Job Description

Job Location CHICAGO, IL 60608 Salary Range $96,000.00 - $145,000.00 Salary/year

Say Yes to the Best Career Opportunities

Merchants Bonding Company™ is hiring professionals who value clarity, collaboration, and opportunities to make an impact. Our team is growing, and we’re looking for people who thrive in a fast-moving environment built on common sense underwriting and first-class experiences. If you're ready for the next step in your career with a team that says yes to the best, this is your opportunity.

Sr. Contract Underwriter

Job Purpose

The Sr. Contract Underwriter evaluates and underwrites contract surety bond submissions within established guidelines and authority levels. The role supports profitable growth by analyzing complex risks, preparing underwriting recommendations, maintaining accurate documentation, and strengthening agency relationships. This associate also contributes to marketing efforts, territory production goals, and the development of new business opportunities.

Core Work Responsibilities

Underwriting Analysis & Documentation

• Determines the acceptability of contract surety risks in accordance with Merchants’ underwriting guidelines and marketing strategy.
• Reviews agent submissions and analyzes business and personal financial statements, work-on-hand schedules, contract documents, and background information to accurately assess risk.
• Prepares contract bond quotations and responds to questions regarding program terms and rates.
• Develops year-end updates and provides guidance to agents on account handling.
• Maintains accurate backlog counts, file notes, underwriting information sheets, and account records.
• Reviews contract bond forms and agreements to evaluate risk acceptability and recommends wording revisions when appropriate.
• Presents account terms clearly to ensure understanding by agents and internal stakeholders.
• Serves as a backup underwriter for team members, addressing client questions and issues as needed.
• Works within delegated authority and prepares written recommendations for decisions outside authority levels.
• Prepares quarterly production reports and travel recaps for the underwriting team.

Marketing & Relationship Building

• Maintains and strengthens relationships with assigned agencies and major accounts through regular contact and on-site visits.
• Builds premium and business opportunities with key agents and continually assesses service quality and performance.
• Develops new business by prospecting agency relationships and effectively using marketing materials during presentations and proposals.
• Represents Merchants Bonding professionally at industry events and remains informed about market trends and legislative developments.
• Plans and conducts effective agent and contractor meetings, occasionally training less senior underwriters.
• Supports territory production goals and typically manages up to $2.5 million in annual production.

Benefits at Merchants

At Merchants, we value balancing the needs of our associates and their families. We offer a wide range of benefits designed to help achieve a healthy work-life balance and support personal and professional growth. In addition to competitive pay, bonus programs, and generous paid-time off, here are a few stand-out benefits:

• Flexible hybrid and remote opportunities with 37.5 hour work week
• Free health insurance option
• Paid volunteer time off with matching gift program
• Infants in the Workplace Program with family resources
• Discover more at: https://www.merchantsbonding.com/careers#Benefits

About Merchants

For nearly a century, Merchants Bonding Company has focused almost exclusively on surety, delivering common sense underwriting and first-class experiences to agents, accounts, and associates across the country. Merchants stands apart from multi-line carriers by offering deep surety expertise, a flexible approach, and strong financials that instill confidence and foster lasting partnerships.

Our people-first culture is built on collaboration, inclusion, and shared success. We’re committed to helping associates grow through real opportunities for advancement, while supporting a sense of belonging.

If you're looking to join a company that values your unique perspective, encourages new ideas, and invests in your development, apply today!

Qualifications

Education and Experience Bachelor’s degree or equivalent work experience in business, underwriting, insurance or a related field plus 5- 12 years of experience in bond underwriting or a similar role in the Surety industry. knowledge of construction techniques, contract terms/variations, financial institution/ construction accounting. Coursework in math, statistics and financial analysis would be helpful.