Senior DU Analyst; Regulatory & Compliance

Senior DU Analyst (Regulatory & Compliance)

About us

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.

Senior DU Analyst (Regulatory & Compliance)

We are currently looking for a Senior DU Analyst to work with us on a full-time basis in our London office, reporting into our Group Head of Delegated Underwriting.

You will support the Munich Re Delegated Underwriting (DU) team, specifically the Syndicate (MRS) with all aspects of regulatory and compliance matters, assessing the impact of changes and developments introduced by the FCA, Lloyd s and other regulators on delegated authorities business

Responsibilities:

• Liaise with MRS Compliance and Conduct Risk functions on all regulatory matters and compliance developments identifying impact on delegated underwriting and proposing process changes.
• Independently assess regulatory changes in UK and international trading requirements, e.g. Crystal and LITA Alerts, Lloyd s wordings, LMA clauses, etc. providing training and communication to the DU team, Underwriters, Coverholders and Lloyd s Brokers as necessary.
• Assist with the initial on-boarding of coverholders and binding authorities, annual review process and delivery of the audit plan analysing licensing and regulatory issues and providing feedback.
• Assist with the cover holder oversight process assessing breaches to authorities using bordereaux data.
• Understand MRS delegated underwriting governance and, supporting the Group Head of DU and Deputy Manager, evaluate processes in line with Lloyd s, Munich Re Group, FCA and other regulators’ rules ensuring relevant procedures and systems are maintained and updated.
• Contribute to standard and ad-hoc reports to internal and external stakeholders including in areas such as Solvency II, Conduct Risk, Lloyd s Europe, FCA (e.g. eligible complainants, RMAR, etc.).
• Assist with delegated underwriting initiatives and developments.
• Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.
• Understand all appropriate lines of escalation and the responsibilities of Conduct governance within MRSL.
• Support the process and structure that upholds the requirements set out in the Lloyd’s Conduct Risk Minimum Standards and Complaints Principles.

Knowledge and Skills

Knowledge:

• Advanced business knowledge and understanding of:
• Bordereaux analysis and management, e.g. DDM/Tide and other bordereaux management applications, e.g. VIPR Intrali, BORDEREAUX
• Sound knowledge of risk and premium reporting and credit control for delegated underwriting
• Lloyd s delegated authority tools, e.g. Atlas, DCOM, IMR, Blueprint 2
• Report production, analysis and presentation utilising reporting tools, Qlik View, PowerBI
• Underlying principles of insurance/reinsurance practice
• Lloyd’s Market practices and regulation, specifically relating to delegated underwriting
• Demonstrate clear understanding of all company specific procedures that relate to own role
• Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and operation of the department and wider organisation
• Demonstrate willingness to continue to develop knowledge through formal and informal learning, both internally and externally to the organisation

Skills:

• Demonstrate high degree of attention to detail and accuracy and use of relevant reporting tools
• Ability to manage own workload and to work both supportively and jointly with colleagues
• Ability to work under pressure and flexibly when necessary, prioritising tasks, resource planning and meeting deadlines
• Use of communication skills, both written and verbal reporting and presentation, that are both effective and meet business needs

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to…