Surety Bond Contract Underwriter

Job Description
Jan 13Under general direction, reviews contract bond applications to evaluate, classify, and rate each risk to determine acceptability, coverage, and pricing. Establishes, maintains and develops agency and/or broker relationships. Has defined underwriting authority and business development responsibility. This position will report to our Vice President, Regional Director of our New York office.


Relying on limited experience and knowledge, the Intermediate Contract Bond Underwriter is responsible for accomplishing the following assignments. These assignments are varied in nature.


Review contract bond applications, bond forms, and contracts to evaluate, classify, and rate each risk to determine acceptability and rating.

Perform analysis of applicant's financial statements and accompanying schedules, review their credit history, reference their credit and performance, and related due diligence.

Review bond execution reports and Financial Adjustment Notices (FAN). Draft and issue surety bonds according to established guidelines.

Approve within given authority or recommend approval or denial of bonds to higher authority within field or home office.

Resolve legal, accounting and collateral issues related to bond submissions with internal clients.

Cultivate relationships with internal and external contacts to facilitate the underwriting process, promote business development, and to remain abreast of industry trends
Planning


Follow work plans, established timelines, and pre-defined goals for assigned work.

Meet commitments on deadlines.

Communication


Communicate activities, results, and observations with employees and management as appropriate.

Cost Management


Identify areas for improvement in existing business practices.

Perform work thoroughly in a cost efficient manner and at a high productivity level.

Business Controls and Policies


Comply with all corporate policies and procedures.

Report any breakdowns in controls to management.

Conduct all activities in a safe manner.



Requirements

Education


Bachelor's degree in Business Administration, Accounting or Finance or a related field or the equivalent education and/or experience

Experience


Minimum of two years of relevant and progressive surety bond underwriting experience that includes a strong working knowledge of state laws and operating procedures.

Other


Possess and have ability to apply knowledge of principles, practices, and procedures

Solid written and verbal communication skills with an emphasis on confidentiality, tact, and diplomacy

Advanced organizational and analytical skills; demonstrated ability to manage multiple tasks simultaneously

Knowledgeable of industry changes, legal updates and technical developments related to applicable area of the Companys business to proactively respond to changing business environment

Intermediate proficiency and experience using Microsoft Office Package (Excel, Access, PowerPoint, Word)


Note: This document is intended to describe the general nature and level of work being performed, and is not to be construed as an exhaustive list of all responsibilities, duties and skills required for the job.

Company

HCC Insurance Holdings

Job Code

State or Province

New York

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