Carbon Underwriter

Department: Innovation

Employment Type: Permanent - Full Time

Location: London

Reporting To: George Beattie

Description

We are looking for an experienced Credit or Political Risk Underwriter, with an a deep interest in, and passion for, the carbon/climate/sustainability topic, to become a core part of a small but new and empowered carbon underwriting function that sits within the innovation team.

The innovation team at CFC develops and trades new products and has its own risk capital, technology stack, and actuarial expertise. The innovation team has developed a series of new products for the carbon credit sector during 2024 and due to demand for the solutions and expected growth in the coming years, the team is building a specialised underwriting function to make sure that CFC stays ahead of the curve and is able to recognise the opportunity fully – leading the insurance sector in this area for years to come.

As a Carbon Underwriter, you will be involved in all carbon-related insurance activities including – underwriting carbon projects, offering quotes to carbon credit buyers and lending institutions, getting involved in product design, gathering market intelligence, conducting thought leadership, and considering exposure management.

There will be two sides to the carbon team being built out in 2025: underwriting and analysis. The underwriting side of the team will find their time taken up mostly by deal origination, partnership work and shaping deal flow to generate GWP. They will work very closely with the analysis side, as well as all wider team members to help enhance CFC’s understanding of, and positioning in the carbon markets as the insurer of choice.

About the role

Underwriting

Maintain a deep understanding of the compliance and voluntary carbon markets, using the insight and intelligence provided by the analysis side of the carbon team, covering key topics such as policy frameworks, regulatory regimes, credit types, project lifecycles, methodology details, registry processes, funding mechanisms, risk exposures, trading activity, and market players.
Conduct technical due diligence relating to project quality and policy landscape to assist with the underwriting risk assessment, in support of the analysis side of the carbon team. This will include an investigation of project additionality and permanence, in addition to a review of project documentation, methodology, and estimations. .
Manage a flow of enquiries coming into the team via email and via API integrations, working with brokers to execute deals and grow the team’s gross written premium.
Be a champion for quality underwriting – always prioritising risk quality and profitability against top line growth.
Generate quote documents and records using the underwriting model, working with the analysis team members to ensure that the model is operating effectively and enabling same day service on enquiries relating to pre-rated projects.
Proactively monitor market trends and developments to identify opportunities for CFC to create new products or improve our existing products.
Maintain awareness of data and technology innovations in the carbon space and consider how they can be incorporated into CFC’s proposition to improve customer outcomes.

Business Development

Leverage your existing relationships in the carbon market, if possible, and engage with CFC’s partners to help establish CFC as the insurer of choice in the carbon space.
Build on your existing relationships by representing CFC at industry conference and events, as directed by the head of innovation.
Build on your existing relationships with financial institutions by representing CFC’s climate products strategy, particularly with regards to the Carbon Lender Non-Payment Insurance product (credit insurance).
Develop partnerships with carbon market participants to create new products or new distribution channels for existing products.

General

Maintain awareness of CFC’s overall product range to connect the wider business to opportunities. Help CFC create a holistic product suite to assist with the climate transition.
Communicate effectively with stakeholders, ensuring that while the team can move quickly, it always ensures that governance and controls are respected and followed as part of the innovation process.

About you

Underwriting experience in carbon or broader climate risks isn’t necessary; what is necessary is a passion for the carbon market and the broader environment, and a drive to make an impact on the world via insurance. Education, qualification or extra work relevant to climate or carbon would be beneficial. We seek curious people, who never accept the status quo and who are prepared to exist outside the box of conventional thinking.

You will have broad knowledge of credit insurance and associated risks, earned via extensive experience in credit or political risk in the London market. You will have advanced knowledge of insurance as an industry and insurance principles - including insurance placement processes, language & legalities, sufficient enough to comfortably engage with insurance and non-insurance partners.

Relationship building is critical to this role - you will have proven experience and ability to form strong relationships, and the interest to build these with carbon market participants. This role also requires strong communication skills to be able to translate complex ideas and terms into relatable content for all stakeholders.

Core Values

Love what you do:
We show up each day ready to take on the world. Our passion and intensity set us apart and makes the difference to our colleagues, customers, brokers and carriers.

Challenge everything:
We’re never afraid to question the way that things are done and we constantly challenge ourselves and others to makes things better.

Have fun, be good:
Insurance is a serious business, but we don’t take ourselves too seriously. We make it fun to work at CFC, we welcome all viewpoints, and we treat everyone how we would expect to be treated.

CFC

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