Full-Time

Binding Authority Underwriter

Confirmed live in the last 24 hours

Ryan Specialty

Ryan Specialty

1,001-5,000 employees

Consulting
Financial Services

Compensation Overview

$90k - $118.1kAnnually

+ Bonus

Senior

Stonycreek Township, PA, USA

Category
Insurance
Finance & Banking
Required Skills
Customer Service
Requirements
  • Minimum of 5 years of experience in Binding Authority and Insurance Underwriting with a Bachelor’s degree, or 3 years of experience and a Master’s degree.
  • Bachelor’s degree required, Master’s degree preferred; Business Administration, Risk Management preferred. Any other related discipline or commensurate work experience considered.
Responsibilities
  • Reviews and analyzes renewal and new business submissions, risks submitted by brokers, evaluates historical performance, and assists in the development of profitable binding terms as per underwriting guidelines.
  • Applies binding authorities effectively while brokering risks to successfully negotiate a placement while delivering on underwriting targets.
  • Evaluates documents such as application forms, binders, inspection reports, etc. to determine the degree of risk and obtains further information as needed to establish premium amount.
  • Determines the profitability of the premium amount and seeks to evaluate possibility of losses due to catastrophe or excessive insurance.
  • Ensures quality underwriting practice by adhering to guidelines and procedures and meets high service standards for timely quoting, binding, and customer service.
  • Demonstrates knowledge of binding authority underwriting guidelines and best practices and ensures compliance with regulatory and statutory policies and procedures.
  • Develops strong, long-term relationships with brokers, agents, and fellow underwriters to add to a profitable book of business.
  • Identifies opportunities to optimize premium coverage and monitors previous losses and actions on coverage gaps and/or opportunities impacting profitability, leveraging knowledge of all markets.
  • Develops the underwriting associates by providing technical knowledge transfer for them to successfully carry out operational tasks and enhances their business communication skills.

Company Stage

IPO

Total Funding

$705.5M

Headquarters

Chicago, Illinois

Founded

2010

Growth & Insights
Headcount

6 month growth

-1%

1 year growth

-1%

2 year growth

-1%
Simplify Jobs

Simplify's Take

What believers are saying

  • Acquisition of Innovisk boosts revenue by $58 million, expanding market presence.
  • Repricing of $1.65 billion term loan optimizes costs, saving $5.6 million annually.
  • Expansion into new Chicago space increases operational capacity and growth potential.

What critics are saying

  • Integration of recent acquisitions poses operational challenges and cultural clashes.
  • Rising interest rates may impact cost of capital and borrowing costs.
  • Increased competition in specialty insurance could pressure profit margins.

What makes Ryan Specialty unique

  • Ryan Specialty's strategic acquisitions enhance its global reach and product offerings.
  • The company effectively manages financials, reducing annual cash interest by $5.6 million.
  • Ryan Specialty's commitment to growth is evident in its $6 million Chicago expansion.

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