Senior Surety Underwriter - #1706954

Role Title: Senior Surety Underwriter

Department: Surety Underwriting UK

Location: London

Type: Permanent

About the Role:

Liberty Mutual Surety is looking for an experienced financial professional to work in our Surety Underwriting team and help continue the strong growth the team has achieved over recent years. Underwriters in the London Surety team will be expected to market, underwrite and service credit risks for a book of Surety business, working with key brokers and directly with clients within a defined territory, contributing to the growth and profitability of the business. This will involve underwriting both new and existing surety accounts within underwriting guidelines to determine if they meet risk acceptability standards and/or the strategy set out by management and the wider Liberty Mutual Surety Group.

On a daily basis, responsibilities will include undertaking analysis of complex risks and performing financial and credit analysis of bond submissions, making recommendations to management and taking action as appropriate. In conjunction with management, the senior underwriter would also be expected to develop and execute our marketing plan as directed and apply detailed underwriting knowledge with respect to underwriting concepts, practices, procedures and techniques.

About the Department & Team:

Liberty’s London Surety team are a market leader in the European guarantee market and pride ourselves on developing innovative and bespoke solutions to service our clients needs. We provide bonds and guarantees across the globe for some of the world’s largest public and privately owned companies and support a wide range of sectors, working with customers in the construction, energy and defense industries amongst many others. Collaboration and close relationships form a key part of the teams success, both internally and with our external clients and brokers.

Key Responsibilities:

• Meets with customers and brokers from assigned territory to solicit business/submissions via marketing efforts and educate customers on Global Surety policies, procedures, appetite, and requirements. This includes identifying, acquiring, and managing new direct customers’ relationships.
• Act in a consultative capacity and discuss/review accounts and performance and identify cross-selling opportunities, engaging/referring appropriate parties as necessary. Directs topics to be addressed in meetings with brokers, customers, and others, as necessary.
• Attend industry events representing Liberty Mutual.
• Originate, lead, and underwrite surety transactions. Performs analytical evaluations of financial statements on both a static and trend basis and undertake complex credit analysis.
• Determines the present and historical financial position of the account and monitors financial position of risk through analysis of periodic statements and other forward looking information as appropriate.
• Develop/maintain strong relationships and meet with brokers and/or customers and oversee a book of surety business. Meets production, marketing, and profitability goals as set by manager and assist in developing marketing plan.
• Develop/grow a book of business to broaden the portfolio with various accounts in compliance with given Underwriting Guidelines and authority.
• Meets with the accounts to assess their general management acumen, past experience, work experience of key personnel, depth of organization, and desired work objectives, i.e. credit needs in the future to evaluate the strength of the account versus the level of surety credit requested or provided. Corresponds, as appropriate, with bankers, lawyers and other financial professionals to secure additional underwriting detail, as necessary, to assess risk on preliminary and ongoing basis.
• Monitor and analyse an existing book of business from an underwriting standpoint. Continuously evaluates the qualitative characteristics of the business (new and existing) and the continuous flow and quality of account underwriting data on contract and/or commercial Surety cases as assigned. Analyse claims and statistical data and applies analytics into decision-making. Examples include utilisation of bank lending models, cash flow projections or financial ratio analysis report. Makes recommendations for proper lines of authority to be submitted to Home Office. Monitors and controls utilization of such lines to ensure compliance with guidelines.
• Analyse exposures and determine the appropriate surety coverage and conditions, risk exposure, loss history, and economic trends that may impact terms and conditions offered to the client. Evaluate business continuity arrangements, operational and environmental risk, and funding mechanisms to preclude financial drain of customer in the event of the demise of (an) owner or other loss.
• Ensures compliance with all applicable internal and external laws, regulations, policies, procedures and guidance.
• Adhere to underwriting standards, instructions and best practice methodology in order to minimise risk as incorporated into the Underwriting Controls Framework.
• Assists in the collection of broker/account overdue accounts receivable, accounting/billing issues as needed.
• Support Surety Legal, Manager, and team Underwriters on the preparation of new and revised indemnity documents. Review and negotiate facility terms and conditions including assisting with the production of bond language and endorsements.
• Actively contribute to the London Surety team through strong internal partnerships and collaborate cross-country and cross-functionally.
• Stay abreast of competitors and identify opportunities to maximize Liberty’s marketplace presence.
• Working closely with Surety claims department and all other key internal stakeholders to ensure seamless delivery of underwriting services.
• Provide mentoring, technical training and guidance to less experienced underwriters and colleagues.
• Perform/lead special projects as assigned.
• Adherence to all relevant regulatory requirements forms part of your role, and the demonstration of behaviours as set out in the Conduct Risk Policy, as they relate to your role, is core to Liberty Mutual Surety’s commitment to our Liberty Values, placing customers at the center of our business and behaving with integrity. Liberty Mutual Surety expects you to understand your responsibilities relating to all regulatory and internal requirements, and to proactively demonstrate compliance with these requirements and behaviours at all times. These requirements include the Senior Managers and Certification Regime Conduct Rules, Solvency II, fair treatment of customers, Financial Crime, Data Protection, Conflicts of Interest, and Whistleblowing

Skills and Experience:

• Degree in Finance, Business, Economics, Accounting, or Law related field typically required.
• Track record of Surety underwriting experience and/or equivalent surety related business experience preferred, such as commercial / investment banking, private equity or other analytical financial industries.
• Proven analytical ability to evaluate and judge underwriting risks within scope of responsibility, including advanced understanding of financial and accounting principles and the ability to demonstrate sound business judgment in the evaluation of the financial condition, credit history, experience and character of business clients.
• Mature and self-confident. Ability to face clients, business partners and senior colleagues.
• Proven record and ability to develop strong relationships and market to external customers.
• Must be detail-oriented with a high degree of accuracy and able to manage time and prioritise multiple tasks simultaneously in a fast-paced environment.
• Demonstrates excellent interpersonal and communication skills with all stakeholders (brokers, clients, colleagues and other business partners), including the ability to communicate complex analysis and information in understandable written and/or oral directives to other persons and customers.
• Knowledge of regulatory and legal requirements affecting Surety / banking industry would be beneficial.
• Fluent in local language and proficient in English required. Additional languages are a plus.
• Strong economic, political, current affairs understanding and knowledge.

About Liberty Mutual Surety

Liberty Mutual Global Surety, a business unit of Liberty Mutual Insurance, is the #1 Surety in the United States and the largest globally. Conducting business worldwide through Liberty-owned subsidiaries and fronting relationships, we provide bonds in over 60 countries for construction firms, manufacturers and suppliers, and commercial enterprises on an account and transactional basis. We are committed to building mutually profitable relationships by providing smart business solutions, ease of doing business, and consistent, responsive service. Liberty Mutual Global Surety is dedicated to the communities we serve and highly values a diverse workforce in more than 16 countries.