dcsimg

Career Story: Reinsurance Underwriter

Reinsurance Underwriter

Job Title: Treaty Reinsurance Underwriter

Type of Company: Large global provider of insurance and reinsurance products. Reinsurance is insurance for insurance companies and is a way of spreading risk between a number of companies.

Education: BA, Business Administration, Marquette University

Previous Experience: I have worked as a primary casualty underwriter and a facultative reinsurance underwriter.

Job Tasks: I make decisions on when to accept and how to price reinsurance transactions. An example of what I mean would be what typically happens when someone insures a large building. Let's say for the sake of argument that the building's insurance company has issued a policy for $20,000,000 but decides it doesn't want to risk that much alone. It decides, on the contrary, to spread the risk around: to keep a portion for itself -- say, $5,000,000 -- but reinsure the rest: to buy insurance (referred to now as re-insurance) for the balance. I have to decide if the risk of providing a portion of that $15 million is an acceptable one, and then decide what to charge for it and decide what exclusions and conditions to insert in the agreement.

I also do some selling, visiting other insurance companies and reinsurance brokers to offer my services and ask for reinsurance prospects to price. I do a fair amount of traveling, visiting clients and performing underwriting audits. The underwriting audits consist of looking at a sampling of files to determine if the company we are reinsuring is writing the types of business that they claim they are, and confirming they are following accepted industry procedures. I have to have good understanding of the basics of insurance as well as reasonable math skills to understand the pricing methods for reinsurance.

Best and Worst Parts of the Job: The best part of the job is that there is a lot of contact with clients and brokers. Building long-term relationships is important in the reinsurance business. You look at a lot of unique and unusual situations that require reinsurance so it is not a job where there are simple answers to routine situations.

The negative side is time away from home due to travel. At certain time of the year the travel can be quite heavy. Another negative is that the individual reinsurance transactions can be complicated and documenting them for internal approval is often tedious.

Job Tips: To pursue a career in reinsurance, it is best to get a good primary insurance underwriting background. This is the best way to learn your insurance coverage issues and learn how the business works. Some colleges have insurance schools but not too many. If you have a basic business degree or math degree, many insurance companies will hire you into their training program and teach you the insurance side of the business.

Additional Thoughts: What surprised me most about the insurance industry was the number of career options available. I hadn't even heard of reinsurance until I got into the insurance business. There are jobs for many types of people, from those who like sales to math majors who'd prefer to work on pricing business.

Popular Schools offering Insurance Programs

quickinfoThese schools offer particularly quick info upon request, and we have written detailed profiles for each (click school names to see the profiles).

Request info from multiple schools, by clicking the Request Info links.

Matching School Ads

Liberty University provides a world-class education with a solid Christian foundation, equipping men and women with the values, knowledge, and skills essential for success in every aspect of life.

  • Programs: BS in Business - Finance
  • Degrees: Bachelor

Syracuse University’s School of Information Studies (iSchool) - The Original Information School - is proud of its position as a leader in the field.

  • Programs: MS in Information Management
  • Degrees: Master

Founded in 1911, Southern Methodist University (SMU) is a nationally ranked private university with seven degree-granting schools.

  • Programs: M.S. in Data Science
  • Degrees: Master

About The University of Texas at Arlington

  • Programs: Master of Public Administration
  • Degrees: Master

Fremont College traces its roots to Platt College’s founding in St. Joseph, Missouri, in 1879, and the Southern California branch campus was established in 1986.

  • Programs: AA - Digital Marketing
  • Degrees: Associate

Work toward your graduate degree with New England College Online.

  • Programs: Master of Science in Accounting
  • Degrees: Master

About Baylor University

Baylor is nationally-ranked as a research and academic institution by both U.S. News & World Report and Kiplinger’s.

  • Programs: Master of Business Administration
  • Degrees: Master

Pursue a certificate, master, or doctorate degree in Psychology at The Chicago School for Professional Psychology.

  • Programs: Ph.D. Organizational Leadership
  • Degrees: Doctorate

Change the World with American University

Be a part of something bigger than yourself.

  • Programs: Master of Public Administration and Policy
  • Degrees: Master

Join the community of thought leaders at University of the Rockies. Pursue your graduate degree from the University’s School of Professional Psychology or School of Organizational Leadership.

  • Programs: Doctor of Philosophy, Organizational Development and Leadership, MA in International Leadership, MA in Organizational Development and Leadership
  • Degrees: Doctorate, Master
Matching School Ads

Additional Career Stories for Insurance Underwriters

The inside stories from people actually working in the field.
Click a story title to show the story, and click the title again to hide it.

All Types

You are visiting:

Find a school near you

What are Career Stories?

Career Stories are concise, real-world career overviews written by people relating their personal career experiences and wisdom. They provide invaluable insights and mentoring advice to students and career changers.

Most stories include:

  • a typical day or project
  • tips and advice
  • best and worst parts
  • educational background
  • previous experience

Browse hundreds of Career Stories

More Details On This Career

Please also see our detailed information about Insurance Underwriters, including:

Back to Top
SPEAK TO AN ADVISOR 1.844.285.6104