Senior Underwriter, Surety

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About Us

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.

Munich Re Specialty was formed as a stand-alone division in 2023, and brings together the wider Munich Re group’s primary specialty business units. Complementing an already strong presence in the UK and the US, Munich Re Specialty – Global Markets (MRSGM) has been tasked with executing a wider plan to build a broader global footprint.

We are seeking a hands-on and experienced Senior Surety Underwriter to support the development & growth of our surety business in Germany and the broader DACH region. This is a unique opportunity to contribute to the ramp-up of a new business, working closely with the Lead Underwriter and other stakeholders to help establish Munich Re’s presence in the region.

This role calls for a proactive mindset, strong technical underwriting skills, and a willingness to go above and beyond during the ramp-up phase. You will underwrite complex surety risks, support portfolio development, and represent Munich Re in the market.

Responsibilities:

• Origination & underwriting of complex surety risks, including credit assessments, deal structuring, and risk analysis, in line with Munich Re’s guidelines.
• Support restructuring and claims cases in collaboration with internal and external stakeholders.
• Assist in monitoring portfolio performance and ensuring underwriting discipline and compliance.
• Support the execution of the regional strategy and contribute to business growth in the DACH markets, taking ownership of assigned transactions.
• Independently manage international bonding transactions, ensuring alignment with underwriting standards.
• Represent Munich Re in the market, fostering strong relationships with brokers, clients, and industry stakeholders.
• Contribute to identifying market trends, opportunities, and risks to inform underwriting decisions.
• Conduct independent reviews of contract and bond wordings to ensure compliance with internal guidelines.
• Approve transactions within your delegated underwriting authority or prepare referrals for higher-level approval when required.

Collaboration & Execution

• Work closely with the Lead Underwriter and cross-functional teams including claims, legal, compliance, and finance.
• Support internal training initiatives and knowledge sharing across the organization.
• Demonstrate a hands-on mentality and willingness to go above and beyond during the ramp-up phase.
• Contribute to special projects as required.

Knowledge and Skills

• Minimum 5-8 years’ experience in surety underwriting, credit insurance, or banking.
• University graduate or equivalent education
• In-depth knowledge of surety products, financial analysis, and risk assessment.
• Proven track record in originating, structuring, and underwriting surety transactions.
• Understanding of financial markets, credit risk, and capital instruments.
• Entrepreneurial mindset with the ability to develop bespoke solutions for complex client needs.
• Hands-on, proactive mindset with the ability to work independently and collaboratively.
• Excellent communication, negotiation, and stakeholder management skills.
• Fluency in English and German; additional European languages (e.g. Spanish, Italian) are a plus.
• Willingness to travel and experience working in cross-cultural environments.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

Diversity, Equity & Inclusion

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.

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