Underwriter, Sovereign Risks

Islamic Development Bank

Department: Underwriting Operations Department

Job Grade: P3

Contract Type: Fixed Term (Local)

The role holder is responsible for providing comprehensive support and assistance to the Associate Manager, Operations (Sovereign Risks) in all underwriting operations related to sovereign risk transactions, particularly in (but not limited to) the assigned region/ market/ client. He or she will analyze and screens proposals, perform all requisite risk analysis (financial and project due diligence), manage transaction 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 potential project/transaction/customer to the Technical Underwriting and Claims Committees in order to assist in making an informed decision. The role holder will provide inputs to policy administration database to ensure effective management of policy an safeguarding the Corporation s financial health.

The role holder will also be responsible for the entire underwriting process, from enquiry stage to policy issuance and policy administration throughout the policy period. The role also entails direct interaction with senior government officials, financial institutions, and multilateral partners, ensuring that underwriting decisions align with ICIEC s strategic goal.

Feasibility Assessment

• Liaises with the Associate Manager, Operations (Commercial Risks) to present insurance proposals to the Technical Underwriting Committee for approval and provides all the facts of the case, as well as his/her point of view to assist the Underwriting Committee to take an informed decision.
• Work closely with various departments such as Business Development, Risk Management, and Legal to ensure comprehensive project evaluation and policy formulation.
• Liaises with the Associate Manager, Operations (Sovereign Risks) to assess application/proposal forms submitted by potential customers, brokers, country & local sales representatives and coordinates with potential customers, country & local sales representatives to collate information required to evaluate the feasibility assessment of potential projects/transactions/customers for requested insurance coverage.
• Review applications for insurance coverage from sovereign entities, including state-owned enterprises, especially from (but not limited to) the assigned region/ market/ client.
• Liaises with the Associate Manager, Operations (Sovereign Risks) on assessing projects, sovereign buyers and State-Owned Banks creditworthiness by analyzing financial statements and considers all relevant risk factors (e.g. political risks, financial risks, payment experience, etc.) and suggests insurance pricing using various methodologies.
• Evaluate large-scale infrastructure, energy, and strategic trade finance transactions, ensuring robust risk assessment methodologies.
• Follow up on conducting meetings with investors, banks, and Government Officials particularly in (but not limited to) the assigned region/ market/ client as and when required to conduct thorough due diligence and prepare assessment reports.
• Provides all the necessary assistance Manager, Operations (Sovereign Risks) pertaining to sovereign risks underwriting in directing the policy portfolio by conducting requisite underwriting analysis to determine the risks associated with potential transactions and obligors.
• Assists in conducting in-depth financial analysis of the projects or state-owned entities through analysis of business plans, financial models, cash flow statements, assets, projected cash flows and other sources to determine the creditworthiness of the obligor involved in the transaction.
• Assists in conducting due diligence by conducting meetings with the obligor to understand various aspects of their business plan, assess value of securities, analyze governance structure of the business etc. to evaluate the potential risk in the transaction including risks associated with contract frustration and performance risk.
• Utilizes different sources of information to identify any legal issues associated with the project/transaction and involves the Legal Affairs Department in evaluation of default risk from a legal perspective.
• Assists in conducting meetings with local banks (especially the DIFC established banks), financial authorities and local financial institutions to ensure the due diligence about the transaction and buyer /bank is done thoroughly to minimize the risk of claims

Customer Relationships Management

• In conjunction with the Business Development concerned colleagues, prepare and validate the Non-Binding Indicative (NBIs) term sheets especially on quantum, pricing and assessment of the developmental impact of the projects/transactions.
• Liaises with customers once insurance applications have been submitted and leads the relationship management from the Due Diligence process until the policy issuance.
• Liaises with customers after the policy has been issued by ICIEC, to assist the customer in familiarizing them with various facets of the policy such as terms, processes etc.
• Understands the guiding principles and rules pertaining to KYC and ensures adherence to the same.
• In coordination with the relevant BDD colleagues, maintains good relations with existing and new customers to identify new deals and generate business opportunities for ICIEC.
• In coordination with the relevant BDD colleagues participates in discussions with local institutional investors, private equity firms, and sovereign wealth funds exploring investment opportunities in ICIEC s member states.
• Along with the BDD team, negotiates with potential clients ensure issuance of NBIs, offers, insurance policy, etc. as per the authority delegated to him by the Associate Manager, Operations (Sovereign Risks).
• Expands ICIEC s institutional relationships with regional financial hubs, particularly DIFC-based institutions, to strengthen market intelligence and risk-sharing opportunities

Reporting

• Prepares all requisite reports (weekly, monthly, annual etc.) relevant to the Division for review by the Associate Manager, Operations (Sovereign Risks) and other key stakeholders.

Other Responsibilities

• The role holder will also perform duties pertinent to the Department/Division as assigned by his supervisor.