I (4th-6th year) have been approached by a company regarding a potential position as a transactional insurance underwriter or broker (being intentionally vague here on exact position because it’s a small industry). I realize there was a thread on this late last year but I’m curious if anyone has any further insight into the industry, current compensation, work/life balance, mobility/career path/exit options, etc. The role itself seems like it will be a hybrid legal/business role which is the reason I’m considering it.
Anon because my username can probably be traced to me fairly easily given past post history.
R&W Underwriter or Broker Forum
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Anonymous User
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Re: R&W Underwriter or Broker
Recently moved into the space as an underwriter in the past 1-2 years as the industry is expanding rapidly to absorb the increased deal flow and overall demand.
There's a big difference between being a broker and an underwriter so may be helpful to narrow what you are looking for here. I now have several friends in the space in both areas so happy to contribute more in areas that matter for you.
Overall, depending on your risk appetite, I would go to a more established player where you won't be pressured too early to bring in business but instead be working to expand bandwidth as all the shops (brokers and underwriters alike) right now are very very busy. Not quite big law busy (so no 350-400 hour month feelings), but sometimes it can feel like 200 hour months from big law for very busy months, but more typically probably a 140ish month in terms of late nights in corporate (you can expect more weekend offs here, and basically no to little all-nighters). That being said, I am now able to do dinners with friends on weekdays, schedule dates on weekdays, actually make plans weeks in advance for weekends, etc. My quality of life has increased immeasurably. I can't imagine going back, and all the big law refugees I've met since say the same.
Compensation ranges from comparable to better than big law, including all the special/summer/year-end bonuses. I was a senior associate when I left big law, and without outting myself, I am making more while working significantly less. My other friends are within range. Comp will tend to be higher and more secure in the established players. People are having record years, I think. But I guess if you join a smaller shop, get equity, and then it is very successful... then when they have a liquidity event 5-6 years down the line, you might get a huge payday. I guess that's more like a start up, but your cash comp might be less than at like an Aon/Marsh.
Work life balance is much better. You're much less likely to work on weekends. Your saturday night will almost 100% be free unless you fuck something up, although sometimes Friday nights can push late if there is a signing that night. But I'd say 95% of my waking weekend hours are now mine. When I was leaving big law, that was closer to 0-25% given how busy it was. Huge quality of life difference. I have not been this happy in years.
Mobility and career options are a bit unknown given how new the industry is. But you can move around within the industry for sure, and as the industry grows, I'm sure experts in RWI will be desired at firms to handle that work stream. If you are an underwriter, you also read/touch the primary transaction doc (merger agreement, SPA, etc.) every day so wouldn't be hard to go back to legal practice if you didn't like it. I'd say not a big risk to try it out, but future is relatively unknown. That being said, the upside may also be high. You can carve out a real reputation for yourself right now in this growing industry and become a leader if you are good at what you do. At a law firm, that status is probably many more years away.
Brokers tend to be more like being a corporate mid level at a law firm where you are serving as the quarterback slinging docs to where they need to go while summarizing and advising on the key negotiation points to your client and serving more as the messenger between parties, but without all the papering of the docs you normally did. Underwriters job tends to be more technical in nature (specific merger agreement comments, drafting and negotiating policy, reviewing diligence materials and leading underwriting call), which I guess is maybe like a specialist role at law firm in some sense, but with a business twist as you are calling the shots to take the risk.
Anon because this industry is extremely, extremely small and tight nit.
There's a big difference between being a broker and an underwriter so may be helpful to narrow what you are looking for here. I now have several friends in the space in both areas so happy to contribute more in areas that matter for you.
Overall, depending on your risk appetite, I would go to a more established player where you won't be pressured too early to bring in business but instead be working to expand bandwidth as all the shops (brokers and underwriters alike) right now are very very busy. Not quite big law busy (so no 350-400 hour month feelings), but sometimes it can feel like 200 hour months from big law for very busy months, but more typically probably a 140ish month in terms of late nights in corporate (you can expect more weekend offs here, and basically no to little all-nighters). That being said, I am now able to do dinners with friends on weekdays, schedule dates on weekdays, actually make plans weeks in advance for weekends, etc. My quality of life has increased immeasurably. I can't imagine going back, and all the big law refugees I've met since say the same.
Compensation ranges from comparable to better than big law, including all the special/summer/year-end bonuses. I was a senior associate when I left big law, and without outting myself, I am making more while working significantly less. My other friends are within range. Comp will tend to be higher and more secure in the established players. People are having record years, I think. But I guess if you join a smaller shop, get equity, and then it is very successful... then when they have a liquidity event 5-6 years down the line, you might get a huge payday. I guess that's more like a start up, but your cash comp might be less than at like an Aon/Marsh.
Work life balance is much better. You're much less likely to work on weekends. Your saturday night will almost 100% be free unless you fuck something up, although sometimes Friday nights can push late if there is a signing that night. But I'd say 95% of my waking weekend hours are now mine. When I was leaving big law, that was closer to 0-25% given how busy it was. Huge quality of life difference. I have not been this happy in years.
Mobility and career options are a bit unknown given how new the industry is. But you can move around within the industry for sure, and as the industry grows, I'm sure experts in RWI will be desired at firms to handle that work stream. If you are an underwriter, you also read/touch the primary transaction doc (merger agreement, SPA, etc.) every day so wouldn't be hard to go back to legal practice if you didn't like it. I'd say not a big risk to try it out, but future is relatively unknown. That being said, the upside may also be high. You can carve out a real reputation for yourself right now in this growing industry and become a leader if you are good at what you do. At a law firm, that status is probably many more years away.
Brokers tend to be more like being a corporate mid level at a law firm where you are serving as the quarterback slinging docs to where they need to go while summarizing and advising on the key negotiation points to your client and serving more as the messenger between parties, but without all the papering of the docs you normally did. Underwriters job tends to be more technical in nature (specific merger agreement comments, drafting and negotiating policy, reviewing diligence materials and leading underwriting call), which I guess is maybe like a specialist role at law firm in some sense, but with a business twist as you are calling the shots to take the risk.
Anon because this industry is extremely, extremely small and tight nit.
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Anonymous User
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- Joined: Tue Aug 11, 2009 9:32 am
Re: R&W Underwriter or Broker
OP here
The above response was super informative, thanks anon! I actually got pinged by another company on this as well so currently talking to both an underwriter and a broker. Would be interested in hearing more about the broker side of things if you have more to share. There’s a lot out there on underwriters but the broker job is harder to get a peg on.
The above response was super informative, thanks anon! I actually got pinged by another company on this as well so currently talking to both an underwriter and a broker. Would be interested in hearing more about the broker side of things if you have more to share. There’s a lot out there on underwriters but the broker job is harder to get a peg on.
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Anonymous User
- Posts: 432784
- Joined: Tue Aug 11, 2009 9:32 am
Re: R&W Underwriter or Broker
Bumping this, as I am also considering a simlar role. If anyone has any info on the broker side it would be much appreciated!
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Anonymous User
- Posts: 432784
- Joined: Tue Aug 11, 2009 9:32 am
Re: R&W Underwriter or Broker
Any brokers who could weigh in? I am currently sitting on an offer and am very curious, especially with regards to hours compared to biglaw. Thanks!
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Shredzeppelin240
- Posts: 110
- Joined: Fri Oct 05, 2018 2:46 pm
Re: R&W Underwriter or Broker
Hi! Bumping this because I have an offer and have no clue what the compensation/work is like compared to biglaw. Would greatly appreciate any feedback!
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