Sergey Nivens_Shutterstock.com_297256748
29 July 2024NewsAnalysis

Influential Women in Captive Insurance: Carolyn Rice

Carolyn Rice, Partner, Johnson Lambert

Carolyn Rice is a partner in the Burlington, VT, office of Johnson Lambert and has more than 12 years of experience in public accounting. Rice’s main focus is providing audit services to the industries that Johnson Lambert serves: insurance, not-for profits and employee benefit plans.

Since joining the firm in 2003, Rice has worked with a wide variety of commercial insurers and reinsurers, captives, risk pools, risk retention groups and other alternative risk companies. In addition, she is a member of the firm’s technical committee and monitors all developments of the Governmental Accounting Standards Board.

Prior to joining Johnson Lambert in 2003, Rice worked with other local CPA firms servicing the manufacturing, not-for profits and employee benefit plan industries.

How did you get started in the captive insurance industry?

I began my career in the captive insurance industry when I joined Johnson Lambert, following my tenure at another local CPA firm. At that time, many of my former colleagues were transitioning into captive management, which piqued my interest in the field. Captive insurance was experiencing significant growth in Vermont during the early 2000s and was a frequent topic of discussion within the accounting community.

Although I was interested in exploring this emerging market, I also wanted to remain in public accounting. Johnson Lambert presented the perfect opportunity to do both, allowing me to immerse myself into the nuances of captive insurance while continuing my career in public accounting.

Who inspired you or acted as a mentor in your career?

In the early stages of my career at Johnson Lambert, our Vermont office was quite small. It was led by partners John Prescott, now managing partner, and Magali Welch. John and Magali were instrumental in guiding me during my initial years with the firm and have continued to be valuable mentors to this day. Their support and insights have played a crucial role in my professional development.

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

Although there has been significant growth in captive insurance, lack of knowledge about the industry remains a barrier for entry. Throughout my years of working with new and existing captives, I’ve observed that many people still do not fully understand the unique advantages of owning a captive or participating in a group captive.

This gap in knowledge can prevent potential entrants from considering captive solutions that could be highly beneficial for managing their risks.

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

Women have played a crucial role in shaping the captive insurance market, with many key decision-makers being women. To further support the career development of women in this field, we need to enhance the structure of our mentorship and networking initiatives. A structured mentorship programme specifically tailored for women could provide the necessary guidance on how to effectively navigate career progression, balancing professional growth with other life demands.

Establishing a dedicated networking group for women in captive insurance would foster a supportive community, enabling more personal and professional connections that can lead to meaningful opportunities and mentorships.

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

There are many strategies companies can employ to help create a more inclusive culture that promotes gender diversity at all levels. Implementing clear diversity and inclusion policies backed by top management, establishing mentorship programmes targeted at advancing women, and ensuring transparency in promotion and pay processes to eliminate biases are a few that come to mind.

Conducting educational workshops on diversity challenges and benefits, alongside offering flexible work arrangements, can foster an environment that supports gender diversity, enhances retention, and attracts a broader talent pool. These initiatives will elevate women within the organisation and boost overall performance and, as a result, reputation.

What solutions would you like to see?

As I’ve mentioned, women have played a crucial role in shaping the captives industry. To build on this inclusive foundation, the focus should now shift towards amplifying women’s voices more prominently.

One effective solution would be to establish leadership roundtables or forums that specifically include female executives and emerging leaders. These platforms can help ensure that women’s perspectives are heard and also actively incorporated into strategic decisions.

Creating visibility opportunities is crucial. For instance, sponsoring women from our industry to speak at major conferences, contribute to key publications, and participate in public panels can elevate their presence and influence. At Johnson Lambert, we’ve seen how powerful it can be when women lead discussions on industry trends and innovations.

Another solution is to strengthen mentorship programmes by pairing seasoned female professionals with younger women in the sector. These relationships can be instrumental in navigating career paths and expanding professional networks. Formal sponsorship programmes can be developed to advocate for women’s career advancement specifically.

I believe recognising and celebrating achievements made by women in our industry is vital. Establishing awards or recognitions, similar to this one, that highlight the contributions of women can inspire others and signal our commitment to gender equality.

By taking these steps, we’ll amplify women’s voices and continue to enhance the innovation and growth that define the captive insurance industry.

“I hope to help foster a diverse leadership landscape that can bring fresh perspectives.”

What are your ambitions?

I am committed to continuing my journey with the captive insurance industry, focusing on serving new and existing clients with innovative and effective risk management solutions. As Johnson Lambert expands its client base, I see a significant role for myself in developing and mentoring the next generation of leaders within our captive practice.

I am especially dedicated to amplifying the voices and careers of women, at Johnson Lambert and in the broader captive insurance space. By providing mentorship, advocating for inclusive practices, and creating opportunities for professional growth, I hope to help foster a diverse leadership landscape that can bring fresh perspectives and drive our industry forward.

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.