Assistant Underwriter: Financial Risks Reinsurance

1 week ago

London, Greater London, United Kingdom Liberty Specialty Markets Full time

General information:

City:
London, UK

Country:
United Kingdom of Great Britain and Northern Ireland

Creation Date:05-Feb-2024

Employment Type:
Permanent

Employment Type:
Full time

Ref #:

Description & Requirements:

Role Title:
Assistant Underwriter**
Department:Reinsurance Specialty**
Team: Financial Risks Reinsurance

Location:
London**
Type:Permanent**
About the Role:Provide support to Underwriters particularly in respect of the Political Risks, Credit Risk and Surety classes.

Underwriting reinsurance programmes in accordance with the business plan and within delegated underwriting authority, including using actuarial pricing tools, documentation of underwriting recommendations and reviewing contract wordings.

Maintain all procedures and processes created by the department to ensure consistent underwriting approach and good data quality.

Contribute to the strategies and goals of the department. The portfolio is a global book that includes many different specialty classes. The business is written out of seven offices and we aspire to work as one joined up team. Working in a team environment and being supportive of other team members is very important.

In addition, it is common to liaise with other departments in the company including actuarial, claims, operations, compliance, finance and other underwriting teams.


About the Department & Team:

The Financial Risks Reinsurance department is part of Liberty Mutual Reinsurance.

We underwrite a broad range of specialty classes includes political risks, credit risk, surety, mortgage indemnity, cyber, crisis management and personal accident.

We write both proportional and non-proportional reinsurance structures with a focus on treaty business.


We have a global mandate and the underwriting team is located in nine different offices - London, Paris, Bogota, Bermuda, Milan, Amsterdam, Miami, Sao Paulo and Singapore.

The Financial Risks Reinsurance department operates as one global team and we look to ensure the business we write has the involvement of underwriters with the necessary skills and experience to support, regardless of the underwriters' physical location.

We write business across syndicate and four company platforms. For 2023 our gross written premium totalled approximately $750 million.

Key Responsibilities:

Strategy and Planning

  • Follow the annual business plan for the Underwriting division in order to make appropriate decisions
  • Contribute and participate in all meetings in order to share and develop strategy, knowledge and best practice
  • Contribute as and when required to the planning process through research and preparation of relevant materials

Delivery

  • Maintain relationships with customers, brokers, business partners, clients and colleagues to maximize influence and achieve business goals
  • Develop knowledge of market dynamics and market cycles to support the performance of the underwriting team
  • Underwrite reinsurance risks in accordance with the business plan and personal authority to meet business objectives, including; Negotiating rates, terms and conditions for existing and new business; Compliance with the production and issue of documentation in accordance with contract certainty requirements
  • Support the review and analysis of the portfolio, to identify progress towards business goals
  • Process entries, as required, properly onto relevant systems in a timely manner ensuring accuracy of data with relation to both underwriting and aggregate exposures
  • Ensure entries are properly recorded onto relevant systems in a timely manner whilst ensuring accuracy of data with relation to both underwriting and aggregate exposures.
  • Maintain expertise and team knowledge through appropriate development opportunities.

Policy, Process and Procedures

  • Compliance with all applicable internal and external laws, regulations, policies, procedures and guidance
  • Adhere to underwriting standards, instructions and best practice methodology in order to minimize risk
  • Adherence to all relevant regulatory requirements forms part of your role, and the demonstration of behaviours as set out in the Conduct Risk Policy, as they relate to your role, is core to LSM's commitment to placing customers at the centre of our business and behaving with integrity. LSM expects you to understand your responsibilities relating to all regulatory and internal requirements, and to proactively demonstrate compliance with these requirements and behaviours at all times. These requirements include Conduct Rules, Solvency II, fair treatment of customers, Financial Crime, Data Protection, Conflicts of Interest, and Whistleblowing.

Skills and Experience:

  • Understanding of relevant market conditions for specific class/portfolio
  • Good knowledge of legal and regulatory requirements
  • Understanding of class specific underwriting and reinsurance knowledge
  • Intermediate level understand

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