About the Role
As an Underwriting Analyst within our Project and Infrastructure Finance team, you will contribute to the analysis and evaluation of infrastructure and project finance transactions while developing your underwriting and credit risk expertise. Working side by side with Senior Underwriters, you will gain hands-on experience across the full lifecycle of project finance deals — from initial credit analysis through to transaction execution and ongoing portfolio management. This is a fantastic opportunity for someone looking to grow their career in a dynamic environment with a truly global reach.
Key responsibilities
Assessment of project finance transactions and preparation of credit underwriting memoranda. This would include:
Analysis of market, business profile, and technical aspects;
Review of cash flow models including scenario analysis;
Review of financing agreements;
Review and execution of transaction documentation.
Portfolio management tasks, including:
Updating deal information;
Analysis of the existing portfolio;
Analysis of industry trends;
Reviewing performance of existing transactions.
You will be expected to contribute to business-related projects on a case-by-case basis.
About the Team
The Project and Infrastructure Finance team is part of the Credit and Surety division within Corporate Solutions. Established over 18 years ago, we hold the distinction of being the
first credit underwriting team in the insurance market
to specialise in Project and Infrastructure Finance. Our team combines deep technical expertise with a collaborative culture, working on some of the most complex and rewarding transactions in the market. We are a close-knit group that values curiosity, continuous learning, and a shared commitment to excellence. Joining us means becoming part of a team that has shaped the industry — and continues to push its boundaries.
About You
You are curious, financially minded,



and eager to develop your expertise in one of the most specialised areas of credit underwriting. You bring a collaborative spirit, a proactive attitude, and a genuine enthusiasm for learning. You are comfortable working with complex information, can communicate your analysis clearly and confidently, and thrive in a fast-paced, detail-oriented environment. Whether you are early in your career or bringing some relevant experience, what matters most is your drive, your curiosity, and your commitment to growing within the role.
We are looking for candidates who meet these requirements:
Interest in project and infrastructure finance
— understanding of how project finance transactions are structured, including familiarity with key financing documentation and contractual frameworks
Experience or academic exposure to
infrastructure sectors
such as energy, telecom, transport, utilities, or social infrastructure
Familiarity with
insurance markets
, particularly credit products
Strong
written and verbal communication skills
, with the ability to present complex analysis in a clear and concise manner to senior stakeholders
Experience working in a
cross-functional or international environment
, demonstrating adaptability and cultural awareness
Our company has a hybrid work model where the expectation is that you will be in the office at least three days per week. #LI-Hybrid
For Italy the
annual base salary range
for this position is between EUR ****** and EUR ****** (for a full-time role). The specific salary offered considers:
the requirements, scope, complexity and responsibilities of the role,
the applicant's own profile including education/qualifications, expertise, specialisation, skills and experience.
In addition to your base salary, Swiss Re offers an attractive performance-based variable compensation component, designed to recognise your achievements. Further you will enjoy a variety of global and location specific benefits. Eligibility may vary depending on the terms of Swiss Re policies and your employment contract.

📌 Project Infrastructure Finance Underwriting Analyst (Milano)
🏢 Swiss Re
📍 Milano