[Watch and read] Challenges and progress for women in captive insurance
In Captive International’s second online panel top female executives discussed what needs to be done—and their own paths into the industry.
Enormous changes have taken place in the captive insurance industry when it comes to female executives reaching new heights, and there are many paths to success within the industry.
That was one of the main messages from the second online panel discussion hosted by Captive International for this edition of Influential Women in Captives. We assembled an panel of outstanding female executives who agreed that much progress had been made, but that more needed to be done if future generations can progress still further.
Renea Louie, chief executive of Pro Group Captive Management Services, highlighted the historical barriers women have faced in the industry. “The captives industry, and insurance in general, has been long dominated by men, presenting significant barriers for women seeking to enter and advance in the field,” Louie explained.
“Mentorship programmes have taken on a valuable role in our industry.” Renea Louie, Pro Group Captive Management Services
She noted the lack of visibility and representation in leadership roles as a primary obstacle. However, she emphasised the industry’s progress, attributing it to more inclusive hiring practices and mentorship programmes. “The industry’s reliance on hiring practices in the past has changed dramatically,” she said. “Mentorship programmes have taken on a valuable role in our industry.”
Heather McClure, managing partner of Helio Risk, echoed Louie’s sentiments, expressing optimism about the future. She observed a positive trend in the number of women speakers at industry conferences.
“At every conference I go to now in our industry, up to 50 percent of the speakers are women,” McClure noted. She stressed the importance of encouraging younger women to take on leadership roles and participate in speaking events. McClure is actively involved in CICA’s Amplify Women subcommittee, which supports young women in the industry by providing them with tips and encouragement to pursue speaking opportunities.
Grainne Richmond, head of captives at Aon Bermuda, shared her experience and also applauded programs such as Amplify Women. She highlighted the need for visible diversity in leadership to attract new talent.
“If they go to the pictures of top leadership, and all they see are white men, it does not give them great encouragement to join our organisation,” Richmond pointed out. She highlighted Bermuda’s We Speak programme, which provides training and a safe space for women to practise public speaking, further boosting their confidence and visibility.
Pathways into the sector
“Reach out to any of the people on this panel, and ask for some career advice.” Grainne Richmond, Aon Bermuda
The panellists shared their diverse journeys into the captive insurance sector, offering advice for newcomers. Richmond recounted her transition from auditing to captives, underscoring that one does not need to be an accountant to succeed in this field.
“Reach out to any of the people on this panel, and ask for some career advice,” she advised. “You do not have to be an accountant, and there are amazing benefits of the network of people you get to meet in this industry.”
Louie’s entry into the industry was unconventional. She was recruited from the high-tech field during the dot-com era, bringing transferable skills that proved valuable in the insurance sector.
“Your business acumen and your other skills and background are transferable,” she stressed. She encouraged those with an appetite for hands-on strategy and innovation to consider the captive insurance field.
Jennifer Masters, senior vice president at Beecher Carlson Bermuda, which is part of Brown & Brown, highlighted the importance of education and awareness. Initially an accountant, she transitioned to captives after learning about the opportunities it offered. “Education is key so that people can make informed decisions as they start thinking through university programmes and career moves,” Masters noted.
Lori Gorman, commissioner of the Captive Insurance Companies Division in North Carolina, and McClure, with her extensive legal background, underscored the significance of networking and flexibility in balancing career and family responsibilities. Gorman pointed out that women often have less established business networks and may hesitate to seize growth opportunities. Attending conferences and forming early networking relationships can be crucial for success in the industry.
“One of the most exciting things I’ve witnessed is how enterprise risk has merged with the captives industry.” Michelle Bradley, Sigma Actuarial Consulting Group
Michelle Bradley, a consulting actuary with Sigma Actuarial Consulting Group, credited an internal lunch-and-learn session in the early 1990s for sparking her interest in captives. She stressed the importance of creative problem-solving in addressing a variety of risks through captives.
“One of the most exciting things I’ve witnessed is how enterprise risk has merged with the captives industry and how captives are addressing risks that early on, I didn’t see captives considering,” Bradley remarked.
Looking forward
As the panel concluded, the consensus was clear: while the captive insurance industry has made significant strides in fostering diversity and inclusion, there is still work to be done. The panellists’ diverse experiences and insights provide a roadmap for future professionals, emphasising the importance of mentorship, visibility, and continuous education.
The industry’s evolving landscape offers a promising future for women, with increasing opportunities for leadership and innovation, the panel agreed.
Click here to read Captive International’s first Influential Women in Captive Insurance publication, celebrating the women transforming the captive sector through their sustained excellence and leadership.
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