Influential Women in Captive Insurance: Marcy Van Stee
Marcy Van Stee is the director of acquisitions at RiverStone, a group of insurance, reinsurance, and service companies specialising in the acquisition and management of legacy business and captive insurance liabilities.
With more than 30 years of insurance industry experience, Van Stee is responsible for the procurement, valuation, and strategic partnerships for RiverStone’s revenue stream, leading external and internal teams through the lifecycle of each business opportunity.
Throughout her career in leadership roles at companies such as American Safety Insurance and Safeco, she has solidified her standing among her peers as a risk management expert in the industry.
Van Stee obtained her Associate in Captive Insurance (ACI) certification from ICCIE and has an MBA in business organizational management.
She is on the ICCIE Board and is the chair of the Amplify Women conference subcommittee.
How did you get started in the captive insurance industry?
My journey in the captive insurance industry began five years ago when our business development team realised that the traditional legacy runoff market was becoming saturated.
We began looking to alternative markets and found that the captive insurance space dovetailed nicely with our areas of expertise. RiverStone has since acquired several captives domiciled in places such as Cayman, Vermont, and Connecticut.
I have taken the opportunity to learn all I can about this segment of the insurance industry by achieving my ACI designation. I’ve also enjoyed keeping up with the various trade and networking organisations focused on fostering growth and the future of the captives space.
Who inspired you or acted as a mentor in your career?
I’ve been privileged to work with many inspiring female leaders throughout my career. Some were in the early stages of their careers, and others were well-established in senior roles. The unique insights and personal experiences they shared have been invaluable in shaping me into the professional I am today.
What do you think deters people from entering the world of captives?
Limited awareness about the captive insurance sector could deter people from entering it. The perceived complexity and specialised nature of the industry can be intimidating.
Additionally, the industry’s reputation as a niche, traditional, or less diverse sector might not appeal to younger generations seeking dynamic, inclusive work environments. Obviously, the requirement for specific knowledge and expertise can create barriers for individuals without a background in insurance or finance, but if one has an interest in the world of captives, the possibilities are endless.
This field offers a wealth of opportunities for both men and women, especially as captives continue to become more mainstream.
How can mentorship and sponsorship programmes be designed to better support the career development of women?
Mentorship and sponsorship programmes can be enhanced by targeted pairing of mentees and mentors based on career goals and by introducing sponsors who advocate for their protégés.
Providing training for mentors and sponsors, structuring programmes with regular check-ins and feedback, and encouraging peer mentorship can further support women’s career development.
Including diverse mentors and sponsors and regularly evaluating programme effectiveness would ensure such initiatives successfully empower women in the captive insurance industry.
In what ways can companies in the sector create a more inclusive culture that actively promotes gender diversity at all levels?
The cornerstone of an inclusive culture is one where everyone’s voice is welcomed, heard, and respected. It’s essential that we embrace each person’s authentic self and ensure that leaders model inclusivity. By creating a sense of community and belonging, we can encourage long-term employee commitment, inevitably leading to greater diversity at all levels of organisations
What challenges are gender-specific to women in the captives industry?
Women in the captive insurance industry face challenges such as under-representation in leadership roles, a gender pay gap, and balancing career with personal life. They may also encounter limited access to mentorship and sponsorship opportunities and may be affected by unconscious biases in hiring and promotions. These barriers can hinder their career progression in the industry.
What solutions would you like to see?
“Conducting unconscious bias training can foster an inclusive culture.”
Addressing these challenges will require a multi-pronged approach. Addressing gender-specific challenges in the captives industry involves implementing gender diversity targets and conducting regular pay audits to ensure equal pay. Offering flexible work policies can help balance work and personal life.
Establishing mentorship and sponsorship programmes specifically for women can support career advancement. Conducting unconscious bias training can foster an inclusive culture. Together, these steps can help promote equity for women in the captive insurance industry.
What are your ambitions?
I am passionate about giving back within our industry and in my local community. I currently lead RiverStone’s Community Support Committee, an employee-led group that facilitates RiverStone’s charitable giving efforts. I also aim to contribute to the captive insurance industry by volunteering on committees and joining boards that promote captive education.
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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