Contract Surety Underwriting Manager
IAT Insurance Group · Norristown, PA
- On site
- Full-time
- $100,000 / year
- Norristown, PA
Job highlights
- Manage surety underwriting in Norristown, PA.
- Analyze financial data for new and renewal business.
- Maintain strong agency relationships.
- Provide direction to underwriting assistants.
- Offer comprehensive benefits and career growth.
About the role
About the Role
IAT Surety is seeking a motivated Contract Surety Underwriting Manager to join our team in Norristown, Pennsylvania. This hybrid role involves handling routine underwriting responsibilities, including financial and account analysis, agency relationship management, and providing recommendations to branch and home office personnel. You will also provide general direction to Bond Underwriting Assistants.
Responsibilities
- Perform financial and account analysis of pertinent financial data, authority, and referral requirements for new, existing, and renewal business.
- Request and gather financial information on assigned accounts.
- Prepare bond renewals and determine whether bonds should be cancelled.
- Maintain agency relationships and provide exceptional service and support.
- Underwrite low value bonds and renewals (may have authority).
- Provide general direction to Bond Underwriting Assistants for bond processing.
- Offer quality recommendations to Branch and Home Office Reports on assigned accounts and agents.
- Rate and review bonds for premium and classification accuracy.
- Ensure accuracy and completeness of files and verify all necessary documentation.
- Act as the primary service contact and visit assigned agents to foster and maintain relationships.
- Accurately communicate knowledge of assigned accounts to Branch and Home Office personnel.
- Prioritize workflow to ensure timely completion of tasks and adherence to deadlines.
- Perform other job-related duties as required.
Qualifications
Must Have:
- Bachelor’s degree in Risk Management, Finance, Mathematics, Business or related field.
- At least 7 years of experience in Surety or equivalent (11 years of Surety experience).
- Thorough knowledge of the Contract Surety industry with at least 5 years of analytical experience.
- Ability to apply loss development and advanced loss analysis concepts for optimal risk pricing.
- Ability to creatively utilize coverage features, deductibles, or reinsurance on individual risks.
- Must be authorized to work in the United States without requiring VISA sponsorship.
Preferred To Have:
- AFSB industry designations.
About IAT Insurance Group
IAT Insurance Group is the largest private, family-owned property and casualty insurer in the U.S. Insurance Answers Together® is our guiding principle. We collaborate internally and with our partners to provide the best insurance and surety options for our customers. We are committed to fostering an open and supportive culture, where employees drive innovation, stable partnerships, and growth.
We Offer Comprehensive Benefits Like
- 26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off
- 7% 401(k) Company Match and additional Profit Sharing
- Hybrid work environment
- Numerous training and development opportunities
- Healthcare and Wellness Programs
- Opportunity to earn performance-based bonuses
- College Loan Assistance Support Plan
- Educational Assistance Program
- Mentorship Program
- Dress 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.
Key skills/competency
- Contract Surety Underwriting Manager
- Financial Analysis
- Account Analysis
- Surety Industry Knowledge
- Risk Management
- Agency Relationships
- Loss Development
- Advanced Loss Analysis
- Bond Processing
- Underwriting
Skills & topics
- Contract Surety Underwriting Manager
- Surety
- Underwriting
- Risk Management
- Financial Analysis
- Account Analysis
- Bond Renewal
- Agency Relations
- Loss Analysis
- Insurance
How to get hired
- Tailor your resume: Highlight your 7+ years of surety experience and analytical skills, aligning them with the Contract Surety Underwriting Manager requirements.
- Showcase industry knowledge: Emphasize your deep understanding of the Contract Surety industry and ability to apply loss analysis concepts.
- Demonstrate relationship skills: Provide examples of maintaining strong agency relationships and offering exceptional service.
- Prepare for interviews: Be ready to discuss your experience with financial analysis, risk assessment, and underwriting complex accounts for the Contract Surety Underwriting Manager role.
- Express company alignment: Articulate how your values and work ethic align with IAT Insurance Group's 'Insurance Answers Together®' philosophy.
Technical preparation
Master contract surety underwriting principles.,Practice financial statement analysis.,Develop proficiency in loss analysis techniques.,Familiarize with surety bond processing systems.
Behavioral questions
Describe managing agency relationships effectively.,How do you handle conflicting priorities?,Explain a complex underwriting decision.,How do you provide direction to a team?
Frequently asked questions
- What is the work arrangement for the Contract Surety Underwriting Manager position at IAT Insurance Group?
- The Contract Surety Underwriting Manager role at IAT Insurance Group operates on a hybrid schedule. Employees are expected to work from the Norristown, Pennsylvania office Monday through Wednesday, with the flexibility to work remotely on Thursdays and Fridays.
- What are the minimum education and experience requirements for the Contract Surety Underwriting Manager role?
- To qualify, applicants must have a Bachelor’s degree in Risk Management, Finance, Mathematics, Business, or a related field, along with at least 7 years of experience in Surety or an equivalent of 11 years of Surety experience. A minimum of 5 years must be specifically within the Contract Surety industry, demonstrating analytical skills.
- Does IAT Insurance Group offer opportunities for professional development for the Contract Surety Underwriting Manager?
- Yes, IAT Insurance Group is committed to employee growth and offers numerous training and development opportunities to assist Contract Surety Underwriting Managers in furthering their careers. This includes a mentorship program and educational assistance.
- What kind of financial analysis is expected for the Contract Surety Underwriting Manager position?
- The Contract Surety Underwriting Manager is responsible for performing financial and account analysis of pertinent financial data. This includes evaluating authority, referral requirements, and applying loss development and advanced loss analysis concepts for optimal risk pricing of new, existing, and renewal business.
- What makes IAT Insurance Group a unique employer for a Contract Surety Underwriting Manager?
- IAT Insurance Group is the largest private, family-owned property and casualty insurer in the U.S., operating under the principle of 'Insurance Answers Together®'. They foster an open and supportive culture, offering comprehensive benefits, a hybrid work environment, and opportunities for career advancement, making it an attractive place for a Contract Surety Underwriting Manager.
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