Job Description
Full job description
Location New York, United States Job type Full-Time Work mode Hybrid Job level Professional Job ID 12052 Company Munich Re America Employment type Regular Area of expertise Claims & Underwriting
All locations New York, United States; Chicago, United States;
Facultative Program Underwriter
We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. We will consider a range of experience for this role and the offer will be commensurate with that. We will consider candidates in New York City (NY) or Chicago (IL).
The Company
As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.
Munich Re Facultative and Corporate (MR F&C) was created to bundle Munich Re’s facultative and corporate business into one global unit. We believe that by aligning our single risk business in one unified team we will better position Munich Re to provide a holistic suite of products and services that meet the growing demands of our clients and broker partners.
The Opportunity
Future focused and always one step ahead!
As an Underwriter, you will underwrite and price a portfolio of reinsurance business in accordance with Munich Re guidelines, strategy and profitability standards. You will be responsible for developing recommended risk pricing and terms within appropriate underwriting authority. This includes completing risk analysis and assessment, coverage evaluation and pricing as well as participating in client negotiations in order to maintain and develop a profitable portfolio of reinsurance business.
Responsibilities:
Underwriting:
Independently underwrite and price moderate to highly complex business in accordance with corporate, divisional and department guidelines and philosophy.
Produce, underwrite and manage the book of business in compliance with applicable underwriting guidelines, strategies and best practices
Perform the underwriting referral function as specified and as required in the underwriting guidelines and mandates
Help to fine tune and implement our portfolio strategy.
Assure a high quality of underwriting through
Coaching and mentoring
Technical guidance
Frequent feedback interactions
Client relationship management:
Develop and maintain strong market presence by developing client and broker strategies.
Develop new business opportunities and promote Group’s capabilities and competencies externally in close cooperation with Client Management.
Establish and maintain sound contact with clients and brokers, keeping abreast of market and industry developments and client needs.
Excellent negotiation skills, facilitating and managing the complexities and challenges associated with offers, terms of contract with Brokers/Clients and, when necessary and feasible, submit counter proposals.
Demonstrate advanced proficiency in the use of pricing models and other risk evaluation models
Strategic decision making based on data interpretation beyond models
Participate in and provide significant input for the business plan development.
Self -Development Planning to achieve business and developmental objectives.
Qualifications:
10+ years of primary insurance and / or reinsurance experience.
5+ years of underwriting experience preferred
Bachelor’s Degree preferred.
CPCU, ARe designations preferred;
Demonstrated knowledge of General Liability, Automobile Liability, Umbrella/Excess Liability coverage and risk analysis
Knowledge of common facultative and treaty reinsurance structures and terms
In-depth knowledge of the US insurance and reinsurance markets supported by attending industry workshops/conferences and active involvement in professional societies.
Excellent oral and written communication skills. Ability to explain complex transaction structures to both technical and non-technical audiences
High degree of intellectual curiosity combined with critical thinking skills, analytical problem solving abilities, and strong intuition to flexibly seek new ways to approach underwriting / pricing methodologies.
Strong ability to interact effectively with clients, brokers, and colleagues.
Effective time management skills
Excellent computer skills
Ability to develop and execute plans and to provide strategic direction to the development and achievement of unit goals;
Willingness to travel for audits and client and broker visits (approx. 25% of time but can fluctuate upwards during renewal season)
The Company is open to considering candidates in numerous locations, including New York City (NY) or Chicago (IL).The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.
The base salary range anticipated for this position is $177,700 - $296,100 plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).
The salary estimate displayed represents the typical salary range for candidates hired in this position in New York City. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.
We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:
Two options for your health insurance plan (PPO or High Deductible).
Prescription drug coverage (included in your health insurance plan).
Vision and dental insurance plans.
Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
Short and Long Term Disability coverage.
Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).
In addition to the above insurance offerings, our employees also enjoy:
A robust 401k plan with up to a 5% employer match
A retirement savings plan that is 100% company funded.
Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
Eligibility to receive a yearly bonus as a Munich Re employee.
A variety of health and wellness programs provided at no cost.
Paid time off for eligible family care needs.
Tuition assistance and educational achievement bonuses.
A corporate matching gifts program that further enhances your charitable donation.
Paid time off to volunteer in your community.
At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.
We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Your Benefits
With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.
Competitive Salary
We provide fair and competitive compensation that reflects your performance and commitment.
Company performance-based Incentives
In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.
Recognition and Special Rewards
We recognise outstanding individual contributions through a variety of targeted rewards and incentives.
Retirement Planning
We support your long-term financial wellbeing with retirement solutions aligned with local regulations.
Inclusive Workplace Culture
We foster a respectful, inclusive, and values-driven environment.
Learning & Development
We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.
Work-Life-Balance
Supporting your ability to balance family, leisure, and your career.
Health & Wellbeing
We support your physical and mental health through a range of programs and activities in each location.
Location New York, United States Job type Full-Time Work mode Hybrid Job level Professional Job ID 12052 Company Munich Re America Employment type Regular Area of expertise Claims & Underwriting
All locations New York, United States; Chicago, United States;
Facultative Program Underwriter
We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. We will consider a range of experience for this role and the offer will be commensurate with that. We will consider candidates in New York City (NY) or Chicago (IL).
The Company
As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.
