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About the Role

Ensure the prudent underwriting of quality Delegated Property business in line with the business plan to maximize profit returns while upholding the firm’s reputation and integrity, demonstrating care for customers, and maintaining compliance with regulatory obligations.

Responsibilities

Underwrite new and renewal Property binders within delegated authority limits, aligned with the Underwriting business plan, referring to the Group Head of Delegated Property as needed.
Manage property binders effectively, overseeing performance, EPI monitoring, referrals, bordereaux, rate movements, claims trends, reviews, underwriter visits, audits, and risk management surveys.
Service and amend existing binder contracts per syndicate underwriting philosophy, ensuring compliance, proper risk entry, and KYC through systems like S2000.
Develop and maintain strong relationships with Coverholders, Brokers, Lloyd’s, and wider market peers to enhance trading relationships, secure new business, and stay informed of market developments.
Regularly review slips, endorsements, risk placements, account performance, premium income vs. EPI, and country/region aggregates to ensure alignment with the Underwriting business plan and agreed limits.
Prepare and review reinsurer information, provide data/reports for meetings and business plans, monitor renewals, chase outstanding business, and support internal and external meeting activities including deputizing and chairing.
Assist the Group Head of Delegated Property with supervision of Underwriters, contribute to strategic initiatives across teams and Munich Re entities, and provide underwriting support on other classes as needed.
Ensure adherence to company procedures, compliance manuals, and conduct risk frameworks; understand escalation lines and report significant risk changes promptly to line management.
Support the drive for good business conduct to deliver optimal customer outcomes and respond to Peer Review Group queries related to the property account.
Perform any other ad-hoc tasks as directed by the Group Head of Delegated Property to support overall business objectives and governance.

Requirements

Advanced knowledge and understanding of the UK commercial property market, including SME commercial combined/package and property owners business, competitors, brokers, third-party service companies, claims TPAs, and Adjusters.
Advanced knowledge and understanding of FCA/PRA and Lloyd’s rules and regulations, including conduct risk and contract certainty issues.
Advanced knowledge and understanding of the Lloyd’s insurance market.
Advanced knowledge and understanding of underwriting principles.
Knowledge and understanding of UK commercial liability associated with commercial combined/package business.
Knowledge and understanding of overseas property business.
Knowledge and understanding of potential risks facing the business within own role and controls in place to mitigate them.
Knowledge and understanding of the roles of colleagues and their relationships to the syndicate’s structure and business plans.
Willingness to continue developing knowledge of products, underwriting, and related issues through formal and informal learning, both internally and externally to the firm.

Skills

UK commercial property market
SME commercial combined/package business
Property owners business
Competitors
Brokers
Third-party service companies
Claims TPAs
Adjusters
FCA/PRA rules and regulations
Lloyd’s rules and regulations
Conduct risk
Contract certainty
Lloyd’s insurance market
Underwriting principles
UK commercial liability
Overseas property business
Risk management
Team collaboration
Strategic initiatives
Company procedures
Compliance manuals
Conduct risk frameworks
Escalation procedures
Business conduct
Customer outcomes
Peer Review Group queries
Ad-hoc task management

Location

London

Work Type

Full-time

Experience Level

Senior

About the Company

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.
Our approach to sustainability is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment.
Our sustainability strategy aims to deliver holistic impacts across environmental, social and governance topics.

Equal Opportunity

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.
All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.