Job Title: Reinsurance Underwriter
Job ID: 03389
Division : Risk Transfer
Work Location(s): United States-Wisconsin-Madison
Full/Part Time: Full-Time
Responsible for underwriting analysis on new and existing global treaty reinsurance business. Evaluates complex risks and exposures, pricing structures, rates, terms and conditions, in accordance with corporate reinsurance guidelines and within given authority levels. Uses developing knowledge of global reinsurance markets to support management in setting the strategic direction of our assumed reinsurance business. Develops relationships with a range of brokers and insureds to ensure profitability of a worldwide reinsurance portfolio.
- Reinsurance Underwriting (60%)
- Evaluates ceding insurance company's financial standing, operational strategy, and industry trends to determine whether to accept the risk, and if so, under what terms for renewal and new business.
- Performs exposure and experience analysis on renewal business by combining knowledge and experience with available information on ceding insurance companies. Assesses the customer/broker request and determines acceptable coverage that addresses the customer's critical insurance and service needs.
- Assesses proposed structure, the ceding insurance company's operations and anticipated hazards, losses, expenses, financial strength, loss experience, and other underwriting considerations applies knowledge of probabilities of attachment and limit exhaustion, changes in exposure amounts, locations and concentrations, rating plans, loss trend and inuring reinsurance, develops acceptable participation and pricing thresholds that meet or exceed target returns, and has accountability and ownership of account underwriting recommendations.
- Evaluates treaty contract and contract language, and manages documentation work flow. Ensures the contract outlines the risks, intended coverage, and other fields required specific to the contract within given authority limits.
- Completes all required steps on account set up, documentation, and account management.
- Account Management (25%)
- Develops and cultivates effective business relationships with assigned brokers as well as internal and external clients in order to retain profitable business for the segment.
- Meets with brokers and clients regarding renewal assumed reinsurance business.
- Recommends program participation that achieves desired business goals, including long term profitability.
- Collects, maintains, develops, and documents CAT data related to the assumed reinsurance portfolio. Evaluates quality of data that can be ambiguous, incomplete, or irrelevant.
- Interacts with clients, brokers and others during pre-renewal season, submission process, audits, and midterm changes for treaty accounts.
- Partners with internal business partners, clients and brokers to coordinate claims and accounting activities.
- Performs client audits as necessary to ensure cedents' business processes align with terms of contract and American Family's business objectives.
- Project Management (15%)
- Manages assumed and ceded reinsurance projects of varying complexity, including cross divisional teams, and/or multiple concurrent projects with complex resource interdependencies, with ultimate responsibility for successful project delivery.
- Drives collaboration in cross divisional project teams, establishes project scope, develops project plans, determines member accountabilities, and establishes milestones and stoplight reporting to assure project completion.
- Reports project team efforts to the stakeholders to assure consistent communication continues among the project team and their sponsors.
Specialized Knowledge and Skills Requirements
- Achieve Results
- Be Accountable
- Maximize Customer Experience
- Analytical Thinking
- Organizational Awareness
- Quantitative Analysis
- Relationship Building
- Basic knowledge and understanding of financial pricing models, methodology, and tools.
- Basic knowledge and understanding of reinsurance industry, underwriting standards, and competitive practices.
- Demonstrated experience building and cultivating relationships with internal and external contacts.
- Demonstrated experience managing and leading large, complex projects.
- Solid knowledge and understanding of profitability, growth, and risk concepts.
- Solid knowledge and understanding of advanced financial and statistical analysis techniques including actuarial techniques.
- This position requires travel up to 25% of the time.
We offer a comprehensive benefits package that includes health, life and dental insurance, a 401(K) plan, paid holidays, vacation and sick leave and the opportunity for career development. If you would like to put your career in motion apply online today!
A career move to join American Family Insurance may also mean a physical move for you. If you are selected for an interview, information will be provided on the level of relocation assistance available during the interview.
Offer to selected candidate will be made contingent on the results of background checks.
Please review the job requirements.
American Family Insurance offers auto, home, life & annuities, health, business and farm & ranch insurance. We’ve expanded geographically,...