Senior Contract Surety Underwriter
Senior Contract Surety Underwriter
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Not Disclosed
Salary Not Disclosed
1 Vacancy
Job Description
IAT Insurance Group has an immediate opening for a Contract Surety Senior Underwriter located in our Spring Texas location. This role will handle most aspects of daily interaction with assigned agents regarding new and existing accounts this includes gathering analyzing and evaluating all information on an account and making a recommendation or decision to the Regional Manager based on that information. This role works a hybrid schedule from an IAT Office. The hybrid schedule reflects our values (thinking and acting like an owner collaboration and teamwork) as it requires working from the office with colleagues and other disciplines Monday through Wednesday with the option of working Thursday and Friday remotely.
- Review initial submissions to determine any additional information needed. Initiate correspondence to obtain documentation as required
- Setup 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
- Advise 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 manager with account recommendations for review
- Update accounts in the Underwriting Database with current financial statement information
- For bond submissions not affiliated with an account analyze the bond risk/class the underwriting requirements for that class and review the applicants 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 manager if necessary (if potentially hazardous high risk associated with industry i.e. mortgage brokers money transmitters)
- 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
- valuate 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 bondspecific underwriting requirements and on hazards of certain bonds
- Periodically check agents 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
- Regular discussion 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 jobrelated duties as required
- Bachelors degree in Risk Management Finance Mathematics Business or related with at least 4 years of experience in bond 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
- 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 internetbased programs and PC literate in the use of spreadsheets
- Must be able to provide a valid drivers license
- 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
- AFSB industry designation
At IAT were committed to driving and building an open and supportive culture for all. Our employees propel IAT forward driving innovation stable partnerships and growth. Thats why we continue to build an engaging workplace culture to attract and retain the best talent.
- 26 PTO Days (Entry Level) 12 Company Holidays 38 Paid Days Off
- 7 401(k) Company Match and additional Profit Sharing
- Hybrid work environment
- Numerous training and development opportunities to assist you in furthering your career
- Healthcare and Wellness Programs
- Opportunity to earn performancebased bonuses
- College Loan Assistance Support Plan
- Educational Assistance Program
- Mentorship Program
- Dress for Your Day Policy
All qualified applicants will receive consideration for employment without regard to race color religion sex sexual orientation gender identity national origin disability or status as a protected veteran. We maintain a drugfree workplace and participate in EVerify.
Required Experience:
Senior IC
Employment Type
Full-Time