Munich Re Facultative and Corporate (MR F&C) was created to bundle Munich Re’s facultative and corporate business into one global unit. We believe that by aligning our single risk business in one unified team we will better position Munich Re to provide a holistic suite of products and services that meet the growing demands of our clients and broker partners.
The Opportunity
Future focused and always one step ahead!
As an Underwriter, you will underwrite and price a portfolio of reinsurance business in accordance with Munich Re guidelines, strategy and profitability standards. You will be responsible for developing recommended risk pricing and terms within appropriate underwriting authority. This includes completing risk analysis and assessment, coverage evaluation and pricing as well as participating in client negotiations in order to maintain and develop a profitable portfolio of reinsurance business.
Responsibilities:
Underwriting:
Independently underwrite and price moderate to highly complex business in accordance with corporate, divisional and department guidelines and philosophy.
Produce, underwrite and manage the book of business in compliance with applicable underwriting guidelines, strategies and best practices
Perform the underwriting referral function as specified and as required in the underwriting guidelines and mandates
Help to fine tune and implement our portfolio strategy.
Assure a high quality of underwriting through
Coaching and mentoring
Technical guidance
Frequent feedback interactions
Client relationship management:
Develop and maintain strong market presence by developing client and broker strategies.
Develop new business opportunities and promote Group’s capabilities and competencies externally in close cooperation with Client Management.
Establish and maintain sound contact with clients and brokers, keeping abreast of market and industry developments and client needs.
Excellent negotiation skills, facilitating and managing the complexities and challenges associated with offers, terms of contract with Brokers/Clients and, when necessary and feasible, submit counter proposals.
Demonstrate advanced proficiency in the use of pricing models and other risk evaluation models
Strategic decision making based on data interpretation beyond models
Participate in and provide significant input for the business plan development.
Self -Development Planning to achieve business and developmental objectives.
Qualifications:
10+ years of primary insurance and / or reinsurance experience.
5+ years of underwriting experience preferred
Bachelor’s Degree preferred.
CPCU, ARe designations preferred;
Demonstrated knowledge of General Liability, Automobile Liability, Umbrella/Excess Liability coverage and risk analysis
Knowledge of common facultative and treaty reinsurance structures and terms
In-depth knowledge of the US insurance and reinsurance markets supported by attending industry workshops/conferences and active involvement in professional societies.
Excellent oral and written communication skills. Ability to explain complex transaction structures to both technical and non-technical audiences
High degree of intellectual curiosity combined with critical thinking skills, analytical problem solving abilities, and strong intuition to flexibly seek new ways to approach underwriting / pricing methodologies.
Strong ability to interact effectively with clients, brokers, and colleagues.
Effective time management skills
Excellent computer skills
Ability to develop and execute plans and to provide strategic direction to the development and achievement of unit goals;
Willingness to travel for audits and client and broker visits (approx. 25% of time but can fluctuate upwards during renewal season)
The Company is open to considering candidates in numerous locations, including New York City (NY) or Chicago (IL).The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.
The base salary range anticipated for this position is $177,700 - $296,100 plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).
The salary estimate displayed represents the typical salary range for candidates hired in this position in New York City. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have and comparison to other employees already in this role. Most candidates will start in the bottom half of the range.
We are proud to offer our employees, their domestic partners, and their children, a wide range of insurance benefits:
Two options for your health insurance plan (PPO or High Deductible).
Prescription drug coverage (included in your health insurance plan).
Vision and dental insurance plans.
Additional insurance coverages provided at no cost to you, such as basic life insurance equal to 1x annual salary and AD&D coverage that is equal to 1x annual salary.
Short and Long Term Disability coverage.
Supplemental Life and AD&D plans that you can purchase for yourself and dependents (includes Spouse/domestic partner and children).
Voluntary Benefit plans that supplement your health and life insurance plans (Accident, Critical Illness and Hospital Indemnity).
In addition to the above insurance offerings, our employees also enjoy:
A robust 401k plan with up to a 5% employer match
A retirement savings plan that is 100% company funded.
Paid time off that begins with 24 days each year, with more days added when you celebrate milestone service anniversaries.
Eligibility to receive a yearly bonus as a Munich Re employee.
A variety of health and wellness programs provided at no cost.
Paid time off for eligible family care needs.
Tuition assistance and educational achievement bonuses.
A corporate matching gifts program that further enhances your charitable donation.
Paid time off to volunteer in your community.
At Munich Re, we see Diversity, Equity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.
We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Your Benefits
With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.
Competitive Salary
We provide fair and competitive compensation that reflects your performance and commitment.
Company performance-based Incentives
In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.
Recognition and Special Rewards
We recognise outstanding individual contributions through a variety of targeted rewards and incentives.
Retirement Planning
We support your long-term financial wellbeing with retirement solutions aligned with local regulations.
Inclusive Workplace Culture
We foster a respectful, inclusive, and values-driven environment.
Learning & Development
We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.
Work-Life-Balance
Supporting your ability to balance family, leisure, and your career.
Health & Wellbeing
We support your physical and mental health through a range of programs and activities in each location.
💡 Quick Summary
Seeking a career-building opportunity? The Fac Program Underwriter position is now open for candidates interested in the MIS Executive sector. This role in New York City offers a professional environment and growth potential.
Requirement Snapshot: Candidates should possess basic communication skills, a proactive attitude, and the ability to work in a team. Experience in MIS Executive is a plus.
