Senior Liability Underwriter

3 weeks ago

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

Starr Insurance Companies stands as a premier entity in the insurance and investment sector, delivering commercial property and casualty insurance solutions, including 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 Overview:

The primary objective is to underwrite profitable General Liability accounts in alignment with the underwriting strategy, utilizing professional judgment to meet target premium revenue, ensure return on premium, and foster business growth while adhering to the underwriting manual and compliance regulations. This role also involves managing underwriting risk exposures through aggregate limits and reinsurance, alongside overseeing the daily operations of the General Liability team, including staff supervision and performance management.

Key Responsibilities:

  • Thoroughly assess risks and seek additional clarity when necessary.
  • Underwrite profitable accounts in accordance with established business objectives.
  • Comply with all Starr underwriting standards as detailed in the Underwriting Manual.
  • Secure approval for all transactions exceeding agreed authority levels or deviating from rating guidelines.
  • Utilize rating tools and adhere to established guidelines.
  • Ensure all underwriting documentation, both physical and digital, is accurate, complete, and meets 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 attending regular meetings and presentations.
  • Work to expand market share by promoting technical expertise to external parties.
  • Leverage client and company insights to identify and enhance cross-selling opportunities.
  • Conduct Quality Assurance (QA) checks within 2 working days of binding or inception to verify the accuracy of underwriting data.
  • Perform Peer Reviews to evaluate underwriting rationale, terms, conditions, and compliance with Starr guidelines.
  • Monitor and report on premiums due versus received to manage credit control effectively.
  • Continuously improve rating tools to broaden the range of exposures they cover.
  • Track premiums against budget to ensure alignment with business objectives.
  • Ensure portfolio performance aligns with 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 assess the effectiveness of reinsurance coverage.
  • Review Internal Audits and Expert Review Reports to identify areas for improvement.
  • Manage aggregations and accumulations of joint venture interests.
  • Identify potential future business opportunities.
  • Support the Chief Underwriting Officer (CUO) in formulating a General Liability business strategy for approval.
  • Assist the CUO in developing a clear and coherent underwriting strategy.
  • Implement strategies in accordance with the agreed business plan.
  • Determine appropriate underwriting authority levels for each underwriter.
  • Provide essential data to the CUO to inform reinsurance strategies.
  • Participate in 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 new or promoted team members.
  • Identify training needs for the team and individuals, working with Human Resources to implement development plans.
  • Follow company procedures for managing and documenting individual and team performance and development.
  • Review team members' Role Profiles at least annually or upon any role change.
  • Provide technical coaching to team members to enhance their skills and career development.
  • Ensure compliance with Group and Company policies among all staff.
  • Guarantee that 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.
  • Oversee 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 frameworks.
  • Advanced understanding of specific classes of business.
  • Familiarity with market wordings and clauses.
  • Knowledge of reinsurance practices.
  • Current awareness of claims activity and handling to inform underwriting decisions.
  • Solid understanding of the global insurance and reinsurance landscape.
  • Insight into current business portfolio and risk appetite.
  • Awareness of levels of authority and associated authorization processes.
  • Knowledge of underwriting manuals.
  • Familiarity with pricing and rating tools.
  • Understanding of slip and file construction.
  • Awareness of Starr's standards for clauses.

Essential Skills:

  • Strong analytical and problem-solving abilities.
  • Effective negotiation, judgment, and decision-making skills.
  • Advanced numeracy skills.
  • Proficient in professional business writing and presentation.
  • Excellent communication skills, both written and verbal.
  • Ability to provide technical coaching.
  • Proficient in team and individual management practices.
  • Business development acumen.
  • Strong report writing capabilities.

Systems and IT Proficiency:

  • Experience with Eclipse.
  • Familiarity with Salesforce.
  • Proficient in MS Office Suite – Excel, Access, Word, and Outlook.

Starr is committed to equal opportunity employment, considering all qualified applicants regardless of gender identity, ethnic origin, nationality, religion, age, sexual orientation, disability status, or any other protected characteristic. We focus on merit-based recruitment and development, striving to create an inclusive environment for all employees. We provide exceptional training and development opportunities, aiming to cultivate talent and maximize individual potential.

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