A career in W&I (Warranty & Indemnity) underwriting is particularly interesting for lawyers and M&A-related talents who are looking for a practical and commercially oriented career. W&I underwriters work at the interface of law, transactions and business - they analyze risks from company purchase agreements, accompany due diligence processes and are in close contact with law firms, investors, private equity funds and brokers. They are not passive advisors, but are actively involved in real transactions - often in parallel and at high speed. This ensures a high degree of variety in terms of content and a deep understanding of a wide range of business models, sectors and deal structures.

The combination of legal thinking and commercial responsibility is particularly exciting: anyone coming from a law firm or M&A environment and looking for more "ownership" and direct influence will find the W&I sector an attractive alternative. Added to this is the international orientation of the role - many transactions are cross-border and the working language is often English. The area is also financially interesting: salaries are above average, especially for specialized M&As, where the variable component is often performance-based and directly linked to transaction success.

In short, W&I Underwriting offers a blend of legal depth, commercial thinking, deal momentum and real responsibility - in a growing market environment with exciting career prospects and salary options.

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‍Salaries

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M&A Analyst 50,000 - 55,000 € + bonus

Assistant Underwriter 55,000 - 65,000 € + bonus

Junior Underwriter 65,000 - 80,000 € + bonus

Underwriter 80,000 - 120,000 € + bonus

Senior Underwriter 120,000 - 200,000 € + bonus

Head of M&A Underwriting > € 250,000 + bonus

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And what can come after the underwriting period?

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After a few years in W&I underwriting, especially in the MGA environment, a wide range of attractive career opportunities open up. For example, many move to an insurer (carrier) such as AIG, Liberty, Zurich or Allianz to work in more structured teams with larger policy volumes. Roles such as Senior Underwriter, Portfolio Manager or Regional Head M&A are possible next steps there - often with international responsibility.

Another option is to switch to the broker or advisory side, for example to Aon, Marsh, Howden or WTW. In these positions, you work more closely with clients - such as private equity funds, corporates or law firms - and advise on transactions on the buyer or seller side. The job profile is often more strategic and client-oriented.

For W&I underwriters with a legal or business background in particular, joining the investor side can also be attractive - for example in a family office, PE fund or corporate M&A. Here, knowledge of transaction risks and contract structures is a clear advantage, especially in the area of deal execution or investment analysis.

Alternatively, a return to a law firm or an in-house function is also conceivable, for example as legal counsel or M&A legal advisor. The combination of legal expertise and commercial risk assessment is highly valued there.

After a few years in the W&I market, those with an entrepreneurial mindset can also go down the path of self-employment or incorporation - for example by setting up their own MGA or a specialized advisory boutique for transaction risks, tax or contingent risk. There are already successful role models for this, particularly in London and Zurich.

Overall, W&I Underwriting offers a strong foundation for many directions - be it within the insurance industry, in the M&A ecosystem or on the investor side. Those who combine legal thinking, transaction experience and commercial acumen are also highly valued in the market beyond the MGA environment.

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