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IAT Insurance Group · 1 month ago

Surety Senior Underwriter

Greenwood Village, CO

Full-time

Hybrid

Mid, Senior Level

$63K/yr - $138K/yr

4+ years exp

IAT Insurance Group is the largest private, family-owned property and casualty insurer in the U.S. They are seeking a Surety Senior Underwriter who will manage daily interactions with assigned agents, analyze and evaluate account information, and make recommendations to the Regional Manager. This role involves both contract and commercial surety underwriting in a hybrid work environment.

CommercialFinanceFinancial ServicesInsuranceInsurTech

Comp. & Benefits

No H1B

Responsibilities

Review initial submissions to determine any additional information needed. Initiate correspondence to obtain documentation as required

Set up financial backer files (account files) for new accounts. Maintain financial backer files and request updated information if necessary (financial statements, credit reports, correspondence, news, etc.) and monitor the aggregate liability

Advise the manager immediately if there have been any significant negative developments or events

Compose narratives for new accounts, update narratives on an annual basis, and submit them to the manager with account recommendations for review

Update accounts in the Underwriting Database with current financial statement information

For bond submissions not affiliated with an account, analyze the bond risk/class, the underwriting requirements for that class and review the applicant’s qualifications. Determine the appropriate rate and indemnity needed and make a recommendation to the manager if not within your own authority

Evaluate unfamiliar or new bond requirements and discuss with the manager if necessary (if potentially hazardous, high risk associated with industry {i.e. mortgage brokers, money transmitters})

Make sure proper indemnity has been secured for new bonds being reported

Evaluate requests to close bonds which require a release of surety and requests to release collateral and submit a recommendation to manager if necessary

Maintain information on bond-specific underwriting requirements and on hazards of certain bonds

Perform reference checks and order and review credit reports to document proven past capabilities and ability to handle relationship

Analyze financial statements to ascertain key components and ratios

Evaluate need for additional measures to protect surety. This means perfecting indemnity agreements, possibly taking collateral, escrow arrangements, or additional outside indemnity. Discuss such additional measures as needed with supervisor

Evaluate specific bond requests with regard to any unusual hazards. Discuss with supervisor as required

Maintain file documentation so that information for existing active accounts is fresh enough to make an informed decision should a new request come up

Communicate decisions as clearly and expeditiously as possible to the Regional Manager

Regular discussion or visit with the Agency Principal/Producer about new opportunities for expanding the IFIC presence in the Agency

Meet certain premium targets assigned to the Senior Bond Underwriter by the Regional Manager

Perform other job-related duties as required

Qualification

Surety underwritingFinancial analysisRisk managementAFSB designationMarketing skillsCustomer serviceMath aptitudePC literacyCommunication skillsInterpersonal skillsNegotiating skills

Required

Bachelor's degree in Risk Management, Finance, Mathematics, Business or related with at least 4 years' experience in surety underwriting or equivalent

Equivalent is defined as 8 years of relevant bond underwriting experience

Strong marketing skills and ability to obtain new business and work with contractor clients

Strong competency in quantitative and financial analysis

Requires strong math aptitude, excellent verbal and written communication, interpersonal and negotiating skills

Must be customer service oriented and have the utmost integrity

Must possess knowledge of various computer programs, internet-based programs, and PC literate in the use of spreadsheets

Must be able to provide a valid driver's license

To qualify, applicants must be authorized to work in the United States and must not require VISA sponsorship, now or in the future, for employment purposes