Senior Surety Underwriter, Spain

About usAt Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.We are currently looking for a Senior Surety Underwriter to be based in Madrid on a full-time basis, reporting into the Head of Underwriting, Spain.Munich Re Specialty was formed as a stand-alone division in 2023, and brings together the wider Munich Re group’s primary specialty business units. Complementing an already strong presence in the UK and the US, Munich Re Specialty – Global Markets (MRS-GM) has been tasked with executing a wider plan to build a broader European footprint, starting in Spain.In order to successfully establish and profitably grow our Surety business in the Spanish market, we are looking for a Senior Surety Underwriter to join our team.We are searching for an exceptional individual with a proven track-record of growth and profitable underwriting in the Surety Line of Business in the Spanish market. Ideally, our successful candidate has experience across Wholesale business – having underwritten business regionally in Spain and international Surety business. An entrepreneurial spirit is a must, with a high degree of comfort in building a business presence from scratch and preparedness to roll up the sleeves for tasks both big and small.Responsibilities:Responsible for product development together with the Head of Underwriting Spain and Surety CUO to deliver new product rates, rules and policy forms and the maintenance, consistency of existing product rates, rules and policy forms.In close collaboration with the Head of Underwriting Spain and Surety CUO, manage the Surety portfolio in Spain to achieve the business mix and performance goals as established by the CUO Surety.Maintain and execute the Surety underwriting authority delegation and referral processes in Spain.Monitor insurance market trends and developments in Spain in order to make adjustments as appropriate to underwriting policy and strategy.Conduct and develop effective relationships with insureds and brokers, to both strengthen existing trading relationships and secure new business that falls within the Underwriting business plan.Originate new business relationships and process transaction opportunities in Spain and for international clients.Grow the business from scratch and be accountable for the performance of assigned clients and transactions.Conduct a full analysis of the underlying counterparty and/or transaction in close collaboration with Credit Analysis Teams for complex risks.Provide sound and thorough underwriting recommendations and decisions.Conduct accurate pricing for the transaction and contribute towards further development and refinement of pricing processes.Prepare high quality transaction submissions/ triage for clients in your own responsibility and drive the discussion/ approval process end-to-end.Review contract, bond and indemnity wordings and ensure compliance with internal guidelines and policies.Ensure completion of administrative tasks such as reporting, system data entries and maintenance and being part of establishment of our new Surety processes end-to-end.Support sales campaigns and represent surety in multi-line deal teams where appropriate.Live the value of a high performance culture in which success is dependent on a broad team approach furthering key interfaces with internal parties, e.g. European leadership team, Risk Management and Group support teams such as Operations, Middle-Office, Legal & Compliance, Accounting, Finance etc.Interact regularly with clients and brokers to capture relevant information to ensure diligent underwriting, exposure and claims management, including technical/due diligence visits.Identify and monitor underwriting trends as well as market, economic and legal developments that influence the credit and other structural risks to be covered.Contribute towards regional/global expansion and underwriting initiatives where appropriate, in particular International Surety solutions.Ensure compliance with all relevant Group reputation and country/risk guidance and processes (Group Underwriting Guidelines, etc.).Approve transactions within own underwriting authority or prepare transaction referrals when capacity required is beyond your own delegated authority.Present transactions to internal partners, and defend own positions with energy, balancing client needs with risk appetite.Take full responsibility in handling client relationships and accounts and manage your own portfolio.Screen the market and define appropriate strategies, policies and underwriting guidance.Knowledge and SkillsIn-depth knowledge of exposure and experience rating processes.Possess personal qualities of integrity, credibility, and commitment to corporate mission.Excellent communication (written, verbal and presentation), interpersonal and networking skills with all levels of organizations.Strategic and forward-thinking with a proven track record of general business management, including planning and forecasting.Language skills: Spanish and English are a must. German would be a plus.Extensive working experience in Surety or Guarantees, preferably in a Bank or large Credit or Surety Insurer.University graduate or equivalent education.Deep understanding of financial markets including debt financing and capital markets.Hardworking individual, willing to go the extra mile.Comfortable working independently but also a strong team player.Curiosity and open-mindedness, ability to create alternative solutions.Strong dedication to meeting immediate objectives and achieving long-term goals.Track record as a successful salesperson and dealmaker.Self-confident personality with the ability to face clients, business partners and senior colleagues.Prepared and willing to grow in accordance with personal development and the success of the division.Entrepreneurial mindset, agile and capable of developing and presenting bespoke solutions meeting complex client needs.Willing to work hands-on in setting up several new Surety workstreams simultaneously.University degree and/or relevant professional qualification.If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking forDiversity, Equity & InclusionAt Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognize diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.Learning and innovating today, striving for sustainable societies and business tomorrow.At Munich Re Specialty – Global Markets, our approach to ESG is underpinned by our desire to seize business opportunities and nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.
#J-18808-Ljbffr