Underwriter (Sovereign Risks)

JOB PURPOSE

The role holder is responsible for providing all the necessary support and assistance to the Associate Manager, Operations (Sovereign Risks) in all underwriting operations pertaining to short-term, medium term and FII risks. He or she will analyze and screen applications/proposals, performing all requisite risk analysis (including financial analysis and project due diligence), managing credit limit applications, documentation of all approved policies and timely preparation of all requisite reports. This role is also responsible for presenting all information and data collated about the project/transaction and potential customers to the Technical Underwriting Committee, NPLs, and Claims Committees to assist in making informed decisions. The role holder will provide inputs to the policy administration database to ensure effective management of policies and safeguarding the Corporation’s financial health. The role holder will also be responsible for the entire underwriting process, from application registration to policy issuance and policy administration and renewals throughout the policy period.

KEY RESPONSIBILITIES

Feasibility Assessment

• Assesses submitted application/proposal forms and coordinates with applicants and Business Development Department (BDD) colleagues, to collate information required to evaluate and assess the sovereign risk / State-Owned Enterprise (SOE) Risk, the projects/transaction risks and the related parties in relation to the requested insurance coverage.
• Coordinates with other relevant departments/divisions/functions in the Corporation, including Legal, Risk Management and Reinsurance to ensure eligibility of the transaction, conformity with ICIEC’s risk appetite and guidelines, and availability of capacity and reinsurance support, respectively.
• Conducts meetings with investors, project companies and all related parties to conduct thorough due diligence and prepares assessment reports to finalize the underwriting submission document.

Underwriting

• Provides all the necessary assistance to the Associate Manager, Operations (Sovereign Risks) in all underwriting operations pertaining to sovereign risks underwriting and in directing the insurance portfolio.
• Conducts due diligence missions to the host country, meeting with the relevant government bodies (Ministry of Finance, Central Bank, other relevant ministries and government authorities to the project/transaction), parties involved in the project/transaction including the obligor.
• Conducts in-depth financial analysis of the projects/transactions and all involved sovereign, sub-sovereign or private parties, in relation to the covered risks including political and economic instability risks, currency volatility, payment default, market risks, operational risks etc.
• Utilizes different sources of information to identify any legal issues associated with the project/transaction’ structure and documentation, involving the Legal Department.
• Presents insurance proposals to the Pre-Technical Underwriting Committee (Pre-TUC) for clearance and to the Technical Underwriting Committee (TUC) for approval, providing all the facts of the case, as well as a detailed risk assessment to assist the Underwriting Committee to take an informed decision.
• Provides inputs on recommended premiums, reinsurance support required and coverage for risks after complete analysis and consideration of applicant documentation, business factors and competition issues.
• Coordinates with the Legal Department for the issuance of the insurance policy in line with the TUC approval.
• Manages the issued policies including their premium payment, the collection of any outstanding receivables, policy renewals, policy changes, and project/transaction monitoring.
• Recommends appropriate measures for collection issues in close coordination with the concerned Business Development and Finance teams to resolve client discrepancies and facilitate collections.
• Ensure that NPLs are well managed and coordinate closely with the Claims Division to ensure loss minimization.

Documentation of Approved Deals

• Manages all aspects related to policy applications such as preparation of non-binding indicative term sheets (NBIs), policy submissions, policy offers, follow up on policy acceptance, declarations and premium invoicing etc.
• Manages all credit limit applications by timely preparation and completion of the file, credit submission, issuance and cancellations of approval.
• Documents the approved policy and ensures it includes all details pertaining to policy terms, premium, credit limit, coverage etc. to ensure availability of information for reference as and when required and manages all aspects of the transaction including submissions to relevant committees using the IT system.
• Communicates the approved policy to the Business Development team and Underwriting Support for ensuring effective servicing of all Sovereign Risks Insurance policyholders.

Reporting

• Prepares all requisite reports (weekly, monthly, annual etc.) relevant to the Division, as needed, for review by the Associate Manager, Operations (Sovereign Risks) and other members of the Senior Management.

Other Responsibilities

• The role holder will also perform duties pertinent to the Department/Division/Function as assigned by the Supervisor and other members of the Senior Management.

JOB REQUIREMENTS

Field of Study

• Finance/ Economics/ Business Administration/Political Science/Intentional Relations

Academic Qualifications and Relevant Experience

Qualification Level - Experience

High School Diploma - N/A

Bachelor’s Degree - 5 Years

Master’s Degree - 3 Years

Doctorate

Nature of Experience

• Prior experience in Underwriting or Financial Analysis, preferably in Export Credit Insurance or Banking Industry

Professional Certifications (as applicable)

• CFA, CPA, ACCA, PFRM and similar certifications are preferred.

Business Language Skills

• Proficiency in both written and spoken English and Russian Languages is required. Proficiency in Arabic and/or French is an added advantage.

Generic Key Performance Indicators

• Response time in reverting to customers
• Quality of underwriting
  • Claims Ratio
  • NPLs Outstanding
• Acceptance Ratio
• Premium generated from existing policyholders

Core Competencies

Competency

Proficiency

Focus on Customers

Applying

Drive Results

Applying

Collaborate as One Team

Applying

Strive for Continuous Improvement

Applying

Serve and Respect All

Applying

Leadership Competencies

Competency

Proficiency

Shape the Future

NA

Engage Talent

NA

Enable Change

NA

Technical Competencies

Competency

Proficiency

Knowledge of Underwriting

Advanced

Knowledge of Project Due Diligence Principles

Advanced

Knowledge of Economic Factors

Advanced

Knowledge of Political Risk Analysis

Advanced

Knowledge of Country Risk

Advanced

Knowledge of Financial Analysis Techniques

Advanced

Risk Assessment and Evaluation

Advanced

Critical Thinking Skills and Analytical Ability

Advanced

Judgment and Decision Making

Advanced

Stakeholder Relationship Management

Advanced

Sectoral Research Skills

Advanced

Documentation Skills

Advanced

Knowledge of Insurance Information Management System (IIMS)

Advanced

ICIEC Business Knowledge

Advanced

ICIEC Product Knowledge

Advanced

Awareness of Member Countries

Advanced

Knowledge Sharing

Advanced

Communication and Presentation Skills

Advanced

Technological Adaptability

Advanced

Closing date: 3 September 2025