FORTY under 40: Stephen Wilson
Stephen Wilson, Director, WTW Guernsey
Stephen Wilson began his career in a small accounting firm in Scotland, training to become a chartered accountant with the Institute of Chartered Accountants of Scotland (ICAS). Once qualified in 2011, he moved to PwC in the Cayman Islands to audit a mixture of funds and insurance vehicles.
He spent three years with PwC, six years with WTW Cayman managing a portfolio of captive insurance companies of various size and complexity, a year at WTW Singapore providing leadership on all accounting, finance, and compliance operations within WTW Management and its portfolio of insurance companies. In October 2021, he moved to WTW Guernsey and along with his management and advisory role, sits on the board over several insurance and finance entities as a non-executive director.
Over the past 10 years, he has progressed in the company to his current role as a director in the Guernsey office with overall responsibility for managing the day-to-day delivery of management services of a portfolio of insurance vehicles including captives, as well as providing consulting services on all insurance related matters.
He serves on the Guernsey International Insurance Association main management council, helping to showcase the Guernsey captives sector.
How did you become involved in captive insurance?
I became involved in the industry through my time in audit and found the industry very interesting and varied and the people very engaging, which ultimately influenced me to move from audit into captive management.
What are the biggest challenges of working in this industry, and what do you find most rewarding?
The biggest challenge I find in the industry is the general understanding of what a captive is and how the concept can assist with risk management initiatives at a group level. I do find that this is gradually improving and there is a better global understanding of captive insurance benefits but there is still work to do to improve this.
More businesses looking for alternative coverage methods has pushed a need to understand trends, challenges, and opportunities within the industry.
The most rewarding part of working within the industry are the people and the variety of the work. I get to interact with an extremely diverse and supportive range of individuals from all over the world in all aspects of the role and no two days are ever the same. It has also provided me with the opportunity to travel as well as live and work in other countries.
"Climate-related risks are a key cog in this process, helping entities navigate the transition to minimise their impact on the environment."
Would you recommend the captive insurance industry to young people as a future career path?
It’s an industry that includes a wide variety of different roles with lots of different career opportunities. Captive management involves the day-to-day operations of an incorporated entity which provides exposure to all aspects of running a company; this, combined with a great range of training possibilities and the opportunity to pursue professional qualifications, puts individuals in a great place to pursue a successful career in or out of the captives industry.
Captives is a specialised industry but has a global reach which provides individuals with opportunities to move and work in different countries providing great experiences.
What developments do you see ahead for captives?
I see captives utilising technology more effectively, using analytics to optimise programmes and help find the right balance between risk appetite and risk tolerance. This will allow captives to become more of a strategic risk management tool rather than being utilised reactively because of current market trends.
Climate-related risks are a key cog in this process, helping entities navigate the transition to minimise their impact on the environment.
Do you think your long-term future remains in the captive market?
Yes, I find the industry very interesting and varied and I enjoy the problem-solving aspect of the role. I see myself working within the industry for many years to come.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
