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Chief Underwriting Officer - Sub-Contract Default Insurance

Employer
Liberty Mutual Insurance
Location
Boston, Massachusetts
Salary
Not Specified
Closing date
May 31, 2019

View more

Category
IT , Underwriting
Job Type
Not Specified
Career Level
Not Specified

Job Details

As a part of our construction product offerings, Liberty Mutual Surety is launching Sub-Contract Default Insurance (SDI) as a part of our portfolio, and is hiring a Chief Underwriting Officer, SDI to provide underwriting and product line leadership. In this Executive-level and industry-leading role, you will have P&L responsibility for all SDI business and management of staff. This includes setting and executing SDI business plans and strategies, underwriting policies and procedures, and operating objectives to maximize growth and profitability while ensuring compliance and consistency. Location is flexible and should be based near a major airport to accommodate travel needs.

Liberty Mutual Surety, a business unit member of Liberty Mutual Insurance, is the 2nd largest Surety in the United States and one of the largest globally. We specialize in providing surety bonds for construction firms, manufacturers and suppliers, and commercial enterprises for corporations and individuals on an account and transactional basis, and conduct business worldwide through fronting relationships and Liberty owned subsidiaries, with bonds issued in over 40 countries. We pride ourselves on our outstanding service to brokers, agents, and customers throughout our field offices across the U.S., and in Mexico, Canada, Brazil, UK, Germany, Italy, France, Netherlands, Hong Kong, and Australia. We are committed to our value proposition of building mutually profitable relationships by providing smart business solutions, ease of doing business, and consistent, responsive service, and is dedicated to the communities we serve and values highly a diverse workforce.

Responsibilities:

  • Collaboratively develop and implement Liberty Mutuals SDI business strategy to successfully propel the product and client segments into a significant, profitable, sustainable, and long-term marketplace leadership position and in support of the companys Return-On-Equity objectives. This includes but is not limited to developing detailed monitoring standards and quality reviews to assess loss ratios and overall underwriting results. Ensures the achievement of continued profitability, growth and operational efficiencies for SDI business, including P&L responsibility.

  • Drive the SDI vision and value proposition that recognizes changing business and competitive environment dynamics, key business drivers, and financial elements. Demonstrate and delivers the value we bring to the different segments of our producer delivery network. Leverage strong U.S. broker relationships to effectively promote and represent Liberty Mutual at senior management levels and at industry events.

  • Develop, market, and deliver innovative, industry-leading SDI products and services through a regional framework to a network of producers, effectively leveraging our strengths as a competitive differentiator in the marketplace. Drive underwriting excellence across the business by establishing and ensuring adherence to risk appetite, line-setting, standards and guidelines, and ensure rating and pricing adequacy in collaboration with partnering business groups.
  • Develop and maintain a framework for underwriting authority and philosophies, guidelines, practices and procedures and assign specific authority to business leaders and underwriters. Ensure compliance for the unit.
  • Champion the use of analytics and technology to deliver better underwriting outcomes, assist in underwriting decisions, and to review, monitor, and adjust the account portfolio, underwriting guidelines, and overall strategy as needed. Serve as a business sponsor for the implementation of technology platform(s).
  • Collaborate with underwriters, claims and actuarial to share insights and best practices across the organization.

  • Serves as an expert regarding regulatory and compliance processes and ensure that stakeholders understand the business model, underwriting methodology, and the risks we assume.

  • As necessary, assist with the creation of an effective reinsurance strategy that supports our risk appetite on a per risk and aggregated basis across the product line, and otherwise actively manage the SDI portfolio.

  • Establish strong internal relationships with regional and product leadership; create a mutual understanding of overall parameters and goals to drive effective execution of the business model.

  • In collaboration with HR, develop tools and strategies to attract, engage, and retain top industry talent and develop high performing teams and succession plans. Develops, administers, and appraises performance objectives and development plans. Monitors quality of performance of staff by utilization of management reports, surveying financial files and communicating with customers. Identifies problems and implements corrective action, and ensures alignment with business objectives.
  • Drives workforce planning across SDI and provides input for field operations. Establish, propose, and oversees budget and expenses to meet business objectives, with profit objective being primary.

  • Partner with business leaders and sets standards for/promotes new business acquisition throughout current and future footprint by developing and cultivating, directly or indirectly relationships with brokers/accounts in soliciting and placing SDI business.
  • Collaborate with Surety Claims to evaluate and resolve highly complex issues expeditiously and effectively, and if appropriate, takes immediate action.
  • Participates in strategic business decisions as a member of the Surety Underwriting leadership team and ensures team is aligned and prepared to execute accordingly. Incorporates and ensures execution of GRS strategy.
  • Creates and drives a culture of commitment to success, continuous improvement, enthusiasm, collaborative problem solving, diversity and inclusion, and profitable partnering with strategic business clients.

Qualifications:

  • Bachelors Degree or equivalent experience, focused in business, engineering, math, statistics or actuarial science is desired. Masters Degree preferred.
  • A minimum of 10-15 years progressively more responsible underwriting or broker experience, with in-depth knowledge of Sub-Contractor Default Insurance and Surety. Experience in media liability insurance would be helpful.
  • Demonstrated ability to successfully manage staff, including senior managers and/or technical experts, preferably in multiple offices and/or regions and in a small team environment.
  • Possess exceptional leadership qualities necessary to oversee a highly complex product line as well as tenured and senior level staff.
  • Strong track record of profitable transactions and generating business growth.
  • Demonstrated experience in writing and executing underwriting business plans.
  • Experience in structuring and purchasing reinsurance protections will be highly desirable.
  • Must possess strong analytical and decision making skills, strategic thinking, results-oriented, innovative, solid business judgment and ability to express ideas clearly and concisely.
  • Must have strong communication skills with the confidence and ability to have penetrating conversations with high level executives (CEO, President, CFO, etc.), as well presentations to a broad audience (i.e. Town Hall, industry events, trainings, etc).
  • Strong U.S. broker relationships to effectively promote and represent Liberty Mutual at senior management levels.
  • Broad operational skills and experience in an underwriting or broker environment, including budgetary management, financial management, claims, resource allocation.
  • Able to travel up to 35% with access to a major airport.

Benefits:

We value your hard work, integrity and commitment to positive change. In return for your service, its our privilege to offer you benefits and rewards that support your life and well-being. To learn more about our benefit offerings please visit: https://LMI.co/Benefits

Overview:

At Liberty Mutual, we give motivated, accomplished professionals the opportunity to help us redefine what insurance means; to work for a global leader with a deep sense of humanity and a focus on improving and protecting everyday lives. We create an inspired, collaborative environment, where people can take ownership of their work; push breakthrough ideas; and feel confident that their contributions will be valued and their growth championed.

Were dedicated to doing the right thing for our employees, because we know that their fulfillment and success leads us to great places. Life. Happiness. Innovation. Impact. Advancement. Whatever their pursuit, talented people find their path at Liberty Mutual.

Company

When people have a sense of security, they are free to relax, venture out, and live their lives. This is the feeling Liberty Mutual brings to the world every day. Founded in 1912, we are a global leader in property and casualty insurance, focused on protecting and preserving the lives and dreams of customers in more than 30 countries. With over 50,000 employees throughout the world, we offer you the chance to work for an evolving, growing company with a deep sense of humanity and a commitment to diversity and philanthropy. Join our team and go to work knowing that what you do matters. Because really it does.

 

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