Job Description
IAT Insurance Group has an immediate opening for a Contract Surety Senior Underwriter located in our Spring, Texas location. This role will handle most aspects of daily interaction with assigned agents regarding new and existing accounts. Responsibilities include gathering, analyzing, and evaluating all information on an account and making recommendations or decisions to the Regional Manager based on that information. This role works a hybrid schedule from an IAT Office, reflecting our values of ownership, collaboration, and teamwork, with in-office work Monday through Wednesday and remote work Thursday and Friday.
Responsibilities
- Review initial submissions to determine additional information needed. Initiate correspondence to obtain documentation as required.
- Set up financial backer files (account files) for new accounts. Maintain these files and request updated information if necessary (financial statements, credit reports, correspondence, news, etc.) and monitor the aggregate liability.
- Advise manager immediately if there have been any significant negative developments or events.
- Compose narratives for new accounts, update narratives annually, and submit them to the manager with account recommendations for review.
- Update accounts in the Underwriting Database with current financial statement information.
- Analyze bond submissions not affiliated with an account, review the applicant's qualifications, determine appropriate rates and indemnity, and recommend to the manager if outside your authority.
- Evaluate unfamiliar or new bond requirements and discuss with the manager if necessary, especially for potentially hazardous or high-risk industries.
- Maintain individual bond files with updated underwriting information annually, requesting information from agents as needed.
- Ensure proper indemnity has been secured for new bonds reported.
- Evaluate requests to close bonds, release collateral, and submit recommendations to the manager if necessary.
- Maintain information on bond-specific underwriting requirements and hazards.
- Periodically check agent's bond number logs to ensure bonds are reported and outstanding bond numbers are requested.
- Perform reference checks, order and review credit reports to document past capabilities and relationship handling.
- Analyze financial statements to ascertain key components and ratios.
- Evaluate additional measures to protect the surety, such as indemnity agreements, collateral, escrow arrangements, or outside indemnity, discussing with the supervisor as needed.
- Assess specific bond requests for unusual hazards and discuss with the supervisor if necessary.
- Maintain up-to-date file documentation for active accounts to facilitate informed decisions on new requests.
- Communicate decisions clearly and promptly to the Regional Manager.
- Engage in regular discussions or visits with Agency Principals/Producers about opportunities to expand IAT's presence.
- Meet premium targets assigned by the Regional Manager.
- Perform other job-related duties as required.
Qualifications
Must Have
- Bachelor's degree in Risk Management, Finance, Mathematics, Business, or related field with at least 4 years of bond underwriting experience, or 8 years of relevant experience.
- Strong marketing skills and ability to obtain new business, especially with contractor clients.
- Strong quantitative and financial analysis skills.
- Excellent math aptitude, verbal and written communication, interpersonal, and negotiating skills.
- Customer service orientation and high integrity.
- Proficiency with computer programs, internet-based applications, and spreadsheets.
- Valid driver's license.
- Authorization to work in the U.S. without future VISA sponsorship.
Preferred to Have
- AFSB industry designation.
Our Culture
IAT is the largest private, family-owned property and casualty insurer in the U.S. Insurance Answers Together reflects our collaborative spirit. We work together to provide solutions and foster an open, supportive culture that drives innovation, partnerships, and growth. We aim to attract and retain top talent through an engaging workplace environment.
Our benefits include:
- 26 PTO Days (Entry Level) + 12 Holidays = 38 Paid Days Off
- 7% 401(k) Match + Profit Sharing
- Hybrid work environment
- Training and development opportunities
- Healthcare and Wellness Programs
- Performance-based bonuses
- College Loan Assistance
- Educational Assistance
- Mentorship Program
- Dress for Your Day Policy
We are an equal opportunity employer and participate in E-Verify, maintaining a drug-free workplace. All qualified applicants will receive consideration without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.
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Job Tags
Contract work, For contractors, Work at office, Immediate start, Remote work, Visa sponsorship,