Country: United Kingdom of Great Britain and Northern Ireland
Creation Date: 04-Feb-2025
Employment Type: Permanent
Employment Type: Full time
Ref #: 1234571388
Description & Requirements
Team: Financial Risks Reinsurance
Location: London
Type: Permanent
About the Role:
Underwriter in the Financial Risks Reinsurance (FRRI) team focusing on the Political Risks, Credit Risk, Surety and Mortgage classes. Underwriting reinsurance programmes in accordance with the business plan and within delegated underwriting authority, including using actuarial pricing tools, documentation of underwriting recommendations and reviewing contract wordings.
The business is written out of multiple offices, and we aspire to work as one joined up global team. Working in a team environment and being supportive of other team members is very important within our team culture. In addition, it is common to liaise with other departments in the company including actuarial, claims, operations, compliance, finance and other underwriting teams.
The focus of the London office in these classes is (1) London-based clients writing Political and Credit Risks, (2) Surety in US, Canada and UK and (3) Mortgage (excluding US). The portfolio is a global book that includes many different specialty classes.
The underwriter will also maintain all procedures and processes created by the department to ensure a consistent underwriting approach and good data quality and will contribute to the strategies and goals of the department.
About the Department & Team:
The FRRI department is part of Liberty Mutual Reinsurance. We underwrite a broad range of specialty classes including political risks, credit risk, surety, mortgage indemnity, cyber, crisis management and personal accident. We write both proportional and non-proportional reinsurance structures with a focus on treaty business.
We have a global mandate, and the underwriting team is located in ten different offices – London, Paris, Bogota, Bermuda, Milan, Amsterdam, Madrid, Miami, Sao Paulo and Singapore. The FRRI department operates as one global team and we look to ensure the business we write has the involvement of underwriters with the necessary skills and experience to support, regardless of the underwriters’ physical location.
We write business across syndicate and four company platforms. For 2024 our gross written premium totals over $800 million.
Key Responsibilities:
Strategy and Planning
1. Support the development of the annual business plan for the Underwriting division and ensure delivery of the plan in accordance with stated risk tolerances.
2. Proactively drive the medium-term strategy to ensure profitable growth combined with a diversified and balanced portfolio.
3. Contribute and participate in all meetings in order to share and develop strategy, knowledge and best practice.
4. Contribute new ideas and concepts to support the development and delivery of the business plan.
Delivery
1. Establish and strengthen relationships with brokers, industry bodies, business partners, reinsurers and colleagues, to maximise influence and achieve business objectives.
2. Stay up to date on market dynamics and market cycles to drive and enhance business performance.
3. Underwrite reinsurance risks in accordance with the business plan and personal authority to meet business objectives, including:
1. Reviewing and analysing submission information.
2. Pricing of structures using actuarial tools.
3. Proposing the basis of support.
4. Negotiating rates, terms and conditions for existing and new business.
4. Contribute and influence the review and analysis of the portfolio, to identify progress towards business goals.
5. Ensure entries are properly recorded onto relevant systems in a timely manner whilst ensuring accuracy of data with relation to both underwriting and aggregate exposures.
6. Continually develop expertise and team knowledge through appropriate development opportunities.
Policy, Process and Procedures
1. Compliance with all applicable internal and external laws, regulations, policies, procedures and guidance.
2. Adhere to underwriting standards, instructions and best practice methodology in order to minimize risk.
3. Adherence to all relevant regulatory requirements forms part of your role, and the demonstration of behaviours as set out in the Conduct Risk Policy, as they relate to your role, is core to LSM's commitment to placing customers at the centre of our business and behaving with integrity. LSM expects you to understand your responsibilities relating to all regulatory and internal requirements, and to proactively demonstrate compliance with these requirements and behaviours at all times. These requirements include Conduct Rules, Solvency II, fair treatment of customers, Financial Crime, Data Protection, Conflicts of Interest, and Whistleblowing.
Skills and Experience:
1. Experience working in the Financial Services sector, preferably in a front office/credit/loan syndication function at a commercial or investment bank, in a Public Agency engaged in credit and/or political risk insurance or direct lending function, or in an (re)insurance company or broker's credit and political risk insurance team.
2. Demonstrable expertise in the assessment and pricing of credit risk with proven abilities in credit or sovereign risk analysis.
3. Understanding of the drivers of Financial Institutions’ use of risk mitigation products, their internal credit application and review processes and regulatory framework.
4. Use of risk profiling and pricing tools and loss models.
5. Excellent numeracy, literacy, interpersonal, communication and negotiation skills.
6. Highly organized with excellent attention to detail.
7. Ability to analyse and use data for decision making. Proven ability to make risk-based decisions under time constraints.
8. Economic, political, current affairs interest and knowledge.
9. Knowledge of legal and regulatory requirements.
About Liberty Mutual Reinsurance
Liberty Mutual Reinsurance is part of Global Risk Solutions and the broader Liberty Mutual Insurance Group, which is a leading global insurer. We offer a breadth of world-class insurance and reinsurance services to brokers and insureds in all major markets.
Our people are key to our success. That is why “Put People First” is one of the five Liberty values which unite us as a global organisation. We bring this to life for our colleagues through:
1. Offering a vibrant and inclusive environment and committing to their career development.
2. Promoting diversity, equity and inclusion (DEI). Our Inclusion Matters framework and employee-led networks strengthen the diversity of our workforce and our inclusive environment.
3. Reinforcing that collaborating together to share our unique perspectives help us make better decisions, deliver innovative solutions and pursue our ambitious goals.
4. A supportive culture, which includes promoting a healthy work-life balance and working flexibly.
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