Arch

Director, Surety

Job Locations US-NJ-Morristown
Job ID
2018-1614
# of Openings
1
Category
Underwriting

Overview

The Company

Arch Capital Group Ltd. (NASDAQ: ACGL)) is a Bermuda public limited liability company with approximately $10.5 billion in capital at December 31, 2016, and, through operations in Bermuda, the United States, Europe and Canada, writes specialty lines of property and casualty insurance and reinsurance, as well as mortgage insurance and reinsurance, on a worldwide basis. Our unique underwriting platform, successful management team and strong capital base has enabled us to establish a prominent presence in the global insurance and reinsurance markets. 

Responsibilities

The Position

Operating within the Arch Reinsurance Company Morristown platform, work with our USA group and Canada branch in support of the dual underwriting/actuarial framework. The Surety Director is responsible for meeting or exceeding the goals established for profit, service, and relationship management with brokers, customers, prospects, and internal employees as well. They will demonstrate enthusiasm and initiative in making independent decisions and act as a resource and display leadership qualities during interactions with fellow staff members. The position is a variety of responsibilities including, but not limited to, maintaining and servicing existing accounts, developing relationships with Arch Re personnel, Arch Re customers, brokers that help us gain access to programs we are interested in. The underwriting responsibilities include reviewing and evaluating submissions generated, understanding and evaluating contract documents, and forming an opinion and making recommendations based on that information. The position will include marketing responsibilities such as maintaining and servicing existing accounts, developing new relationships, and visiting with customers and brokers. Growth is dependent upon the utilization of skills and experience brought to Arch Re and then what to do with it thereafter. Early on the emphasis will be on the inside: learning the Arch Re way, systems and technology in place, the administration of the surety portfolio, and risk management analysis and internal reporting on a quarterly basis. Product and Reinsurance training will be included if needed. At the same time, outside initiatives will be included to market the current branding efforts of the group and support the change to new surety leadership. A positive role model and team player profile will be important.

 

Job Responsibilities

  • Internal
    • Analyze product and marketplace, define business objectives for new/changing conditions, document, and deliver finding and recommendations
    • Facilitate the efforts of Executive, Actuarial, Accounting, Claims, General Counsel, and other areas of Arch Re in their understanding of Surety
    • Provide expertise with the appropriate sense of urgency for internal Arch Re staff to resolve issues and respond to inquiries concerning Surety
    • Understand and apply best practices, strategic changes, process improvements, and recommend business solutions to appropriate area(s)
    • Ensure an effective level of communication and interaction with Executive, Actuarial, Accounting, Claims and General Counsel to ensure an appropriate level of feedback and support for what they need to do in their own positions
    • Research and analyze industry and competitor data to determine opportunities and information that will assist in the Surety area contribution to annual planning. Document findings, make recommendations, and provide ongoing support, if requested
    • Represent Surety in internal account reviews, risk analysis, and reporting of accumulations
    • Timely complete REGIS and Laser Fiche processing to support audit guidelines, Sarbanes compliance, and financial reporting
    • Identify opportunities to increase knowledge and skill set levels
  • External
    • Broker/ Company Marketing ‐ Identify and execute on a created plan for regular and effective contact with production sources (brokers and general agents) and key company contacts
    • Audit, identify and execute on a plan to review files on all existing customers and prospective accounts on an annual basis. Create audit report and distribute, as indicated
    • Work closely with customers and reinsurance brokers to maximize our knowledge in their business. Identify opportunities to differentiate Arch Re to both
    • Encourage marketing efforts across product lines to maximize opportunities within Ceded Re areas
    • Participate in identified industry events (i.e. Surety Association, Conventions) that promotes Arch Re’s visibility and commitment to the LOB

Qualifications

Desired Skills

  • Self‐Starter, confident, and proactive
  • Demonstrated ability to make firm independent recommendations
  • Excellent written and oral communication skills
  • Exceptional organizational skills
  • Ability to understand and articulate complex financial and business issues
  • Niche/specialty focus with specific exposure to surety and/or credit related products that are
    adaptable to this LOB
  • A track record of underwriting profitability over the cycle or being a part of a group that has successfully done this
  • A commercially driven attitude and demonstrated ability to grow a book of business or being a part of a group that has successfully done this
  • A demonstrated commitment to superior service
  • A vision and/or ideas on how to grow underwriting profits
  • A passion for disciplined underwriting, service excellence, and innovation

 

Required Education/Experience 

  • Bachelor's Degree (coursework in Finance or Accounting preferred)
  • Strong financial background (banking, financial services and/or construction)
  • Prior Surety or Credit experience

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