[Watch and read] The future of women in captive insurance
Captive International’s second panel of influential women in captives looked ahead at a future filled with possibilities—if current progress continues.
The captive insurance industry is undergoing significant transformation, driven by the increasing participation and leadership of women.
Captive International’s second online panel of key female executives for Influential Women in Captives agreed that the future looks bright for women in the captive insurance industry, which can only benefit from having their full potential unlocked.
The panel included Michelle Bradley, consulting actuary with Sigma Actuarial Consulting Group; Renea Louie, chief executive of Pro Group Captive Management Services; Jennifer Masters, senior vice president at Beecher Carlson Bermuda, which is part of Brown & Brown; Grainne Richmond, head of captives at Aon Bermuda; Heather McClure, managing partner of Helio Risk, and Lori Gorman, commissioner of the Captive Insurance Companies Division in North Carolina.
Women’s evolving role in captive insurance
On the future role of women in captive insurance, Richmond was optimistic. “I see it developing. We have not had an equal seat at the table, so the world does not know what potential we can bring. I believe women truly bring diverse thinking to the sector, leading to amazing solutions and thought leadership,” she said. She emphasised the importance of retaining young talent to ensure the industry’s success.
“Women truly bring diverse thinking to the sector, leading to amazing solutions and thought leadership.” Grainne Richmond, Aon Bermuda
Louie echoed this sentiment, highlighting the progress made by her generation. “Our generation has carried the torch to start this pilgrimage. We tried to provide mentorship and support to inspire our employees, leaders, and shareholders, ensuring the next generation wouldn’t have to live in the world we experienced 30 years ago. The future of the captive industry and women in it is bigger and brighter than ever,” she said.
Louie also noted the collaborative nature of the industry, which she believes is unique and fosters mutual support among captive managers and actuaries.
“There’s a positive cycle when we recruit qualified women and they, in turn, recruit their peers.” Heather McClure, Helio Risk
McClure pointed out the changing dynamics among clients. “Our clients are changing as well. As there are retirements in those businesses and women are taking roles, so the dynamics of our relationship with clients are changing.
“While it’s not yet a gender-balanced situation, there’s a positive cycle when we recruit qualified women and they, in turn, recruit their peers,” she said. She highlighted the supportive community among women in the industry, which she views as a unique advantage.
Expanding opportunities and overcoming barriers
On the regulatory standpoint, Gorman discussed the expanding workforce and the growing acceptance of captive insurance. “More and more domiciles and states are passing captive insurance laws. On the regulatory side, there’s room for more entries. Education and support for women are key as we seek to recruit new regulators,” she said.
“It’s essential to remove the expectation that women have to manage their professional and personal responsibilities without support.” Jennifer Masters, Beecher Carlson Bermuda
Masters stressed the need for continued growth and breaking social norms, saying that she’d like to see more women in C-suite positions and around the boardroom table. “It’s essential to remove the expectation that women have to manage their professional and personal responsibilities without support,” she said. “Ensuring that women have equal opportunities to attend conferences and networking events without being hindered by outdated social norms is crucial.”
“The future is very bright. Captives can address traditional risks and emerging ones, such as cyber risks, that involve new disciplines and perspectives. This is the most exciting aspect of the future—addressing risks that we may not even know about yet,” said Bradley.
The captive insurance industry is evolving and is being actively shaped by the contributions of women who are breaking barriers, mentoring the next generation, and fostering a collaborative and supportive environment, the panel agreed.
“It’s an amazing time to be a part of captives, especially in light of the emerging risks. The future holds endless possibilities, and I look forward to seeing what those risks are and how we will address them together,” Bradley said.
In this dynamic and growing field, the role of women is more pivotal than ever, promising a future where diverse perspectives lead to innovative solutions and a more inclusive industry, the panel agreed.
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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