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CUO, Surety

3 months ago

London, United Kingdom Munich Re Full time
At Munich Re Specialty - Global Markets, individuality and intellectual curiosity is a key driver for our success and innovation. We believe that leveraging a variety of perspectives and backgrounds, and empowering all employees to make an impact, will motivate us to perform at our best and give us a competitive edge. We know there is always more work to be done, but we're committed to building a strong and inclusive culture where everyone is welcomed and valued for their "own expression of self-identity".

About us

Munich Re Specialty - Global Markets is part of the Munich RE group. We are known for our dedication to excellence and quality of service provision across both primary and reinsurance.

As well as operating in the Lloyd's of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Singapore, Labuan and Dubai.

Our group of companies provide solutions covering Casualty, Marine & Cargo, Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht. Our purpose is to inspire our clients and people with the confidence and freedom to explore, create and build - to enable people and businesses to thrive.

Chief Underwriting Officer, Surety

Since its formation as a stand-alone division of Munich Re in 2023, Munich Re Specialty (MRS) has the ambition to become a profitable top-10 global primary Specialty insurer. Complementing an already strong presence in the UK and the US, Munich Re Specialty - Global Markets (MRSGM) has been tasked with expanding our primary Specialty business in continental Europe and APAC. We have started the European expansion journey, adding to our current operations in Regional UK, Ireland and Germany, while our plans for APAC are in a near-final development stage.

A critical part of the European expansion is our investment into the build-out of a primary Surety business. In order to successfully establish and profitably grow Surety across Europe and other parts of the world, we are looking for a Chief Underwriting Officer, Surety to join our team.

We are searching for an exceptional individual with a proven track-record of growth and profitably underwriting large and medium-sized companies with at least USD 50m in turnover (geographical variances possible) across several types of Surety bonds both in the contract and commercial space in multiple European countries.

We expect our successful candidate to have a strong entrepreneurial spirit, having built Surety businesses from scratch with a preparedness to roll up their sleeves for tasks both big and small at the outset. Ideally, our successful candidate has underwriting and business experience across both Retail (non-Wholesale, no consumer business) and Wholesale business. Knowledge of Lloyd's of London UW practices would be a benefit, but is not a must.

Our successful candidate is culturally astute across Europe, preferably speaking 1-2 main European languages in addition to English and with strong interpersonal skills - having a black belt in stakeholder management across all levels of an organization.

The Role

As CUO Surety you will plan, control, organize and manage the strategic expansion and build-out of the company's Surety business and team. You are responsible for developing and executing the strategy to achieve profit, quality, growth, diversification, and operational objectives by leveraging effective external relationships with brokers and clients. You will also participate in the development and roll-out of MRSGM's business strategy in Europe in close collaboration with the Europe CEO, Country Managing Directors and Europe Chief of Staff.

Leveraging their strong Contract and Commercial Surety underwriting expertise, the CUO Surety is responsible for overall underwriting integrity, product development, management of staff, advancement of business processes and systems, as well as regulatory compliance. Furthermore, we expect the successful candidate to:

  • Be responsible for managing all technical Surety underwriting activities in Europe, ensuring the quality of underwriting, and that all underwriting and pricing guidelines, protocols, and controls are consistently applied throughout the region.
  • Establish, implement, and monitor Surety underwriting strategy, policy, guidelines and controls for Europe, consistent with MRSGM objectives and directives.
  • Direct and manage overall technical Surety underwriting activities in Europe while assuring that a high level of technical proficiency is achieved in all areas.
  • To carry out the function of a Product CUO collectively with other Product CUOs under the direction of the Group CUO, advising and providing leadership in relation to MRSGM strategy for our underwriting business.
  • Develop new products at the highest level of quality and customer service, including conducting market and competitor research where needed, as well as driving marketing / implementation.
  • Implement Surety UW guidelines that support strategic objectives and achieve desired financial goals set by management.
  • Appoint MGAs and brokers - setting goals and objectives for each agent / broker, including MGA visits as appropriate for securing achievement of objectives.
  • Recruit, train, motivate and lead staff to achieve business objectives and to build/manage the Surety book of business (e.g., underwriting and product leadership, etc.)
  • In close collaboration with the Europe CEO and Country Managing Directors, build and manage the Surety portfolio across products to achieve the desired business mix and performance goals including aggregation tracking as established by the Group CUO and wider Munich Re criteria.


What we are looking for

  • Demonstrated ability in an executive leadership position, ideally as CUO Surety or Surety Head
  • Proven network in the Surety community, with top-notch broker and client connections
  • In-depth knowledge of exposure and experience rating processes
  • Excellent people leadership skills, including stakeholder management
  • Possess personal qualities of integrity, credibility, and commitment to corporate mission
  • Strong negotiation skills
  • 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
  • Cross-cultural savvy, ideally having lived and / or worked in several European countries
  • Language skills, ideally speaks +2 main European languages in addition to English


Key Skills & Experience

  • Demonstrated ability in an executive leadership position, ideally as CUO Surety or Surety Head
  • Significant and matrix people management experience
  • Best-in-class working knowledge of Surety products and insurance concepts, underwriting processes and procedures, laws and regulations, terminology, concepts and principles related to strategic planning, and other relevant industry trends
  • Established reputation in the Surety market, with an extensive network of existing relationships in the broker market
  • Solid foundation in financial statement analysis, including annual reports, analyst reports and prospectuses.
  • Proven record of growing and maintaining profitable portfolios, preferably in specialized niches and across geographies
  • Experience with establishing and growing business in a startup / greenfield context
  • Strong understanding of accounting, finance and actuarial concepts as well as how they act as levers for the business.
  • University degree and/or relevant professional qualification
  • Relevant insurance qualification


Qualifications

  • University degree and/or relevant professional qualification
  • Relevant insurance qualification


Your career with us

At MRSG, you'll find the flexibility, development and support you need to excel your career combined with a competitive salary and a benefits package that promotes wellbeing and work-life balance, on top of the standard features that include a non-contributory pension, private medical care, life assurance and more

Diversity & Inclusion

Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.

Working together, we are an employer of choice by building the workforce for today and the future. We make it happen. Together.

Push Boundaries. With us. | Munich Re