Liability Underwriter - London, United Kingdom - Munich Re Speciality Group Ltd
Description
Liability Underwriter (M/F/d)
:
Are you looking for an exciting new opportunity?
Location
London, United Kingdom
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.
- To assist delivering the agreed business plan
- Underwrite liability risks, exercising judgement in all underwriting matters, and remain 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 liability risks.
- Monitor recording of all aggregate and reporting information as follows:
Aggregates:
- Monitor on weekly basis, or as instructed;
- Review and forward to Al Nappin on a quarterly basis.
RDS:
- Undertake quarterly collation of RDS aggregates from all classes of liability business;
- Maintain full audit trail for all the above in line with Firm's procedures manual.
- Provide Analytical Support as follows:
- S2000
- risk entry report production using MS Excel; Use of S2000 Adhoc reporting feature.
- 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 Liability 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.
You are required to comply with the PRA and FCA conduct rules:
- Acting with honesty and integrity at all times
- Acting at all times with due care, skill and diligence
- Being open and honest with the FCA, the Prudential Regulation Authority (PRA) and all UK regulators at all times
- Always paying due regard to the interests of customers and always treat them honestly and fairly
- Observing proper standards of market conduct at all times
Profile:
-
Intermediate (Level 3) 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;
- Liability
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Intermediate (Level 2) knowledge and understanding of:
- Liability
- Ports and Terminals
- Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Firm;
- Develop and maintain market awareness.
MRSG UK Services Limited is the employing entity for staff supporting the business activities of Munich Re Syndicate Limited (MRSL), Munich Re Specialty Group Limited (MRSG), Munich Re Specialty Insurance (UK) Limited (MRSI UK), Roanoke International Brokers Limited (RIBL) and Munich Re Digital Partners Limited (DP).
As part of Munich Re Specialty Group (MRSG), Munich Re Specialty Insurance (UK) Ltd (MRSI UK) brings together the long-standing and market-leading underwriting and claims expertise of NMU in the UK marine & specialty insurance markets with GrovesJohnWestrup, our UK Private Client proposition for insurance brokers and other intermediaries with clients who have unique and complex risks, as well as GJW Direct, UK's Specialist Direct Boat insurer.
