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

Nationwide Mutual Insurance•Chicago, IL

About The Position

The Underwriting Specialist is the highest non-management-level underwriter and independently assesses complex Directors and Officers (D&O) risks for financial institutions. The role analyzes company financial documents, operations, management, industry, viability, governance, regulatory environment, claims, and loss history to determine and negotiate appropriate pricing, coverage, terms, conditions, endorsements, and exclusions. The specialist applies judgment to develop recommendations and balance customer needs with business goals. The position manages and markets an assigned territory, achieving team production and loss-ratio goals while building profitable broker relationships. It handles complex accounts, coverage matters, policy changes, and reinsurance placement; conducts risk file audits; and may develop programs, policy forms, and rates. The role also trains and mentors underwriting team members and may indirectly oversee Underwriting Assistants. The position reports to a Director/AVP. It is based in a normal office environment and may require local and overnight travel for client and broker meetings. The role is exempt and not eligible for overtime. The role does not qualify for employer-sponsored work authorization, and Nationwide does not participate in the STEM OPT Extension program.

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; a degree is indicated.
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.
Ability to communicate complex underwriting concepts and communicate persuasively and effectively verbally and in writing, and with people at various levels and in groups.
Advanced negotiation skills and a strong ability to persuade.
Ability to analyze highly 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 highly complex problems and monitor their effectiveness.
Ability to make decisions without supervision.
Regularly and consistently demonstrate Nationwide Values.

Nice To Haves

A master’s-level degree is preferred.
Legal knowledge related to insurance, contract, and business law is preferred.
Experience with technical aspects of data management, imaging, procedures, and processes is helpful.
Leadership skills, competencies, and experience may be considered in staffing decisions.

Responsibilities

Assess company risk profiles and determine or negotiate appropriate pricing, coverage, terms, and conditions based on financial, operational, management, industry, governance, regulatory, and other information.
Analyze exposures to loss, develop adequate premiums, and determine endorsements and exclusions for insurance contracts.
Place reinsurance for accounts as appropriate under department guidelines and maintain working relationships with reinsurers.
Manage and market the assigned territory to achieve production and loss-ratio goals; analyze premium and loss results by agency, state, industry class, and line of business.
Work with agents and brokers on complex coverage issues and build relationships to generate profitable premium.
Conduct broker marketing visits and lead meetings with brokers, clients, and other underwriters, including meetings with client CFOs and CEOs.
Handle complex accounts, including accounts that may require higher liability limits.
Audit risk files for compliance with company guidelines, state regulations, and reinsurance conditions; develop and implement action plans as needed.
Handle complex policy maintenance and mid-term requests, review endorsement requests, process policy changes, and follow up for outstanding information.
Review claim activity and take appropriate action on individual accounts.
Train and mentor other underwriters; provide technical assistance to brokers, underwriting assistants, and other underwriters.
Conduct complex program, policy form, and rate research and development, 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, with newly hired associates receiving a minimum of 18 days per full calendar year, 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