Surety Underwriter

Description SPG is an underwriting unit within the national surety practice of WTW. We have been granted significant underwriting authority from our partner surety markets, so that we can offer competitive surety solutions to WTW clients. SPG underwriters evaluate risk by analyzing data related to the company, industry, and bond obligations. We then decide whether to accept or decline the risk. SPG's underwriters are responsible for selecting, approving, and pricing risks that create revenue and profit for our surety market partners and WTW. The Role: KEY RESPONSIBILITIES Monitor Automated Approval System (SPG Bond Management Software - SuttonSoft) SPG Bond Management Software - SuttonSoft Assist in establishing guidelines and limits for our proprietary automated surety bond approval program Perform monthly auditing of transactions related to the automated surety bond approval program Ensure compliance with bond approval guidelines, including use of proper class codes and indemnity agreements (if required) Train and instruct new users on the system Review and recommend ongoing system enhancements to increase workflow efficiencies Periodically evaluate appropriateness of bond premiums based on risk assessment and underwriting guidelines Assigned Accounts Establish support parameters (Line of Authority - LOA) for each account Single bond size Class of bond Aggregate account limit Monitor the financial trend of assigned accounts Provide quarterly updates to internal SPG personnel Identify underwriting changes with the account Review and update financial analysis Monitor and update open bonded liability Reconfirm and recommend support parameters and LOA limits Provide annual summary - which may be sent to SPG surety market partners Request, document and maintain account files with pertinent and timely financial and underwriting information Create a diary system to track the timely receipt of critical underwriting information Delegated Authority Accounts Manage the approval of bond transactions on accounts where a Line of Authority (LOA) has been delegated to the Junior Underwriter or their assigned accounts Bond Approval - New Bonds Bond Closures/Cancellations Bond Renewals Calculation of Additional/Return Premiums Qualifications The requirements: Underwriting Assistance Provide support to SPG underwriters in analyzing complex surety bond applications and scenarios Training Assist in the training and development of WTW personnel assigned to the SPG book of business Reporting Assist in preparation of reporting requirements to SPG partner surety markets Review of monthly bordereau transactions to confirm compliance with reporting and underwriting authority Indemnity Preparation of GIA's Accounts Receivable Assist in collection of accounts receivable - individual case by case basis This position will remain posted for a minimum of three business days from the date posted or until a sufficient/appropriate candidate slate has been identified. Compensation and Benefits Base salary range and benefits information for this position are being included in accordance with requirements of various state/local pay transparency legislation. Please note that salaries may vary for different individuals in the same role based on several factors, including but not limited to location of the role, individual competencies, education/professional certifications, qualifications/experience, performance in the role and potential for revenue generation (Producer roles only). Compensation This role is also eligible for an annual short-term incentive bonus. Company Benefits WTW provides a competitive benefit package which includes the following (eligibility requirements apply): Health and Welfare Benefits: Medical (including prescription coverage), Dental, Vision, Health Savings Account, Commuter Account, Health Care and Dependent Care Flexible Spending Accounts, Group Accident, Group Critical Illness, Life Insurance, AD&D, Group Legal, Identify Theft Protection, Wellbeing Program and Work/Life Resources (including Employee Assistance Program) Leave Benefits: Paid Holidays, Annual Paid Time Off (includes paid state/local paid leave where required), Short-Term Disability, Long-Term Disability, Other Leaves (e.g., Bereavement, FMLA, ADA, Jury Duty, Military Leave, and Parental and Adoption Leave), Paid Time Off ( Retirement Benefits: Contributory Pension Plan and Savings Plan (401k). All Level 38 and more senior roles may also be eligible for non-qualified Deferred Compensation and Deferred Savings Plans. At WTW, we trust you to know your work and the people, tools and environment you need to be successful. The majority of our colleagues work in a "hybrid" style, with a mix of remote, in-person and in-office interactions dependent on the needs of the team, role and clients. Our flexibility is rooted in trust and "hybrid" is not a one-size-fits-all solution. We understand flexibility is key to supporting an inclusive and diverse workforce and so we encourage requests for all types of flexible working as well as location-based arrangements. Please speak to your recruiter to discuss more. EOE, including disability/vets

Created: 2024-11-20