Underwriting Officer, Multi-Buyer Trade Credit
Liberty Specialty Markets (www.libertyspecialtymarkets.com) is one of the largest specialty insurers in the Insurance and Reinsurance market. It has over 1,000 employees in 22 offices throughout the Americas, Europe and Asia, and is a subsidiary of global insurer Liberty Mutual Insurance Group.
Liberty Specialty Markets also benefits from the full financial strength of the Liberty Mutual Insurance Group, a Boston-based US Fortune 100 company. Liberty Mutual Insurance Group offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance Group employs over 50,000 people in more than 800 offices throughout the world.
Key Purpose of Role
Underwrite Trade Credit insurance in accordance with the business plan set forth for Liberty Specialty Markets (LSM) West - Multi-Buyer Trade Credit (MBTC) and within delegated underwriting authority.
Under limited direction, contributes to the growth and profitability of assigned specialty product line(s) through marketing, underwriting and managing of products and services of complex risks. Risks may require special handling or unusual coverages. Requires specialized knowledge of underwriting concepts, practices, procedures and techniques to include coverage issues, product lines, marketing, relevant systems, and competition in the marketplace. Demonstrates strong strategic and marketing capabilities.
- Conduct credit reviews of buyer/obligor financial statements, and set or recommend appropriate limits, aggregates and risk ratings based on the buyer's credit and financial strength
- Establishes and maintains relationships to facilitate marketing of LSM products and services to the brokerage community.
- Makes independent sales calls to market and cross market.
- Reviews and negotiates policy terms and conditions including manuscript wording.
- Underwrites targeted new and renewal business by reviewing and analyzing insured's (or prospective insured's) loss history, financials, and other pertinent information.
- Makes independent marketing calls to brokers and prospective insureds.
- Contributes to the development of marketing plans, product analysis, services, geographic focus and broker intelligence.
- Communicates with other product line underwriters and claims analysts in order to provide top level customer service.
- Assists other members of the department including Underwriters, Associate Underwriters in product line and/or technical knowledge and development.
- Performs related duties as requested to include, report preparation, presentations, and special projects to assist in ensuring the success of the product line unit.
- Advanced-level knowledge of insurance products/coverage, underwriting, pricing, risk selection, market segments and marketplace; insurance finance and actuarial concepts; loss control/risk engineering; marketing techniques, regulatory environment and reinsurance; advanced-level knowledge of territory management.
- Ability to apply underwriting/appetite, tools, systems, and resources to achieve goals, solve complex problems, establish and build healthy working relationships, lead mentoring relationships, and negotiate, as normally acquired and a related bachelor's degree seven to ten years of relevant experience preferred; CPCU or professional insurance designation strongly preferred.
Preferred Skills and experience:
- Strong interpersonal and communication skills
- Strong credit and financial risk analysis skills
- Strong negotiation, organizational and prioritization skills
- Minimum 6 years working in the Financial Services sector, preferably in an insurance company's credit and political risk insurance team, the credit/loan/syndication function of commercial or investment bank, or a Public Agency engaged in credit and/or political risk insurance or direct lending function
- Strong understanding of the drivers of Financial Institutions' use of risk mitigation products
- Experience in Emerging Markets credit risks
- Use of risk profiling and pricing tools and loss models
- Strong economic, political, and current affairs understanding and knowledge
- Bachelor's degree required with Business/Finance degree preferred. MBA preferred.
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