Senior Cargo Underwriter

Münchener Rückversicherungs-Gesellschaft; City of London; On-site; GBP 60,000 - 80,000; Full time

Job summary

A global insurance provider in London is seeking a Senior Cargo Underwriter to manage Cargo underwriting strategies effectively. The successful candidate will be responsible for underwriting risks, maintaining business relationships, and ensuring compliance with regulatory requirements. Ideal candidates will possess advanced knowledge of underwriting principles and legal regulations. This role offers competitive benefits and supports hybrid working arrangements.

Benefits

25 days Annual Leave + Bank Holidays

10% Non‑contributory Pension

Eligibility for an Annual Bonus

Private Medical + Dental Insurance

Critical illness insurance + Life Assurance

Wellbeing and Development Scheme

Electric Vehicle Salary Sacrifice Scheme

Hybrid Working + IT Home Set‑up Support

Qualifications

• Experience in underwriting new and renewal Cargo risks.
• Strong negotiation skills in new wordings and structures.
• Ability to establish and run projects for new sub-classes.

Responsibilities

• Assist in business plan creation for the Cargo team.
• Underwrite Cargo risks and monitor performance.
• Develop relationships with clients and brokers.

Skills

Advanced knowledge of Underwriting Principles

Legal Principles understanding

Knowledge of FCA and Lloyd’s rules

Cargo cover expertise

Job description

About us

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.

Senior Cargo Underwriter

We are currently looking for a Senior Cargo Underwriter to be based in London on a full‑time basis, reporting into the Cargo Underwriting Manager.

You will support the Cargo Underwriting Manager in the effective management of the Cargo book within Global Specialty Insurance. You will ensure prudent underwriting of quality business in line with the business plan to facilitate maximum return of profit while maintaining the firm’s reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the firm.

Responsibilities

• Assist in the creation and delivery of the business plan for the Cargo team and be a driving force of the underwriting
• Underwrite new and renewal Cargo risks, exercising judgement in all underwriting matters, and remain aware of own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with Underwriting business plan;
• Ensure the effective management of cargo business, including performance, EPI monitoring, referrals, bordereaux management, rate movement, claims trends, regular reviews, underwriter visits and audits
• Service existing contracts and open market risks, and make amendments in line with the Syndicate’s underwriting philosophy;
• Conduct and develop effective relationships with peers, clients, coverholders and brokers, with a view to retaining quality business and securing new business that falls within the Munich Re Specialty Group appetite for Cargo
• Establish and run projects and initiatives such as new sub‑classes and products to serve clients and diversify the portfolio from both a risk and income perspective.
• Review slips and/or other information/literature, exercising own judgement, based on knowledge and experience, acting within own limits of authority at all times.
• Negotiate new wordings and structures, ensuring clients’ needs are serviced and regulatory requirements met, whilst preserving a prudent risk appetite, in line with the syndicate and team’s underwriting strategy.

Knowledge and Skills

• Advanced knowledge and understanding of:
• Underwriting Principles;
• Legal Principles;
• FCA and Lloyd’s rules and regulations including contract certainty issues;
• All company specific procedures that relate to own role and role of those employees that you are supervising;
• Cargo cover
• Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Firm;
• Develop and maintain market awareness and continually demonstrate thought leadership

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi‑dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Benefits

• 25 days Annual Leave + Bank Holidays
• 10% Non‑contributory Pension
• Eligibility for an Annual Bonus
• Private Medical + Dental Insurance
• Critical illness insurance + Life Assurance + Permanent Health Insurance
• Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
• Electric Vehicle Salary Sacrifice Scheme
• Study & continuing Professional Development Support
• Hybrid Working + IT Home Set‑up Support

#BePresent #BeBold #BeCurious