Head of UK Underwriting

London, England, United Kingdom

12/20/2024

Company

Munich Re Specialty - Global Markets

Location

London , United Kingdom

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.

Head of UK Underwriting, MRSI

To carry out the function of a Head of UK Underwriting under the direction of the MRSI UK MD.

This role will be responsible for leading and growing the lines of business within Munich Re Specialty, Global Markets UK as well as working with the MRSI MD and CUO Retail to expand into new product areas.

Global Markets UK has historically been a business focussed on the marine space however there the portfolio has diversified to cover five lines of business with further lines launching in 2025. The Head of UK Underwriting will manage the Line of Business heads and oversee the performance of the lines of business. The Head of UK Underwriting will work with Munich Re Specialty Group to undertake business planning including SBF activities as well as all required Underwriting Management activities with group functions.

The Head of UK Underwriting will work on strategic activities with the CUO Retail to identify new products suitable for launch within Global Markets UK.. The role will involve supporting the core renewing portfolio while seeking new business and product opportunities via existing and new distribution channels to deliver sustainable profitable growth.

All underwriting authority, business planning and IDD activity will be undertaken in conjunction with the CUO, Retail or the individual holding underwriting authority under a binding authority.

To maximise profit whilst maintaining Munich Re Group’s reputation and integrity, demonstrating care for customers and in compliance with regulatory obligations.

To manage LOB underwriters writing business on behalf of MRSIUK, MRSS (through a binding authority for MRSIUK, MRRSI, MRSS) to manage underwriting, business planning and all associated regulated activity and be responsible for ensuring such activity is conducted in compliance with Lloyd’s, FCA and PRA Rules.

Ensure underwriting is conducted within the parameters of the SBF and in adherence to Underwriting strategy.

Participate and attend the MRSI UK board meetings and Executive Committee where necessary and appropriate.

Oversee run-off activities in relation to two businesses that are now in run-off

Responsibilities:

General Responsibilities

• Managerial responsibilities for the underwriting division consisting of Specialty SME LoBs.
• Attend Munich Re Specialty- Global Markets underwriting strategy meetings, represent and promote UK based GSI4 regulated legal entities (MRSL, MRSI UK) externally to customers, the industry and other organisations.
• Represent Munich Re Specialty- Global Markets strategy to ensure that its reputation and capability are positively perceived.
• Provide appropriate information to the CUO, Retail in relation to strategic development.
• Provide appropriate and timely information to the relevant Boards and ExCos, attending where necessary and appropriate
• Build and maintain strong internal relationships with Senior Management colleagues, Commercial and Technical functions, centralised resources and the Syndicate (MRSL), other Munich Re Specialty – Global Markets service companies and other MR Group companies
• Help drive forward good conduct for the business to deliver the best outcomes for the customers / policyholders and support the adoption of the firm’s culture as well as ensure that Consumer Duty is embedded into Underwriting Strategies
• Report any significant failures to comply with regulations or similar suspected rule breaches to Compliance immediately and to Risk & Compliance. MR Group policy will be reported to the CUO, Retail
• Understand all appropriate lines of escalation and the responsibilities of the PCRSG, UCSC, ExCo and Board for Conduct Risk
  
  
  

Strategy

• To contribute to the definition and promotion of the Munich Re Specialty, Global Markets strategy reflected in the One Company, Product Led approach.
• Search out and develop new business opportunities compatible with the LoB underwriters based in global regions and markets to the extent permitted by local regulations.
• To provide strategic guidance and empowerment to the global underwriting teams to be actively involved in delivering the One Company, Product Led underwriting strategy. To implement Munich Re Specialty, Global Markets underwriting strategy to grow and retain the Munich Re Specialty- Global Markets existing book of business, develop new products and appetite.
  
  
  

Leadership

• Support and maintain underwriting activities and performance to achieve business objectives and targets. Ensure underwriting teams fulfil operational and regulatory requirements.
• To the extent permitted by regulation and regulated entity business planning, support the development of a standardised underwriting policy, underwriting operating model and best practise in Munich Re Specialty, Global Markets.
• In conjunction with the relevant regulated entity, recruit, lead and motivate direct reports to implement Munich Re Specialty, Global Markets global underwriting strategy and promote an inclusive One Company, Product led strategy.
• Support staff development by objective setting via continuous conversations approach
• Divisional knowledge sharing to promote LoB / industry best practice to build underwriting capability and knowledge of our staff
• Allocate management responsibilities in a clear and concise manner so as to meet strategic, business and regulatory requirements and to ensure there is a sound reporting structure.
  
