Location: Madrid, M, ES
Are you analytically minded and passionate about credit risk? Do you thrive in an international environment where sharp thinking meets meaningful client relationships? At Swiss Re, we bring together deep underwriting expertise and a global perspective - and we are looking for a curious, motivated individual ready to make their mark in Credit & Surety Reinsurance across Europe.
If you enjoy analysing credit risks, exercising sound judgement, collaborating with talented colleagues and engaging with clients across diverse markets, this could be the opportunity you have been looking for.
About the Role
This is your chance to join Swiss Re's Credit & Surety Reinsurance Europe team in Madrid and grow your underwriting expertise in one of the most specialised and intellectually stimulating areas of the reinsurance industry.
You will actively assess and underwrite treaty and facultative reinsurance opportunities, working closely with experienced underwriters and specialists. You will take ownership of selected risks, accounts and client interactions, while building a deep understanding of credit risk, reinsurance structures and portfolio management. The role offers a genuine opportunity to develop both your technical underwriting capabilities and your commercial acumen in a truly international setting.
Key Responsibilities
Analyse and assess treaty and facultative reinsurance opportunities, evaluating risk profiles, exposures and expected profitability, and conducting appropriate costing
Prepare high-quality underwriting analyses and recommendations in line with Swiss Re's risk appetite, underwriting guidelines and governance framework
Negotiate reinsurance terms and conditions with clients and brokers, collaborating with underwriting colleagues as needed
Make underwriting recommendations and decisions within the applicable authority framework and take ownership of selected risks and accounts
Develop and nurture relationships with insurance clients, brokers and other market participants, and contribute to gathering relevant market and client intelligence
Monitor market developments, emerging risks and portfolio performance to support sound and informed underwriting decisions




Collaborate closely with internal stakeholders including Client Markets, Credit Risk Management, Claims, Contracts, Business Services and Finance to support effective end-to-end execution
About the Team
Credit & Surety Reinsurance at Swiss Re provides tailored reinsurance solutions to insurers writing Trade Credit, Surety and Political Risk business across the globe. Our Europe team is a highly international group working with leading insurers across a diverse range of markets, products and client segments.
As part of the team, you will work alongside underwriting professionals and specialists in a collaborative environment that values knowledge-sharing, intellectual curiosity and continuous development. You will also gain exposure to colleagues and specialists across Swiss Re's integral network - providing an excellent platform to deepen your technical expertise, commercial understanding and professional network.
About You
You are curious, analytical and commercially minded, with a genuine interest in underwriting and credit risk. You enjoy understanding businesses, interpreting financial information and translating economic developments into clear, well-reasoned underwriting recommendations. You are comfortable asking questions, challenging assumptions and exchanging perspectives with colleagues across cultures and functions.
You take responsibility for your work, apply sound judgement and are ready to explain and stand behind your underwriting assessments. You combine attention to detail with an appreciation of the broader commercial context - and you are motivated to grow into a well-rounded Credit & Surety underwriting professional.
We are looking for candidates who meet these requirements:
Academic background in Business Administration, Economics, Finance, Law or a related discipline
Ideally around three years of professional experience in an underwriting-related or credit risk position;




we also welcome candidates with a strong academic background or experience in roles involving financial, commercial or legal risk assessment
Strong analytical and conceptual skills, with a solid understanding of or demonstrated interest in credit risk, financial analysis and underwriting
Ability to analyse information in a structured way, identify key risk drivers and communicate conclusions clearly and confidently
Strong interpersonal skills and a collaborative mindset, with the ability to work effectively across teams, functions and cultures
A proactive approach, intellectual curiosity and a genuine willingness to learn and take on increasing responsibility
Proficient English, with strong written and verbal communication skills
Willingness to travel occasionally to meet clients and attend industry events
These are additional nice to haves:
Initial exposure to Credit & Surety insurance or reinsurance, or credit risk management
Relevant professional experience in a legal environment, particularly in commercial, banking, finance, insurance, insolvency or contract law, involving the assessment of contractual, financial or credit-related matters
Understanding of financial statements and credit analysis
Familiarity with European insurance or financial services markets
Additional European language skills would be a valuable asset in our pan-European client environment
Compensation
For Spain, the base salary range for this position is between 47 000 EUR and 78 000 EUR for a full-time role.
The specific salary offered considers:
The requirements, scope, complexity and responsibilities of the role
The applicant's own profile including education/qualifications, expertise, specialisation, skills and experience
In addition to your base salary, Swiss Re offers an attractive performance-based variable compensation component, designed to recognise your achievements. Furthermore, you will enjoy a variety of global and location specific benefits. Eligibility may vary depending on the terms of Swiss Re policies and your employment contract.
About Swiss Re
Swiss Re is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk

📌 Underwriter Credit & Surety Reinsurance (Madrid)
🏢 Swiss Re
📍 Madrid