Senior Surety Underwriter

IAT Surety has an immediate opening for a Surety Senior Underwriter in either Birmingham, Alabama or Alpharetta, Georgia. This role handles both contract and commercial surety and works a hybrid schedule: Monday through Wednesday in the office, with the option to work remotely Thursday and Friday.

Responsibilities

• Review initial submissions to determine any additional information needed.
• Initiate correspondence to obtain required documentation.
• Set up and maintain financial backer files (account files) for new accounts, including requesting updated financial statements, credit reports, correspondence, and news; monitor aggregate liability.
• Advise the manager immediately of any significant negative developments or events.
• Compose and update narratives for new accounts annually; submit to the manager with account recommendations for review.
• Update accounts in the Underwriting Database with current financial statement information.
• Analyze bond submissions not affiliated with an account, including bond risk/class, underwriting requirements, and applicant qualifications; determine appropriate rate and indemnity, and make recommendations to the manager if outside your authority.
• Evaluate unfamiliar or new bond requirements; discuss with the manager if potentially hazardous or high-risk (e.g., mortgage brokers, money transmitters).
• Maintain individual bond files, requesting updated underwriting information annually (financial statements, current ownership, status, etc.).
• Ensure proper indemnity is secured for new bonds being reported.
• Evaluate requests to close bonds requiring a release of surety and requests to release collateral; submit recommendations to the manager if necessary.
• Maintain information on bond-specific underwriting requirements and hazards.
• Periodically check agent’s bond number logs to ensure bonds are being reported and/or outstanding bond numbers have been requested.
• Perform reference checks and order/review credit reports to document past capabilities and relationship-handling ability.
• Analyze financial statements to ascertain key components and ratios.
• Evaluate the need for additional measures to protect surety, such as perfecting indemnity agreements, taking collateral, escrow arrangements, or additional outside indemnity; discuss with supervisor as needed.
• Evaluate specific bond requests for unusual hazards; discuss with supervisor as required.
• Maintain file documentation to ensure information for existing active accounts is current for informed decision-making on new requests.
• Communicate decisions clearly and expeditiously to the Regional Manager.
• Marketing: Regularly discuss or visit the Agency Principal/Producer about new opportunities to expand IAT’s presence in the agency.
• Meet assigned premium targets set by the Regional Manager.
• Perform other job-related duties as required.

Qualifications

Must-Have:

• Bachelor’s degree in Risk Management, Finance, Mathematics, Business, or related field with at least 4 years’ experience in surety underwriting or 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.
• CPCU industry designation preferred.
• Strong math aptitude, excellent verbal and written communication, interpersonal, and negotiating skills.
• Customer service-oriented with the utmost integrity.
• Proficient in various computer programs, internet-based programs, and spreadsheet use.
• Authorized to work in the United States without VISA sponsorship, now or in the future.

Preferred:

• AFSB industry designation.
• Experience with both contract and commercial surety.

Pay

The annual gross salary range for this position is $80,800 to $127,900. Total compensation includes base salary, performance-based bonus opportunities, 401(k) match, and profit-sharing opportunities. Actual salaries will vary based on qualifications, skills, competencies, and geographical location.

Benefits

• 38 paid days off (26 PTO days + 12 company holidays).
• 7% 401(k) company match and additional profit sharing.
• Hybrid work environment.
• Numerous training and development opportunities.
• Healthcare and wellness programs.
• Performance-based bonuses.
• College loan assistance support plan.
• Educational assistance program.
• Mentorship program.
• Dress for your day policy.