Senior Underwriter - Financial Institutions
Job Type: Full Time
Location: New York
Hybrid: This position requires a minimum of 3 days in the office to promote collaboration and interaction with onsite associates
Salary Range: $100,000 - $170,000 plus bonus incentive
Job Summary
The Senior Underwriter is responsible for maintaining and growing a profitable portfolio within the knowledge of the financial institution’s lines of business by Old Republic Professional’s underwriting strategies and objectives. This role includes making recommendations on common coverage requests, clearly explaining key coverage offerings and wording to brokers, and demonstrating a deeper understanding of the industry, including trends, competition, market share, basic insurance accounting, and Old Republic Professional (ORPRO) results.
This position is a visible and vital role, working collaboratively with colleagues to develop business with key distribution partners throughout the United States. The Senior Underwriter will be able to make an immediate impact with the backing of an experienced and supportive team.
Job Responsibilities
- Stay abreast of the ongoing changes in the relevant legal, financial, economic and political environments and understand how such changes impact both ORPRO’s specific and relevant lines of coverage as well as the risks for each specific insured.
- Demonstrate a firm understanding of underwriting appetite, understand nuances that relate to exceptions, and make sound pricing and coverage determinations within one’s underwriting authority based on each risk’s unique attributes. Further, provide meaningful price and coverage recommendations for risks outside ones underwriting authority.
- Proactively seek new account opportunities identifying risks within the company guidelines and utilizing appropriate judgment in determining the acceptability of risks.
- Actively participate in underwriting calls and meetings with C-Suite representative of ORPRO’s prospective and current insureds, cultivating relationships with C-Suite clients.
- Develop creative solutions to craft policies to fit specific client needs with maintaining a high level of underwriting integrity.
- Work with the team to maintain a profitable book of business while simultaneously seeking out new opportunities for growth.
- Act as a resource for newer Underwriters and Analysts, providing basic training when requested.
- Have a higher understanding of the competitive landscape and use such knowledge to improve ORPROs access to more profitable business.
- Construct quotes/terms for renewal and new business.
- Provide recommendation on common coverage requests.
- Develop a working knowledge of Old Republic Specialty Insurance Group and Old Republic International’s operations and position in the insurance industry. And demonstrate fluency in ORPRO’s selling points to pursue ORPRO’s growth strategies.
Job Requirements
- Minimum 3 years’ experience underwriting.
- A bachelor’s degree is required.
- Experience with public and private financial institutions, including asset managers such as investment advisors, venture capital and private equity firms, banks, and insurance companies.
- Strong analytical skills, including detailed financial analysis of various public and private companies, with a focus on understanding business models, financial statements, and industry trends specific to financial services.
- The ability to work both independently and as part of a team to manage a book of business, employing proper “desk management” skills, working efficiently to triage new and renewal business.
- The ability to document assigned files ensuring completeness, complying with underwriting rules and regulations, appetite and authority.
- Ability to verbally explain key coverage offerings and wordings to brokers.
- Communicate effectively, by phone, email, and in person, with an emphasis on pursuing growth goals while developing long-term positive relationships with clients.
- Demonstrate a deep understanding of Financial Lines Industry (trends, competition, market share) basic insurance accounting and ORPRO results.
- The individual has strong relationship-building and negotiation skills, effectively collaborating with brokers and assigned brokerage offices. Independently develop and cultivate new business opportunities while establishing and nurturing relationships with brokers to ensure ongoing growth and success in business initiatives.
- Ability to develop a solid pipeline of new business opportunities and successfully target new business.
- The ability to develop specific marketing plans within assigned book/region identifying and opportunities for portfolio growth and diversification. Conduct regular marketing activities.
- The ability to handle multiple assignments with attention to detail, and work under quick timelines.
- Maintain positive partnership with assigned underwriting assistant to deliver exceptional service.
- Regional travel as required.
About Old Republic Professional
Old Republic Professional (ORPRO™), established in December 1983, is a subsidiary of Old Republic International Corporation (NYSE: ORI), one of the nation’s 50 largest shareholder-owned insurance businesses and a member of the Fortune 500 listing of America’s largest companies. Old Republic Professional has provided Directors and Officers liability insurance and Lawyers Professional liability insurance for more than 40 years and now offers a wide array of management liability and professional liability products across an expanding national footprint in the U.S.
Culture
Work-life balance is highly valued; work culture is collaborative; colleagues are professional, passionate, open-minded, and entrepreneurial. We offer competitive wages, a comprehensive benefits package, a friendly, team-oriented environment, and we encourage and reward the professional growth of our employees. Employee benefits include BCBS medical, FSA/HSA accounts, long-term disability, dental, vision, fertility and family building benefits, Employee Assistance Program, paid time off (PTO), paid holidays, Paid Leave of Absence Benefits, 401(k) Savings and Profit-Sharing Plan, 529 Education Savings Plan, Gym Network 360 membership savings on fitness, nutrition and wellness programs, pet insurance, monthly commuting reimbursement, and tuition reimbursement for qualified job-related educational expenses.
Equal Employment Opportunity
Old Republic Professional provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state, or local laws.
This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation, and training.
Qualified candidates must submit a resume to
applications@oldrepublicpro.com
