Senior Bond Underwriter (Contract)

Location
75093, Plano
Salary
Not Specified
Posted
Sep 01, 2021
Closes
Oct 31, 2021
Ref
0948a177-6dd9-4921-b5fd-e5ee84290cb1#GIJ--IAT
Job Type
Not Specified
Career Level
Not Specified

IFIC, a member of IAT Insurance Group, has an immediate opening for a Senior Bond Underwriter in our Surety Business Unit. This role will be located in Plano, Texas and will handle most aspects of daily interaction with assigned agents regarding new and existing accounts this includes gathering, analyzing and evaluating all information on an account and making a recommendation or decision to the Regional Manager based on that information.

Responsibilities

  • Review initial submissions to determine any additional information needed. Initiate correspondence to obtain documentation as required
  • Set-up financial backer files (account files) for new accounts. Maintain financial backer files and request updated information if necessary (financial statements, credit reports, correspondence, news, etc.) and monitor the aggregate liability
  • Advise manager immediately if there have been any significant negative developments or events
  • Compose narratives for new accounts, update narratives on an annual basis and submit them to manager with account recommendations for review
  • Update accounts in the Underwriting Database with current financial statement information
  • For bond submissions not affiliated with an account, analyze the bond risk/class, the underwriting requirements for that class and review the applicant's qualifications. Determine the appropriate rate and indemnity needed and make a recommendation to the manager if not within your own authority
  • Evaluate unfamiliar or new bond requirements and discuss with manager if necessary (if potentially hazardous, high risk associated with industry {i.e. mortgage brokers, money transmitters})
  • Maintain individual bond files which require updated underwriting information on an annual basis and request information from the agent if necessary (financial statements, current ownership, status, etc)
  • Make sure proper indemnity has been secured for new bonds being reported
  • valuate requests to close bonds which require a release of surety and requests to release collateral and submit a recommendation to manager if necessary
  • Maintain information on bond-specific underwriting requirements and on hazards of certain bonds
  • Periodically check agent's bond number logs to make sure that bonds are being reported and/or that outstanding bond numbers have been requested
  • Perform reference checks and order and review credit reports to document proven past capabilities and ability to handle relationship
  • Analyze financial statements to ascertain key components and ratios
  • Evaluate need for additional measures to protect surety. This means perfecting indemnity agreements, possibly taking collateral, escrow arrangements, or additional outside indemnity. Discuss such additional measures as needed with supervisor
  • Evaluate specific bond requests with regard to any unusual hazards. Discuss with supervisor as required
  • Maintain file documentation so that information for existing active accounts is fresh enough to make an informed decision should a new request come up
  • Communicate decisions as clearly and expeditiously as possible to the Regional Manager
  • Regular discussion or visit with the Agency Principal/Producer about new opportunities for expanding the IFIC presence in the Agency
  • Meet certain premium targets assigned to the Senior Bond Underwriter by the Regional Manager.
  • Perform other job-related duties as required

Qualifications:

  • Bachelors' degree in Risk Management, Finance, Mathematics, Business or related with at least 5 years-experience in bond underwriting or equivalent.
  • Equivalent is defined as 9 years of relevant bond underwriting experience.
  • Strong marketing skills and ability to obtain new business and work with contractor clients.
  • Strong competency in quantitative and financial analysis.
  • CPCU industry designation preferred.
  • Requires strong math aptitude, excellent verbal and written communication, interpersonal and negotiating skills.
  • Must be customer service oriented and have the utmost integrity.
  • Must possess knowledge of various computer programs, internet based programs, and PC literate in the use of spreadsheets.
  • To qualify, applicants must be authorized to work in the United States and must not require VISA sponsorship, now or in the future, for employment purposes.

We are proud to be an EEO/AA employer M/F/D/V. We maintain a drug-free workplace and participate in E-Verify.

Our Culture

IAT is the largest private, family- owned property and casualty insurer in the U.S. Insurance Answers Together is how we define IAT, in letter and in spirit. We work together to provide solutions for people and businesses. We collaborate internally and with our partners to provide the best possible insurance and surety options for our customers. It's about far more than being a workplace. We're a work family.

At IAT, our fundamental belief is to a create a culture where all employees are heard and have a sense of belonging. Inclusion and Diversity are not just initiatives, it's how we live. We're committed to driving and building an open and supportive culture. By embracing the uniqueness of our employees, investing in their development, listening to, and engaging their ideas, we are stronger as an organization.

Our employees propel IAT forward – driving innovation, stable partnerships and growth. That's why we continue to build an engaging workplace culture to attract and retain the best talent.

We offer comprehensive benefits like:

  • 26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off
  • Healthcare and Wellness Programs
  • Opportunity to earn performance-based bonuses
  • 7% 401(k) Company Match and additional Profit Sharing
  • College Loan Assistance Support Plan
  • Educational Assistance Program
  • Mentorship Program
  • Dress for Your Day Policy

We are proud to be an EEO/AA employer M/F/D/V. We maintain a drug-free workplace and participate in E-Verify.

Come join the IAT family!

COVID 19 Statement:

IAT actively tracks COVID vaccination rates, possible symptoms, and cases across the organization so we can make informed decisions about workplace safety. As a result, while IAT does not require employees to be vaccinated, employees are required to log their vaccination records and attest daily to being symptom free before entering IAT offices.

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