verbally and in writing, including with individuals at various levels and groups.
Advanced negotiation skills and ability to persuade effectively.
Ability to analyze complex insurance risks for acceptability, including policy language, commercial rating plans and methodologies, and reinsurance.
Thorough knowledge of job-related computer software.
Ability to devise and implement business solutions to complex problems and monitor their effectiveness.
Ability to make decisions without supervision.
Ability to travel locally and overnight for client meetings as needed.

Nice To Haves

Master’s degree preferred.
Legal knowledge related to insurance, contract, and business law preferred.
Some experience in the technical aspects of data management, imaging, procedures, and processes is helpful.

Responsibilities

Assess company risk profiles and determine or negotiate appropriate pricing, coverage, terms, and conditions by analyzing financial documents, operations, management, industry, viability, governance, regulatory environment, and experience.
Analyze exposures to loss, develop appropriate premium charges, and determine endorsements and exclusions for insurance contracts.
Place reinsurance for accounts when appropriate and within department guidelines, using department reinsurance facilities and maintaining relationships with reinsurers.
Achieve team production and loss-ratio goals through territory management and marketing; analyze premium and loss results by agency, state, industry class, and line of business.
Work with agents and brokers on complex coverage issues, perform file audits for compliance with company guidelines, state regulations, and reinsurance conditions, and develop action plans as needed.
Handle highly complex policy maintenance and mid-term requests, review and process endorsement changes, follow up on outstanding information, and review claim activity and take appropriate action.
Establish and maintain broker relationships, conduct marketing visits to broker offices, and market services to generate profitable business.
Lead underwriting meetings with brokers, clients, and other underwriters, clarifying client-provided information to assess risk and handling accounts that may require higher liability limits.
Train and mentor other underwriters; provide technical assistance to brokers, underwriting assistants, and other underwriters.
Conduct complex program research and development, develop forms and rates, and contribute to special projects.
Perform other responsibilities as assigned.

Benefits

Medical, dental, and vision coverage
Life insurance
Short- and long-term disability coverage
Paid time off, including a minimum of 18 days per full calendar year for newly hired associates, 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