Senior Surety Underwriter, Spain

Senior Surety Underwriter, Spain

**Company**
Munich Re Specialty - Global Markets
**Location**
Madrid, Spain

About us

At 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.

Please see our website for more information.

Senior Surety Underwriter, Spain

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 (MRSGM) has been tasked with executing a wider plan to build a broader European footprint. This work will start in Spain, expanding on Munich Re Specialty’s existing business in the UK, Ireland and Germany.

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.

**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 chips in 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 (gather) relevant information to ensure a 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 our client needs with risk appetite.
- Take full responsibility in handling client relationships and accounts and manage your own portfolio.
- Screen the market and the definition of appropriate strategies, policies and underwriting guidance.

Knowledge and Skills
- In-depth knowledge of exposure and experience rating processes
- Excellent people skills, including stakeholder management
- Possess personal qualities of inte