Purpose of the Job
• To evaluate and underwrite insurance risks in accordance with the approved business plan subject to individual authorisation levels, and to research and develop new business opportunities to provide the group with additional profitable income.
• To underwrite business for Brit Insurance’s Global Markets Strategic Business Unit with the aim to develop business opportunities within the general, commercial insurance markets.
• To enhance earnings through a strong mix of specialist risk taking and investment skills combined with a distribution capability, to build a strong business profile as the leading company in our sector.
Budget and Headcount Information
• To undertake and submit performance reviews for the team within the timescale agreed with Human Resources.
• Training & Development - In liaison with the Underwriting Director ensure that the development needs of the team are met.
• Underwriting Authorities: the jobholder has specific underwriting authority and limits as set out in the attached Letter of Authority.
Principal Accountabilities
Business Planning:
• To create & implement the approved business plan for the Property class and set up relevant control mechanisms in line with the division to ensure work performance is measurable against the business plan.
• To understand and ensure that the strategy is fully supported within the Property Underwriter Role.
• Provide appropriate input for the annual company report and accounts.
Underwriting:
• Ensure coverholder audits are performed and that the plan to respond to any areas where the need to improve have been identified is implemented and the improvements achieved within the terms.
• Establish, maintain and develop relationships with senior management within client broker organisations; Regulatory and Industry Bodies; Lloyds committees; etc and continue these relationships when the target personnel transfer to other organisations.
• Evaluate and underwrite insurance and re-insurance risks in accordance with the approved business plan subject to the individual authorisation levels.
• Present risks written at weekly Peer Review giving underwriting rationale and overview of position.
• To participate in discussions on risks written by other areas of division.
• Ensure that all risks, premiums, claims, exposures and aggregates are recorded accurately so as to enable timely reporting of all relevant information to the Board, re-insurers and regulatory bodies.
Compliance:
• Ensure that the team acts in accordance with all governing and regulatory bodies, and any requirements as determined by the board.
• Provide input to U.D and P.M.C. for the adequate protection for Property underwriting.
Human Resources:
• To escalate to the U.D all Human Resources performance or any other personnel issues in line with Human Resources Policies.
• To ensure individuals work across classes and specialisms to build an effective programme which provides protection for class underwriting with effective risk management in all guises.
Decision Making Responsibilities:
• To work with Underwriting Director to prepare for approval by the Global Market in association with the Underwriting Advisory forum the Property business plan prior to the commencement of underwriting for the following underwriting year.
• To liaise with HR on recruitment issues, and provide input at interview and selection stage as required.
• To undertake and submit performance reviews for the individuals within the team within the agreed timescale.
• Ensure development needs of the team are met and have an active role in advising and selecting courses for each team member in line with business proposals and company objectives.
• Decision making on a daily basis relating to risk analysis of the business being underwritten.