SPECIAL REPORT: WOMEN IN HAMILTON 13
How well is Bermuda positioned to continue to prosper?
The Bermuda market continues to present strong growth
opportunities and we see tremendous potential for the future. Due
to its government, regulatory, legal and tax environments Bermuda
is a favourable market. With our local talent and rich history of
innovation, Bermuda will continue to be well positioned for the
How do you see the industry developing in the next five years?
In an age of acceleration, the pace of change is a challenge for the
industry. Technology is transforming our industry and it plays a
critical role in how we will continue to service our clients. As an
industry we are trying to keep pace with this change, which means
buying, investing, or partnering to harness data and innovation for
Bermuda has a knack for following the fates whither they may
lead which is our motto: Quo Fata Ferunt. We are able to change
as necessary. Accepting life is a journey rather than a destination
is a way of being that allows us to adapt to whatever comes our
With nearly 30 years of experience, Catherine Duffy is a veteran
of the Bermuda international insurance market. In 2018 she joined
AIG from XL Catlin, where she was most recently senior vice
president and underwriting manager for XL Bermuda.
Over the course of her career, Duffy has held numerous
underwriting leadership roles, including senior vice president,
excess liability at Torus Insurance Bermuda, and vice president,
underwriting at XL Insurance (Bermuda).
Is there still a shortage of female risk professionals in the Bermuda
The re/insurance market is broad and covers many aspects. Generally,
there are more women on the insurance side than the reinsurance
side, but industry data show women are underrepresented across
While progress has been made, there are more women
concentrated in the entry level positions and women are still vastly
underrepresented in senior leadership positions, especially when it
comes to leading product lines.
We see women in senior leadership positions in roles such as
HR, compliance, operations and legal. There are still not enough
women leading product lines.
What initiatives have you seen to encourage local talent on
Bermuda to join the market?
At AIG our early careers programme is designed towards building
a pipeline of new talent. Beyond recruiting, it’s about developing
and graduating this talent directly into the organisation. We attract
individuals through a rigorous process and over two years provide
them with comprehensive training and skills they need to have a
Another initiative is work-life integration, which has become
an increasingly important benefit for today’s employees seeking
more flexibility in their lives. AIG’s Flexible Work Arrangement
programme gives individuals the needed flexibility to perform their
role outside traditional work hours or locations and has proved to
be an effective tool towards enabling greater work-life balance.
We are cognisant of the changing, multi-generational workforce
and look to promote a culture that is balanced, diverse and flexible.
What is your view of the current state of the re/insurance market
Bermuda goes through cycles just like any other geographic location.
Mergers and acquisitions help to right-size the balance needed for
our corporate world to thrive. The companies that thrive recognise
when organic growth becomes out of reach and actively find ways
to meet expectations by seeking partners to help them grow.
“The Bermuda market continues to present
strong growth opportunities and we see
tremendous potential for the future.”
Job title: Country manager, Bermuda