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Credit Rating Specialist (m/f/d)*

Location Munich, Germany Date posted 09/26/2025 Job type Full-Time Work mode Hybrid Job level Professional Job ID 8277 Company Munich Re Employment type Regular Area of expertise Actuarial & Risk Management
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The Credit Risk Management team is responsible for the management of Munich Re’s credit risks. This includes the development of the group-wide credit risk strategy and, more specifically, all credit risk management activities arising from investments, external retro and reinsurance placements, and reinsurance transactions that give rise to credit risk exposures, i.e. credit (re)insurance business or financially motivated reinsurance (FinMoRe). To achieve our goals, we work in close collaboration with other reinsurance departments, other risk management and investment management units as well as with our primary insurance group ERGO and asset manager MEAG.

Your Job:

Ratings play a decisive role in evaluating and managing the credit risk of investments and credit (re)insurance products. Specifically, this involves pricing, accumulation control and counterparty limit management but also internal capital modelling. In this context, external ratings from external rating agencies, third-party asset managers, etc. including their underlying methods, processes and systems must be initially approved and consistently embedded into Munich Re’s internal processes. Regular validation must also be ensured. Your main responsibilities will thus concentrate on

  • Developing and continuously improving group wide approval and validation standards (incl. methodology, process and governance) for the use of external ratings, taking into account applicable internal and regulatory requirements.
  • Initially validating and approving external ratings in line with all internal/external standards and requirements.
  • Mapping of external ratings into Munich Re’s internal rating master scale and making them “fit for purpose”.
  • Conducting ongoing validation to confirm that external ratings are still in accordance with Munich Re standards.
  • Documenting validation results and presenting and discussing with internal stakeholders.
  • Fostering further automation of validation analyses.

The job also involves, to a lesser degree, working with the internal capital model for the credit (re)insurance segment which is used to determine the regulatory capital requirements according to Solvency II. Here you will work on

  • Preparing data and information for the modelling process.
  • Maintaining, validating and further developing the model to incorporate internal and external requirements.
  • Running the model to derive the loss distributions for Munich Re Group and several MR entities.
  • Documenting model results and the model itself.

Your Profile:

  • Master degree in finance, economics, mathematics, statistics or any other related quantitative field.
  • Good knowledge of rating approaches and methodologies for various types of debtors and credit risk products.
  • Experience in a credit rating agency or rating development resp. validation or credit risk modelling unit of a bank or (re)insurance company is a plus.
  • Knowledge in the modeling and/or validation of credit risk parameters (PD, LGD, CCF), IFRS9 accounting (ECL) or stress-testing models.
  • Programming skills (MATLAB, VBA, SQL) are required, experience with Python, R is a plus.
  • Conceptual skills and the ability to think in solutions.
  • Ability to integrate and manage perspectives of different stakeholders in the development of one solution.
  • Good analytical skills and distinct ability to explain and present complex issues in a clear and simple way.
  • Very good command of English (written and spoken).

Application Instructions

Please apply through our online portal and upload your CV, as well as your academic reference letters, including school certificates, graduation certificates and transcripts of record for any degrees. If applicable, please also submit reference letters from any previous employers or certificates from any other qualifications you may have. We recommend writing a cover letter to tell us more about why the position and Munich Re is of interest to you.

About us

As the world's leading reinsurance company with more than 11,000 employees at over 50 locations, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into a manageable risk we enable fundamental change. Join us working on topics today that will concern society tomorrow, whether that be climate change, major construction projects, medical risk assessment or even space travel.

Together we embrace a culture where multiskilled teams dare to think big. We create the new and the different for our clients and cultivate innovation.

Sounds like you? Push boundaries with us and be part of Munich Re.

Our employees are our greatest strength. That’s why we offer them a wide range of benefits. You can find some examples below.

Unlock your potential

  • Diversity, Equity & Inclusion: we embrace the power of differences and are convinced that diversity fosters innovation and resilience and enables us to act braver and better.
  • Continuous Learning: we believe that continuous learning is a key differentiator and critical for building new skills and accelerating growth.
  • Career Mobility: we actively support career mobility, and our strong global and regional presence offers a wealth of career growth opportunities for you.

Rewards & Recognition

  • Competitive salary: appropriate compensation for your high level of commitment.
  • Retirement provision: state of the art in-house pension solutions.
  • Work-life balance: promoting the compatibility of family and work in addition to overall work-life balance.
  • Health management: focus on your physical and mental health far beyond legal requirements.
  • Hybrid working: living the best of both worlds – we offer you a very flexible approach as well as the opportunity to work from abroad on an occasional basis.

* Munich Re not only stands for fairness with regard to its clients; it is also an equal opportunities employer. Severely disabled candidates will also be prioritized, if equally qualified. 

Münchener Rückversicherungs-Gesellschaft
Katharina Schlechter

HR Consultant

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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