Experienced Contract Surety Underwriter
The Constract Surety Underwriter reviews new and existing contract, commercial or specialty surety risks submitted by assigned offices to confirm compliance with Liberty Mutual Surety`s underwriting strategies, guidelines and marketing objectives. Utilizes objective perspective to identify omissions in underwriting detail, if any, to confirm attributes and/or weaknesses of case, and ratifies parameters of credit recommended for specific risks, with primary objective of achieving profitability for the department. Makes recommendations to more senior Home Office staff to decline business that does not meet underwriting guidelines and standards. Underwriting authority in amounts as delegated by the Sr. Contract UW Officer and Chief Underwriting Officer empowers incumbent to commit Surety to extensions of surety credit.
- With guidance from senior staff and/or Manager, underwrites new and existing contractor, commercial, or specialty account submissions commensurate with level of experience utilizing authority granted by Chief Underwriting Officer with oversight by Sr. UW Officer. This includes making thorough evaluations and assessments of accounts financial, technical, organizational, and management capabilities, as well as a subjective judgment of character, normally based upon data/insights provided by the field organization only. May meet with client to facilitate above assessments.
- Adheres to existing underwriting guidelines required in the decision-making process for all business transacted. Applies a significant amount of judgment, knowledge of accounting, legal and organizational/managerial disciplines to substantially enhance guidelines with guidance and direction of senior staff members/manager.
- As directed by more senior staff, monitors existing assigned accounts from an underwriting standpoint. Continuously evaluates the qualitative characteristics, both new and existing, within assigned field offices. Assesses and identifies changes in all aspects of the business including, but not limited to work program to financial strength criteria, nature of work performed (inherent risk), accuracy and timeliness of data flow, and exposure analyses. Coordinates and surfaces issues to more senior Home Office staff/Manager and field office Bond Managers on a regular and timely basis.
- As directed by more senior staff and/or manager, monitors marketing, underwriting and/or administrative issues within various offices, as assigned. Assists in maintaining current and accurate underwriting reports.
- Analyzes statistical and financial reports, claims data, and other financial exhibits/data and effectively communicates issues of concern on new and existing business to the applicable field office and/or Sr. UW Officer, as necessary. Diligently and conscientiously pursues resolution of open issues, documents results and adjusts credit parameters extended to specific accounts based upon such facts.
- In connection with credit recommendations which tend to exceed normal underwriting standards, applies sound reason and business logic to reach decision and communicates to senior Home Office and Field underwriting staff, as necessary.
- As necessary, coordinates with claims staff to evaluate and/or resolve claim issues expeditiously and effectively, and if appropriate, takes immediate action to restrict credit on affected account. Keeps more senior underwriting staff informed of claims issues.
- Prepares special acceptance information packages for submission to reinsurers and communicates with competitors on matters involving co-surety and reinsurance as requested.
- Utilizes various applications and data to monitor the quality of existing business. Inputs data on accounts as necessary to complete or modify analyses and maintain lines of credit in a current and accurate manner.
- Participates in special projects as requested/assigned.
- BA/BS in Business Administration or related field typically required
- A minimum of 3 years experience expected, typically 4 or more years surety underwriting experience and/or equivalent surety related experience preferred
- Strong analytical abilities and decision-making skills to evaluate and judge underwriting risks within scope of responsibility
- Demonstrated ability to communicate complex analyses and information in understandable written and/or oral directives to other persons for underwriting or training purposes
- Strong negotiating, written and verbal communication skills are required
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