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Assistant Underwriter
Date: Feb 20, 2025
Location: London, GB, EC3M 3BD
Company: Aspen Insurance
Since Aspen was founded in 2002, we have become a leading, diversified specialty insurance and reinsurance company. We respond thoughtfully and creatively to find the best outcomes for our clients and business partners through carefully-tailored solutions.
We believe the way we work is just as important as the work we do, and we are guided by our core values of respect, honesty, trust, and professionalism.
Aspen is a great place to develop your career offering an exciting and challenging environment where achievement is rewarded.
The Role
To appropriately underwrite risks and support the respective underwriting team in accordance with the business plan and within delegated underwriting authority.
Our Aspen Values are expected to be reflected in the delivery and performance of every role.
Key Accountabilities
Strategy and Planning
1. Contributes to the preparation and implementation of the operational team plans to ensure these include operational considerations for delivery.
2. Determines own work priorities and activities in line with agreed plans to ensure the achievement of personal and team objectives.
3. Performs underwriting activities, as directed and in accordance with all legal and regulatory requirements to ensure obligations are met.
4. Adheres to underwriting standards and good practice to minimize risk and maximize efficiency in line with process control time frames.
5. Contributes to recording and measurement of insurance risks to ensure accuracy, good practice, and adherence to relevant performance standards (as prescribed by quality review process).
6. Understands and complies with any reinsurance requirements to minimize risk and to deliver business plan objectives.
7. Ensures that underwriting files are maintained in a logical and accessible manner and/or other underwriting issues are clearly documented at all times.
8. Ensures awareness of and compliance with regulatory and legislative requirements.
9. Compliance with Service Level Agreements.
10. Compliance with best practice, regulatory/legal requirements, and Aspen processes and policies.
11. No legal or regulatory breaches.
12. Positive feedback from key stakeholders.
13. Satisfactory results from internal underwriting audit.
Technical Performance
1. Underwrites insurance risks in accordance with the business plan and the delegated underwriting authority to meet business objectives including:
1. Negotiating rates/terms and conditions for existing and new business.
2. Compliance in the production and issue of contract certainty documentation.
3. Supporting credit control in payment collection.
4. Participates in the review and analysis of the portfolio to identify progress toward business objectives.
2. Produces management information reports to enable effective monitoring of underwriting activity.
3. Ensures entries are properly and promptly recorded on relevant systems to ensure accuracy of data in relation to underwriting and aggregate exposures.
4. Ensure the security, integrity, and ethical use of AI/ML models, adhering to company policies and regulatory guidelines.
5. Ability to resolve underwriting queries within areas of delegated authority.
6. Positive feedback from key stakeholders and colleagues.
7. Quality of management information provided.
8. Satisfactory audit from internal underwriting audit.
9. Maintenance of accurate and up-to-date records.
10. Legal and regulatory compliance.
11. Monitors and reviews performance against targets and standards.
Skills & Experience
1. ACII (or equivalent) qualified or progress towards completion of insurance qualifications.
2. Understanding of class specific underwriting and reinsurance knowledge.
3. Knowledge of relevant market conditions for specific class/portfolio.
4. Knowledge of legal and regulatory requirements (specific reference to FCA/Lloyds regulation).
5. Able to produce MI and detailed reports at various levels.
6. Ability to analyse data and use for decision-making.
7. Broad experience of working in an underwriting environment within a specialised/complex underwriting area.
8. Degree level education (or equivalent).
At Aspen, we know that having a diverse and inclusive workforce is good for our people, good for our business, and good for the environments in which we operate. We therefore welcome applications from people which allows us to draw on diverse cultures, perspectives, skills, and experiences.
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