Senior Underwriter, Surety

About us

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinnedby an effective and adaptablestrategy,superior products and industry leaders working in a supportive environmentto achieve this.

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.

Munich Re Specialty was formed as a stand-alone division in 2023, and brings together the wider Munich Re group’s primary specialty business units. Complementing an already strong presence in the UK and the US, Munich Re Specialty – Global Markets (MRSGM) has been tasked with executing a wider plan to build a broader global footprint.

We are seeking a hands-on and experienced Senior Surety Underwriter to support the development & growth of our surety business in Germany and the broader DACH region. This is a unique opportunity to contribute to the ramp-up of a new business, working closely with the Lead Underwriter and other stakeholders to help establish Munich Re’s presence in the region.

This role calls for a proactive mindset, strong technical underwriting skills, and a willingness to go above and beyond during the ramp-up phase. You will underwrite complex surety risks, support portfolio development, and represent Munich Re in the market.

Responsibilities:

Underwriting & Market Engagement

• Origination & underwriting of complex surety risks, including credit assessments, deal structuring, and risk analysis, in line with Munich Re’s guidelines.
• Support restructuring and claims cases in collaboration with internal and external stakeholders.
• Assist in monitoring portfolio performance and ensuring underwriting discipline and compliance.
• Support the execution of the regional strategy and contribute to business growth in the DACH markets, taking ownership of assigned transactions.
• Independently manage international bonding transactions, ensuring alignment with underwriting standards.
• Represent Munich Re in the market, fostering strong relationships with brokers, clients, and industry stakeholders.
• Contribute to identifying market trends, opportunities, and risks to inform underwriting decisions.
• Conduct independent reviews of contract and bond wordings to ensure compliance with internal guidelines.
• Approve transactions within your delegated underwriting authority or prepare referrals for higher-level approval when required.
• Work closely with the Lead Underwriter and cross-functional teams including claims, legal, compliance, and finance.
• Support internal training initiatives and knowledge sharing across the organization.
• Demonstrate a hands-on mentality and willingness to go above and beyond during the ramp-up phase.
• Contribute to special projects as required.

Knowledge and Skills

• Minimum 5-8 years’ experience in surety underwriting, credit insurance, or banking.
• University graduate or equivalent education
• In-depth knowledge of surety products, financial analysis, and risk assessment.
• Proven track record in originating, structuring, and underwriting surety transactions.
• Understanding of financial markets, credit risk, and capital instruments.
• Entrepreneurial mindset with the ability to develop bespoke solutions for complex client needs.
• Hands-on, proactive mindset with the ability to work independently and collaboratively.
• Excellent communication, negotiation, and stakeholder management skills.
• Fluency in English and German; additional European languages (e.g. Spanish, Italian) are a plus.
• Willingness to travel and experience working in cross-cultural environments.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

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