Product Development Business Partner

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Welcome to Munich Re Specialty - North America, a leading specialty insurance provider dedicated to delivering exceptional underwriting, claims, and risk management expertise to our partners and customers. As a trusted industry expert, we offer a broad range of comprehensive and customized solutions, including casualty, professional lines, property, surety, and public entity coverages. With the financial strength and global resources of our A+ Superior (A.M. Best) rated organization, we provide unmatched stability and reliability. Our team is committed to superior service levels, a distinctive approach to specialty solutions, and a deep understanding of the complex risks our clients face. Join our team and be part of a dynamic and experienced organization that is shaping the future of specialty insurance in North America.

The Opportunity

Future focused and always one step ahead!

This Product Development Business Partner role will support our US underwriting teams by drafting and amending Reinsurance contracts, and policy coverage forms, and collaborating with claims and underwriting teams.  This role reports to the Product Development Manager.

Key Responsibilities

• Draft and review Reinsurance contract wordings that meet business unit negotiated terms and comply with internal guidelines and market standards. Provide guidance to underwriters on Reinsurance contract terms, conditions and coverages.
• End-to-End development of new insurance products to support multiple business units and coverage lines, including General Liability (Casualty, Excess and Umbrella), Commercial Property, Management and Professional Liability. Develop and maintain coverage forms and endorsements needed to support new and existing proprietary products to meet industry developments and trends.
• Remain apprised of U.S. case law, regulations, legal trends and emerging issues affecting insurance and reinsurance coverage matters.
• Compare and analyze competitor insurance policies providing a competitive edge, best-in-class products and deliberative underwriting. Review wordings evidencing ‘covered business’ to ensure Reinsurance contract terms and conditions are appropriate.
• Perform industry and regulatory research to support client needs and product compliance, and coordinate special projects to support strategic goals, as needed.
• Provide thought leadership and product support to assigned business lines including analyzing industry trends, regulatory developments, and product innovations.

Qualifications

Successful candidates will possess the following experience/skills/qualifications:

• Juris Doctor Degree from an accredited law school required.
• 10+ years advanced experience of products, concepts and procedures relating to reinsurance and primary insurance products from previous law firm or relevant insurance company experience in product development, claims or progressive underwriting experience.
• Extensive knowledge of product development process and product knowledge based on previous law firm or relevant insurance experience in product development or claims in Standard, Specialty, Primary, Excess and Reinsurance lines of business, including sophisticated underwriting applications and techniques.
• Strong command of general re/insurance product concepts, regulatory concepts, legal concepts, along with a strong collaborative, proactive and self-starter nature
• Superior interpersonal, communication, and time management skills
• Solid ability to contribute in a dynamic, fast-paced environment and effectively deliver on multiple priority matters

The Company is open to considering candidates in numerous locations, including Princeton (NJ), Philadelphia (PA), New York City (NY) or Chicago (IL). The salary range posted below reflects market variations across various locations. The offer will be adjusted per geography.

The base salary range anticipated for this position is $138,400 - $215,000, plus opportunity for company bonus based upon a percentage of eligible pay.  In addition, the company makes a