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Divisional CUO Portfolio Underwriting (Trading) (m/f/d)

Management oversight of specialty products in MRSL, MRSG, RIBL, GJW and NMU as part of the One Company, Product Led organisation 

  • Overseeing the adoption of the firm’s culture
  • Promoting the One Company, Product Led philosophy / mindset

To lead, manage, maintain and develop the Underwriting Division which consists of several Classes of Business (CoBs). To carry out the function of a Divisional CUO and member of the Underwriting Group, Underwriting Exec Team and other nominated committees. Collectively with other CUOs under the direction of the Group CUO advise, govern, oversee internal & external policy, and provide leadership for the GCNA 5 underwriting business.

To ensure CoBs are profitable, accurate and effective underwriting teams that support and comply with the GCNA 5 business plan. To facilitate maximum return of profit while maintaining the company’s reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the company.

 

Location
London , United Kingdom

 

General Responsibilities:

  1. Managerial responsibility for the underwriting division consisting of CoBs.
  2. Attend Underwriting Exec Team and Underwriting Group meetings as a minimum
  3. Provide appropriate information to the Group CUO and relevant boards e.g., GCNA 5, MRSG, MRSL etc
  4. Represent GCNA 5 externally to customers, the industry, and other organisations as well as to the Munich Re Group to ensure that its reputation and capability are positively perceived.
  5. Help drive forward good conduct for the business to deliver the best outcomes for the customers / policyholders.
  6. 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.
  7. Report any significant failures to comply with requirements and suspected rule breaches to compliance immediately and to the Group CUO

 

Strategy:

 

  1. To contribute to the definition and promote the One Company, Product Led philosophy / mindset
  2. To own and compile the Divisional business plan consisting of their respective CoBs by engaging the relevant global, regional and market underwriters to gain insight, size the market opportunity and define our underwriting appetite & market penetration to support profitable growth
  3. To search out and develop new products aligned to CoBs across all global regions and markets that are compatible with the GCNA 5 Underwriting strategy. This will involve collaboration with CoB underwriters based in global regions and markets.
  4. To contribute and empower the global underwriting teams to be actively involved in delivering the One Company, Product Led underwriting operating model
  5. To implement our GCNA 5 Underwriting strategy where we grow and retain our existing book of business, develop new products, and review our appetite.

Leadership:

  1. Co-ordinate and maintain the underwriting division to achieve business objectives and targets
  2. Support the development of a standardised underwriting policy, underwriting operating model and best practice in GCNA 5
  3. Recruit, lead and motivate direct reports to implement our global underwriting strategy and promote our One Company, Product led philosophy / mindset. Ensure underwriting teams fulfil operational and regulatory requirements.
  4. Support staff development by objective setting via continuous conversations approach.
  5. Ensure Divisional knowledge sharing to promote CoB / industry best practice to build our underwriting capability and knowledge of our staff

Your job

Management and Controls:

  1. Ensure CoB underwriters comply with regional underwriting requirements & standards and / or Lloyd’s requirements i.e., Lloyd’s minimum standards
  2. Ensure CoB underwriters comply with internal and external underwriting and risk management standards and polices set by the FCA, PRA, MRSG, GCNA 5 etc
  3. Active underwriting performance management is expected to monitor the book of business and take corrective measures to ensure long term profitability via working with our underwriters based in the global regions and markets.
  4. Ensure there are divisional structures in place for relevant regional underwriting offices to enable clear and concise CoB product management direction to meet strategic business and regulatory requirements. This may involve liaising with our local regional management teams and regional underwriters to ensure support is in place
  5. To ensure staff are effective and following internal controls set by GCNA 5 and our various legal entities ensuring the complete, accurate and timely recording of all relevant underwriting, claims, finance or other information and data (MI)
  6. Ensure effective framework of meetings, reporting and discussions is in place to effectively manage reporting staff based around our global speciality underwriting offices

 

Underwriting Responsibilities:

  1. Where needed based on the client / broker relationships, underwrite new and renewal risks, exercising judgement in all underwriting matters, and remaining aware of own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with Underwriting business plan, to include oversight of the administration of binders;
  2. Purchase facultative reinsurance, in accordance with syndicate guidelines, where required by the account;
  3. Conduct and develop effective relationships with both Lloyd’s & Regional Brokers and key clients, to both strengthen existing trading relationships and secure new business that falls within the Underwriting business plan;
  4. Conduct and develop effective relationships with Lloyds & Regional Market peers, to keep abreast of market developments that may affect the syndicates trading effectiveness;
  5. Class review slips and endorsements along with other placing information and literature, exercising own judgment to ensure the account remains within the Underwriting business plan;
  6. Periodically review the balance of the portfolio with CUOs;
  7. Produce ad-hoc management reports as and when required;
  8. Ensure that company procedures and systems are followed and maintained for the account, as per procedures and compliance manuals;
  9. Conduct peer review, ensuring compliance with the business plan and adherence to authority limits.
  10. To liaise with Service Company managers in the development and construction of the Service Companies’ commercial portfolios, lending technical support and advice as required

You are required to comply with the PRA and FCA conduct rules:

 

Your profile

Advanced (Level 3) knowledge and understanding of:

Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Firm;

Develop and maintain market awareness.