The Underwriter for Reinsurance will be primarily responsible for (1) the communication with MIGA’s reinsurance counterparties pertaining to (a) any waivers, consents, amendments, extensions, or increases to existing projects in MIGA’s portfolio which require MIGA to inform its reinsurers and/or seek their consent; (b) any reported losses, and/or information that could cause a loss, on any of existing projects in MIGA’s portfolio; (2) the syndication of facultative reinsurance participation on n... more details
Underwriter (Reinsurance)
Job #: |
req28030 |
Organization: |
MIGA |
Sector: |
Other |
Grade: |
GF |
Term Duration: | 3 years 0 months |
Recruitment Type: |
International Recruitment |
Location: |
Washington, DC,United States |
Required Language(s): |
English |
Preferred Language(s): |
French, Spanish |
Closing Date: |
7/16/2024 (MM/DD/YYYY) at 11:59pm UTC |
Description
Do you want to build a career that is truly worthwhile? The Multilateral Investment Guarantee Agency (MIGA) is a member of the World Bank Group, and our mission is to promote foreign direct investment into developing countries to help end extreme poverty and boost share prosperity. We do that through the provision of political risk insurance and credit enhancement to investors and lenders against losses caused by noncommercial risks. For more information, visit www.miga.org.
Hiring Unit Description
The MIGA Finance and Risk Department (MIGFR), within which the Reinsurance team is housed, acts as the custodian of MIGA’s financial integrity with a focus on both income sustainability and balance sheet strength. The Reinsurance team reinsures exposures that exceed MIGA’s desired net retention levels, thereby optimizing the use of MIGA’s capital while ensuring a continued diversification in the placement of risk with the Agency’s panel of reinsurers; and provides (re-)insurance market information to the Agency’s Management, Operations Department, and other relevant teams, and continues to develop and maintain relationships with MIGA’s existing and prospective reinsurers.
MIGA is seeking to recruit an Underwriter in its Reinsurance team. The Agency is looking for a professional with practical experience in underwriting, reinsuring and/or broking of credit- and/or political risk insurance (CPRI), preferably in a diverse group of developing countries. Experience in syndicating reinsurance participation in CPRI transactions and/or reinsurance expertise is a plus. The position will be based in Washington, D.C. and will report to the Head of Reinsurance within MIGA’s Finance and Risk Department (MIGFR).
Duties and Responsibilities
The Underwriter for Reinsurance will be primarily responsible for (1) the communication with MIGA’s reinsurance counterparties pertaining to (a) any waivers, consents, amendments, extensions, or increases to existing projects in MIGA’s portfolio which require MIGA to inform its reinsurers and/or seek their consent; (b) any reported losses, and/or information that could cause a loss, on any of existing projects in MIGA’s portfolio; (2) the syndication of facultative reinsurance participation on new Contracts of Guarantee (insurance policies) that MIGA underwrites to deliver on its mandate; (3) optimize the use of technology solutions to deliver on tasks (1) and (2) above.
The role requires the full comprehension and clear articulation of the primary drivers of the credit- and/or political risk that MIGA and its reinsurance counterparties would be exposed to as a result of (1) the projects that MIGA underwrites anew; (2) waivers, consents, amendments, extensions, or increases to existing projects in MIGA’s portfolio; or (3) losses, or situations that could lead to losses, resulting from existing projects in MIGA’s growing portfolio. Experience with designing and/or implementing technological solutions to enhance business process efficiency gains in any of the above-mentioned areas is preferred.
Key responsibilities
- Support, and progress to relieve, MIGA’s Reinsurance team, and liaise with MIGA’s Portfolio Management, in the management of the communication with MIGA’s existing panel of approximately 45 facultative reinsurance counterparts on all issues pertaining to any waivers, consents, amendments, extensions, or increases to – as well as losses or potential losses on – MIGA’s existing portfolio of projects in MIGA’s member countries.
- Support, and progress to relieve, MIGA’s Reinsurance team in the syndication of facultative reinsurance participation on new Contracts of Guarantee as well as apply underwriting expertise and knowledge of reinsurance products and – markets to the structuring of facultative reinsurance programs for such Contract of Guarantee.
- Conduct high quality and thorough analysis of the reinsurance market to determine market trends and identify new potential reinsurers. Articulate and share market knowledge with MIGA counterparts. Develop and maintain effective relationships with existing reinsurers and across MIGA.
- Identify, design, develop, and implement - in close coordination and cooperation with MIGA’s IT department - technological solutions to enhance business process efficiencies in executing the communication - and syndication tasks/responsibilities.
- Participate in- and contribute to relevant operating committees of MIGA where the reinsurance of MIGA’s existing or future portfolio of Contracts of Guarantee is considered.
- Support the prioritization of the syndication workflow, in close coordination with the Head of Reinsurance and two Senior Underwriters in MIGFR.
Selection Criteria
- Master’s degree with a minimum of 5 years of experience or equivalent combination of education and experience in underwriting, broking, reinsuring or syndicating credit- and political risk insurance.
- Comprehensive technical knowledge of credit- and political risk insurance (CPRI) acquired over a period of at least 5 years in a (re)insurance company/organization in the private – or public sector, a multilateral organization, or an international broker intermediating CPRI transactions.
- Extensive experience acquired in a broad array of CPRI transactions in various geographies, industry sectors, different CPRI cover types in complex transaction structures and structured financial products.
- Ability to understand and draft new contract wording with assistance of MIGA’s Legal Department.
- Structuring and pricing knowledge of CPRI portfolios and products. Hands-on experience with identifying, designing, testing, and/or implementing new systems/processes aimed to enhance business process efficiencies is preferred.
- Familiarity with the risk, financial reporting and regulatory considerations associated with MIGA’s guarantee products is a plus.
- Highly collaborative personality, proven team player, yet the ability to stand up under scrutiny, challenge, and pressure.
- Excellent partnering and interpersonal skills, and the ability to establish and develop relationships within MIGA and its panel of existing facultative reinsurer teams.
- Ability to work independently, requiring minimal supervision.
- Outstanding intellectual and analytical abilities.
- Extraordinary focus on detail.
- Conceptual creativity to identify opportunities to leverage technology to enhance business process efficiencies.
- Sensitivity to operate successfully in multi-cultural and highly diverse environments.
- Excellent communication and presentation skills in English, both written and orally, including the ability to convey ideas and positions clearly and concisely. Additional proficiency in French and/or Spanish would be a plus.
- Impeccable personal and integrity record.
- Motivated and enthusiastic about the opportunities and challenges of working for a development institution.
World Bank Group Core Competencies
The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.
We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.
Learn more about working at the World Bank and IFC, including our values and inspiring stories.