Assistant Underwriter – Property Reinsurance

Job Title – Assistant Underwriter – Property Reinsurance

Contract – Permanent 

Salary – 110,000 – 120,000 Bermudan Dollars

Location – Bermuda

Industry – Insurance (Insurance, Underwriting, Reinsurance)

Job Purpose:

To support the Underwriters and to assist in evaluating and underwriting risks in accordance with the approved Business Plan and to contribute to the management of new and renewal accounts by processing and facilitating various administrative underwriting functions in support of the local underwriting team. To support the production of data/analysis of the class producing statistics, reports and management information when necessary. To provide communication and day to day guidance to TPU where necessary to ensure accurate and timely risk entry and data.

Principal Accountabilities:

Underwriting / Production Support

• Support the Underwriters in the follow up on pending renewal and new business, quotes, and outstanding documents.
• Assist Underwriters in evaluating risks.
• Data validation – ensure the proper new and renewal premium and loss data are provided for technical processing and underwriting pre-work.
• Document production – prepare policy documents, quotes, endorsements, etc. for Underwriter approval and liaise with brokers accordingly.  Ensure production is timely and accurate.
• To enter, update and transfer key underwriting data in Eclipse systems.
• Maintain submission log activity and the central inbox
• Follow the process for the organization of underwriting documentation and electronic records.

Related Business Functions

• Credit control – using independent judgment, ensure accurate and timely receipt of premium in accordance with payment terms
• Cash Application – ensure accurate and prompt premium payments / adjustments
• Premium Accounting – support the preparation of monthly written and signed premium bordereaux in conjunction with Underwriters and our client’s finance team
• MyMI – support the production and verification of management reports/statistics including premium, claims, production, retention ratios, reinsurance submissions, etc. as required

Compliance

• Capacity – establish and maintain knowledge of internal controls and all procedures relating to management, underwriting and credit control.
• Recording & Reporting – to be responsible for the appropriate recording of risk, premiums, claims and exposures so as to enable timely reporting of all relevant information to the board and regulatory bodies.
• Regulatory Issues – To help ensure that all risks are written within regulatory guidelines.

Regulatory Conduct Rules

1. Act with integrity.
2. Act with due skill, care and diligence.
3. Be open and co-operative with Lloyd’s, the FCA, the PRA, and other regulators.
4. Pay due regard to the interests of customers and treat them fairly.
5. Observe proper standards of market conduct.

• Educated to degree level or equivalent, having obtained a good overall grade in a relevant subject
• Sound knowledge of general, commercial (re)insurance practices, ideally with knowledge on relevant class of business
• Commercially aware, with a knowledge of the (re)insurance market and external changes which would impact on our business
• Experience in understanding and preparing complex underwriting documents, entering appropriate data and reconciling payments.
• Sound knowledge of regulatory and legal compliance issues
• Excellent numeric, analytical and written skills
• Excellent communication skills, both written and oral with the ability to communicate to staff at all levels
• Effective prioritisation and organisational skills
• Advanced level IT skills, including Microsoft Word, Excel and Outlook
• Experience of producing reports and management information

If you have the relevant experience please do not hesitate to contact us now on 0203 411 8430 or email us at admin@lawesgroup.co.uk