Surety & Trade Credit Underwriter (1)

Job description

JOB SPECIFICATION

Position Title: Surety & Trade Credit Underwriter (1)
Department: Underwriting
Reports to: Head of Underwriting

POSITION PURPOSE

To expertly underwrite, analyze, price, and structure surety facultative and treaty reinsurance business across Africa and Asia, applying advanced financial analysis and risk assessment capabilities to build a profitable and diversified surety portfolio while maintaining strong broker and cedant relationships.

KEY RESPONSIBILITIES & ACCOUNTABILITIES

Underwriting Excellence & Risk Assessment

Core Underwriting Functions:

Comprehensive Risk Analysis: Evaluate complex surety reinsurance submissions, including contract bonds, commercial bonds, and specialty surety products
Financial Underwriting: Conduct in-depth financial analysis of principals, examining the “Three Cs” of surety underwriting:
– Character: Assess management integrity, business reputation, and past performance
– Capacity: Evaluate technical expertise, organizational capability, and operational track record
– Capital: Analyze financial strength, working capital, net worth, and liquidity ratios

Pricing, Terms & Portfolio Management

Strategic Pricing:

Premium Calculation: Develop competitive yet profitable pricing using actuarial models, historical loss data, and market intelligence
Terms & Conditions: Structure appropriate reinsurance terms including limits, retentions, exclusions, and special conditions
Portfolio Optimization: Monitor portfolio performance, geographic distribution, and industry concentration to maintain balanced exposure

Business Development & Relationship Management

Market Development:

Broker Relations: Cultivate and maintain strategic relationships with reinsurance brokers and intermediaries across target markets
Cedant Partnerships: Build strong relationships with ceding companies, providing technical expertise and market intelligence
Revenue Growth: Achieve annual premium targets, while maintaining target loss ratios and expense ratios
Market Intelligence: Stay current with construction industry trends, economic conditions, and regulatory changes affecting surety markets

Operational Excellence & Compliance

Process Management:

Documentation Standards: Ensure all underwriting decisions are properly documented with clear rationale and supporting analysis
Regulatory Compliance: Ensure all activities comply with local insurance regulations and international reinsurance standards

Technical Leadership & Knowledge Sharing

Professional Development:

Mentorship: Guide and train junior underwriting staff and apprentices in surety underwriting principles and practices
Process Improvement: Continuously update underwriting manuals, guidelines, and standard operating procedures
Market Research: Conduct an analysis of emerging trends in construction, infrastructure development, and surety markets
Training Delivery: Provide technical training to internal teams and external stakeholders on surety products and market conditions

Reporting & Communication

Management Reporting:

Performance Analytics: Prepare comprehensive quarterly and annual reports on portfolio performance, market trends, and profitability analysis
Risk Reporting: Provide regular updates on large exposures, concentration risks, and emerging market developments
Business Intelligence: Contribute to strategic planning and market expansion initiatives through data-driven insights

QUALIFICATIONS & REQUIREMENTS

Academic Qualifications

Bachelor’s Degree in Finance, Accounting, Business Administration, Engineering, or related field from a recognized university
Professional Certifications:
– Associate in Fidelity and Surety Bonding (AFSB) – required within 24 months
– DCII (Diploma Chartered Insurance Institute) or equivalent – preferred
– Additional surety-specific certifications will be advantageous

Professional Experience

Required Experience:

Minimum 5+ years in surety underwriting or surety reinsurance
Proven track record in underwriting contract surety, commercial surety, or specialty surety products
Demonstrated experience in financial analysis, credit assessment, and risk evaluation

Core Technical Competencies

Financial & Analytical Skills:

Advanced financial statement analysis and credit assessment capabilities
Strong understanding of construction industry financials, working capital management, and project finance
Proficiency in ratio analysis, cash flow modeling, and debt capacity evaluation
Experience with financial modeling and pricing tools

Communication & Leadership:

Exceptional written and verbal communication skills in English
Strong presentation and negotiation capabilities
Cross-cultural sensitivity for working across diverse African and Asian markets
Proven ability to build and maintain professional relationships