RLI Corp

Senior Underwriter - Contrac Pac (Peoria, IL or Eagan, MN)

RLI Corp • $79K — $113K *
Peoria, IL 61604In-Person
Finance & Insurance
5 - 7 years of experience
2 weeks ago
Job Overview by Ladders

Qualifications

  • Bachelor's degree in insurance, finance, risk management, or related field required
  • 5+ years of underwriting experience is essential
  • Equivalent level of education and experience may be considered
  • Strong analytical and data analysis skills required
  • Excellent communication skills, both verbal and written

Responsibilities

  • Analyze and underwrite new or renewal accounts with high premium or risk exposure
  • Build and maintain relationships with agents, reinsurers, and contacts
  • Review complex submissions and assess profitable premiums
  • Select appropriate risks for complex sources of profit
  • Assist in special projects and additional duties as needed

Benefits

  • Employee Stock Ownership Plan (ESOP) as part of total rewards
  • Annual bonus potential based on performance
  • 401(k) plan with automatic company contributions and profit-sharing options
  • Flexible and hybrid work arrangements to support work-life balance
  • Comprehensive health, dental, and vision insurance
  • Paid time off (PTO) and holidays, plus volunteer time off
  • Tuition reimbursement and training opportunities for professional development
Full Job Description
Position Purpose

Under general oversight, underwrite new or renewal accounts and build strong relationships with producers, reinsurers, and contacts; ownership and responsibility to review complex sources of profit by selecting appropriate risks. Also responsible for increasing submission flows. 

Principal Duties & Responsibilities

  • Analyze, evaluate, accept, decline, rate, quote, and bind new or renewal submissions with high premium or risk exposure.
  • Build strong relationships between agents, reinsurers, and contacts.
  • Review complex submissions, account losses, pricing models, and profitable premiums.
  • Review complex sources of profit by selecting appropriate risks.
  • Assist with special projects or other duties as needed.

Education & Experience

  • Typically requires a bachelor's degree in insurance, finance, risk management, business or a related field
  • Minimum of 5+ years of related experience for consideration
  • [OR] equivalent level of education and experience

Knowledge, Skills, & Competencies

  • Ability to use analytical methods in underwriting processes to find workable solutions.
  • Ability to verbally and in writing, communicate findings and recommendations to internal and external contacts on underwriting matters.
  • Ability to use software to summarize and analyze large amounts of data.
  • Understands, applies, & properly documents nature of operations of the risk for accounts assigned & communicates findings.
  • Ability to prepare, review, and complete underwriting analysis of accounts. 
  • Analytical skills and understanding of submission requirements, model entry, and product appetite.
  • Participates in underwriting related continuing education.
  • Ability to generate innovative solutions within the underwriting department.
  • Has typically obtained letter of authority.
  • Has a good understanding of the markets and clients being serviced.
  • Has some authority to process approval, issuance, or change requests for policies.
  • Works on slightly more complex risks than UW I and has obtained higher level of authority.
  • Presents solutions to management on non-standard issues without prior oversight or guidance from manager.
  • Ability to know proper sign off & correct UW judgement in most cases.
  • Possess a thorough understanding of the internal processes of the product and displayed understanding of loss rating/credibility.
  • Working toward building and maintaining a profitable book of business.

Compensation Overview
The base salary range for the position is listed below. Please note that the base salary is only one component of our robust total rewards package at RLI. The salary offered will take into account a number of factors including, but not limited to, geographic location, experience, scope & responsibilities of the role, qualifications/credentials, talent availability & specialization, as well as business needs. The below range may be modified in the future.

Base Pay Range
$79,226.00 - $113,293.00

Total Rewards
At RLI, we're all owners. We hire the best and the brightest employees and allow them to share in the company's success through our Total Rewards. With the Employee Stock Ownership plan at its core, the Total Rewards program includes all compensation, benefits and perks that come with being an RLI employee.

Financial Incentives
  • Annual bonus plans
  • Employee stock ownership plan (ESOP)
  • 401(k) — automatic 3% company contribution
  • Annual 401k and ESOP profit-sharing contributions (Up to 15% of eligible earnings)

Work & Life
  • Paid time off (PTO) and holidays
  • Paid volunteer time off (VTO) to support our communities
  • Parental and family care leave
  • Flexible & hybrid work arrangements
  • Fitness center discounts and free virtual fitness platform
  • Employee assistance program

Health & Wellness
  • Comprehensive medical, dental and vision benefits
  • Flexible spending and health savings accounts
  • 2x base salary for group life and AD&D insurance
  • Voluntary life, critical illness, & accident insurance for purchase
  • Short-term and long-term disability benefits

Personal & Professional Growth
RLI encourages its employees to pursue professional development work in insurance and job-related areas. We make a commitment to employees to provide educational opportunities that help them enhance their skills and further their career advancement. RLI fosters a true learning culture and encourages professional growth through insurance courses, in-house training and other educational programs. RLI covers the cost for most programs and employees typically earn a bonus upon successful completion of approved courses and certifications. Our personal and professional growth benefits include:
  • Training & certification opportunities
  • Tuition reimbursement
  • Education bonuses

About RLI Corp

RLI Corp is an American property and casualty insurance company headquartered in Peoria, Illinois. The company, through its subsidiaries, provides various insurance products, including casualty insurance, property insurance, and surety bonds. RLI Corp operates in all 50 states and internationally. The company was founded in 1965 and has since grown to become a Fortune 1000 company. RLI Corp is known for its strong financial performance and has consistently been rated A+ by A.M. Best.
Learn more about RLI Corp
Size
890 employees
Market Cap
$5.9 billion
Industry
Finance & Insurance
Net Income
$157 million
Founded
1965
5 Year Trend
+7.6%
Revenue
$983.6 million
NASDAQ
RLI
* Ladders Estimates

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