Assistant Underwriter, Terrorism & Political Violence

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.

Please see our website for more information.

Assistant Underwriter, Terrorism & Political Violence

We are currently looking for an Assistant Underwriter, Terrorism & Political Violence to be based in London on a full-time basis, reporting into the Group Head of Terrorism and PV.

You will be responsible for the prudent underwriting of quality business, including Terrorism & Political Violence risks, exercising good judgment in all underwriting matters with due consideration for your own underwriting limits as set out on the Underwriting Authority sheet. This will be done in accordance with the syndicate’s business plan to maximize profit returns while maintaining the firm’s reputation and integrity, demonstrating care for customers, and adhering to the firm’s regulatory obligations.

Responsibilities:

• Build and maintain effective relationships within Lloyd’s, including peers and brokers, to secure new and renewal business within the syndicate’s Terrorism & Political Violence portfolio;
• Provide analytical support, including S2000 risk entry report production, RMS data entry to monitor aggregate exposures, management reporting, and formulation of benchmarking data with underwriting rationale for IPF3 uploads;
• Review slips and related documents using judgment in line with experience and authority limits, referring to the Group Head when required, and ensure adherence to firm procedures and compliance manuals;
• Administer existing contracts, making amendments consistent with the syndicate’s underwriting philosophy, and monitor and amend risk entries as appropriate;
• Support Political Violence Underwriters by shadowing client/broker meetings, taking minutes, and inputting underwriting information and premium data into the S2000 system; manage premium chasing with brokers when requested;
• Review and post daily premium closing messages, review daily claims reports, and handle weekly management of Political Violence exception reports;
• Participate in bi-weekly Political Violence Underwriting meetings and ensure timely responses to Peer Review Group queries related to the Terrorism & Political Violence account;
• Take ownership of risks within your role, understanding potential losses or failures to meet objectives, maintain controls to mitigate risks, and promptly report significant changes or control effectiveness to your line manager;
• Promote and support good conduct practices to deliver optimal outcomes for customers and policyholders by understanding lines of escalation and the roles of PCRSG, UCSC, ExCo, and the Board in Conduct Risk management;
• Ensure accurate and complete transfer of underwriting information into systems, maintain records, and support risk monitoring and reporting in accordance with syndicate and firm standards.

Knowledge and Skills

A strong knowledge and understanding of:

• Underlying Principles of Insurance;
• Legal Principles;
• FCA and rules and regulations, including contract certainty issues;
• Political Violence cover.

A basic knowledge and understanding of:

• All other classes written by the syndicate;
• Company specific procedures that relate to own role and of the roles of colleagues and their relationships to the structure and business plans of the firm;
• Willingness to continue to develop knowledge of policies, underwriting and related issues through formal and informal…