  
  

Measures & Controls:

• Ensure LoB underwriters comply with underwriting requirements & standards and / or Lloyd’s requirements i.e. Lloyd’s Principles for Business. The Head of UK Underwriting will be supported by Underwriting Management to ensure they have an understanding of all relevant global regulatory requirements.
• Ensure LoB underwriters comply with internal and external underwriting and risk management standards and polices set by all relevant regulators including the FCA, PRA, and Munich Re Group and Munich Re Specialty, Global Markets internal policies.
• Active underwriting performance management is expected to monitor the book of business to meet emerging needs and take corrective measures to ensure long term profitable via working with our underwriters based in the global regions and markets. For each legal entity, support the Active Underwriter in line with their approved business plan / binding authority agreement
• To ensure staff are effective and following internal controls set by Munich Re Specialty, Global Markets and our various legal entities ensuring the complete, accurate and timely recording of all relevant underwriting, claims, finance or other information and data (MI)
• Ensure effective framework of meetings, reporting and discussions is in place to effectively manage reporting staff based around Munich Re Specialty, Global Markets global speciality underwriting offices
• Manage expenses and ensure cost saving alternatives are implemented when appropriate
  
  
  

Underwriting Responsibilities:

• Where needed, based on the client / broker relationships, oversee the underwriting of new and renewal risks, exercising judgement in all underwriting matters, and remain aware of applicable regulations and underwriting limits as set out in the Underwriting Authority sheets, all in accordance with Underwriting business plan, to include oversight of the administration of binders where authority has been given and is allowed within regulatory boundaries.
• Purchase facultative reinsurance with the senior manager with the appropriate responsibility to do so, the Active UW and the Exec/Board (where appropriate) in accordance with guidelines, where required by the account;
• Conduct and develop effective distribution relationships with both Lloyd’s and non-Lloyd's UK Brokers and key clients, to both strengthen existing trading relationships and secure new business that falls within the Underwriting business plan, subject to regulatory and licencing restrictions;
• To extent permitted by law and regulation, conduct and develop effective relationships with Lloyd’s & Non-Lloyd's Market peers, to keep abreast of market developments that may affect MRSL trading effectiveness.
• LoBs review of slips and endorsements along with other placing information and literature, exercising own judgement to ensure the account remains within the underwriting business plan;
• Periodically review the balance of the portfolio with CUOs for each legal entity in line with agreed business plan / binding authority agreement.
• Produce ad-hoc management reports as and when required;
• Utilise technological solutions, process and operational enhancements to improve customer experience, keep operational costs at competitive levels and ultimately increase the value created for the Munich Re Group.
• Design and drive projects collaborating closely with centralised resources and external vendors as the need arises
• Ensure that company procedures and systems are followed and maintained for the CoB as per procedures and compliance manuals;
• Conduct peer review, ensuring compliance with the business plan and adherence to authority limits.
• To liaise with Service Companies and other UK based GSI4 distribution companies in the development and construction of their LoB portfolios, lending technical support and advice as required.
  
  
  

Knowledge and Skills

• Demonstrated ability in an executive leadership position
• Leadership skills, with steadfast resolve and personal integrity
• Exceptional Underwriting skills
• Industry knowledge of the marine and specialty insurance markets
• Exceptional organisational skills with pragmatic and clear approach
• Strong understanding of sophisticated business planning and regulatory issues
• Proven grasp of data analysis and performance metrics
• Ability to problem solve quickly and proactively
• University Degree and/or relevant professional qualification relating to insurance underwriting or business administration
• Dip CII / ACII preferred
  
  
  

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 for!

Location

Whilst this opportunity is currently being advertised in London, we are open to considering this opportunity nationally across the UK, where the successful candidate will be tied to their closest MRS-GM regional office on a full time basis.

Diversity, Equity & Inclusion

At 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 recognise 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 to 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.

Learn more about sustainability at Munich Re – choose your impact!

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