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Senior Cargo Underwriter

Location Munich, Germany Date posted 09/29/2025 Job type Full-Time Work mode Hybrid Job level Professional Job ID 9504 Company Munich Re Specialty - Global Markets Employment type Regular Area of expertise Claims & Underwriting
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About us

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.  

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.  

Please see our website for more information.

Senior Cargo Underwriter

We are currently looking for a Senior Cargo Underwriter to be based in London on a full-time basis, reporting into the Cargo Underwriting Manager.

You will support the Cargo Underwriting Manager in the effective management of the Cargo book within Global Specialty Insurance. You will ensure prudent underwriting of quality business in line with the business plan to facilitate maximum return of profit while maintaining the firm’s reputation and integrity, demonstrating care for customers and respect for the regulatory obligations of the firm.

Responsibilities:

  • Assist in the creation and delivery of the business plan for the Cargo team and be a driving force of the underwriting, accountable for ensuring targeted income levels are met throughout the year and growth targets are met year-on-year.
  • Underwrite new and renewal Cargo risks, exercising judgement in all underwriting matters, and remain aware of own underwriting limits as set out on the Underwriting Authority sheet, all in accordance with Underwriting business plan;
  • Ensure the effective management of cargo business, including performance, EPI monitoring, referrals, bordereaux management, rate movement, claims trends, regular reviews, underwriter visits and audits
  • Service existing contracts and open market risks, and make amendments in line with the Syndicate’s underwriting philosophy;
  • Conduct and develop effective relationships with peers, clients, coverholders and brokers, with a view to retaining quality business and securing new business that falls within the Munich Re Specialty Group appetite for Cargo
  • Oversee the development and training (technical and non-technical) of junior members of the team, driving their progress and knowledge, including shadowing their work on new tasks and increased underwriting responsibilities.
  • Work collaboratively and engage regularly with the teams in the Service Companies to ensure adherence to the global product approach of MRSGM
  • Establish and run projects and initiatives such as new sub-classes and products to serve clients and diversify the portfolio from both a risk and income perspective.
  • Conduct book review as well as regular monitoring and portfolio management to ensure the business plan is being executed.
  • Monitor recording of all aggregate and reporting information as follows:

Aggregates:

  • Monitor on weekly basis, or as instructed;
  • Review and forward to Exposure Management on a quarterly basis.

RDS:

  • Undertake quarterly collation of RDS aggregates from all classes of business;
  • Apply aggregates to reinsurance program for Board review;
  • Maintain full audit trail for all the above in line with MRSG’s procedures manual.
  • Provide Analytical Support as follows:
  • S2000 – risk entry report production using MS Excel; Use of S2000 Adhoc reporting feature.
  • Supervise the Underwriting Assistants in monitoring of income flows (late premiums/adjustments etc) and work closely with the Credit Control team
  • Provide management reports as and when required.
  • Review slips and/or other information/literature, exercising own judgment, based on knowledge and experience, acting within own limits of authority at all times.
  • Make written records of conversations with customers, both internal and external, in accordance with MRSG’s procedures manual.
  • Negotiate new wordings and structures, ensuring clients’ needs are serviced and regulatory requirements met, whilst preserving a prudent risk appetite, in line with the syndicate and team’s underwriting strategy.
  • Ensure that company procedures and systems are followed and maintained, as per procedure and compliance manuals.
  • Ensure that all contract certainty issues are addressed for all relevant risks;
  • Review and administer existing contracts and make amendments in line with MRSGM’s underwriting philosophy;
  • Monitor recording of risk entry and amend where appropriate;
  • Ensure that Peer Review Group see appropriate information and respond to PRG queries relating to the Cargo Account;
  • Be aware of, and take ownership of, the potential risks facing the business within own job role and the controls that are in place to mitigate them; and report all significant changes in these risks, or

Knowledge and Skills

  • Advanced knowledge and understanding of:
  • Underwriting Principles;
  • Legal Principles;
  • FCA and Lloyd’s rules and regulations including contract certainty issues;
  • All company specific procedures that relate to own role and role of those employees that you are supervising;
  • Cargo cover
  • Intermediate knowledge and understanding of:
  • BBB/PI
  • D&O
  • Demonstrate clear understanding of the roles of colleagues and their relationships to the structure and business plans of the Firm;
  • Develop and maintain market awareness and continually demonstrate thought leadership

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Learn more about sustainability at Munich Re – choose your impact!

Benefits

  • 25 days Annual Leave + Bank Holidays
  • 10% Non-contributory Pension
  • Eligibility for an Annual Bonus
  • Private Medical + Dental Insurance
  • Critical illness insurance + Life Assurance + Permanent Health Insurance
  • Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
  • Electric Vehicle Salary Sacrifice Scheme
  • Study & continuing Professional Development Support
  • Hybrid Working + IT Home Set-up Support

#BePresent #BeBold #BeCurious

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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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