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Bermuda Rising Stars

20 December 2015 Bermuda Re/insurance need to adapt to changing times and technology. The reinsurance product will always be needed in some form, although it remains to be seen how the industry will adapt with increasing automation, mergers, outsourcing and an increasing abundance of available capital. A company like Markel has many offices around the world that allow the opportunity for young professionals to work in exciting places and different markets. From an educational perspective Markel also has an online-course system that facilitates continuously learning among each other, which I have found to be a tremendous benefit to me and my peers. Do you think the reinsurance industry offers good opportunities and career development to young professionals? I was very fortunate to start my career as an actuary prior to moving into an underwriting role. This allowed me to gain a better understanding of multiple aspects of the business. It is hard work if you are willing to put in the hours 5,000+hours of studying, but looking back at it I would not have done it any other way. You need a good foundation in any career and the necessary skills to set you apart. As the industry is global, I also feel there is the need for younger professionals to think outside of their local context and consider seeking opportunities abroad. Reinsurance offers many career paths due to the multiple organisational facets that are needed, from marketing, claims handling, business operations, risk management, accounting, underwriting and the list goes on. For me reinsurance requires a greater understanding than just general underwriting, for example if you work in property reinsurance—understanding the influences that affect risk such as climate change and economic trends is the really interesting side of the business. What are your aspirations for the future? Bermuda is where I really cut my teeth from a career perspective and it is somewhere I now call home, I have an emotional attachment to the Island and I think it is a fantastic place to strike a work-life balance. From an industry perspective the market is unique with an unrivalled blend of intellectual capital coming from a range of backgrounds. My aspirations are to continue to travel with work to gain experience on the road and see the world. As the reinsurance industry continues to evolve with new and interesting ways to package risk and finance together, I aim to further my knowledge of special products as well as traditional underwriting. I also will continue to support and foster those who want to learn, especially rising young women in the industry as I feel that there are still many areas of the corporate world that need to progress in order to ensure a level playing field and also a better balance for employees and their families. With Bermuda being so small I am lucky to have a great group of friends who are professional women, we offer support and advice to one another as well as have a lot of fun. Like many in the industry, I have a ‘go big or go home’ mentality, so ultimately I hope to achieve a C-suite position one day. If you’d chosen a different profession/career path, what would it have been? I have so many interests; it would be hard to say. I have always loved sports, cognitive science and analytics so robotics or sports statistics would also be interesting career choices. BERMUDA’S RISING STARS Crystal Sala Doughty Job title: Senior underwriter, international & retro property reinsurance Company: Markel Re Career path Crystal Sala Doughty serves Markel Re as senior underwriter, international & retro property reinsurance. Prior to the merger of Market and Alterra in 2013, she worked in the same capacity for Alterra, having joined the company in 2006. Previously, Doughty served as AVP and actuary in the corporate actuarial department of Alterra. In 2005, she worked at the Bank of Montreal as a credit risk analyst, with specific focus on capital risks management, Doughty graduated from the University of Toronto in June 2006 with a BSC, specialising in actuarial science and statistics. In 2012, she became an Associate of the Casualty Actuarial Society (CAS). Why did you choose to go into the reinsurance industry? At university I started studying cognitive science and artificial intelligence, the programme itself was quite new so I started looking at other options. At the time my mother was working in the insurance industry and advised me of actuarial science and that it would be a good career choice for my skillsets. I enjoy science and analysing data so I began to study actuarial science as a pathway into the world of risk management. I looked at multiple opportunities in various lines; life insurance, P&C insurance/reinsurance etc. Reinsurance interested me the most due to the complexity and range of products. When I was offered an opportunity to work in Bermuda, how could I say no! Do you think the industry is attractive to young professionals? Yes. Reinsurance is a type of commerce and like any industry it will


Bermuda Rising Stars
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