IRU Summer Internship Program - PLEASE NOTE THAT THE IRU BOARD IS CONDUCTING A REVIEW OF ALL PROGRAMS OFFERED AND CONSEQUENTLY THE TEXT PROVIDED BELOW IS FOR INFORMATION ONLY PENDING THE OUTCOME. THE DATES SHOWN IN THE TIMETABLE ARE SUSPENDED AND THE ONLINE APPLICATION CURRENTLY WITHDRAWN. MORE INFORMATION WILL BE PROVIDED AS SOON AS POSSIBLE. 

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 and may be invited, as a guest of the Association, to the following Spring's IRU Meeting. 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

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.

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.

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/Angus Robinson Jr. Memorial Foundation Scholarship recipient announced

Distribution of Scholarship

The IRU/Angus Robinson Jr. Memorial Foundation will forward a co-payable check to be credited to the scholarship recipient's college/university account. Prior to distribution of funds the Financial Aid office at the college/university in which the recipient is enrolled will be contacted to verify that the student is currently enrolled and in good academic standing. In the case that the recipient has withdrawn from College, the remaining scholarship money must be returned.

Scholarship Sponsor: Angus Robinson, Jr. Memorial Foundation

The Angus Robinson, Jr. Memorial Scholarship Foundation is a non-profit education fund established in 1990 in the memory of Angus Robinson, Jr., who was in the reinsurance industry for nearly 20 years. The Foundation awards scholarships to students of Risk Management, Insurance or Actuarial Science. In 2004 the Trustees of the Foundation generously agreed to sponsor the IRU Internship Program by funding the scholarship award, which is now officially called the IRU/Angus Robinson Jr. Memorial Foundation Scholarship.

Program Outline

The main objective of the Program is for an intern to learn about reinsurance. When member companies establish their own agendas for the intern, they bear in mind that it is important for the intern to gain insights into reinsurance, how the reinsurance industry operates, and the functions of the broker market within the industry.

The following is a suggested schedule for the intern period:

UNDERWRITING COMPANY
1-2 Days Orientation, company organization and background, current underwriting strategies and objectives.
1-2 Days Administrative support functions, office routine, communications, correspondence flow, filing systems, data processing systems.
9-10 Days Underwriting Operations: underwriting guidelines, risk selection process, pricing and various rating methods, new business, renewals, contract wordings and slips, "life cycle" of a treaty, underwriting different types of business (i.e., pro-rata, risk excess, cat, retros, casualty, aviation, marine, etc.), marketing production (including visitation contact with placing broker).
2-3 Days Accounting and Finance: statutory and GAAP accounting, financial statements, treaty level accounting, internal controls, investments and investment strategies, outside auditors, actuarial, taxation.
2-3 Days Claims: loss report handling and setting reserves, file supervision, claims payments, loss funding requirements, lawsuits, ECO/XPL claims, arbitration and dispute resolution, structured settlements, claims audits.
1-2 Days Regulatory Compliance: state licensing, NAIC, Departmental Examinations, New York Regulation 98, AICPA Guidelines, IRIS Early Warning System, rehabilitation/liquidation.
1 Day Debriefing and wrap-up
INTERMEDIARY
1-2 Days Orientation (similar to member company schedule)
1-2 Days Administrative (similar to member company schedule)
9-10 Days Broker Operations: production methods and strategies, underwriting information, program structure, development of pricing and terms, marketing, placing techniques, slips/cover-notes/abstract wordings, renewals (including visitation contact with underwriters).
2-3 Days Accounting: monthly accounts, deposit premiums, premiums adjustments, routine reports, bordereaux, internal controls, fiduciary accounts, investments, financial statements.
2-3 Days Claims: loss reports, claim payments, status updates, loss funding/LOC's claims audits, dispute resolution, run-off situations.
1-2 Days Market Security and Intermediary Regulation: brokering and licensing requirements, New York Regulation 98, AICPA Guidelines, financial analysis of markets.
1 Day Debriefing and wrap-up.

Balance of time on concentrations to be determined by the sponsor and intern.

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 who 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.

Guidelines for the Intern

The purpose of the IRU summer intern program is to provide college juniors and seniors with an opportunity to learn about the reinsurance industry by participating in an eight-week work program.
In the near future, you will be contacted by an IRU adviser and the Host Company with whom you will be interning. They will provide you with most of the information you will need to get started.

It is the Internship Committee's intention to arrange your internship with host companies located in your geographical area. Unfortunately, this is not always possible, and some travel on your part may be necessary. Under these circumstances, an IRU Internship Committee member will work with you to secure transportation and the IRU will reimburse you for one round trip from your school or home to the city of your host company.

Additionally, if your host companies are not located in your area and you do not already have a housing alternative; i.e., relative or friend in the area arrangements will be made for you. A number of housing arrangements are possible, such as a boarding house or college dormitory, provided enough lead time is allowed.

As far as clothing goes, you should be prepared to dress in a businesslike fashion. This usually means a business suit and tie for men and appropriate professional attire for women. In some offices a sport coat might be adequate and many offices are corporate casual for the summer. Discuss this with your host.

At the end of the eight-week session, you will be asked to submit a paper. It will be judged on its quality by the IRU Internship Committee and will be the main factor in selecting the intern who may attend our Annual Spring Meeting. It will also be used as the basis for awarding the IRU/Angus Robinson Jr. Memorial Foundation Scholarship. It is, therefore, very important that these papers be of sufficient depth, to properly judge what you have learned. Internship papers must be mailed to the IRU within 30 days of the completion of your internship.

The last thing we would like to make mention of is quite possibly the one thing that you should keep in mind at all times. That being the impression you make will be a lasting one indeed. One of the purposes of the intern program is to bring you back into our industry after graduation. Therefore, your host should always be viewed as a potential employer, or as a reference for future employment, be it inside or outside the reinsurance industry.

A word about your IRU Internship Adviser. This is the individual who is always available to assist you. If you have any questions or transportation problems, etc., try to work it out with your host first. If you are still having a problem, go to your Adviser. Your Adviser will contact you from time to time during your internship. They will also be in touch with your host. They are there for your benefit, so you should not hesitate to go to them if you need them.

Download Brochure and Application

Apply online here

Please note: If applying online, it is still necessary to submit your resume, and two faculty recommendations along with a certified copy of your transcript to the IRU, Inc., c/o The Beaumont Group, Inc., 3626 East Tremont Avenue, Suite 203, Throggs Neck, NY 10465.

Please note that the specifics of the Internship program are subject to change at any time by either the Internship Committee or the Board of Directors.