Senior Liability Underwriter

3 weeks ago

London, Greater London, United Kingdom Starr Insurance Companies Full time

Starr Insurance Companies stands as a prominent entity in the insurance and investment sector, delivering commercial property and casualty insurance solutions, which encompass travel and accident coverage, to a diverse array of businesses and industries across the globe.

Founded by Cornelius Vander Starr in Shanghai, China in 1919, we have evolved into one of the fastest-growing insurance organizations worldwide, with the capability to operate in 128 countries across 6 continents.

Role Objective:

The primary aim is to underwrite profitable General Liability accounts in alignment with the underwriting strategy, employing professional judgment to meet target premium income, return on premium, and business expansion while adhering to the underwriting manual and compliance with regulatory and company protocols. This role also involves managing underwriting risk exposures through aggregate limits and reinsurance, as well as overseeing the daily operations of the General Liability team, including staff supervision and performance evaluation.

Key Responsibilities:

  • Comprehensively assess risks and seek additional clarification when necessary.
  • Underwrite profitable accounts in accordance with established business objectives.
  • Follow all Starr underwriting standards as detailed in the Underwriting Manual.
  • Secure approval for all business exceeding agreed authority levels or deviating from rating guidelines.
  • Utilize rating tools and guidelines effectively.
  • Ensure all underwriting documentation, both physical and digital, is accurate, complete, and compliant with Lloyd's standards.
  • Confirm that policy wordings and clauses are properly referenced and agreed upon.
  • Guarantee that all accounts are contractually certain at the time of binding.
  • Foster relationships with brokers and clients to maximize business opportunities, including organizing or participating in regular meetings and presentations.
  • Strive to enhance market share by promoting technical expertise to external parties.
  • Leverage client and company insights to identify and optimize cross-selling opportunities.
  • Conduct Quality Assurance (QA) checks within 2 working days of binding or inception to verify the accuracy of underwriting data and ensure contractual certainty.
  • Perform Peer Reviews to evaluate underwriting rationale, terms and conditions, pricing against Starr guidelines, and completeness of files.
  • Reconcile and report all premiums due versus received to manage credit control effectively.
  • Continuously enhance rating tools to broaden the range of exposures they cover.
  • Monitor premiums against budget to ensure alignment with business objectives.
  • Ensure portfolio performance meets Starr's Underwriting Business Plan.
  • Oversee that retained business within the portfolio continues to provide a competitive advantage.
  • Assist in preparing Realistic Disaster Scenarios (RDS) returns to evaluate the effectiveness of reinsurance coverage.
  • Review Internal Audits and Expert Review Reports to identify and implement improvements.
  • Manage aggregations and accumulations of joint venture interests.
  • Identify future business opportunities.
  • Support the Chief Underwriting Officer (CUO) in formulating a General Liability business strategy for approval by the Active Underwriter and the Board.
  • Assist the CUO in developing a clear and coherent underwriting strategy.
  • Implement strategies within the agreed business plan.
  • Determine appropriate underwriting authority levels for each Underwriter.
  • Provide raw data to the CUO to inform the reinsurance strategy.
  • Participate in relevant marketing meetings and presentations with reinsurers.
  • Monitor reinsurance coverage in relation to the business plan, in collaboration with the CUO.
  • Ensure adequate resources and capabilities are in place to achieve business plan and strategic objectives.
  • Collaborate with the CUO and Human Resources to select and recruit suitable candidates.
  • Create a comprehensive Onboarding Plan for all newly appointed or promoted team members.
  • Identify training needs for the team and individuals, working with team members and Human Resources to implement development plans.
  • Adhere to company procedures for managing and documenting individual and team performance and development.
  • Review team members' Role Profiles at least annually or when a role change occurs.
  • Provide technical coaching to team members to enhance their skills and career development.
  • Ensure all staff operate within the standards set forth in Group and Company policies.
  • Ensure all accounts are contractually certain.
  • Report any suspicions of financial crime to the Money Laundering Reporting Officer immediately.
  • Ensure compliance with the Company's standards for Treating Customers Fairly.
  • Manage potential Conflicts of Interest to maintain the company's integrity.
  • Monitor the prompt reporting of complaints to Compliance.

Experience Required:

  • Familiarity with Lloyd's and London Market processing for premiums and claims.
  • Understanding of Lloyd's Franchise Board standards.
  • Knowledge of the Financial Conduct Authority and Prudential Regulation Authority framework.
  • Advanced understanding of specific classes of business.
  • Familiarity with market wordings and clauses.
  • Knowledge of reinsurance practices.
  • Up-to-date awareness of claims activity and handling to inform future underwriting decisions.
  • Sound understanding of the global insurance and reinsurance landscape.
  • Current book of business and risk appetite awareness.
  • Understanding of levels of authority and associated authorization processes.
  • Knowledge of the underwriting manual.
  • Familiarity with pricing and rating tools.
  • Understanding of slip and file construction.
  • Awareness of Starr's standards for clauses.

Skills Required:

  • Strong analytical and problem-solving abilities.
  • Negotiation, judgment, and decision-making skills.
  • Advanced numeracy skills.
  • Professional writing and presentation skills.
  • Excellent communication skills, both written and verbal.
  • Technical coaching capabilities.
  • Team and individual management skills.
  • Business development acumen.
  • Report writing proficiency.

Systems and IT Proficiency:

  • Eclipse.
  • Salesforce.
  • MS Office – Excel, Access, Word, and Outlook.

Starr is an equal opportunity employer, committed to considering all suitably qualified applicants regardless of gender identity or expression, ethnic origin, nationality, religion or beliefs, age, sexual orientation, disability status, or any other protected characteristic. We focus on merit in recruitment and development, striving to create an inclusive environment for all employees. We provide first-class training and development opportunities, aiming to cultivate our own talent and bring out the best in our people.

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