As the highest, non-management level underwriter, responsible for assessing a company’s risk profile and determines/negotiates the appropriate pricing, coverage, terms and conditions by independently analyzing a company’s financial statements, operations, management, industry and other information. Including, but not limited to the company’s viability, issues, governance, regulatory environment and experience. Achieves team production and loss ratio goals within assigned territory by reviewing and analyzing claims, loss history and taking appropriate action on individual accounts. The underwriter works independently developing recommendations and applying judgment based on the financial analysis. Establishes and maintains effective relationships with brokers in order to generate premium dollars and profitably. Territory assignments are highly complex in nature concerning coverage and agent/broker/ relationships. Responsible for the training and mentoring of underwriting team members. Involved with the management and marketing of that territory.
Core Duties and Responsibilities
- Within established guidelines, analyze and review application, financial statements, company management, company prospects, industry prospects, legal structure and outstanding litigation.
- Determines proper insurance program including layer attachment, terms, conditions, pricing and alternatively decline or non-renewal of coverage.
- Servicing of existing and/or new accounts, including quote letter, binders, policy & endorsement issuance.
- Handles complex policy maintenance items and other mid-term requests. Reviews endorsement requests and processes necessary changes to the policy. Follows up on outstanding information as required. Reviews claim activity and takes appropriate action.
- Achieves production and loss ratio goals by analyzing premium and loss results for assigned territory by line of business through sound marketing. Promotes company products and programs.
- Monitors industry trends to stay well-informed of new products, distribution systems, trends, competitor offerings, emerging business and legal trends impacting management liability exposure.
- With supervision, establishes and maintains effective relationships with brokers in order to generate profitable premium dollars. Accompanies other underwriters to broker offices as required for marketing visits. Frequently entertains brokers to market services and ensure strong relationship to write business.
- Communicates with key underwriting personnel on all operational levels, and works closely with lower level associates to ensure compliance with underwriting guidelines and marketing plans.
- Performs other duties as assigned.
Typical Skills and Experiences
Education: Undergraduate studies with focus in finance, accounting, economics, and/or risk management. Degree preferred.
Experience: Typically, five or more years related experience as a D&O, EPL and/or E&O Underwriter. Previous business or finance experience helpful.
Knowledge, Abilities and Skills: In-depth knowledge of lines underwriting policies, practices and procedures specific to D&O, EPL, Fiduciary, E+O, and Crime insurance products. In-depth knowledge of financial statements, financial analysis, investments, market conditions essential. Legal knowledge related to insurance, contract and business law preferred. Ability to communicate complex underwriting concepts required. Ability to multi-task, communicate effectively, verbally, and in writing, interpersonally with individuals at various levels and groups via telephone, fax, e-mail and in person. Demonstrates advanced negotiation skills. Ability to analyze insurance risks to determine acceptability including policy language, various commercial rating plans and methodologies, reinsurance. Knowledge of related computer software. Ability to devise business solutions to problems, implements the most appropriate, and monitor its effectiveness. Ability to make decisions without supervision.
This role can be filled at the Specialist or Senior Underwriter level depending on candidate skills & experience.