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1 June 2024NewsAnalysis

FORTY under 40:Kiki Oyemhen

Kiki Oyemhen, Client executive and insurance manager, Marsh Captive Solutions

Nkechi Kiki Oyemhen leads the insurance team, with management responsibility for the insurance and claims functions, for Marsh Captives Bermuda.

She is responsible for providing the full range of insurance, reinsurance, claims and administrative services to her own portfolio of Marsh captive insurance clients, She works with brokers, risk managers, actuaries and other service providers in doing so, assessing exposures and claims trends, analysing clients’ programmes and making recommendations for further optimisation of their captive insurance companies. She joined JLT in April 2017 and became a part of Marsh in 2019.

Oyemhen began her career in the London Market at Collegiate Management Services underwriting professional indemnity insurance with a focus on financial advisors and previously worked for CFC Underwriting, focusing on P&C and combined packages including products, clinical trials, professional and cyber liability for global life sciences, pharmaceutical and medical devices companies.

She was previously the Under 35 Representative for the Delegated Authority Initiative for the Target Operating Model, a core component of the London Market Association’s insurance modernisation proposal.

How did you become involved in captive insurance?

I started my insurance career in underwriting in the London Market and was offered a role in Bermuda within the captive insurance team at JLT. I certainly wasn’t going to turn down the opportunity to live on a sunny island.

What are the biggest challenges of working in this industry, and what do you find most rewarding?

The biggest challenge, and I know it’s probably been mentioned many times, is talent and expertise. Captives require skilled professionals with expertise in insurance, risk management, finance, and regulatory compliance. Attracting and retaining top talent can be a challenge, particularly in specialised areas, but as an industry I don’t feel we are doing enough to promote the sector to young people and career transitioners who may have transferable skills. Captives-specific programmes, internships, scholarships and mentoring need to increase drastically in the next few years in order for us to bridge the ever-widening talent gap.

I find the ability to utilise a captive and alternative risk solutions in a strategic and unique manner to resolve insurance concerns quite rewarding, and working at an innovative company such as Marsh allows me the opportunity to experience this hands-on. For example, we launched Edgware Re in Bermuda, which is a first-of-its-kind, cyber-only group captive tailored towards financially sound companies looking for more control and stability in their cyber insurance programmes by pooling participants’ cyber risks.

Having the opportunity to be actively involved in such a project and provide suggestions for how it can be managed effectively to the benefit of our clients is very rewarding.

“The key is helping people understand the basics of what a captive is.”

Would you recommend the captive insurance industry to young people as a future career path?

I am a huge advocate of recommending this industry to younger people who may not even consider insurance as a career path. The key is helping people understand the basics of what a captive is. Tying it to a big brand corporation name they may recognise and explaining the benefits of having a captive for this entity helps, and I find it piques their interest.

I also find inviting young people to captive insurance spaces such as conferences, and offering speed networking events, is key to establishing connections among professionals and people who have not heard about the industry before.

What developments do you see ahead for captives?

There will be huge developments for the industry especially as it pertains to an increase in captive-friendly jurisdictions. We are already seeing discussions from the UK of possible captive legislation and France has since entered the chat, so it will be interesting to see how these new entries are able to collaborate with traditional captive jurisdictions such as Bermuda.

We could see a global uniformity of captive insurance regulations or further evolution of current regulatory frameworks which could be more favourable to captive owners.

Emerging risks is an ever-expanding topic and as cyber threats, climate change, technological advancements and supply chain disruptions continue to affect business functions, we will see how traditional captives and alternative risk solutions can be adapted to address these risks.

Do you think your long-term future remains in the captives market?

I can’t predict the future but the industry remains innovative with plenty of opportunity for growth and development, and I would love to remain to see what the next stage will be for the captives market.

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