Contract Surety Senior Underwriter

Location
19403, Audubon
Salary
Not Specified
Posted
Aug 25, 2022
Closes
Oct 24, 2022
Ref
66235e77-2ec2-448e-bc07-d3dbe6c8828a#GIJ--IAT
Category
Underwriting
Job Type
Not Specified
Career Level
Not Specified

IAT Surety has an immediate opening for a Contract Surety Senior Underwriter for our Philadelphia Regional Office located in Norristown, Pennsylvania. This role will handle most aspects of daily interaction with assigned agents regarding new and existing accounts which includes gathering, analyzing and evaluating all information on an account and making a recommendation or decision to the Regional Manager based on that information.

Please note, IAT works on a hybrid schedule, working from the office Monday through Wednesday with the option of working remotely Thursday and Friday.

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.
  • Perform other job-related duties as required

Qualifications:

Must Have:

  • Bachelors' degree in Risk Management, Finance, Mathematics, Business or related with at least 5 years contract surety underwriting or equivalent.
  • Equivalent is defined as 9 years of relevant contract surety underwriting experience.
  • Ability to analyze financial statements and make recommendations on requests.
  • Strong marketing skills and ability to obtain new business and work with contractor clients.
  • Possess the ability to appropriately apply loss development and advanced loss analysis concepts to achieve optimal pricing of a risk.
  • Must be customer service oriented and have the utmost integrity.
  • 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.

Preferred to Have:

  • AFSB industry designation preferred.

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 Discretionary Retirement Contribution
  • 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, we do require testing for COVID-19. All employees are required to log their vaccination record, if applicable, and attest daily to being symptom free before entering IAT offices.

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