Berkley

Vice President Underwriting - Professional Liability

Location Name IL, Chicago - 550 W Jackson Blvd - 5th Floor
ID
2020-4071
Date Posted
2 weeks ago(1/8/2021 4:11 PM)
Company
Berkley Select
Primary Location
US-IL-Chicago
Category
Underwriting

Company Details

Berkley Select_Logo

 

 

More than any other, insurance is an industry whose foundation is based on trust – to provide peace of mind. So it is essential that, above all, Berkley Select is a company defined by the attributes that engender trust and confidence among our brokers and agents, and their clients. Berkley Select is the result of bringing together two of the industry’s most respected names in professional liability insurance.
 
We are a leading provider of professional liability insurance products across a full spectrum of disciplines and industries, for clients of virtually every size and level of complexity.

As a Berkley company, we enjoy operational flexibility that allows us to deliver quality coverage solutions.  Berkley Select clients have access to a creative team of dedicated underwriters and the resources of W. R. Berkley Corporation. All member insurance companies are rated A+ (Superior) by A.M. Best Company, and carry Standard & Poor’s Financial Rating of A+ (Strong).

Responsibilities

The Underwriting Segment Executive maintains a book of business of their own while leading a team of segment underwriters. The Executive is responsible for the development and execution of the underwriting strategy, working with the segment underwriters to effectively and efficiently meet the needs of our producers and insureds and achieve our financial targets.

 

This role is critical to the overall success of the Business Segment and provides day-to-day direction to underwriters pursuant to the segment strategy. The Executive will work closely with the marketing department to establish, maintain and strengthen broker relationships, and will work with the actuarial department to evaluate relevant data, and make evidence based decisions. The Executive will work collaboratively across the organization with Claims, IT and Finance to optimize segment performance.

 

  • Evaluates or assesses the business applying for insurance by qualifying accounts; identifying, selecting and assessing risks; determining the premium, policy terms and conditions; obtaining approvals; creating/presenting the proposal to the agent/broker and successfully negotiating deals.  Handles underwriter questions and referrals.
  • Demonstrates a high level of responsiveness and focus on supporting Brokers objectives through successful negotiations. Develops and maintains the relationship through responsive service, site visits, in person renewal meetings or enhanced knowledge of their customers’ businesses.
  • Manages a sizable and complex book of business by analyzing the portfolio, identifying areas of opportunity for improved growth, profit and diversification, and executing marketing plans to increase market share with preferred brokers.
  • Development and maintenance of rating plans, forms and endorsements for admitted business. The ability to craft coverage terms and pricing for non-admitted business. Monitors social, judicial and legislative developments that may impact the profitability of the segment.
  • Documents files in a way that reflects a solid thought process and decision making through comprehensive account reviews, sign-offs and referrals.
  • Formally guides, mentors, and coaches underwriters in both technical and professional skills. Demonstrates an area of expertise and provides regular updates to other underwriters.
  • Actively participates in continuous improvement by fully engaging in daily huddles (coaching sessions), generating suggestions, following appropriate procedures and work principles, participating in problem solving activities, and using continuous improvement tools to support the work of the team.
  • Lead and participate in interviewing, hiring and training of underwriting personnel 
  • In conjunction with CUO, conduct employee evaluations and recommend salary and incentive compensation changes on an annual basis and at time of promotion.  Identify performance issues and take appropriate actions.
  • Delegate and monitor work assignments
  • Set realistic expectations and then inspire and motivate the team to maximize performance

Qualifications

  • Bachelor’s Degree required;
  • RPLU,CPCU, designations preferred
  • Management and product experience required, with five years preferred.
  • Must possess Lawyers Professional Liability experience.
  • Advanced-level knowledge of insurance products/coverage, market segments and marketplace; insurance finance and actuarial concepts; marketing/selling techniques, regulatory environment and reinsurance. Ability to apply underwriting/appetite, tools, systems, and resources to achieve goals, solve complex problems, establish and build healthy working relationships, lead mentoring relationships and provide coaching to staff.

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