Property Chief Underwriting Officer, MGA (Marlton)

Homesite Group in Marlton, NJ

  • Industry: Financial Services - Insurance - Underwriter
  • Type: Full Time
  • $114,270.00 - 199,650.00
position filled
Homesite Insurance was founded in 1997 and was one of the first companies to enable customers to purchase home insurance directly online, during a single visit. Since then, we've continued to innovate rapidly to meet the needs of our customers and their changing expectations.

One thing that's stayed the same since our founding: our commitment to our customers, partners and employees.

Join us on our journey as we continue to grow into a powerful contender in the field of insurance.

The Program CUO will work with the President to establish the underwriting strategy and work to assure it is carried out. Success shall be accomplished through the setting of standardized underwriting guidelines, development of standards and best practices, leading/participating in due diligence for programs, managing divisional leaders, and participating/leading underwriting audits.
As the Property Leader, will have responsibility to drive the Property underwriting strategy to ensure the business is profitable and meets the return hurdles established, PML management, tracking of aggregates, raining and managing property underwriters, participating/leading property underwriting audits and managing property underwriting referrals.
In executing these responsibilities, the CUO/Property Leader will gain a complete understanding of the Programs under consideration and the creation of terms and conditions to be granted. The CUO/Property Leader will provide an analysis of the portfolio of business detailing any concerns in coverage, exposure or expertise of the Program Administrator. A recommendation for each Program shall be submitted to the President of HUM detailing the acceptability of the Program and suggestions for terms and conditions to be granted.
The CUO/Property Leader will work with the President to determine any reinsurance needs for the Program and shall collaborate with the President on the overall administration of HUMs underwriting strategy. The CUO/Property Leader will also be responsible for managing any reinsurer underwriting audits that may occur on the portfolio.
The CUO will be responsible for leading underwriters to ensure the quality of underwriting continues to remain at acceptable levels for the entire portfolio.
As Property Leader will also be responsible for managing PML and any aggregation limitations that have been imposed and working with President in establishing any guidelines as regards CAT management.

Roles & Responsibilities:
  • Create standardized underwriting guidelines to support the achievement of HUM s goals and objectives
  • Create underwriting best practices
  • Participate in due diligence for new Programs to determine the acceptability. At a minimum review should include:
    • Thorough understanding of the risks written and coverage extended. This review should be performed to gain a comfort level of the exposures, coverage, loss experience, processes, controls and expertise within the program administrator;
    • Assessment of class of business, pricing, documentation and quality of underwriting, analysis of skill level of the underwriting staff including an evaluation of the support staff/staffing levels;
    • Review of limits and geographic profile;
    • Assessment of underwriting controls and processes;
    • Confirmation risk selection meets underwriting guidelines and properly follows authority levels; confirmation files demonstrate a complete risk analysis and clearly show risk acceptability;
    • Confirmation of regulatory compliance;
    • Review of current pricing trends and pricing history;
    • Evaluation of the current competitive environment in which the PA operates.
  • Responsible for creation of underwriting guidelines and coverage authorities for each PA writing property;
  • Responsible for establishing underwriting referral triggers and approval of underwriting referrals;
  • Responsible for scheduling and conducting audits of each PA to ensure adherence to underwriting guidelines, a minimum of once per year;
  • Work with President in the review of PA Agreement and TPA Agreement to ensure consistency with UW Guidelines and authority levels ;
  • Collaborate with President on reinsurance needed to adequately address exposure and meet corporate tolerances;
  • Work with Actuarial to set pricing targets and monitoring reports for each Program;
  • Work with Claims manager and TPA to monitor loss trends and results;
  • Oversight and training of property underwriting staff.
  • To assist wherever possible in establishing relationships with viable Program Administrators, via direct marketing, conferences and or broker visits.
Qualifications:
  • College degree plus minimum of 20 years insurance/reinsurance experience, experience in Programs is a plus.
  • Understanding of Program Business
  • Minimum of 15 years underwriting experience in Property
  • Understanding of PML management and modeled results
  • Basic understanding of insurance accounting and reinsurance
  • Ability to travel

Associated topics: administrative support, assist, assistant, beverage, chief operations officer, food, operation, operations director, records management, support

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