Property Engineering Underwriter
Munich Re
 Chicago, IL
  • We are open to this position being located in Chicago, New York or San Francisco.

We're adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients. We will consider a range of experience for this role and the offer will be commensurate with that.

The Company

As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.

Munich Re Facultative and Corporate (MR F&C) was recently created to bundle Munich Re's facultative and corporate business into one global unit. We believe that by aligning our single risk business in one unified team we will better position Munich Re to provide a holistic suite of products and services that meet the growing demands of our clients and broker partners.

The Opportunity

Future focused and always one step ahead

With this opportunity, you will apply specialized engineering and insurance knowledge to adequately assess the potential exposure to risks underwritten in the Facultative & Corporate Property Engineering Division of Munich Re. You will also determine the appropriate terms and conditions and to consider risk-sharing acceptances, manage a portfolio of corporate clients that typically renew on an annual basis, consider new construction and operational power risk opportunities in balancing the risk portfolip and deliver superior engineering service to Facultative & Corporate Property Engineering Division clients and so contribute to its overall profitability

Major responsibilities include:


  • Underwrite for the traditional engineering classes of business through contacts with Brokers, Risk Purchasing Groups and Captives.
  • Underwriter charged with the responsibility for accepting engineering allocated business.
  • Perform the underwriting referral function as needed with colleagues and peers in line with established authority for engineering business, as specified and as required in the underwriting guidelines and mandates.
  • Implement use of pricing and layering models of the Facultative & Corporate Property Engineering Division and the Munich Re rating and when necessary motivate modifications of it.
  • Support and recommend changes to the Engineering Underwriting Guidelines as needed to stress additional requirements and developments. Ensure a consistent standard in the underwriting process of the Facultative & Corporate Property Engineering Division' engineering business.
  • Work within the referral audit process with overall adherence to risk selection and pricing techniques developed for the Engineering Group.
  • Develop and support new products and filings to satisfy Client needs by using depth of underwriting background/experience for program development.
  • Enhance policy forms and rating tools as well as being innovative with respect to distribution channel choices. For example, to consider the use of finite risk products and dual trigger products for engineering risk-related exposures at utilities, oil and gas industries, project constructions, etc.
  • Be a support/referral resource to other distribution channels and Client Groups, providing engineering insurance underwriting expertise and input.
  • Negotiate and conclude the offers, terms of contract with Brokers/Clients and, when necessary and feasible, submit counter proposals.
  • Analyze and evaluate our distribution of limits, attachment points and layers of engineering business to maximize profitability potential.
  • Relative to losses: track and monito on assigned accounts including keeping current on industry loss trends as it relates to Engineering account portfolio and work with the Claims department as needed on individual claims.


  • Establish and maintain sound contact with clients, keeping abreast of market developments and client needs.
  • Provide, in close consultation with the Facultative & Corporate Division, Engineering products and services to maximize business opportunities.
  • Promote Engineering Group's capabilities and competencies.

Seminars & Media

  • Participate in appropriate engineering-industry seminars/workshops as a speaker and/or trainer.
  • Devise, organize and assist in successful delivery of Facultative & Corporate Property Engineering Divisions' technical seminars.
  • Contribute to technical journals.

Participation on Technical Market Committees

  • Ensure appropriate representation on technical insurance market committees, so providing technical input as well as sourcing key market knowledge.
  • Assist the Manager, Property Engineering as and when required in fulfilling all managerial and administrative duties of the Engineering Group.