Surety Underwriter

Responsibilities

• Review initial submissions to determine any additional information needed.
• Initiate correspondence to obtain documentation as required.
• Set up financial backer files (account files) for new accounts.
• Maintain financial backer files and request updated information if necessary (financial statements, credit reports, correspondence, news, etc.) and monitor the aggregate liability.
• Advises the manager immediately if there have been any significant negative developments or events.
• Compose narratives for new accounts, update narratives on an annual basis, and submit them to the manager with account recommendations for review.
• Update accounts in the Underwriting Database with current financial statement information.
• Handle bond submissions not affiliated with an account, analyze the bond risk/class, the underwriting requirements for that class, and review the applicant’s qualifications.
• Determine the appropriate rate and indemnity needed and make a recommendation to the manager if not within your own authority.
• Evaluate unfamiliar or new bond requirements and discuss with the manager if necessary.
• Maintain individual bond files which require updated underwriting information on an annual basis and request information from the agent if necessary (financial statements, current ownership, status, etc.).
• Make sure proper indemnity has been secured for new bonds being reported.
• Evaluate requests to close bonds which require a release of surety and requests to release collateral and submit a recommendation to manager if necessary.
• Maintain information on bond-specific underwriting requirements and on hazards of certain bonds.
• Periodically check agent’s bond number logs to make sure that bonds are being reported and/or that outstanding bond numbers have been requested.
• Perform reference checks and order and review credit reports to document proven past capabilities and ability to handle relationship.
• Analyze financial statements to ascertain key components and ratios.
• Evaluate need for additional measures to protect surety. This means perfecting indemnity agreements, possibly taking collateral, escrow arrangements, or additional outside indemnity. Discuss such additional measures as needed with supervisor.
• Evaluate specific bond requests with regard to any unusual hazards. Discuss with supervisor as required.
• Maintain file documentation so that information for existing active accounts is fresh enough to make an informed decision should a new request come up.
• Communicate decisions as clearly and expeditiously as possible to the Regional Manager.
• Regularly discuss or visit with the Agency Principal/Producer about new opportunities for expanding the IFIC presence in the Agency.
• Meet certain premium targets assigned to the Senior Bond Underwriter 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 with at least 2 years of experience in surety underwriting or equivalent.
  • Equivalent is defined as 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.
  • Requires strong math aptitude, excellent verbal and written communication, interpersonal and negotiating skills.
  • Must be customer service oriented and have the utmost integrity.
  • Must possess knowledge of various computer programs, internet-based programs, and PC literate in the use of spreadsheets.
  • To qualify, applicants must be authorized to work in the United States and must not require VISA sponsorship, now or in the future, for employment purposes.
  • Preferred: AFSB industry designation.
  • Experience with both contract and commercial surety.