- Communication Skills
- Benefits Administration
- Organizational Skills
- Financial Acumen
Advance your Underwriting career at Liberty Mutual Insurance- A Fortune 100 Company!
Liberty Mutual Surety™ is currently recruiting for a Surety Underwriter to join our Contract Team in our Chicago, IL office.
As a Surety Underwriter you will market, underwrite, and service independent agents, brokers, and commercial surety accounts within an assigned territory. Using your excellent rapport building skills, you will build and maintain positive relationships and will market to your territory focusing on relationship building rather than transactional sales. You will also use your business and financial acumen to perform primary credit underwriting and financial/risk analysis, provide recommendations, and make decisions on new and existing accounts. This is an excellent opportunity for an experienced and self-motivated surety professional looking to grow their career with a top surety company that focuses on its employees and customers first.
Liberty Mutual Surety, a business unit member of Liberty Mutual Insurance, is the 2nd largest Surety in the United States and one of the largest globally. We specialize in providing surety bonds for construction firms, manufacturers and suppliers, and commercial enterprises for corporations and individuals on an account and transactional basis, and conduct business worldwide through fronting relationships and Liberty owned subsidiaries, with bonds issued in over 40 countries. We pride ourselves on our outstanding service to brokers, agents, and customers throughout our field offices across the U.S., and in Mexico, Canada, Brazil, UK, Germany, Italy, France, Netherlands, Hong Kong, and Australia. We are committed to our value proposition of building mutually profitable relationships by providing smart business solutions, ease of doing business, and consistent, responsive service, and is dedicated to the communities we serve and values highly a diverse workforce.
Meets with agents and brokers from assigned customer base/territory to solicit business/submissions via marketing efforts and educate agency representative(s) on Liberty Mutual Surety policies, procedures, appetite, and requirements. Act in a consultative capacity and discuss/review agency accounts and performance.
Underwrites new and existing account submissions utilizing underwriting authority granted by Chief Underwriting Officer. May handle most complex accounts based on level of role. Makes thorough evaluations and assessments of a customer’s financial, technical, organizational, and management capacities, past experience, desired objectives as well as a subjective judgment of character, normally based upon data/insights. In many cases, will meet with client to facilitate above assessments.
Performs analytical evaluations of financial statements on both a static and trend basis. Determines the present and historical financial position of the account and monitors financial position of risk through analysis of quarterly statements and work in progress data as appropriate
Develop/maintain strong relationships with agents/brokers and oversee a book of Contract Surety business within defined territory. Meets production, marketing, and profitability goals as set by manager and assist in developing marketing plan.
Stay abreast of Liberty Mutual Surety product lines and identify cross-selling opportunities with agent, engaging/referring appropriate parties as necessary.
Responsible for investigation, analyzing, and managing all necessary underwriting/accounting/work flow issues, within framework of Surety policies and procedures.
Monitor an existing book of business from an underwriting standpoint. Continuously evaluates the qualitative characteristics of the business (new and existing) as assigned. Examples include utilization of self-audit programs, financial ratio analysis report. Makes recommendations to Manager for proper lines of authority to be submitted to Home Office. Monitors and controls utilization of such lines to ensure compliance with guidelines.
May assess and identify changes in all aspects of the business including, but not limited to, work program to financial strength criteria, nature of work performed (inherent risk), accuracy and timeliness of data flow, and exposure analyses. Coordinate and surface issues to more Home Office staff and Bond Managers
Assists in the evaluation of business continuity arrangements and funding mechanisms (such as adequacy of life insurance) to preclude financial drain of customer in the event of the demise of (an) owner or other insurable loss.
In connection with credit recommendations which tend to fall outside of normal underwriting standards, applies sound reason and business logic to reach decision as authorized. Effectively documents such logic in file and communicates to more senior Home Office and Field underwriting staff, as necessary.
Provide direction for topics to be addressed in meetings with agents, customers and others, as necessary.
Prepare and implement instructions for administering work flows and accounting/billing issues to service unique situations.
May mentor more junior staff based on level.
Performs special projects and other duties as assigned.
Bachelor's degree in Finance, Accounting or equivalent and a minimum of 5 years’ experience expected, preferably 7 or more years surety underwriting experience and/or equivalent surety related business experience . Strong preference with the contract Surety product line.
Solid understanding of financial and accounting principles and the ability to demonstrate sound business judgment in the evaluation of the financial condition, credit history, and character of contract accounts.
Proven analytical ability to evaluate and judge underwriting risks within scope of responsibility.
AFSB certification preferred
Demonstrates strong ability to communicate complex analyses and information in understandable written and/or oral directives for underwriting or training purposes.
Demonstrates strong communication and interpersonal skills in dealing with agents, brokers, CPAs, bankers, attorneys, etc. required to build & maintain good business relationships.
Excellent organizational skills as well as attention to detail.
Salary and level based on experience and location.
Benefits: We value your hard work, integrity and commitment to positive change. In return for your service, it’s our privilege to offer you benefits and rewards that support your life and well-being. To learn more about our benefit offerings please visit: https://LMI.co/Benefits Overview:
At Liberty Mutual, we give motivated, accomplished professionals the opportunity to help us redefine what insurance means; to work for a global leader with a deep sense of humanity and a focus on improving and protecting everyday lives. We create an inspired, collaborative environment, where people can take ownership of their work; push breakthrough ideas; and feel confident that their contributions will be valued and their growth championed.
We’re dedicated to doing the right thing for our employees, because we know that their fulfillment and success leads us to great places. Life. Happiness. Innovation. Impact. Advancement. Whatever their pursuit, talented people find their path at Liberty Mutual.