Sergey Nivens_Shutterstock.com_297256748
29 July 2024Analysis

Influential Women in Captive Insurance: Anjanette Fowler

Anjanette Fowler, Managing director, PNC Financial Services

Anjanette Fowler is managing director at PNC Financial Services, as a member of its Insurance Solutions Group within PNC Institutional Asset Management—a team focused on providing investment and banking solutions for the captive, self-insuring, and traditional commercial clients.

Fowler leads PNC’s Captive Investment practice, coordinates the development and delivery of strategic investment solutions, supports client relationship needs, and participates in client and industry education. A former portfolio manager, Fowler has almost 30 years of insurance company-focused investment management experience, along with a valuable understanding of the financial and operational complexities unique to the insurance industry.

She is a frequent speaker at risk management conferences, including Captive Insurance Companies Association (CICA), Medical Professional Liability Association, National Association of Mutual Insurance Companies, National Risk Retention Association, Vermont Captive Insurance Association (VCIA), Arizona Captive Insurance Association, North Carolina Captive Insurance Association, and Western Region Captive Insurance Conference. In her role at PNC, she is passionate about mentoring new captive and insurance industry talent within and outside the organisation.

Fowler is past chair of CICA’s Amplify Women Committee and serves as a director on the AzCIA board.

How did you get started in the captive insurance industry?

I’ve been in insurance asset management my entire career pretty much right out of college having gone to work in the finance and investment department for a large property/casualty commercial insurer. With that start, I was recruited to a specialty investment advisory firm that focused solely on asset management for insurers across the spectrum—from traditional commercial to captives, and everything in between.

It was there that I have my first exposure to captives and began working with captive owners in developing and overseeing their captive investment programmes. My focus in the captive realm of insurance asset management grew with my attendance at my first VCIA conference and broadened from there to CICA and now serving on the CICA board.

What do you think deters people from entering the world of captives?

Lack of awareness that the captive insurance industry is one of the most exciting places to plant your career flag. The dynamic nature of captives coupled with the smaller service provider community that supports the space make it a fun place to do work that for me often feels like I’m “working” with some of my closest friends.

How can mentorship and sponsorship programmes be designed to better support the career development of women?

I’m very proud of the work that CICA has done with its Amplify Women initiative in providing some programmes and infrastructure around creating opportunities for young women in the captives industry, making it easier for them to gain access and exposure to women in the industry that they can look to ask for mentorship, particularly If they don’t have female industry leaders within their own organisation.

I believe that providing the opportunities to connect with other women in the industry—whether it be through an organisation such as Amplify Women, or perhaps even a captive industry-sponsored event—creates foundational opportunities for young people in the industry to more easily and comfortably create initial bonds that can lead to a more formal and structured mentee/mentor relationship.

It seems to take some of the trepidation and fear out of the ask when people can get to know each other more informally first.

In what ways can companies in the sector create a more inclusive culture that actively promotes gender diversity at all levels?

I’m thankful that I work for an organisation that puts its money where its mouth is on this front of inclusion and diversity. PNC has gender and diverse representation across all levels of our organisation, from front line service professionals to top senior level management, and supports an inclusive culture through many programmes such as its employee business resource groups (EBRGs) which are employee-led and company-supported groups that provide a forum to learn and discuss diverse heritage, shared backgrounds, gender identity, sexual orientation, personal interests and unique perspectives.

Our EBRGs provide members with professional development and advancement opportunities by creating new connections and increasing social capital throughout the organisation. With more than 18,000 employee members across 13 EBRGs, they are a powerful tool to foster our inclusive culture.

“The captive insurance industry is one of the most diverse, dynamic, and exciting places to plant your career flag.“

What challenges are gender-specific to women in the captives industry?

Having been around long enough to have experienced “being the only woman” in the meeting, or in the department that wasn’t administrative, or on the golf course with my male colleagues, I would say that particularly in the captives industry, we have experienced a sea-change in the challenges that women historically faced—namely that there were not many of us.

It’s wonderful to look around today and see so many women, many who have become great friends, in top leadership roles across the board, from captive owners, regulators, or service providers. There is still work to be done but I feel that the captive insurance industry is one of the most diverse, dynamic, and exciting places to plant your career flag.

What solutions would you like to see?

The biggest challenge facing the industry is the ongoing talent void, driven by the seasoned and experienced professionals retiring, and by the explosive growth we have all been experiencing that regardless of your area of expertise the sector seems to need more captive-knowledgeable professionals to support.

I feel our focus needs to be on educating and enlightening students on the fantastic career opportunities in the captive insurance industry. I know CICA and other organisations have done a lot of work developing the programmes and opportunities at the collegiate level, but it would seem we need to create an awareness about the insurance industry and the opportunities it affords at a much younger age—even in high school.

What are your ambitions?

I am an adventure traveller at heart and hope to refocus more of my time exploring the globe and experiencing the myriad cultures and people of the world while getting off the beaten path.

Click here to read Captive International’s first Influential Women in Captive Insurance publication, celebrating the women transforming the captive sector through their sustained excellence and leadership.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.