Nationwide Specialist, D&O Underwriting- Financial Institutions in New York, New York
This opening may be filled at theSpecialist orSenior level, depending on the skills/qualifications of the selected individual.
JOB SUMMARY: As the highest, non-management level underwriter, responsible for assessing a company's risk profile and determines/negotiates the appropriate pricing, coverage, terms and conditions by independently analyzing a company's financial statements, operations, management, industry and other information for highly complex D&O pricing. Including, but not limited to the company's viability, issues, governance, regulatory environment and experience. Achieves team production and loss ratio goals within assigned territory by reviewing and analyzing claims, loss history and taking appropriate action on individual accounts. The underwriter works independently developing recommendations and applying judgment based on the financial analysis. Establishes and maintains effective relationships with brokers in order to generate premium dollars and profitably. Territory assignments are highly complex in nature concerning coverage and agent/broker/ relationships. Conducts research, development and presentation of new programs, forms and manuals. Responsible for determining appropriate reinsurance placement, if any, on individual accounts. Responsible for the training and mentoring of underwriting team members. Responsible for all management and marketing of that territory.
LOCATION: Scottsdale-Freedom Specialty
REPORTING RELATIONSHIPS: Reports to Director/AVP
CORE JOB DUTIES & RESPONSIBILITIES:
Responsible for assessing a company's risk profile and determines/negotiates the appropriate pricing, coverage, terms and conditions by analyzing a company's financial statements/operations/management/industry and other information. Including, but not limited to the company's viability, issues, governance, regulatory environment and experience. The underwriter analyzes, with a high level of technical expertise, exposures to loss, develops an adequate premium charge for the exposure, and determines appropriate endorsements and exclusions to address loss exposures for the insurance contract. Within department guidelines, places reinsurance, if any, for the account.
Achieves team production and loss ratio goals within assigned territory through sound territory management and marketing. Works with more complex issues concerning coverage with agents and brokers. The underwriter continually analyzes premium and loss results in their territory by agency, state, major class of industry and by line of business. Performs file audits of individual risks for compliance with company guidelines, state regulations and reinsurance conditions. Development and implementation of specific action plans may be required.
Handles highly complex policy maintenance items and other mid-term requests. Reviews endorsement requests and processes necessary changes to the policy. Follows up on outstanding information as required. Reviews claim activity and takes appropriate action.
Independently establishes and maintains effective relationships with brokers in order to generate premium dollars and profitably. Travels to broker offices as required for marketing visits. Frequently entertains Brokers to market services and ensure strong relationship to write business. Meetings typically include CFOs, CEOs of client organizations and several Underwriters from other organizations.
Leads underwriting meetings with Brokers, Clients, and other Underwriters. Meetings typically include CFOs, CEOs of client organizations and several Underwriters from other organizations. The CFO/CEO provides information. Underwriter clarifies and questions information provided by the client to appropriately assess the risk. Handles highly complex accounts and those that which potentially require higher limits of liability.
Places reinsurance per department guidelines based upon the appropriate use of all reinsurance facilities used by the department, including various treaties, semiautomatic and facultative reinsurance. Maintains good working relationship with reinsures.
Trains and mentors other underwriters. May have Underwriting Assistants reporting to this position indirectly.
Other responsibilities include complex program research and development, form development, rate development, specials projects, technical assistance to complex and highly technical Brokers, as well as underwriting Assistants, and other Underwriters.
Performs other duties as assigned.
MINIMUM JOB REQUIREMENTS:
Education: Undergraduate studies with focus in Finance, Accounting Economics, and/or Risk Management. Degree. Masters level degree preferred.
Experience: Typically 3 or more years related experience as a D&O and/or E&O Underwriter. Ability to set work priorities in all aspects of multi-line underwriting support and rating. Some experience in the technical aspects of data management, imaging and procedures and processes helpful.
Knowledge: In-depth knowledge of lines underwriting policies, practices and procedures, insurance law and underwriting marketing principles and techniques. In-depth knowledge of financial statements, financial analysis, investments, market conditions essential. Legal knowledge related to insurance, contract and business law preferred.
Skills/ Competencies: Ability to communicate highly complex underwriting concepts required. Ability to communicate persuasively and effectively, verbally, and in writing, interpersonally with individuals at various levels and groups via telephone, fax, e-mail and in person. Demonstrates advanced negotiation skills and highly effective ability to persuade. Ability to analyze highly complex insurance risks to determine acceptability including policy language, various commercial rating plans and methodologies, reinsurance. Thorough knowledge of job related computer software. Ability to devise business solutions to highly complex problems, implements the most appropriate, and monitor its effectiveness. Ability to make decisions without supervision.
Values: Regularly and consistently demonstrates the Nationwide Values and Guiding Behaviors.
Staffing Exceptions to the above minimum job requirements must be approved by the: hiring manager’s leader and HRBP.
Overtime Eligibility: Not Eligible (Exempt)
Working Conditions: Normal office environment. Ability to travel locally and overnight for client meetings as needed.
ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some associates assigned to the job to perform a somewhat different combination of duties.