VP - Commercial Underwriting

Job Purpose:

This position is responsible for growing and maintaining a profitable book of commercial bond business of at least $8 million and more for their assigned region. The position is responsible for setting underwriting policy and rates on various types of commercial bonds and products to ensure a profitable book of business. The position is responsible for accounts receivable from commercial agencies. The position will provide leadership to the department and region and is responsible for the oversight of all commercial staff in their region.

Job Responsibilities:

Regional Growth and Underwriting:

• Travels across their assigned region to promote Merchants’ commercial surety products and evaluate, coach, and train underwriters. Develops new business opportunities and maintains existing business. Oversees the identification of specific commercial bond products to generate premium.
• Establishes the underwriting appetite for commercial surety and oversees the marketing efforts of commercial underwriters within their assigned region.
• Develops profitable premium growth of commercial surety within their region. Develops, implements, communicates, and monitors production goals and travel priorities for individual underwriters and assistants within the region and assures these are being met.
• Analyzes commercial surety risk by reading financial and other relevant documents, applications, court documents, bond forms, statutes, underwriting files at renewal, indemnity, and collateral trust agreements for the purpose of approval and guiding underwriting appetite for their assigned region. Approves or denies bonds based on their analysis up to the underwriting authority assigned by the Senior Vice President – Commercial Underwriting. Provides second approvals and underwriting guidance in their region on individual bond risks and underwriting opinions.
• Reviews large commercial exposures for the region’s commercial principals and performs timely reviews of these accounts. Tracks underwriting account activity in order to make recommendations on account management, including indemnity requirements, account closures or other adjustments based on account activity.
• May assist in establishing underwriting appetite beyond the region as needed.
• Assures that all underwriters in their region are effectively documenting files, including supporting documentation, to capture underwriting decisions.
• Organizes and manages various projects to support workflow and underwriting efficiency.
• Actively tracks and collects accounts receivable from all agencies in their assigned region.
• Oversees rate decisions for commercial products in their assigned states within the authority given by the SVP – Commercial Underwriting.

Forms and Underwriting Opinions:

• Reviews bond forms and/or statutes for the purpose of forming underwriting opinions and setting underwriting guidelines. Approves underwriting opinions written by their team members.

Talent Management:

• Sources, hires, and retains high caliber talent in order to support and execute their region’s growth goals.
• Conducts annual performance reviews and identifies opportunities for advancement and development. In collaboration with associates, establishes individual development goals and activities.
• Submits salary and bonus recommendations to the Senior Vice President - Commercial Underwriting for all commercial staff in their assigned region. Executes on salary administration of approved compensation.
• Trains or assists in on-the-job training for new underwriters and new assistants/associates.

Administration:

• Assists with the implementation of the Department’s Business Continuity Plan.
• Represent commercial on projects supporting various organizational strategies
• May lead projects to develop new products or enhance old ones

Education and Experience:

• Bachelor’s degree in business, finance, accounting, insurance, or a related field, or equivalent work experience. Coursework in math, statistics, and financial analysis preferable. 10-15 years of experience of commercial bond underwriting and customer service, and agency marketing. 3-6 years in a supervisory or leadership role. Ability to underwrite large and more complex accounts. AFSB designation preferable but not required. Knowledge of the legislative and regulatory process. Knowledge of the commercial surety industry and fidelity underwriting. Knowledge of public official bonds, license and permit bonds, court bonds, probate and other fiduciary bonds, Federal and miscellaneous bonds.