Class Underwriter – Power & Renewables
International General InsuranceJob Summary
Job Description
Company Description
IGI - International General Insurance Co. Ltd. is a leading international specialist commercial insurer and reinsurer with a global portfolio of Energy, Property, Construction & Engineering, Ports & Terminals, Marine, Financial Institutions, General Aviation, Professional Indemnity, Casualty, Directors’ and Officers’, Legal Expenses, Political Violence, Contingency and Treaty Reinsurance. Registered in Bermuda as a limited liability company, with operational headquarters in Amman, Jordan and offices in London, Malta, Bermuda, Norway, Dubai, Kuala Lumpur and Casablanca, we aim to deliver outstanding levels of service to our clients and brokers. Our ratings reflect the financial strength of our business: “A” (Stable) from AM Best; “A-” (Stable) from S&P. In 2024, we had net earnings of $135.2 million. Our holding company has assets in excess of $2,037.6 million, as at 31 December 2024.
Key Responsibilities
Underwriting
Underwriting new business profitably and accurately, reviewing and analysing (Re)insurance proposals received by IGIUK in order to determine what degree of risk, if any, to accept on the business’s behalf, by reference to relevant, up to date market information, statistics and specialist data.
Negotiating the most favourable terms with brokers and clients, ensuring that IGIUK’s income is maximised whilst its risk exposure is minimised.
Ensuring that all decisions regarding the insurance terms to be offered to clients are made in accordance with IGIUK’s documented Underwriting procedures
Liaising regularly with the IGI Group underwriting team based in Jordan, KL, Dubai, Casablanca and other offices, to ensure that procedures and process are operating as required and in a consistent manner.
Undertaking regular peer reviews in accordance with IGIUK’s internal standards and requirements.
Reviewing underwriting decisions made in IGI’s other offices, providing supporting recommendations as appropriate.
Ensuring that individual responsibilities and accountabilities are carried out in line with regulatory and statutory requirements, particularly those relating to FCA’s principles covering Treating Customers Fairly and the general safeguards aimed at preventing financial crime.
Portfolio Management
Responsible for balancing a growth in volume without losing profitability across the line of business
Ensuring all direct reports operate within their respective underwriting authorities, reporting any breaches to the Head of Energy
Ensure any audit requirements and recommendations are promptly implemented and maintained
Ensure implementation of risk appetite and tolerance for each of the key risk areas
Client Relationship Management
Maintain and develop where required all aspects of client relationship management and third party service providers
Actively manage and grow broker relationships both in the UK and overseas
Product Development
Assess and report where necessary to the Head of Energy, any emerging risks within the class of business
Recommend and review appropriate new business products
Ensure all KPI’s are upheld for new business generation
Continuing Professional Development
Ensure an appropriate level of personal specialist knowledge and competence is maintained through a defined programme of training and continuing professional development as determined by prevailing regulatory requirements and internal standards
Leadership
Direct line management and leadership to Senior Underwriters, Underwriters, Assistant Underwriters
Manage and review performance of all direct reports
Key Attributes & Professional Qualifications
An understanding of the regulatory environment and familiarity with good corporate governance practices within an international and diversified insurance environment
An effective communicator and builder of relationships; a proactive team leader
An individual with strong insurance technical competence and execution focus
Competencies
Results Orientation
Delivering performance that stands out in the market
Being energised by creating better ways of doing things, so that higher levels of performance are possible
Introducing incremental improvements to enhance business performance using robust analysis and benchmarking
Collaboration and Influencing
Bringing people together across boundaries to achieve results as a team and share best practices
Actively engaging colleagues to make joint decisions
Using understanding of others and self to work more effectively together and actively resolve conflicts
Team Leadership
Agreeing responsibilities based on insight into an individual’s competencies as well as experience, taking calculated risks where appropriate
Empowering the team to identify and solve problems, providing necessary support
Using understanding of team and self to resolve conflicts effectively
Creating a clear sense of team identity and holding the team accountable for meeting collective goals
Rewarding individual initiatives beyond expectations to advance the common goal
Strategic Contribution
Drawing a high level of insight from trends in the market / line of business
Integrating market, competition, trends and other factors to develop underwriting strategy that impacts the Energy team
Qualifications
A bachelor degree is preferred
CII qualified
Conduct Rules
SMCR was introduced by the Financial Conduct Authority (FCA), includes a set of Conduct Rules that apply to most employees in UK financial services firms. These rules aim to improve individual accountability and promote a healthy culture across the industry.
Individual Conduct Rules
These are the core five rules that apply to all employees
Act with integrity
Act with due skill, care and diligence
Be open and cooperative with the FCA, PRA, and other regulators
Pay due regard to the interests of customers and treat them fairly
Observe proper standards of market conduct