Ufg Insurance - Cedar Rapids, IA
posted 5 months ago
About the position
UFG is seeking a Reinsurance Underwriter - Retrocession and Funds at Lloyd's to join our dynamic team. This role is pivotal in underwriting and managing business across two key channels of Alternative Distribution: Retrocessional Treaty and Funds at Lloyd's (FAL) investments. The successful candidate will collaborate closely with colleagues and leadership across various departments, including risk, strategy, claims, and finance, to develop and implement UFG's comprehensive business plan for these assigned channels. This position is part of an underwriting team that is rewarded based on actual financial performance, emphasizing the importance of strategic decision-making and effective risk management. The Underwriter will play a crucial role in enhancing UFG's risk profile and ensuring that the portfolio consistently delivers industry-leading profitability. This involves leading the underwriting process for retrocessional treaty submissions, conducting thorough analysis and due diligence, and negotiating reinsurance coverage terms and conditions. Additionally, the Underwriter will be responsible for sourcing new retrocessional submissions and identifying investment opportunities within the Funds at Lloyd's framework. Building and maintaining strong relationships with reinsurance brokers is essential for success in this role. Furthermore, the Underwriter will assist in the financial accounting for the reinsurance book, collaborating with the accounting department to ensure accurate representation of reinsurance treaties in financial statements. The role also includes contributing to the strategic planning process aimed at expanding the reinsurance book, with a specific focus on retrocession and Funds at Lloyd's treaty channels. Staying informed about regulatory changes in the Lloyd's market and emerging trends in the retrocession market, including capacity and pricing trends, is vital for maintaining a competitive edge.
Responsibilities
- Lead the underwriting process for retrocessional treaty submissions.
- Conduct analysis and due diligence for underwriting reinsurance treaties.
- Negotiate reinsurance coverage terms and conditions.
- Source new retrocessional submissions and Funds at Lloyd's investment opportunities.
- Maintain and develop relationships with reinsurance brokers.
- Assist in the financial accounting for the reinsurance book.
- Collaborate with the accounting department to ensure accurate accounting for reinsurance treaties.
- Support the strategic plan for growing the reinsurance book.
- Participate in the annual planning process for the overall reinsurance book with a focus on retrocession and Funds at Lloyd's treaty channel.
- Stay informed of changes in regulations in the Lloyd's market and new trends in the retrocession market.
Requirements
- Bachelor's degree in Business, Mathematics, Finance, Economics, Statistics, or a related field.
- Graduate degree in a related field is preferred.
- 5+ years of relevant experience, with a focus on retrocession, including submission analysis and screening.
- Experience in P&C Treaty reinsurance underwriting, preferably with experience in the Lloyd's market.
- Knowledge of reinsurance accounting principles.
- Experience in maintaining reinsurance broker relationships.
- Ability to communicate underwriting analysis to various groups, including non-technical and executive audiences.
Nice-to-haves
- Strong subject matter exposure and leadership potential.
- Understanding of portfolio management principles and their financial impact.
- Knowledge of insurance industry products, services, and business practices.
- Awareness of challenges faced in the P&C insurance business.
- Exemplary personal skills including self-motivation, collaboration, creativity, and diligence.
- Strong quantitative skills.
