Position Summary

The Binding Authority Underwriter is responsible for developing and maintaining the book of business by assessing and analyzing insurance risks, determining coverage terms as per binding authority underwriting guidelines and building relationships with internal and external stakeholders. The role reviews and authorizes binding authority requests and ensures compliance with regulatory standards. They collaborate with brokers, negotiate terms, evaluate exposures, and establish premium rates.

What will your job entail?

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.

Work Experience:

• 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.

Education:

• Bachelor’s degree required, Master’s degree preferred; Business Administration, Risk Management preferred. Any other related discipline or commensurate work experience considered.

Licenses and Certifications:
Prescribed: Minimum requirements for state P&C and/or surplus line licenses
Preferred: Certified Insurance Counselor (CIC), Chartered Property Casualty Underwriter (CPCU)

Ryan Specialty is an Equal Opportunity Employer. We are committed to building and sustaining a diverse workforce throughout the organization. Our vision is an inclusive and equitable workplace where all employees are valued for and evaluated on their performance and contributions. Differences in race, creed, color, religious beliefs, physical or mental capabilities, gender identity or expression, sexual orientation, and many other characteristics bring together varied perspectives and add value to the service we provide our clients, trading partners, and communities. This policy extends to all aspects of our employment practices, including but not limited to, recruiting, hiring, discipline, firing, promoting, transferring, compensation, benefits, training, leaves of absence, and other terms, conditions, and benefits of employment.

How We Support Our Teammates

Ryan Specialty seeks to offer our employees a comprehensive and best-in-class benefits package that helps them — and their family members — achieve their physical, financial, and emotional well-being goals. In addition to paid time off for company holidays, vacation, sick and personal days, Ryan offers paid parental leave, mental health services and more.

The target salary range for this position is $90,000.00 - $118,125.00 annually.

The wage range for this role considers many factors, such as training, transferable skills, work experience, licensure and certification, business needs, and market demands. The pay range is subject to change and may be modified in the future. Full-time roles are eligible for bonuses and benefits. For additional information on Ryan Specialty Total Rewards, visit our website https://benefits.ryansg.com/.

We provide individuals with disabilities reasonable accommodations to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment in accordance with applicable law. Please contact us to request an accommodation at [email protected]

The above is intended to describe this job’s general requirements. It is not to be construed as an exhaustive statement of duties, responsibilities, or physical requirements. Nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.