SPECIAL R 14 EPORT: WOMEN IN HAMILTON
Company: Third Point Reinsurance Company
Job title: Senior vice president, reinsurance
become duplicated, there is also the human cost of redundancies
which we have seen over the past few months.
I am, however, cautiously optimistic about the changes we have
seen over the past few months in the brokerage community. What
looked like a move towards consolidation has led to a number of
smaller boutique brokers taking advantage of the dislocation and the
availability of talent to boost their presence both here and overseas.
How well is Bermuda positioned to continue to prosper?
Bermuda has always had a reputation for being innovative and
responsive to the needs of the business community. Despite being
a mature marketplace, we continue to see new business models
and approaches being embraced. The government also appears to
be responsive towards the needs of the re/insurance industry, and
the resident talent ensures Bermuda continues to be innovative
How do you see the industry developing in the next five years?
The re/insurance industry is often considered to be slow to fully
embrace technology. I believe we are rapidly catching up and in
the very near future blockchain technology will be adopted for all
aspects of our business. Bermuda will be at the forefront of this,
with initiatives already in development.
What has been the highlight of your career so far?
Our industry is continually evolving, and every day presents a new
challenge for those willing to look beyond the mundane. We are
in a challenging and exciting time for our industry. There are everchanging
sources of capital, new products and exposures, fresh
perceptions of risk and innovative ways of sourcing our business.
Throughout my career, I have been involved with building teams
and developing different books of business. My new role at Third
Point Re has presented me with the opportunity to put together my
‘dream team’: a group I consider to be some of the most talented
and personable professionals available.
We are superbly placed to take advantage of the opportunities that
exist in the market for those who have an in-depth understanding
of the exposures and who are willing and able to think creatively.
Is there still a shortage of female risk professionals in the Bermuda
Insurance and financial services both here and in other markets have
generally been slow to embrace diversity in all its forms, but we are
making headway. Lloyd’s didn’t allow women into the underwriting
room until 1976, only six years before I started work in London. It
wasn’t until 1988 that the first woman was elected to the Lloyd’s
council and 1996 before a woman led a syndicate.
The Bermuda re/insurance industry has attracted a lot of very
talented women to the sector in the 33 years I have been on the
Island. These women have honed their craft and I am now seeing
many of them moving into middle and senior management roles.
There does, however, seem to be a lack of women in the C-suite
and at board level despite the talent that is out there.
What initiatives have you seen to encourage local talent on
Bermuda to join the market?
The industry does a good job in promoting the range of opportunities
that exist. However, I would love to see more companies offering
graduate training schemes and internships to students.
With specific reference to developing women’s talent, there
have been a lot of initiatives in recent years. For example, Women
in Reinsurance (WiRe) offers educational and networking
opportunities; the Insurance Supper Club has been established on
the Island which is a networking organisation for senior women in
insurance, reinsurance and associated financial services; and there is
the recent introduction of WeSpeak which is dedicated to coaching
and increasing opportunities for professional women to be effective
I am encouraged by the fact that we are seeing a lot more women
speaking at industry events and on panels. The women I have seen
and heard are informed and passionate advocates for our industry.
How else can any such shortage be addressed?
A culture of gender diversity in the workplace needs to be developed
at senior management level. Once such culture trickles down to
the whole team and becomes part of the overall company culture,
more opportunities will open up for advancement, getting more
diversity in committees and in choosing participants for leadership
What is your view of the current state of the re/insurance market
Our industry has been overcapitalised for some time and there have
been insufficient losses to diminish the capital in any meaningful
way. In this environment consolidation is inevitable, but many
companies tend to underestimate the frictional costs and difficulties
with integration which ultimately affect staff morale. When roles
“My new role at Third Point Re has
presented me with the opportunity to put
together my ‘dream team’.”