Legal & Wording Counsel (m/f/d)*

Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. We are globally active and operate in all lines of the insurance business.

Since our founding in 1880, we've been known for our unrivaled risk-related expertise and sound financial position. We offer customers financial protection when faced with exceptional levels of damage - from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. We possess outstanding innovative strength, which enables us to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyber attacks, or pandemics.

We're also playing a key role in driving forward the digital transformation of the insurance industry, and in doing so have further expanded our ability to assess risks and the range of services that we offer. Our tailor-made solutions and close proximity to our customers make Munich Re one of the world's most sought-after risk partners for businesses, institutions, and private individuals.

Our corporate culture is defined by performance, mutual respect and trust. All this makes us an attractive employer providing global career development opportunities and prospects.

As a specialty provider of primary insurance services Great Lakes Insurance SE (GLISE) with its branches in the UK, Australia, Switzerland, Italy and Ireland and its newly founded subsidiary in the UK, is an integral part of Munich Re Group and an important enabler for Specialty Insurance Business (GSI - Global Specialty Insurance) closely connected to Munich Re's reinsurance core business.

Your Job

This position is structured as a shared role within the Great Lakes set-up, with approximately equal allocation between core Great Lakes Legal advisory work and specialised support for Munich Re Specialty - Global Markets (MRS-GM) business conducted via Great Lakes.

Provide independent legal advice in all areas in accordance with the responsibilities of the Great Lakes Legal Department and the MRS-GM business, in particular general civil law, litigation and arbitration, insurance contract law, insurance distribution law, insurance supervisory law and on all aspects of consumer protection and in relation to all related business opportunities

Provide industry expertise of designing, developing and reviewing specialty policy wordings, advice on primary insurance programs (incl. multinational) and support Great Lakes' business conducted via MRS-GM to ensure existing and proposed new policy wordings are compliant, clear and provide the intended coverage

Support a team of legal counsel in Germany, Spain and the UK in their tasks and actively share knowledge

Support Great Lakes' and MRS-GM underwriters and act as a technical reference point for underwriting queries (such as regulatory queries, underwriting and product norms) and provide clarity and advice on technical underwriting and claims issues

Collaborate with our local Wordings Manager in the UK on Wordings topics and industry standards and assist in ensuring related governance processes (alignment with underwriting guidelines, new product guidelines etc).

Develop, review and negotiate a variety of distribution and agency agreements as well as insurance contracts, brokerage agreements, NDAs, reinsurance agreements and reinsurance certificates and related documentation

Provide products and underwriting support, Wordings advice for commercial and product teams (such as coverage questions, endorsements, notice of cancellations),

Proactively manage and undertake policy wording development and control, working closely with key stakeholders to build new insurance products or refine or expand existing products, with a focus on primary insurance specialty business, ensuring our wordings are robust and reflect the appropriate coverage intent

Managing our centralised repository of wordings to ensure this is current both in terms of wordings and necessary regulatory and legal developments.

Legal support for the business throughout all stages of the business lifecycle, from onboarding to offboarding our agents

Collaborate in global teams with international colleagues and liaise with experts across the Munich Re Group (sanctions, antitrust, DP)

Cooperate closely with the Regulatory Office and the Compliance team and with relevant stakeholders at Munich Re Group

Take responsibility for trainings and other knowledge exchange activities to agency business managers, underwriters and other relevant Great Lakes staff to improve their understanding of wording, coverage as well as general legal, regulatory and licensing issues. Development and training of non-senior team members in the Legal and Compliance teams

In addition, you will have the unique opportunity to advise and shape the business structure and strategy early on and together with a multi-jurisdictional team help to steer Great Lakes organisation and the European expansion project

Above-average legal qualification (German state examinations preferentially with distinctions or European/UK equivalent)

Admission as "Syndikusanwalt" or "Rechtsanwalt" or equivalent with a minimum of [5] years' experience post qualification with several years of primary insurance/distribution law experience preferable within a primary insurance company

Comprehensive understanding of local and European regulatory requirements (Solvency II, IDD, EIOPA statements, etc) in the German (and European) primary insurance and insurance distribution industry

Strong expertise in wordings and coverage topics as well as commercial and corporate law

Exceptional communication and team working skills in German and English (further languages welcome); ability to gain the confidence of senior business stakeholders and peers

Effective time-management skills and ability to juggle multiple tasks and priorities

Thought leader

Strong contract drafting and negotiation skills

Interest in the wider business environment and technical issues

Analytical, pragmatic thinker and solution orientated

Ability to work in large complex projects

Ability to communicate complex issues in an easily understandable manner

High degree of personal commitment and intercultural competence

Willingness for occasional business trips, in particular to Great Lakes' branch offices

Fluency in German and English; any other languages are beneficial

• Competitive salary: appropriate compensation for your high level of commitment.
• Retirement provision: state of the art in-house pension solutions.
• Work-life balance: promoting the compatibility of family and work in addition to overall work-life balance.
• Health management: focus on your physical and mental health far beyond legal requirements.
• Hybrid working: living the best of both worlds - we offer you a very flexible approach as well as the opportunity to work from abroad on an occasional basis.

Münchener Rückversicherungs-Gesellschaft

Timo Wacke

Talent Acquisition Partner