Head of Surety Underwriting Italy; m​/f​/d

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.

Munich Re Specialty was formed as a stand‑alone division in 2023 and brings together the wider Munich Re Group’s primary specialty business units. Complementing an already strong presence in the UK and the US, Munich Re Specialty – Global Markets (MRSGM) has been tasked with executing a broader strategy to expand its global footprint across key European markets.

As part of this expansion, we are seeking a Head of Surety Underwriting Italy to establish and grow our surety business in the Italian market.

This is a unique opportunity to play a key role in establishing and growing Munich Re’s surety presence in Italy. As Head of Surety Underwriting, you will shape the local strategy, build and develop the underwriting team, and represent Munich Re in the market as we develop a strong and sustainable portfolio.

Working closely with senior stakeholders across Munich Re Specialty, you will combine entrepreneurial thinking with disciplined underwriting to develop a sustainable and profitable portfolio while positioning Munich Re as a trusted partner in the Italian surety market.

This role will suit a market‑facing leader who enjoys building businesses, developing teams, and representing a global brand in a growing specialty segment.

• Lead the ramp‑up of Munich Re’s surety operations in Italy.
• Develop and execute the regional strategy aligned with Munich Re Specialty’s broader global objectives.
• Identify and pursue new business opportunities while establishing Munich Re as a key player in the Italian surety market.
• Build, mentor, and lead a high‑performing underwriting team.
• Represent Munich Re in the market, strengthening relationships with brokers, clients, and industry stakeholders.

• Underwrite complex surety risks including credit assessments, deal structuring, and risk analysis in line with Munich Re’s underwriting guidelines.
• Lead and support restructuring and claims situations in collaboration with internal and external stakeholders.
• Monitor portfolio performance ensuring underwriting discipline, data accuracy, and profitability.
• Approve transactions within delegated authority or escape referrals when required.

• Collaborate with the Chief of Staff / Head of Surety Strategy to implement the local surety strategy.
• Identify market trends, opportunities, and emerging risks to support informed underwriting and strategic decisions.
• Monitor competitor activity and contribute to strengthening Munich Re’s market position.

• Recruit, mentor, and lead a team of underwriters, fostering a culture of excellence and innovation.
• Work closely with cross‑functional teams including claims, legal, compliance, and finance to ensure seamless service delivery.
• Support internal training initiatives and knowledge sharing across the organization.
• Contribute to strategic initiatives and special projects as required.

• Minimum 10 years’ experience in surety underwriting, credit insurance, or banking.
• University graduate or equivalent education.
• Strong knowledge of surety products, financial analysis, and credit risk assessment.
• Proven track record in originating, structuring, and underwriting surety transactions.
• Strong understanding of financial markets, credit risk, and capital instruments.
• Entrepreneurial mindset with the ability to develop tailored solutions for complex client needs.
• Excellent communication, negotiation, and stakeholder management skills.
• Fluency in English and Italian
  ; additional European languages (e.g. German or Spanish) are a plus.
• Willingness to travel and…