New job Surety Underwriting Analyst in Saskatchewan
Surety Underwriting Analyst
Company : Saskatchewan Government Insurance
Salary : $65,388 - $84,360 a year
Location : Saskatchewan
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The Surety Underwriting Analyst is responsible for highly complex technical work in the evaluation of contract surety risks using the application of advanced accounting and surety concepts. The work involves collecting, researching, reviewing and analyzing financial, credit, construction contracts, and other applicable information to determine if bonds can be issued using established guidelines and rates.
The Surety Underwriting Analyst will issue or decline bonds within their limits of authority or provide recommendation to management. Work is performed with considerable independence and is subject to a detailed review by the Manager only in doubtful or unusually difficult cases. The role is responsible for the day to day supervision including delegating work, providing technical guidance, and training to more junior staff.
TYPICAL DUTIES AND RESPONSIBILITIES
Not all inclusive or applicable to all assignments
- Reviews highly complex new contract bond applications and existing contract bond accounts to determine whether specific contract bonds can be authorized.
- Analyzes financial statements and assess a contractor’s performance and stability.
- Calculates financial ratios to determine the financial position of contractors.
- Reviews progress reports to ensure satisfactory performance, authorize premium adjustments, and determine when contract bonds can be lapsed.
- Reviews and authorizes issuance of bid bonds, performance bonds, and labour & material bonds within limits of authority and guidelines.
- Negotiates with brokers on the terms and conditions of a bonding facility or one-time bond.
- Manages and monitors contract bond facilities and determines impact of new information.
- Determines if risk is acceptable, is acceptable with restrictions, or should be declined based on analysis and evaluation of all information pertinent to the risk. Risks to be declined are usually discussed with the Manager/Director.
- Prepare a recommendation summary for management approval if outside of limits of authority or guidelines.
- Prepares reinsurance summary letters for contract bond facilities and individual bonds which fall outside of surety treaty limits.
- Reviews new or non-standard bond wordings to ensure compliance with corporate and industry standards.
- Prepares business summary reports.
- Reviews department internal controls and conducts underwriting reviews.
- Prioritizes and coordinates workflow to ensure deadlines are met.
- Conducts broker and contractor visitations throughout Saskatchewan and expansion provinces to maintain working relationship in the competitive surety market.
- Works on special projects as required.
- Checks and monitors account inquiries.
- Provides technical training on products and procedures, coaching, work review, and approval to junior staff.
- Monitors workflow in department and delegates work accordingly.
- Provides input into evaluation of staff performance.
Knowledge and Skill
- Knowledge of accounting concepts and their application to work requirements.
- Thorough knowledge of the methods, techniques and procedures used in technical analysis (procedural, product, financial, research and statistical) within Surety.
- Knowledge of the coverages, rating procedures and guidelines in the type of insurance underwritten within Surety.
- Skilled in the analysis of financial reports and statements.
Education and Experience
- A four-year degree from an accredited post-secondary education institution in Business Administration or Commerce.
- Associateship in Canadian Surety Bonding (ACSB) designation.
- Valid operator's license.
The behavioural competencies required for this role are:
- Planning & Organizing – Considerable level
- Oral Communication – Significant level
- Written Communication – Considerable level
- Interpersonal Contacts/Customer Service – Considerable level
- Complexity – Considerable level
- Supervisory Actions & Responsibilities
This position has been market adjusted to Pay Band 14 - $71,808 - $92,604.Pay Range:$65,388.00 - $84,360.00
Posting Close Date:June 20, 2021