Delegated Underwriting Analyst London, England
Job description
Delegated Underwriting Analyst (m/f/d)
Are you looking to develop your skills as a Delegated Underwriting Analyst, and work with a brilliant team?
Location
London , United Kingdom
The successful individual will undertake due diligence of third party Coverholders and International Distribution Companies (IDCs) and conduct quality control reviews of all forms of delegated underwriting (binding authorities, lineslips, consortia and the like) working in a team of 7 alongside the Delegated Underwriting Manager (DUM), the Deputy Delegated Underwriting Manager (DDUM) and the Munich Re Syndicate (MRS) team’s Analysts.
Your job
- Support the DDUM and undertake Coverholder Due Diligence by reviewing relevant documentation, e.g. Lloyd's annual compliance, financial crime and other business procedures, PI/E&O insurances, UK and international trading licences, etc., and using Lloyd's (Atlas) and MRS tools.
- Conduct timely reviews of Binding Authorities, Lineslips and other forms of delegated underwriting agreements (Pre-Bind Quality Assurance, PBQA) for compliance with Lloyd's, MRS and best practice requirements using relevant tools such as DCOM, Crystal, etc.
- Liaise with Underwriters, Brokers and other delegated underwriting stakeholders to ensure due diligence and reviews are undertaken in a timely fashion and feedback is dealt with as required.
- Maintain accurate delegated underwriting records, including managing Coverholder and Binding Authorities entries using MRS dedicated tools (Subscribe and MASSDA) and undertaking quality control of the underwriting teams’ entries on a weekly and monthly basis.
- Review Lloyd's international regulatory trading requirements, e.g. Crystal reviews to support PBQA.
- Support the DDUM with the adoption of Internal Audit recommendations, regulatory changes, etc.
- Support the implementation of Lloyd's, MRS, FCA and other regulators’ policies and procedures in relation to delegated underwriting, e.g. circulate Lloyd’s Market Bulletins.
- Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.
- Understand all appropriate lines of escalation and the responsibilities of the Product Conduct Risk Strategy Group (PCRSG), Underwriting & Claims Sub Committee (UCSC) , ExCo and Board for Conduct Risk.
You are required to comply with the PRA and FCA conduct rules:
- Acting with honesty and integrity at all times
- Acting at all times with due care, skill and diligence
- Being open and honest with the FCA, the Prudential Regulation Authority (PRA) and all UK regulators at all times
- Always paying due regard to the interests of customers and always treat them honestly and fairly
- Observing proper standards of market conduct at all times
Your profile
Knowledge
- Sound business knowledge and understanding of:
- Lloyd's delegated authority tools, e.g. Atlas, DCOM and all future developments
- Underlying principles of insurance/reinsurance practice
- Lloyd’s Market practices and regulation, specifically relating to delegated underwriting
- Demonstrate clear understanding of all company specific procedures that relate to own role
- Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and operation of the department and wider organisation
- Demonstrate willingness to continue to develop knowledge through formal and informal learning, both internally and externally to the organisation
Skills
- Demonstrate high degree of attention to detail and accuracy and use of relevant reporting tools
- Ability to manage own workload and to work both supportively and jointly with colleagues
- Ability to work under pressure and flexibly when necessary, prioritising tasks, resource planning and meeting deadlines
- Use of communication skills, both written and verbal reporting and presentation, that are both effective and meet business needs
About us
MRSG UK Services Limited is the employing entity for staff supporting the business activities of Munich Re Syndicate Limited (MRSL), Munich Re Specialty Group Limited (MRSG), Groves, John & Westrup Ltd (GJW), NMU (Specialty) Ltd (NMU) and Roanoke International Brokers Limited (RIBL).
As well as operating in the Lloyd’s of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Hong Kong, Singapore, Labuan and Dubai. We are also represented in Lloyd’s China.
Our group of companies provide solutions covering Casualty, Marine & Cargo, Energy & Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht.
Known for our dedication to excellence and quality of service provision, we pride ourselves on offering you a great place to work.
Munich Re’s employees are the backbone of the Group’s business success. They are the people that drive the business forward and develop new solutions for our clients.
Ensuring that we recruit versatile staff is therefore crucial to our future success. Our objective is to make Munich Re the employer of choice for potential employees on the global job market..
To help us achieve this goal we offer a competitive salary and a generous and comprehensive benefits package which we regularly review in accordance with external market data, to ensure you are paid fairly and our benefits are tailored to suit your lifestyle. Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.
