Cargo Underwriter

3 weeks ago

London, United Kingdom Munich Re Specialty Group Full time

Cargo Underwriter

**Company**
Munich Re Specialty Group
**Location**
London, United Kingdom

At Munich Re Specialty Group (MRSG), 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

MRSG 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.

Cargo Underwriter

We are looking to employ a Cargo Underwriter to be based in London and to work with us on a Full-Time basis.

If you’d like to work within an energetic, results driven and collaborative team atmosphere where you can make difference, we’d love to hear from you.

The Role
- To assist in delivering the agreed business plan
- Underwrite Cargo risks, exercising judgement in all underwriting matters, and remaining aware of own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with Underwriting business plan;
- Conduct and develop effective relationships within Lloyd’s, both with peers and with Brokers, with a view to securing new business that falls within the Munich Re Syndicate Ltd portfolio, specifically Cargo risks.
- To provide appropriate technical and training resource to junior members of the Account.
- To assist in the underwriting and account development of the Service Companies and to refer/liaise when appropriate
- Monitor recording of all aggregate and reporting information as follows:

- **_ Aggregates/RDS:_**:

- All aggregate data to be provided to Exposure Management Team;
- Review modelling output on a monthly basis, or as required on an ad hoc basis;
- Liaise with Exposure Management Team and review RDS aggregates from all classes of Cargo business on a quarterly basis;
- **_ Provide Analytical Support as follows:_**:

- Supervise the underwriting assistant in monitoring of income flows (late premiums/adjustments etc);
- Provide management reports as and when required.
- Review slips and/or other information/literature, exercising own judgment, based on knowledge and experience, acting within own limits of authority.
- Make written records of all conversations with customers, both internal and external, in accordance with the firm’s procedures manual.
- Ensure that company procedures and systems are followed and maintained, as per procedure and compliance manuals.
- Review and administer existing contracts and make amendments in line with the firm’s underwriting philosophy;
- Monitor recording of risk entry and amend where appropriate;
- Ensure that Peer Review Group see appropriate information and respond to PRG queries relating to the Cargo Account;
- Review daily claims report;
- Be aware of and take ownership of the potential risks facing the business within own job role and the controls that are in place to mitigate them; and report all significant changes in these risks, or the effectiveness of controls, to your line manager in a timely manner. In this context risk is the potential for loss or failure to meet business objectives as a consequence of internal or external events.
- Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.
- Understand all appropriate lines of escalation and the responsibilities of the Product Conduct Risk Strategy Group (PCRSG), Underwriting & Claims Sub Committee (UCSC), ExCo and Board for Conduct Risk.

What we are looking for

The prudent underwriting of quality business in line with the business plan to facilitate maximum return of profit while maintaining the firm’s reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the firm.

Key Skills & Experience
- Intermediate (Level 2) knowledge and understanding of:

- Underwriting Principles;
- Legal Principles;
- FCA and Lloyd’s rules and regulations including contract certainty issues;
- All company specific procedures that relate to own role and role of those employees that you are supervising;
- Cargo cover
- Basic (Level 1) knowledge and un

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