Binding Authority Underwriter

$90,000 - $118,125/Yr

Ryan Specialty Group - Atlanta, GA

Full-time - Mid Level

Atlanta, GA

Insurance Carriers and Related Activities

About the position

The Binding Authority Underwriter is responsible for developing and maintaining a profitable book of business by assessing and analyzing insurance risks, determining coverage terms according to underwriting guidelines, and building relationships with stakeholders. This role involves reviewing and authorizing binding authority requests, ensuring compliance with regulatory standards, and collaborating with brokers to negotiate terms and establish premium rates.

Responsibilities

• Reviews and analyzes renewal and new business submissions, evaluating risks submitted by brokers and historical performance to develop profitable binding terms.
• Applies binding authorities effectively while brokering risks to negotiate placements and meet underwriting targets.
• Evaluates documents such as application forms and inspection reports to determine risk levels and establish premium amounts.
• Determines the profitability of premium amounts and assesses potential losses due to catastrophes or excessive insurance.
• Ensures quality underwriting practices by adhering to guidelines and procedures, meeting high service standards for quoting, binding, and customer service.
• Demonstrates knowledge of binding authority underwriting guidelines and ensures compliance with regulatory policies and procedures.
• Develops strong, long-term relationships with brokers, agents, and fellow underwriters to enhance a profitable book of business.
• Identifies opportunities to optimize premium coverage and monitors previous losses to address coverage gaps impacting profitability.
• Develops underwriting associates by providing technical knowledge transfer and enhancing their business communication skills.

Requirements

• Minimum of 5 years of experience in Binding Authority and Insurance Underwriting with a Bachelor's degree, or 3 years of experience and a Master's degree.
• Bachelor's degree required; Master's degree preferred in Business Administration or Risk Management, or related discipline.

Nice-to-haves

• Certified Insurance Counselor (CIC) certification
• Chartered Property Casualty Underwriter (CPCU) certification

Benefits

• Paid time off for company holidays, vacation, sick and personal days
• Paid parental leave
• Mental health services
• Comprehensive benefits package for physical, financial, and emotional well-being