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Position Summary:
Are you an experienced middle markets underwriter frustrated by losing key renewals to captives? Or an E&S underwriter facing a high volume of new business with a low hit ratio? Are you tired of chasing brokers for submissions, only to see their top accounts placed in group captives? Or perhaps you are simply looking to take your underwriting career in a new and exciting path?
Join the Alternative Markets team at Arch, where you’ll have the opportunity to partner with business owners, helping them navigate risk in a way that drives positive, mutually beneficial outcomes.
As an Underwriter within Arch Alternative Markets, this position is responsible for the technical underwriting, account management and client management of casualty captive programs.
Responsibilities and Accountabilities:
1. Technical Underwriting
Solicits and reviews new and renewal account information required to evaluate a risk
Identifies all potential exposures and hazards in relation to coverage requested and individual and program risk characteristics
Assesses insurance and related financial risk in order to structure appropriate captive programs to effectively protect against frequency, severity, catastrophic and credit risk
Engage other internal resources as necessary
Underwrites, prices and prepares proposals within authority and with necessary input of Arch Actuarial, Credit and Alt Market team
Prepares program binders and presents to captive manager/producer and or prospective insured
Coordinates all administrative duties related to existing and prospective accounts
2. Account Management
Quarterbacks all pre and post bind activities including policy production, compliance issues, audits and adjustments, legal agreements, receipt of collateral, legal agreement execution, TPA coordination and any other related items
Together with internal team members, takes responsibility to deliver promised service to customers
Responsible for the renewal and retention management and manages the renewal process to achieve targeted retention and price change goals
Initiates, coordinates and conducts a midterm account review
3. Client Management
Develops and maintains relationships with producers and insureds to achieve overall production and profitability goals
Meets with producers and insureds to discuss individual account issues, uncover critical customer needs and financial buying characteristics
Develops a strategic plan for positioning and selling Arch at both the producer and the insured level
Engages and introduces other team members or management team as appropriate
Develops and maintains relationships with producers to generate a flow of qualified submissions
4. Administrative
Responsible for all underwriting and policy file documentation which is in compliance with Arch's internal audit process
Completes ad hoc projects as assigned by management
Required Skills and Abilities:
5. Four to seven (4-7) years underwriting experience and/or experience in the loss sensitive/captive insurance marketplace
6. Established broker or captive program relationships a plus
7. Understanding and knowledge of the intent, scope and purpose of the Workers Compensation, General Liability, Automobile coverage forms and endorsements with the ability to tailor to the sold captive program design
8. Possess a thorough understanding of loss sensitive programs and an understanding of captive programs including products, pricing, expensing, actuarial loss projecting techniques, retention and aggregate setting, limit profiles, ALAE, credit risk, and effective utilization of facultative reinsurance
9. Understanding and knowledge of exposure identification and analysis
10. Possess a cross functional generalist knowledge of other disciplines including claims, risk control, audit, premium accounting, finance and legal. Knowledge of regulatory and compliance issues
11. Excellent communication skills - written, verbal and presentation
12. Sales and Negotiation skills
13. Provides leadership and support to other team members
14. Performs multiple tasks simultaneously
15. Influences within levels of authority
16. Works in a collaborative and team environment
17. Proficiency with Excel, Word and PowerPoint
Education and Experience:
18. Bachelor's degree or equivalent training required
19. CPCU or other similar designation a plus
For individuals assigned or hired to work in the location(s) indicated below, the base salary range is provided. Range is as of the time of posting. Position is incentive eligible.
$133,753 - $175,000/year
20. Total individual compensation (base salary, short & long-term incentives) offered will take into account a number of factors including but not limited to geographic location, scope & responsibilities of the role, qualifications, talent availability & specialization as well as business needs. The above pay range may be modified in the future.
14400 Arch Insurance Group Inc.