IAT Insurance Group
Senior Underwriter - Contract Surety
IAT Insurance Group, Newark, New Jersey, us, 07175
IAT Surety has an immediate opening for a Contract Surety Senior Underwriter located our Newark, New Jersey 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.
Responsibilities:
Review initial submissions to determine any additional information needed. Initiate correspondence to obtain documentation as requiredSet-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 liabilityAdvise manager immediately if there have been any significant negative developments or eventsCompose narratives for new accounts, update narratives on an annual basis and submit them to manager with account recommendations for reviewUpdate accounts in the Underwriting Database with current financial statement informationFor 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 authorityEvaluate 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 reportedvaluate requests to close bonds which require a release of surety and requests to release collateral and submit a recommendation to manager if necessaryMaintain information on bond-specific underwriting requirements and on hazards of certain bondsPeriodically check agent's bond number logs to make sure that bonds are being reported and/or that outstanding bond numbers have been requestedPerform reference checks and order and review credit reports to document proven past capabilities and ability to handle relationshipAnalyze financial statements to ascertain key components and ratiosEvaluate 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 supervisorEvaluate specific bond requests with regard to any unusual hazards. Discuss with supervisor as requiredMaintain file documentation so that information for existing active accounts is fresh enough to make an informed decision should a new request come upCommunicate decisions as clearly and expeditiously as possible to the Regional ManagerRegular discussion or visit with the Agency Principal/Producer about new opportunities for expanding the IAT Surety presence in the AgencyMeet certain premium targets assigned to the Senior Bond Underwriter by the Regional ManagerPerform other job-related duties as requiredQualifications:
Must-Have:
Bachelor's degree in Risk Management, Finance, Mathematics, Business or related with at least 4 years contract surety underwriting or equivalent.Equivalent is defined as 8 years of relevant experienceAbility to analyze financial statements and make recommendations on requestsStrong marketing skills and ability to obtain new business and work with contractor clientsPossess the ability to appropriately apply loss development and advanced loss analysis concepts to achieve optimal pricing of a riskCustomer service oriented and have the utmost integrityTo qualify, applicants must be authorized to work in the United States and must not require VISA sponsorship, now or in the future, for employment purposesPreferred to Have:
AFSB industry designationAll 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 drug-free workplace and participate in E-Verify.
Our Culture
IAT is the largest private, family-owned property and casualty insurer in the U.S.
Insurance Answers Together®
is how we define IAT, in letter and in spirit. We work together to provide solutions for people and businesses. We collaborate internally and with our partners to provide the best possible insurance and surety options for our customers.
At IAT, we're committed to driving and building an open and supportive culture for all. Our employees propel IAT forward - driving innovation, stable partnerships and growth. That's why we continue to build an engaging workplace culture to attract and retain the best talent.
We offer comprehensive benefits like:
26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off7% 401(k) Company Match and additional Profit SharingHybrid work environmentNumerous training and development opportunities to assist you in furthering your careerHealthcare and Wellness ProgramsOpportunity to earn performance-based bonusesCollege Loan Assistance Support PlanEducational Assistance ProgramMentorship ProgramDress 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 drug-free workplace and participate in E-Verify.
#LI-JG1
Responsibilities:
Review initial submissions to determine any additional information needed. Initiate correspondence to obtain documentation as requiredSet-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 liabilityAdvise manager immediately if there have been any significant negative developments or eventsCompose narratives for new accounts, update narratives on an annual basis and submit them to manager with account recommendations for reviewUpdate accounts in the Underwriting Database with current financial statement informationFor 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 authorityEvaluate 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 reportedvaluate requests to close bonds which require a release of surety and requests to release collateral and submit a recommendation to manager if necessaryMaintain information on bond-specific underwriting requirements and on hazards of certain bondsPeriodically check agent's bond number logs to make sure that bonds are being reported and/or that outstanding bond numbers have been requestedPerform reference checks and order and review credit reports to document proven past capabilities and ability to handle relationshipAnalyze financial statements to ascertain key components and ratiosEvaluate 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 supervisorEvaluate specific bond requests with regard to any unusual hazards. Discuss with supervisor as requiredMaintain file documentation so that information for existing active accounts is fresh enough to make an informed decision should a new request come upCommunicate decisions as clearly and expeditiously as possible to the Regional ManagerRegular discussion or visit with the Agency Principal/Producer about new opportunities for expanding the IAT Surety presence in the AgencyMeet certain premium targets assigned to the Senior Bond Underwriter by the Regional ManagerPerform other job-related duties as requiredQualifications:
Must-Have:
Bachelor's degree in Risk Management, Finance, Mathematics, Business or related with at least 4 years contract surety underwriting or equivalent.Equivalent is defined as 8 years of relevant experienceAbility to analyze financial statements and make recommendations on requestsStrong marketing skills and ability to obtain new business and work with contractor clientsPossess the ability to appropriately apply loss development and advanced loss analysis concepts to achieve optimal pricing of a riskCustomer service oriented and have the utmost integrityTo qualify, applicants must be authorized to work in the United States and must not require VISA sponsorship, now or in the future, for employment purposesPreferred to Have:
AFSB industry designationAll 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 drug-free workplace and participate in E-Verify.
Our Culture
IAT is the largest private, family-owned property and casualty insurer in the U.S.
Insurance Answers Together®
is how we define IAT, in letter and in spirit. We work together to provide solutions for people and businesses. We collaborate internally and with our partners to provide the best possible insurance and surety options for our customers.
At IAT, we're committed to driving and building an open and supportive culture for all. Our employees propel IAT forward - driving innovation, stable partnerships and growth. That's why we continue to build an engaging workplace culture to attract and retain the best talent.
We offer comprehensive benefits like:
26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off7% 401(k) Company Match and additional Profit SharingHybrid work environmentNumerous training and development opportunities to assist you in furthering your careerHealthcare and Wellness ProgramsOpportunity to earn performance-based bonusesCollege Loan Assistance Support PlanEducational Assistance ProgramMentorship ProgramDress 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 drug-free workplace and participate in E-Verify.
#LI-JG1