Product Development Business Partner

We are open to considering candidates in numerous locations, including Princeton (NJ), Philadelphia (PA), New York City (NY) or Chicago (IL) for this role.

About the Company

Welcome to Munich Re Specialty - North America, a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk management expertise to our partners and customers. As a trusted industry expert, we offer a broad range of comprehensive and customized solutions, including casualty, professional lines, property, surety, and public entity coverages. With the financial strength and global resources of our A+ Superior (A.M. Best) rated organization, we provide unmatched stability and reliability. Our team is committed to superior service levels, a distinctive approach to specialty solutions, and a deep understanding of the complex risks our clients face. Join our diverse team of experts and be part of a dynamic and experienced organization shaping the future of specialty insurance in North America.

Responsibilities

• Draft and review Reinsurance contract wordings that meet business unit negotiated terms and comply with internal guidelines and market standards.
• Provide guidance to underwriters on Reinsurance contract terms, conditions, and coverages.
• End-to-end development of new insurance products to support multiple business units and coverage lines, including General Liability (Casualty, Excess and Umbrella), Commercial Property, Management, and Professional Liability.
• Develop and maintain coverage forms and endorsements needed to support new and existing proprietary products to meet industry developments and trends.
• Remain apprised of U.S. case law, regulations, legal trends, and emerging issues affecting insurance and reinsurance coverage matters.
• Compare and analyze competitor insurance policies to provide a competitive edge, best-in-class products, and deliberative underwriting.
• Review wordings evidencing ‘covered business’ to ensure Reinsurance contract terms and conditions are appropriate.
• Perform industry and regulatory research to support client needs and product compliance, and coordinate special projects to support strategic goals, as needed.
• Provide thought leadership and product support to assigned business lines, including analyzing industry trends, regulatory developments, and product innovations.

Qualifications

• Juris Doctor Degree from an accredited law school required.
• 10+ years of advanced experience in products, concepts, and procedures relating to reinsurance and primary insurance products from previous law firm or relevant insurance company experience in product development, claims, or progressive underwriting.
• Extensive knowledge of the product development process and product expertise based on previous law firm or relevant insurance experience in product development or claims in Standard, Specialty, Primary, Excess, and Reinsurance lines of business, including sophisticated underwriting applications and techniques.
• Strong command of general re/insurance product concepts, regulatory concepts, and legal concepts, along with a collaborative, proactive, and self-starter nature.
• Superior interpersonal, communication, and time management skills.
• Ability to contribute in a dynamic, fast-paced environment and effectively deliver on multiple priority matters.

Pay

The base salary range anticipated for this position is $138,400 - $215,000, plus opportunity for a company bonus based on a percentage of eligible pay. The salary range reflects market variations across locations, and the offer will be adjusted per geography.

Benefits

• Two options for health insurance plans (PPO or High Deductible).
• Prescription drug coverage (included in your health insurance plan).
• Vision and dental insurance plans.
• Basic life insurance equal to 1x annual salary and AD&D coverage equal to 1x annual salary at no cost.
• Short and Long Term Disability coverage.
• Supplemental Life and AD&D plans available for purchase for yourself and dependents (includes Spouse/domestic partner and children).
• Voluntary Benefit plans that supplement health and life insurance (Accident, Critical Illness, and Hospital Indemnity).
• A robust 401k plan with up to a 5% employer match.
• A retirement savings plan that is 100% company funded.
• Paid time off starting at 24 days each year, with additional days added for milestone service anniversaries.
• Paid time off for eligible family care needs.
• Tuition assistance and educational achievement bonuses.
• Corporate matching gifts program for charitable donations.
• Paid time off to volunteer in your community.
• Variety of health and wellness programs provided at no cost.