Managing Director / Head of Munich Re Syndicate Ltd. (MRSL)

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.

The Managing Director has the legal responsibility for MRSL and in partnership with the Board is responsible for the overall success of the company. S/he assures the execution of MRSL mission, vision, strategy and short and long-term financial goals.

Responsibilities:

• Managerial oversight and apportionment of MRSL. Lead the MRSL Unit, ensuring that appropriate systems, practices, controls, service and technical standards are in position to maximise efficiency, and enhance profitability.
• Oversee and monitor the performance of key functions in respect of the MRSL operations through agreed KPIs to allow a proper assessment of the functions in line with Group.
• Head of MRSL management team including MRSL Board and MRSL Board Committee responsibilities.
• Member of the ExCo of MRSG.
• Provide appropriate information to the Head of GSI4/CEO MRSG in accordance with the requirements under the dotted line principle.
• Attend Board meetings and other MRSL committees.
• Comply with the PRA’s principles for firms and individuals.
• Provide appropriate information to the Board of MRSL and the MRSG ExCo.
• Comply with the FCA’s principles for firms and individuals.
• Maintain a current and effective continuity plan to ensure minimum disruption to the managed area in the event of disruption to systems, communications and office facilities.
• Maintain relationship with non-executive directors and senior management.
• Must continue to be “fit and proper” to execute the duties of a director and comply with the requirements of Lloyd’s Byelaws and Codes of Practice.
• Maintain positive relationship with Lloyd’s (representing MRSL) and all its representative entities and other external organizations, to ensure that its reputation and capability are positively perceived.
• Chair the boards of Lloyd’s service companies where they exist in isolation i.e. not as cover-holders.
• Help drive forward good conduct for the business to deliver the best outcomes for customers / policyholders
• Understand all appropriate lines of escalation and the responsibilities of the PCRSG, UCSC, MRSL ExCo and Board for Conduct Risk.
• Deal effectively with professional advisors as required.
• Report any significant failures to comply with requirements or suspected rule breaches to Compliance immediately and to the Board of MRSL and MRSG CRO.
• Be a Risk Owner, responsible for monitoring and mitigating the risks in accordance with the Board’s agreed risk appetite and tolerances.

Strategy:

• Gain the support and approval of the implementation of the MRSG strategy in the MRSL Board and Exco of MRSL and maximise long-term profitability whilst securing sustainable growth opportunities.
• Establish processes for monitoring the successful implementation of the agreed strategy.
• Ensure realistic goals and budgets are set for all parts of the business.
• Actively engage with the Chair, Non-Executives and other members of the MRSL Board, particularly focusing on explaining the Syndicate’s business strategy and its implementation.
• Receive strategically important developments in the industry and identify key trends and implications, and recommend suitable initiatives and responses for MRSL.
• Assist with the development of key strategic initiatives for MRSG and GSI4. Deliver and lead the team on strategic projects

Leadership:

• Implement, monitor and reinforce the MRSG cultural cornerstones within the MRSL organisation.
• Ensure that senior staff has terms of reference setting out their responsibilities and reporting lines.
• In agreement with MRSG, develop and maintain an up-to-date succession plan for key roles.
• In agreement with the relevant Functional Heads (dotted line) lead and motivate the direct reports to implement the strategy, to deliver the required results and to fulfil operational and regulatory requirements.
• In agreement with the relevant Functional Heads (dotted line) improve staff development by commitment setting (at least) annually and monitor performance.
• Ensure sharing of best practice to build capability of staff. Ensure MRSL has the appropriate talent to deliver on its plans.
• Ensure the most effective use of staff resources.
• Seek exchange of knowledge and talents within MRSL, MRSG and GSI and other suitable Munich Re entities.
• Exercising your fiduciary duty to act in the best interests of the Company

Management and Controls:

• Ensure that Syndicate 457 fully complies with all applicable Lloyd's requirements including Lloyd's Underwriting Management Standards.
• Ensure that the Syndicate complies with the underwriting and risk management standards set by the PRA and the MRSL Board.
• Review on a continuous basis, the operation of all areas of responsibilities within MRSL to ensure that it meets its strategic, regulatory and managerial needs.
• Use MI information to monitor the progress of the business to ensure that strategic goals and defined performance are met.
• Manage and coordinate the applicable operating processes and interfaces within MRSL and MRSG.
• Chair the MRSL Executive Committee and to attend other committees as necessary or as agreed by the Board.
• Maintain an up-to-date and effective business continuity plan to ensure minimum disruption to MRSL in the event of a disruption to systems, communications and office facilities.
• Liaise with the compliance department over legal and regulatory issues where appropriate.
• Ensure best practice principles are evident in all areas of responsibilities within MRSL.
• Allocate management responsibilities in a clear and concise manner so as to meet strategic, business and regulatory requirements of MRSL and to ensure there is a sound reporting structure.
• Ensure there are effective systems and internal controls within MRSL ensuring the complete, accurate and timely recording of all relevant underwriting, claims, financial or other important information and data (MI information).
• Ensure effective framework of meetings, reporting and discussions is in place to effectively manage reporting staff.

Knowledge and Skills

• Extensive Lloyd’s market knowledge and contacts
• Extensive relevant insurance experience with a focus on operations
• Strong leadership and management experience across a diverse matrixed organization
• Comprehensive understanding and experience with legal and compliance topics
• Good working understanding of financial analysis and interpretation
• Ability and experience of working in a matrix
• Experience in managing and chairing regulated boards / ExCos and dealing with NEDs and regulators
• University Degree and/or relevant professional qualification

Leadership Competencies

• Achievement Orientated: Being aware of the need to pursue goals and objectives for bottom line profit.
• Active Listening: Observes keenly and picks up information from others by listening intently, probing to clarify and confirm understanding and speaking at an appropriate level so as to be easily understood thereby encouraging dialogue from others.
• Broad-Based Thinking: Thinks strategically and generates new ideas. Innovative. Uses a variety of problem solving techniques both creative and analytical to see through large quantities of information.
• Business/Financial Acumen: Understands business and financial strategy, legislation, the business of the syndicate and the working of the Insurance Industry – in particular the Lloyd’s market and the FSA.
• Customer Focus: Identifies the needs and requirements of internal and external customers and acts to deliver products and services to improve customer satisfaction and increase customer base.
• Developing People: Giving responsibility to staff at the appropriate levels through development techniques so improving their skills and capabilities – offering coaching, self- development, secondment and other appropriate techniques as well as formal courses.
• Holding People Accountable: Agrees tasks, targets and objectives with staff, monitors performance and performance-manages, holding staff ultimately responsible for consequences. Provides feedback by constructive criticism. Rewards achievement and deals decisively and fairly with problems.
• Integrity: Seeks to build good working relationships based on co-operation, support and trust. Makes deals which comply with legislation and in-house rules and adheres to FSA “fit and proper” guidance. Reliable and stands up to their view in the face of opposition.
• Proactive: Initiates actions and presses for results. Persevering. Knows what is needed and moves things forward with decisions and actions needed to complete the task.
• Resilience: Able to cope with high workload and remains positive in the face of boredom, obstacles and set-backs. Bounces back from adverse situations. Maintains interest in tasks and sticks with them through to completion.
• Team Building: Building and maintaining a well-motivated and effective team with clear objectives set, understood and agreed by all. Co-operates well with other teams. Everyone contributes to the task and is aware of progress being made. Morale is high.
• Technical Competence/Expertise: Is competent within the specific job role and aware of and promotes internal work policies, procedures and work practices. Has a detailed knowledge of the legal framework as it applies to their job and of business written.

Diversity, Equity & Inclusion: At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are.