Facultative Program Property Underwriter

Facultative Program Property Underwriter

We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. We will consider a range of experience for this role and the offer will be commensurate with that.

As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.

Munich Re Facultative and Corporate (MR F&C) was created to bundle Munich Re’s facultative and corporate business into one global unit. We believe that by aligning our single risk business in one unified team we will better position Munich Re to provide a holistic suite of products and services that meet the growing demands of our clients and broker partners.

Future focused and always one step ahead!

With this opportunity, your primary responsibility will be underwriting property facultative reinsurance programs in the US. Facultative Underwriters are responsible for risk analysis and assessment, coverage evaluation, pricing and marketing to assigned brokers and clients. This position will lead or assist in negotiations in order to maintain and develop a profitable facultative reinsurance portfolio.

• Independently underwrite and price facultative program business in accordance with corporate, divisional and department guidelines and philosophy.
• Underwrite new and renewal business, including all tasks associated with risk and coverage analysis and pricing, and provide recommendations for proposed terms within delegated underwriting authority.
• Review primary policy, reinsurance contract and endorsement wording and ensure accuracy and conformance with guidelines.
• Refer all business outside of delegated underwriting authority to appropriate referral underwriter.
• Assess and analyze required risk information and recommend reinsurance solutions to brokers and clients.
• Maintain complete and accurate business records.
• Provide insight into the quantitative and qualitative analyses of results for the business unit.
• Facilitate internal communication and coordination between the business unit, the Company and if applicable the MR Group.
• Collaborate with Claims.
• Assist management as needed in fulfilling all managerial duties.
• Develop and maintain client relationships and develop new sources of business.
• Provide responsive service on all broker and direct client requests.
• Monitor profitability of assigned clients.
• Promote the Group’s capabilities and competencies externally.
• Participate in peer reviews of team members’ accounts and underwriting reviews of program clients or prospective clients, sometimes in conjunction with other teams.

• 5+ years of experience in (re) insurance underwriting, broker community or corporate risk market.
• Proficiency in the use of pricing models, tools and other risk evaluation models.
• Strong interpersonal skills, excellent negotiation, oral and written communication skills, in addition, solid understanding of accounting, finance and actuarial concepts.
• Ability to manage Client relationships and maintain profitable relationships.
• Experience working with Brokers, Direct Clients or Managing General Agents is required. Required to travel to branch offices, annual client audits, client and broker visits and industry conferences (approx. 20% of time).

The Company is open to considering candidates in numerous locations, including Chicago (IL). The salary range posted below applies to the Company’s Chicago location.

The base salary range anticipated for this position is $138,400 - $203,000 plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance,…