JOB SPECIFICATION
\nPosition Title: Surety & Trade Credit Underwriter (1)
\nDepartment: Underwriting
\nReports to: Head of Underwriting
\nPOSITION PURPOSE
\nTo expertly underwrite, analyze, price, and structure surety facultative and treaty reinsurance business across Africa and Asia, applying advanced financial analysis and risk assessment capabilities to build a profitable and diversified surety portfolio while maintaining strong broker and cedant relationships.
\nKEY RESPONSIBILITIES & ACCOUNTABILITIES
\nUnderwriting Excellence & Risk Assessment
\nCore Underwriting Functions:<\/p>\n
Comprehensive Risk Analysis:\u00a0Evaluate complex surety reinsurance submissions, including contract bonds, commercial bonds, and specialty surety products
\nFinancial Underwriting:\u00a0Conduct in-depth financial analysis of principals, examining the \u201cThree Cs\u201d of surety underwriting:
\n\u2013\u00a0Character:\u00a0Assess management integrity, business reputation, and past performance
\n\u2013 Capacity:\u00a0Evaluate technical expertise, organizational capability, and operational track record
\n\u2013 Capital:\u00a0Analyze financial strength, working capital, net worth, and liquidity ratios<\/p>\n
Pricing, Terms & Portfolio Management
\nStrategic Pricing:<\/p>\n
Premium Calculation:\u00a0Develop competitive yet profitable pricing using actuarial models, historical loss data, and market intelligence
\nTerms & Conditions:\u00a0Structure appropriate reinsurance terms including limits, retentions, exclusions, and special conditions
\nPortfolio Optimization:\u00a0Monitor portfolio performance, geographic distribution, and industry concentration to maintain balanced exposure<\/p>\n
Business Development & Relationship Management
\nMarket Development:<\/p>\n
Broker Relations:\u00a0Cultivate and maintain strategic relationships with reinsurance brokers and intermediaries across target markets
\nCedant Partnerships: Build strong relationships with ceding companies, providing technical expertise and market intelligence
\nRevenue Growth: Achieve annual premium targets, while maintaining target loss ratios and expense ratios
\nMarket Intelligence:\u00a0Stay current with construction industry trends, economic conditions, and regulatory changes affecting surety markets<\/p>\n
Operational Excellence & Compliance
\nProcess Management:<\/p>\n
Documentation Standards:\u00a0Ensure all underwriting decisions are properly documented with clear rationale and supporting analysis
\nRegulatory Compliance:\u00a0Ensure all activities comply with local insurance regulations and international reinsurance standards<\/p>\n
Technical Leadership & Knowledge Sharing
\nProfessional Development:<\/p>\n
Mentorship:\u00a0Guide and train junior underwriting staff and apprentices in surety underwriting principles and practices
\nProcess Improvement:\u00a0Continuously update underwriting manuals, guidelines, and standard operating procedures
\nMarket Research:\u00a0Conduct an analysis of emerging trends in construction, infrastructure development, and surety markets
\nTraining Delivery:\u00a0Provide technical training to internal teams and external stakeholders on surety products and market conditions<\/p>\n
Reporting & Communication
\nManagement Reporting:<\/p>\n
Performance Analytics:\u00a0Prepare comprehensive quarterly and annual reports on portfolio performance, market trends, and profitability analysis
\nRisk Reporting:\u00a0Provide regular updates on large exposures, concentration risks, and emerging market developments
\nBusiness Intelligence:\u00a0Contribute to strategic planning and market expansion initiatives through data-driven insights<\/p>\n
QUALIFICATIONS & REQUIREMENTS
\nAcademic Qualifications<\/p>\n
Bachelor\u2019s Degree\u00a0in Finance, Accounting, Business Administration, Engineering, or related field from a recognized university
\nProfessional Certifications:
\n\u2013 Associate in Fidelity and Surety Bonding (AFSB) \u2013 required within 24 months
\n\u2013 DCII (Diploma Chartered Insurance Institute) or equivalent \u2013 preferred
\n\u2013 Additional surety-specific certifications will be advantageous<\/p>\n
Professional Experience
\nRequired Experience:<\/p>\n
Minimum 5+ years in surety underwriting or surety reinsurance
\nProven track record in underwriting contract surety, commercial surety, or specialty surety products
\nDemonstrated experience in financial analysis, credit assessment, and risk evaluation<\/p>\n
Core Technical Competencies
\nFinancial & Analytical Skills:<\/p>\n
Advanced financial statement analysis and credit assessment capabilities
\nStrong understanding of construction industry financials, working capital management, and project finance
\nProficiency in ratio analysis, cash flow modeling, and debt capacity evaluation
\nExperience with financial modeling and pricing tools<\/p>\n
Communication & Leadership:<\/p>\n
Exceptional written and verbal communication skills in English
\nStrong presentation and negotiation capabilities
\nCross-cultural sensitivity for working across diverse African and Asian markets
\nProven ability to build and maintain professional relationships<\/p>\n
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