Underwriter

Overview

Position: Underwriter

Job #: req34406

Organization: MIGA

Sector: Operations

Grade: GF

Term Duration: 3 years 0 months

Recruitment Type: Local Recruitment

Location: Sao Paulo, Brazil

Required Language(s): English, Portuguese, Spanish

Closing Date: 10/11/2025 (MM/DD/YYYY) at 11:59pm UTC

The Multilateral Investment Guarantee Agency (MIGA) is a member of the World Bank Group with a mission to promote foreign direct investment into developing countries to help end extreme poverty and boost shared prosperity on a livable planet. MIGA houses the World Bank Group guarantee platform which brings together products and experts from the World Bank, IFC, and MIGA for simplicity, efficiency, and speed. The platform provides three types of coverages: credit guarantees for loans to the public or private sector; trade finance guarantees for trade finance projects involving public entities; and political risk insurance against non-commercial risks for private sector projects or public-private partnerships. For more information, visit .

In February 2024, the World Bank Group announced an upgrade to guarantees business, establishing the Guarantee Platform (Platform) housed at MIGA, to deliver improved guarantee access through a unified team and new solutions. These reforms aim to tripling annual guarantee issuance to $20 billion by 2030.

MIGA’s Operations Department (MIGOP) leads guarantee business development and origination, structures transactions, guides underwriting and approval, and manages the guarantees portfolio. Within MIGOP, the Global Transaction Team (GTT) includes Analysts, Underwriters, and Senior Underwriters focused on underwriting MIGA’s guarantee transactions. MIGOP seeks an experienced Underwriter with strong project finance, public sector finance, political risk insurance, trade finance and/or structured finance underwriting skills, as well as client and new business origination skills.

The Underwriter will report to the Manager for GTT and lead transaction teams through underwriting and approval, with potential involvement in business origination and transaction structuring. The role provides exposure to transactions across the Platform’s full product line, regions, and sectors (energy, infrastructure, financial institutions, manufacturing, etc.).

Responsibilities include:

• Lead a multi-disciplinary transaction team (sector, legal, environment and social, climate finance, reinsurance, gender, integrity, risk, development impact, etc.) through the transaction underwriting and approval process, including organizing due diligence meetings and missions.
• Conduct sector and project risk assessments, including contractual risk allocation and the technical and commercial viability of the investment project.
• Prepare and use complex financial models to analyze financial viability and support credit analysis for credit enhancement transactions.
• Analyze country/sub-sovereign project risks with risk management and credit risk officers, including state-owned enterprises where applicable.
• Collaborate on development impact analyses of investment projects and assess contributions to development and broader impacts.
• Develop recommendations for guarantee terms, structures, and risk mitigants.
• Lead negotiations of guarantee contracts with prospective holders and advisors in coordination with the Legal Department.
• Engage with clients, conduct in-country and virtual due diligence with government officials, and collaborate with partners (World Bank, IFC, and others).
• Prepare high-quality guarantee proposal documents for senior management and the Board of Executive Directors.
• Support new business origination and client management to build a robust pipeline; create and deliver origination-focused presentations as needed.

Qualifications

• Must have a Master’s degree (e.g., in Finance, Economics, International Business, or related field) and at least 5 years’ relevant experience or an equivalent combination of education and experience.
• Experience in analyzing and executing limited non-recourse project financings, commercial/public sector investments, trade finance, or other structured transactions; financial analysis of complex transactions in emerging markets (infrastructure and energy sectors) often with global financial institutions.
• Solid experience negotiating complex financial and guarantee contracts.
• Extensive knowledge of emerging markets finance and development, and understanding of project finance, credit guarantees, trade finance, investment insurance, structured finance, and/or FDI in emerging markets.
• Understanding of political and sovereign risk guarantee products and their application in project and export finance.
• Technical underwriting skills with a proven track record in complex project risk underwriting, project/corporate/structured finance.
• Excellent analytical and written/oral communication skills.
• Effective interpersonal skills to lead and collaborate with clients and colleagues from diverse backgrounds.
• Ability to work independently and as a Transaction Lead.
• Fluency in English required; fluency in Portuguese and/or Spanish preferred.

WBG Culture Attributes:

1. Sense of urgency: Anticipate and respond quickly to stakeholder needs. 2. Thoughtful risk-taking: Challenge the status quo for greater impact. 3. Empowerment and accountability: Act and hold others accountable for results.

World Bank Group Core Competencies

We are proud to be an equal opportunity and inclusive employer, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability. The World Bank Group offers comprehensive benefits including retirement, medical, life and disability insurance, and paid leave, including parental leave.