FORTY under 40: Camilo Romero
Camilo Romero, Head of credit analysts, BNP Paribas
Camilo Romero is a seasoned finance professional with over 15 years of diverse experience in banking, insurance, and financial services. He embarked on his career journey within the operations team of BNP Paribas’ Equity Derivatives division, subsequently transitioning to the Financial Institutions Group department. In this capacity, he excelled as a credit analyst, specialising in insurance companies across the Iberia and Benelux regions.
In 2018, Romero took a significant career leap into the risk department, assuming a pivotal role as a credit officer. His responsibilities encompassed chairing credit committees of EMEA region insurers while managing a 12-member international team of credit analysts.
In 2021, he joined the financial institutions coverage division, overseeing insurance credit analysts and contributing as a sectorial expert in refining the internal credit model used for evaluating insurance companies worldwide. Throughout his tenure in both risk and corporate and institutional banking, he collaborated closely with BNP Paribas’ insurance captive vehicle to mitigate risks associated with the group’s business lines.
Most recently, he transitioned to the Strategy and Corporate Development division of Cardif, BNP Paribas’ insurance company.
How did you become involved in captive insurance?
Since the start of my career, I have worked closely to the financial institutions world, especially the insurance industry. Throughout my different roles, I have been involved with insurance companies in the capacity of client, provider, banker, and now I am part of one.
Working as a credit analyst was my first exposure in this industry and it has helped me to understand how it works.
What are the biggest challenges of working in this industry, and what do you find most rewarding?
Every event, whether it is economic, social, or geopolitical, has a direct effect on this industry. The risks the world faces, and therefore the regulation behind, are in constant evolution, making this industry very dynamic.
The most rewarding aspect is being able to structure solutions that allow people and businesses to mitigate all these risks.
“Pricing and covering climate risk will continue to be a challenge.”
Would you recommend the captive insurance industry to young people as a future career path?
Insurance is an important way to mitigate all kinds of risks, not only for companies but also for individuals. The sector brings an important contribution to the economic and financial evolution of societies, which makes it an industry that will have a long-term relevance in the world.
It will therefore be a sector with full of opportunities for young people. So yes, I would recommend it.
What developments do you see ahead for captives?
Climate change will, without a doubt, continue to heavily impact the industry, especially those in regions exposed to catastrophic events. Pricing and covering climate risk will continue to be a challenge.
A second aspect that will shape the industry is the use of AI, and how it can make the entire ecosystem more efficient.
Do you think your long-term future remains in the captives market?
Given my experience and all the opportunities ahead, I will probably stay involved in the industry for the long term.
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