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.
We are currently looking for a Senior Surety Underwriter to be based in Madrid on a full-time basis, reporting into the Head of Underwriting, Spain.
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 (MRS-GM) has been tasked with executing a wider plan to build a broader European footprint. This work will start in Spain, expanding on Munich Re Specialty's existing business in the UK, Ireland, and Germany.
In order to successfully establish and profitably grow our Surety business in the Spanish market, we are looking for a Senior Surety Underwriter to join our team.
We are searching for an exceptional individual with a proven track record of growth and profitable underwriting in the Surety Line of Business in the Spanish market. Ideally, our successful candidate has experience across Wholesale business – having underwritten business regionally in Spain and international Surety business. An entrepreneurial spirit is a must, with a high degree of comfort in building a business presence from scratch and preparedness to roll up the sleeves for tasks both big and small.
Responsibilities:Responsible for product development together with the Head of Underwriting Spain and Surety CUO to deliver new product rates, rules, and policy forms and the maintenance, consistency of existing product rates, rules, and policy forms.In close collaboration with the Head of Underwriting Spain and Surety CUO, manage the Surety portfolio in Spain to achieve the business mix and performance goals as established by the CUO Surety.Maintain and execute the Surety underwriting authority delegation and referral processes in Spain.Monitor insurance market trends and developments in Spain to make adjustments as appropriate to underwriting policy and strategy.Conduct and develop effective relationships with insureds and brokers, to both strengthen existing trading relationships and secure new business that falls within the Underwriting business plan.Originate new business relationships and process transaction opportunities in Spain and for international clients.Grow the business from scratch and be accountable for the performance of assigned clients and transactions.Conduct a full analysis of the underlying counterparty and/or transaction in close collaboration with Credit Analysis Teams for complex risks.Provide sound and thorough underwriting recommendations and decisions.Conduct accurate pricing for the transaction and contribute towards further development and refinement of pricing processes.Prepare high-quality transaction submissions/triage for clients in your own responsibility and drive the discussion/approval process end-to-end.Review contract, bond, and indemnity wordings and ensure compliance with internal guidelines and policies.Ensure completion of administrative tasks such as reporting, system data entries, and maintenance and being part of the establishment of our new Surety processes end-to-end.Support sales campaigns and represent surety in multi-line deal teams where appropriate.Live the value of a high-performance culture in which success is dependent on a broad team approach furthering key interfaces with internal parties, e.g., European leadership team, Risk Management, and Group support teams such as Operations, Middle-Office, Legal & Compliance, Accounting, Finance, etc.Interact regularly with clients and brokers to capture relevant information to ensure diligent underwriting, exposure, and claims management, including technical/due diligence visits.Identify and monitor underwriting trends as well as market, economic, and legal developments that influence the credit and other structural risks to be covered.Contribute towards regional/global expansion and underwriting initiatives where appropriate, in particular International Surety solutions.Ensure compliance with all relevant Group reputation and country/risk guidance and processes (Group Underwriting Guidelines, etc.).Approve transactions within own underwriting authority or prepare transaction referrals when capacity required is beyond your own delegated authority.Present transactions to internal partners, and defend own positions with energy, balancing our client needs with risk appetite.Take full responsibility in handling client relationships and accounts and manage your own portfolio.Screen the market and define appropriate strategies, policies, and underwriting guidance.Knowledge and SkillsIn-depth knowledge of exposure and experience rating processes.Possess personal qualities of integrity, credibility, and commitment to corporate mission.Excellent communication (written, verbal, and presentation), interpersonal and networking skills with all levels of organizations.Strategic and forward-thinking with a proven track record of general business management, including planning and forecasting.Language skills, Spanish and English are a must. German would be a plus as well.Extensive working years of experience in Surety or Guaranties, preferably in a Bank or large Credit or Surety Insurer.University graduate or equivalent education.Deep understanding of financial markets including debt financing and capital markets.Hard-working individual, willing to go the extra mile.Comfortable working independently but also a strong team player.Curiosity and open-mindedness, ability to create alternative solutions.Strong dedication to meeting immediate objectives and achieving long-term goals.Track record as a successful salesperson and dealmaker.Self-confident personality with the ability to face clients, business partners, and senior colleagues.Prepared and willing to fill the described role with perspective to grow in accordance with personal development and success of the division.Entrepreneurial mindset, agile and capable of developing and presenting bespoke solutions meeting complex client needs.Being not afraid to work hands-on in setting up several new Surety workstreams at the same time.University degree and/or relevant professional qualification.
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