FORTY Under 40: Soumaya Zaouia
Soumaya Zaouia, head of alternative risk transfer and captive for MSIG Europe.
Zaouia covers Europe, especially France and Belgium, leading structured risk solutions for large corporates navigating increasingly complex and volatile environments. She oversees portfolio performance, underwriting governance and business development across both markets.
Her approach to leadership combines technical discipline with empathy and clarity. Over the past year, Zaouia has focused on strengthening underwriting consistency, reinforcing portfolio monitoring. She believes sustainable performance comes from empowered people who understand both the “why” and the “how” behind strategic decisions.
Passionate about alternative risk solutions, she sees captives and structured programmes not only as technical mechanisms, but as strategic tools that allow companies to take ownership of their risk in a thoughtful and capital-efficient way.
Recognised as a FORTY Under 40 finalist, she represents a new generation of leaders shaping the future of risk transfer – combining innovation, discipline and responsible growth in an evolving insurance environment.
Looking back at your journey over the past year, what accomplishment are you most proud of, and how has becoming a FORTY Under 40 finalist influenced your perspective on that achievement?
It has been one of transition and growth. Stepping into the role of head of alternative risk transfer and Captive for France and Belgium was both an honour and a responsibility. I am most proud of not just taking on the title but building stability and trust during that transition.
“In a market marked by volatility and increased claims activity, it would have been easy to prioritise short-term growth. Instead, we chose discipline.”
Leading across two markets meant navigating different cultures, expectations and ways of working. My priority was to create clarity – around decision-making, underwriting standards, and team objectives – while making sure everyone felt heard and supported. We strengthened portfolio monitoring, reinforced technical discipline and maintained strong relationships with key clients and brokers.
Being recognised as a FORTY Under 40 finalist has given me a moment to pause and reflect. It has reminded me that leadership is not about individual achievement; it is about the collective progress you enable. The accomplishment feels meaningful because it reflects shared effort, resilience and growth.
What key challenge did you face in your work this year? How did you overcome it and what did it teach you about leadership at this stage of your career?
One of the biggest challenges was balancing commercial pressure with technical integrity. In a market marked by volatility and increased claims activity, it would have been easy to prioritise short-term growth. Instead, we chose discipline.
There were moments that required difficult conversations – internally and externally – around pricing adequacy, structure or risk appetite alignment. I learned that leadership at this stage is about having the courage to say “not yet” or “not like this”, even when it is uncomfortable.
What this taught me is that leadership is less about authority and more about consistency.
In what ways have you tried to push innovation or rethink traditional approaches within your sector, and what impact has that had on your team or organisation?
In alternative risk transfer, innovation often lies in perspective. Over the past year, I have worked to reposition captives and structured solutions not as niche products, but as strategic instruments that help companies navigate uncertainty.
We encouraged more collaborative discussions between underwriting, finance and claims to create holistic solutions. Internally, I pushed for more data-driven portfolio reviews and clearer renewal strategies. Externally, I spent time helping clients and brokers rethink how captives can support capital efficiency and long-term resilience.
The impact has been subtle but meaningful: better alignment, stronger confidence in our decisions and a shared understanding that innovation is not only about new products – it is about new ways of thinking.
How do you see your role evolving over the next three to five years and what initiatives are you most excited to pursue as you continue to grow professionally?
Over the next few years, I see myself growing into a broader strategic leadership role within alternative risk transfer, potentially at a regional or international level. The complexity of global risk is increasing and structured solutions will play an even greater role.
What excites me most is contributing to three areas:
• Developing stronger technical excellence and governance standards;
• Expanding innovative and sustainable structured solutions;
• Mentoring emerging talent in a field that requires both analytical strength and creativity.
I want to help shape a culture where disciplined underwriting and forward-thinking innovation coexist.
Many of the FORTY Under 40 winners are recognised for both business success and broader impact – how do you balance professional excellence with contributions to your community or industry landscape?
For me, professional excellence and broader impact are deeply connected. Results matter –profitability, growth, portfolio quality – but how we achieve them matters just as much.
I try to contribute by mentoring younger colleagues, sharing knowledge about captives and ART and supporting greater confidence among professionals entering a complex and often technical sector. Representation and visibility also matter; seeing diverse leadership profiles helps others imagine themselves in those roles.
Ultimately, I believe impact is built quietly – through consistency, integrity and investing in people. If I can help strengthen both the business and the individuals within it, that feels like meaningful success.
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