Intermediaries & Reinsurance Underwriters Association Internship Opportunity (Application due 2/01)

IRU Summer Internship Program

The IRU intern program provides an opportunity for college juniors and seniors to learn about the reinsurance industry and gain practical experience in its operation. It also provides the intern an opportunity to evaluate reinsurance as a potential career.

Sponsorship of an intern is by participating IRU members. Each intern will spend eight weeks during the summer gaining “hands-on” experience in the reinsurance industry. In an effort to maximize the intern’s exposure to the overall business, it is intended that each intern would spend four weeks with an underwriting sponsor and four weeks with an intermediary sponsor. Due to logistics, this ideal situation is not always possible.

At the conclusion of the program, each intern is required to submit a paper to the IRU Internship Committee. The paper should evidence the depth of knowledge attained in a specific segment of the business via the internship experience, as well as outside research. Each intern is encouraged to select a topic that is of particular interest to them, utilizing the expertise of their sponsors and the contacts made during the program. The papers will be judged by the Internship Committee.

The intern submitting the most outstanding paper, as judged by the committee, will be eligible to receive a $2,500 scholarship provided by the Angus Robinson, Jr. Memorial Foundation and may be invited, as a guest of the Association, to the following IRU Spring Conference – usually held somewhere nice! The selection committee reserves the right to split the award in the event of a tie.

Intern Qualifications

1. Full-time student enrolled in an undergraduate program at an accredited 4-year College or University. Students should be entering at least their junior year and have at least one term remaining following completion of the intern program.
2. Overall grade point average of at least “3.0” and two recommendations from Faculty Adviser, Dean or Department Chairman.
3. Enrolled in degree program with major in Insurance, Economics, Business or related field. 4. At least 18 years of age and U.S. Citizen (or legal to work in the U.S.).

Selection of Intern

1. Each member of the Internship Committee will be provided with data on all qualified candidates. The number of intern positions available depends on the number of IRU members deciding to sponsor one or more interns for the year. Final selection of candidates to be accepted into the program, as well as placement with sponsoring underwriters and brokers, will be made by the Internship Committee.
2. A member of the Internship Committee will act as Adviser to each Candidate accepted into the program. The adviser will act as liaison between the Intern and IRU, help coordinate details of the Intern’s summer work and monitor the Intern’s progress.

The Reinsurance Industry

There are over 50 property and casualty reinsurance operations in the United States writing in excess of fifteen (15) billion dollars of reinsurance premium annually. Most of the premium is written by professional reinsurers many of whom are members of the Intermediaries & Reinsurance Underwriters Association.

The reinsurance industry has two distribution systems. One is defined as “direct markets” where an employee of the reinsurance company solicits business directly from the ceding company. The other system is called “broker markets.” This market receives business submissions from professional reinsurance intermediaries (generally called brokers) who are typically not affiliated with the markets (reinsurers) they utilize when placing coverage; the broker solicits business from the ceding company and contacts one or more reinsurers who set price and terms for the business.

Financial Support

The sponsoring underwriter or broker will compensate their intern at a minimum rate of $450.00 per week.

Timetable (Approximate)

02/01

Deadline for Applications

03/01

Placement of candidates selected for program

06/01 – 08/15

Intern period (8 weeks during 10-week period)

09/01

Papers due

10/01

IRU Intern of the Year – Angus Robinson Jr. Memorial Foundation Scholarship recipient announced

Full details of the program and an online application form may be found on our website – http://www.irua.com

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