Influential Women in Captive Insurance: Kara Thompson

Kara Thompson, SVP, Specialty Insurance Solutions, PMA Companies

Kara Thompson is the senior vice president, Specialty Insurance Solutions at PMA Companies. She is responsible for leading PMA’s alternative market underwriting segment and spearheading the growth of the company’s captive, programme, and group business. She reports to Sashi Aiyathurai, executive vice president and chief underwriting officer and is based in PMA Companies’ Blue Bell, Pennsylvania, office.

Thompson has 25 years of large account, captive and group/programme underwriting and management experience. During her tenure with PMA, she has held positions of increasing responsibility, and most recently served as vice president, Specialty Insurance Solutions. Under Thompson’s leadership, Specialty Insurance Solutions has doubled its written premium in a five-year period.

Thompson has a BA in economics from Boston College and an MA in curriculum & instruction from Rosemont College.

How did you get started in the captive insurance industry?

I started my career as a casualty underwriter in the traditional P&C insurance market. I took 12 years off from insurance to be with my children when they were young. When I was ready to return to the industry, I was fortunate enough to be welcomed back to PMA Companies, despite my extended maternity leave.

I was hired back as a captive underwriter in PMA’s Specialty Markets Division and quickly realised that this area presented an entirely new way of looking at insurance that I would thrive in.

“A former co-worker convinced me that insurance is like riding a bike. She was right—I quickly regained my footing and confidence.”

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

I’ve been blessed to have had several mentors throughout my career who have provided encouragement and guidance at pivotal points. When I made the decision to re-enter the insurance industry after a long hiatus, a former co-worker convinced me that insurance is like riding a bike. She was right—I quickly regained my footing and confidence as a contributor.

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

Anyone who has been involved in standard P&C insurance for their entire career might find it hard to step outside their comfort zone into something new and unfamiliar. Some people may be intimidated by some of the technical “jargon” used in the captives space.

Limiting factors for newer entrants to the insurance industry are less about discomfort and more about a lack of training resources, as there are fewer captives experts available to share their knowledge in comparison to the traditional insurance market.

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

Mentorship can be a powerful tool to help younger employees, and women in particular, realise their professional potential. The earlier in a person’s career these programmes can be introduced, the greater the impact they can have in the development of female leaders.

Exposure to larger organisational groups is also important. Young women will benefit from witnessing confident female leaders in action in a variety of settings and situations. Through more impactful exposure and intentional conversations, we can inspire and empower the next generation of female leaders.

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

It’s incumbent upon all organisations to bring more diversity into the workplace at all levels. It starts with a very intentional hiring process that targets a broad array of skills and backgrounds. It’s time to look for people who bring new and different perspectives. From there, it is important to give everyone a voice.

Leadership development programmes should target anyone who demonstrates an interest in career growth and not just those who are “hand-picked” because they look and act a certain way.

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

People who have the deepest technical captive insurance knowledge were most likely engaged in the industry during the rise of captives in the 1980s. As we know, there was limited diversity in the insurance industry at that time. Consequently, women do not necessarily have the longevity of experience in captives that men do.

A result may be that some women have less confidence in assuming leadership roles, which can have a ripple effect by attracting fewer female employment candidates.

What solutions would you like to see?

Despite efforts to create positive change, there are still issues related to equity imbalance that must be addressed by organisations, their leaders, and the industry as a whole. Greater emphasis on equity across the industry will help to instil confidence in young women and other diverse employment candidates as they consider their career options.

In the captives industry in particular, we need more organisations that promote interest at the college level. This is central to attracting more talent and a greater diversity of new entrants into the field.

What are your ambitions?

My plan is to become more actively involved in the wider captive insurance community. My job at PMA Companies keeps me very busy as we work to keep up with the increasing demand for captive insurance solutions. As we continue to develop more efficient technology-based solutions, I’m optimistic that there will be more time available to spend on captive community enrichment activities.

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.

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