FORTY under 40: Amaryllis Schembri
Amaryllis Schembri, Senior regulatory and compliance specialist, Marsh Captive Solutions
Schembri joined Marsh Captive Solutions Malta, a leading insurance manager, in early 2017 as a regulatory and compliance associate. Having progressed to the role of senior regulatory and compliance specialist, she finds her brief incredibly fulfilling, providing her with a dynamic and stimulating work environment where she engages with a diverse array of clients and business models, providing regulatory and compliance guidance, acting as their compliance function and their main point of contact with the Malta Financial Services Authority.
But her journey in the insurance industry began more than 13 years ago in the legal field, where she had the opportunity to represent a local insurance agent in arbitration proceedings for three years. This initial exposure ignited her passion for insurance, leading her to transition from litigation to a role as a legal adviser at MAPFRE Middlesea, the largest local insurer. There, she not only honed her general legal skills but also delved into the intricate world of insurance regulation and compliance, which has become a cornerstone of her career.
How did you first become involved in captive insurance?
Initially eight years ago working at Marsh Management Services Malta. While I had previous exposure to insurance laws and regulations, which largely apply to third-party writers and captive insurance undertakings alike, the realm of captive insurance introduced me to new learning opportunities – not only from a compliance and regulatory perspective but also in terms of optional business models available and operational efficiencies potential clients could tap into.
What are the greatest challenges of working in this industry, and what do you find most rewarding?
Working as a compliance officer in captive insurance presents several challenges, as well as rewarding aspects. One primary challenge is regulatory complexity, as the industry is subject to a variety of regulations that can differ significantly by jurisdiction. Keeping up with these and ensuring compliance can be both complex and time-consuming. Additionally, the evolving nature of legislation requires compliance officers to stay informed about new laws and amendments that could impact captive operations. Risk management also poses a challenge, as captives often deal with unique risks that might not be adequately addressed by standard insurance regulations, making it difficult to identify and manage these risks while ensuring compliance.
Effective communication with stakeholders is another challenge, as compliance officers must convey regulatory requirements and compliance strategies to various parties, including management, board members and external regulators, which can sometimes lead to misunderstandings or resistance.
Despite these challenges, there are many rewarding aspects of the role. Ensuring compliance helps protect the organisation from legal issues and enhances its reputation, contributing to the overall success of the captive. The dynamic nature of the regulatory environment provides opportunities for continuous professional development and learning, keeping the role engaging and intellectually stimulating.
The dynamic nature of the regulatory environment provides opportunities for continuous professional development and learning
Overall, while the position comes with its challenges, the opportunity to make a meaningful impact and engage in continuous learning makes it a rewarding career choice.
Would you recommend the captive insurance industry to young people as a future career path?
Yes, for several reasons. First, the industry offers a unique and specialised niche within the broader insurance sector, providing opportunities for individuals to develop expertise in areas such as risk management, regulatory compliance and financial analysis. This can add up to a rewarding career with a strong demand for skilled professionals.
Second, the industry is continually evolving, driven by changes in regulations, market dynamics and emerging risks. This dynamic environment necessitates continuous learning and professional development, keeping careers interesting and relevant.
Additionally, the industry fosters a collaborative atmosphere, working closely with various stakeholders, including business leaders, regulators and clients. This not only enhances communication and interpersonal skills but also allows for a comprehensive understanding of how businesses operate and manage risk.
Finally, the industry offers a range of career paths, from compliance and regulatory roles to underwriting, finance, and risk management.
What developments do you see ahead for captives?
The industry is poised for several significant developments in coming years, driven by evolving market conditions, regulatory changes and advancements in technology. Captives are expected to expand their beyond traditional insurance lines, addressing emerging risks such as cyber liability, environmental liabilities and supply chain disruptions as businesses face new challenges.
The integration of technology will also play a crucial role in transforming the captive insurance landscape. As the benefits of captives become more widely recognised, there will likely be an increase in education and awareness initiatives aimed at informing businesses about the advantages of forming captives, leading to broader acceptance of captives as a viable risk management strategy.
Overall, the industry is expected to evolve significantly in response to changing market dynamics, regulatory environments and technological advancements, creating new opportunities for captives to provide innovative solutions and enhance their value to businesses.
Do you think your long-term future remains in the captives market?
Yes, I heartily believe my long-term future remains in the captives market. I find the sector engaging and enjoy the challenges it presents. There are also many opportunities for growth and advancement. The industry is expected to continue evolving, with increasing demand for specialised knowledge in areas such as risk management, regulatory compliance, and innovative insurance solutions. I am passionate about my work and while I feel that it is important to stay open to new opportunities within the industry, I am also aware that the skills and expertise acquired in this industry will potentially allow me to explore, in the future and aside from my current compliance and regulatory role, broader roles in the insurance and risk management sectors.
Click here to read Captive International’s third FORTY Under 40 2025 publication.
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