Cincinnati, Ohio
Brooklyn, New York
Davis, California
Posted: 06-Sep-23
Location: Princeton, New Jersey
Type: Full Time
Preferred Education:
International Graduate Trainee Program - Underwriting Track
*Applicants requiring employer sponsorship of a visa will not be considered for this position.
As one of the world's leading reinsurance companies, Munich Re is dedicated to training all employees to reach the highest levels of insurance and reinsurance knowledge and to bringing that knowledge and expertise to our clients. The International Graduate Trainee Program is one way of accomplishing this critical goal. This selective, experience-based program offers comprehensive training for recent college graduates via three core components: foundational classroom training, hands-on rotational assignments and industry exams. Further details on each component are below.
Trainees will be paired with Sponsor Underwriting teams at the start of their 2 year program; upon successful completion of the 2 year program, Trainees will then join that Sponsor team as a fulltime Underwriter. The Sponsor team will be determined by the Company based on business need and an assessment of the match between a Trainee’s skillset and personality relative to a Sponsor team’s work and culture.
PROGRAM CORE COMPONENTS:
- Classroom training
Trainees will spend approximately 10% of their time in a classroom setting, learning about core business functions from internal subject matter experts. Trainees are expected to actively participate in and initiate classroom discussions, read related course material as requested, and utilize the knowledge gained during their rotations.
- Rotational Assignments
Trainees will spend approximately 90% of their time gaining hands-on experience about core business functions from internal subject matter experts. Rotations last anywhere from a few days to several months, and may take place in any of our domestic office locations. Trainees will also have the opportunity to spend time in one of our international offices and network with their global peers. During rotations, Trainees are expected to develop an appreciation for and understanding of the different business functions, always with an eye towards recognizing opportunities for future collaboration and efficiency once in their fulltime Underwriting role post-program.
- Industry Exams
Trainees are required to continue their education through the passing of relevant industry exams, outside of work time. This is in direct alignment with our corporate culture of continuous learning and improvement. At a minimum, Trainees must obtain the Chartered Property Casualty Underwriting (CPCU) designation by the end of the program. For those Trainees who already have some or all of the CPCU exams passed when entering the Graduate Trainee program, the Trainee will work with the program manager to determine alternative industry exams of value to complete.
Successful candidates will possess the following skills/capabilities:
- Successful candidates will possess the following skills/capabilities:
- Bachelor’s (graduation year 2024) or Master’s degree (graduation year 2024) in Risk Management, Insurance, Actuarial Science, Math, Statistics, Economics, Finance, Accounting, Business Administration, Business Analytics or other related field
- GPA 3.25 and above
- Superior communication skills (oral and written)
- Excellent interpersonal skills
- Strong analytics capabilities
- Ability to think strategically and function tactically
- Tech savviness
- Innate curiosity and self-motivation
- Flexible working style, able to work independently, with in-person colleagues and as part of remote teams
- Demonstrated leadership abilities in college or community activities
- Prior internships (at least one internship with meaningful degree of responsibility)
Underwriting Trainees will begin fulltime underwriting roles after successful completion of the Graduate Trainee Program. They should be interested in and prepared to work post-Program with one of the following teams out of one of the designated office locations:
- Treaty reinsurance - Princeton, NJ
- Facultative reinsurance or Large Single Risk insurance - New York City, NY or Chicago, IL
- Specialty insurance - New York City, NY, Chicago, IL or Philadelphia, PA
Applicants should disclose their preferences during the interview process, such that we may align interests with business needs in advance.
The salary range posted below applies to the Company’s NYC location.
The base salary range anticipated for this position is $70,000 - $74,000 plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the company makes available a variety of benefits to employees, including health insurance coverage, an employee wellness program, life and disability insurance, 401k match, retirement savings plan, paid holidays and paid time off (PTO).
At Munich Re, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.
We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
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