IAT Insurance Group
Overview
Join IAT Insurance Group as a Surety Senior Underwriter. The role involves handling contract and commercial surety, reviewing account submissions, maintaining files, and making underwriting decisions. The position is hybrid, requiring in‑office presence Monday–Wednesday and remote work Thursday–Friday.
Responsibilities
Review initial submissions to determine any additional information needed. Initiate correspondence to obtain documentation as required.
Set up financial backer files (account files) for new accounts; maintain and request updated information if necessary (financial statements, credit reports, correspondence, news, etc.) and monitor aggregate liability.
Advise the manager immediately if there have been any significant negative developments or events.
Compose narratives for new accounts, update narratives on an annual basis, and submit them to the manager with account recommendations for review.
Update accounts in the Underwriting Database with current financial statement information.
For bond submissions not affiliated with an account, analyze the bond risk/class, the underwriting requirements for that class and review the applicant’s qualifications. Determine the appropriate rate and indemnity needed and make a recommendation to the manager if not within your own authority.
Evaluate unfamiliar or new bond requirements and discuss with the manager if necessary (if potentially hazardous, high risk associated with industry such as mortgage brokers, money transmitters).
Make sure proper indemnity has been secured for new bonds being reported.
Evaluate requests to close bonds which require a release of surety and requests to release collateral and submit a recommendation to manager if necessary.
Maintain information on bond‑specific underwriting requirements and on hazards of certain bonds.
Perform reference checks and order and review credit reports to document proven past capabilities and ability to handle relationship.
Analyze financial statements to ascertain key components and ratios.
Evaluate the need for additional measures to protect surety. This means perfecting indemnity agreements, possibly taking collateral, escrow arrangements, or additional outside indemnity. Discuss such additional measures as needed with supervisor.
Evaluate specific bond requests with regard to any unusual hazards. Discuss with supervisor as required.
Maintain file documentation so that information for existing active accounts is fresh enough to make an informed decision should a new request come up.
Communicate decisions as clearly and expeditiously as possible to the Regional Manager.
Regular discussion or visit with the Agency Principal/Producer about new opportunities for expanding the IFIC presence in the Agency.
Meet certain premium targets assigned to the Senior Bond Underwriter 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 with at least 4 years’ experience in surety underwriting or equivalent.
Equivalent is defined as 8 years of relevant bond underwriting experience.
Strong marketing skills and ability to obtain new business and work with contractor clients.
Strong competency in quantitative and financial analysis.
AFSB industry designation preferred.
Requires strong math aptitude, excellent verbal and written communication, interpersonal and negotiating skills.
Must be customer service oriented and have the utmost integrity.
Must possess knowledge of various computer programs, internet‑based programs, and PC literate in the use of spreadsheets.
Must be able to provide a valid driver’s license.
To qualify, applicants must be authorized to work in the United States and must not require VISA sponsorship, now or in the future, for employment purposes.
Preferred To Have:
AFSB industry designation.
Experience with both contract and commercial surety.
Compensation Annual gross salary range: $63,270 to $137,880. The total compensation will include a base salary, performance‑based bonus opportunities, 401(k) match, profit‑sharing opportunities, and more. Actual salaries will vary based on factors such as a candidate’s qualifications, skills, competencies, and geographical location related to this specific role.
Benefits
26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off.
7% 401(k) Company Match and additional Profit Sharing.
Hybrid work environment.
Numerous training and development opportunities to assist you in furthering your career.
Healthcare and Wellness Programs.
Opportunity to earn performance‑based bonuses.
College Loan Assistance Support Plan.
Educational Assistance Program.
Mentorship Program.
Dress for Your Day Policy.
EEO Statement All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran. We maintain a drug‑free workplace and participate in E‑Verify.
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Responsibilities
Review initial submissions to determine any additional information needed. Initiate correspondence to obtain documentation as required.
Set up financial backer files (account files) for new accounts; maintain and request updated information if necessary (financial statements, credit reports, correspondence, news, etc.) and monitor aggregate liability.
Advise the manager immediately if there have been any significant negative developments or events.
Compose narratives for new accounts, update narratives on an annual basis, and submit them to the manager with account recommendations for review.
Update accounts in the Underwriting Database with current financial statement information.
For bond submissions not affiliated with an account, analyze the bond risk/class, the underwriting requirements for that class and review the applicant’s qualifications. Determine the appropriate rate and indemnity needed and make a recommendation to the manager if not within your own authority.
Evaluate unfamiliar or new bond requirements and discuss with the manager if necessary (if potentially hazardous, high risk associated with industry such as mortgage brokers, money transmitters).
Make sure proper indemnity has been secured for new bonds being reported.
Evaluate requests to close bonds which require a release of surety and requests to release collateral and submit a recommendation to manager if necessary.
Maintain information on bond‑specific underwriting requirements and on hazards of certain bonds.
Perform reference checks and order and review credit reports to document proven past capabilities and ability to handle relationship.
Analyze financial statements to ascertain key components and ratios.
Evaluate the need for additional measures to protect surety. This means perfecting indemnity agreements, possibly taking collateral, escrow arrangements, or additional outside indemnity. Discuss such additional measures as needed with supervisor.
Evaluate specific bond requests with regard to any unusual hazards. Discuss with supervisor as required.
Maintain file documentation so that information for existing active accounts is fresh enough to make an informed decision should a new request come up.
Communicate decisions as clearly and expeditiously as possible to the Regional Manager.
Regular discussion or visit with the Agency Principal/Producer about new opportunities for expanding the IFIC presence in the Agency.
Meet certain premium targets assigned to the Senior Bond Underwriter 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 with at least 4 years’ experience in surety underwriting or equivalent.
Equivalent is defined as 8 years of relevant bond underwriting experience.
Strong marketing skills and ability to obtain new business and work with contractor clients.
Strong competency in quantitative and financial analysis.
AFSB industry designation preferred.
Requires strong math aptitude, excellent verbal and written communication, interpersonal and negotiating skills.
Must be customer service oriented and have the utmost integrity.
Must possess knowledge of various computer programs, internet‑based programs, and PC literate in the use of spreadsheets.
Must be able to provide a valid driver’s license.
To qualify, applicants must be authorized to work in the United States and must not require VISA sponsorship, now or in the future, for employment purposes.
Preferred To Have:
AFSB industry designation.
Experience with both contract and commercial surety.
Compensation Annual gross salary range: $63,270 to $137,880. The total compensation will include a base salary, performance‑based bonus opportunities, 401(k) match, profit‑sharing opportunities, and more. Actual salaries will vary based on factors such as a candidate’s qualifications, skills, competencies, and geographical location related to this specific role.
Benefits
26 PTO Days (Entry Level) + 12 Company Holidays = 38 Paid Days Off.
7% 401(k) Company Match and additional Profit Sharing.
Hybrid work environment.
Numerous training and development opportunities to assist you in furthering your career.
Healthcare and Wellness Programs.
Opportunity to earn performance‑based bonuses.
College Loan Assistance Support Plan.
Educational Assistance Program.
Mentorship Program.
Dress for Your Day Policy.
EEO Statement All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran. We maintain a drug‑free workplace and participate in E‑Verify.
#J-18808-Ljbffr