[Hiring] Head of Commercial Surety @Munich Re

Role Description

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Head of Commercial Surety will be responsible for the underwriting, risk management, administration, and overall business development of the commercial surety Line of Business in accordance with the company’s surety business model to meet projected profitability and expense goals. You will serve as lead underwriter for all commercial surety business. The position supports the Head of Surety in balancing the needs to achieve budgeted financial results through sound underwriting practices and effective risk management of the commercial surety line in an effort to produce profitable results. You will also serve as lead in Book of Business reviews with the Regional Offices and assist in portfolio management.

Our value proposition includes embedding significant underwriting authority in the position to create an enhanced, new age customer and broker experience.

Responsibilities

• Develop and execute a strategic business plan to expand the commercial surety portfolio and maintain full P/L responsibility for the line of business.
• Assist the Regional Bond Managers to establish and maintain key surety broker relationships in compliance with guidelines for all commercial surety business.
• Develop risk management and portfolio management tools to achieve strategic objectives and maintain an acceptable level of risk in the commercial surety book.
• Underwrite and manage all referrals of commercial surety account and bond requests from the field offices that exceed the field’s authority limits.
• Effectively evaluate bond forms, contracts, and other relevant documents to assess risk.
• Coordinate communications with other surety company home office personnel for any joint venture or co-surety arrangement.
• Collaborate with MRSI surety colleagues to leverage MRSI surety capabilities and increase our customer base.
• Interact and collaborate with field offices, Home Office colleagues, reinsurers, and other critical business associates.
• Participate in MRSNA senior management decisions regarding developing or improving underwriting procedures, guidelines, and policy.

Qualifications

• Bachelor’s degree in Business Administration, Economics, Finance, Accounting, or related field.
• 10 years or more of progressive experience working in commercial surety.
• Entrepreneurial skill set, excellent marketing, negotiating, and communication skills.
• Successful track record of developing and maintaining strong relationships with agents/brokers.
• Ability to think strategically and function tactically.
• Exceptional communication skills that energize and engage brokers, clients, and colleagues.
• Ability to present and negotiate complex agreements related to commercial surety accounts.
• Effective time management and organizational skills.
• Willingness to travel up to 30%.

Requirements

• The Company is open to considering candidates in numerous locations, including New York (NY), Philadelphia (PA), Princeton (NJ), Hartford (CT), and Remote.
• The base salary range anticipated for this position is $226,900-$378,100, plus opportunity for company bonus based upon a percentage of eligible pay.
• In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays, and paid time off (PTO).
• The salary estimate is adjusted to reflect varying market conditions across different locations.

Benefits

• Health insurance coverage.
• Employee wellness program.
• Life and disability insurance.
• 401k match.
• Retirement savings plan.
• Paid holidays.
• Paid time off (PTO).

Company Description

Welcome to Munich Re Specialty - North America, a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk management expertise to our partners and customers. As a trusted industry expert, we offer a broad range of comprehensive and customized solutions, including casualty, professional lines, property, surety, and public entity coverages.

With the financial strength and global resources of our A+ Superior (A.M. Best) rated organization, we provide unmatched stability and reliability. Our team is committed to superior service levels, a distinctive approach to specialty solutions, and a deep understanding of the complex risks our clients face.

At Munich Re, we see Diversity, Equity, and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work.