Jump to winners | Jump to methodology
New age heavyweights
The leading young professionals in the reinsurance sector have made their mark by expertly handling a wide series of challenges.
Moody’s Ratings spotlights the leading issues driving an increase in claims as:
population migration and urbanization – people moving from low-risk to high-risk areas
economic inflation – average cost of reconstruction and construction going up globally
building vulnerability – as building stock ages, it becomes more vulnerable
insurance take-up – while a positive it increases overall industry losses, compounded if this occurs in areas with greater population migration
ReInsurance Business’ Rising Stars of 2024, who are all under 40 years old, were selected after an analysis of their current roles, key achievements, career goals, and contributions to the shaping of the industry.
Climate change is the last of the major issues they have contended with due to the increase in the frequency and severity of weather-related catastrophic events. Shrinking reinsurance capacity, rising reinsurance rates, and increased premiums have necessitated quick adaptation.
One Rising Star explained the barriers they’ve encountered due to being based in Bermuda.
“The property cat market experienced a hardening recently, although it is now softening again,” they commented. “In general, the way insurance ebbs and flows is a perennial challenge. Covid has been, and still can be, a big challenge in Bermuda. Restrictions in recent years meant there wasn’t much face time, so the challenge has been rebuilding personal relationships at marketing trips and conferences. It’s only recently that we’ve finally started to return to the normal flow of business in terms of networking and relationships.”
Specifically, another of those on the prestigious list has established a robust pricing oversight framework, rigorously analyzing and validating the pricing being carried out by their firm. They additionally built solid relationships with the pricing actuaries, set up formal monthly meetings to keep the regulators and boards informed, and provided validation of the SLA and KPI framework.
Corporate restructuring is another of the moving parts that ReIB’s Rising Stars have had to contend with.
One winner’s firm underwent a merger in the past year, resulting in the need to establish a consensus between different parts of the company to put a deal together, while operating in a new unit with no precedents. They had to ensure the claims team was comfortable with a deal, while also walking the CEO, the actuaries, the operations team, and the company’s cedents through its ramifications.
Another Rising Star’s company was split into two distinct holdings, both listing on the NYSE. The separation provided an opportunity to provide actuarial support in the development of a binder agreement setting out the key aspects of the outsourcing arrangement. Over time, this arrangement has set the stage for further work in refining the actuarial processes, ensuring they support the company’s objectives as well as its long-term strategic underwriting partnership. The critical nature of reporting and adequate reserving raised new challenges in the context of the company’s public listing, meaning the winner focused on establishment and adequacy of regulatory controls and reserves, with emphasis on pricing adequacy.
In addition, another winner bridged the gap between senior leadership and the younger generation within their team which was hindering morale and efficiency. They are also a member of the company’s mentorship program that helps newer employees with career paths and skills progression. They have also tackled the challenge of cross-market insights, particularly in dealing with London and other European offices by improving data capture and building tools that enhance data management, ensuring informed decision-making and strategic growth.
The Rising Stars of 2024 are located across the globe but all share the same drive, determination, and ability to push the industry forward.
A shining example of the varied and global nature of reinsurance, Farges began his career in his native France with an internship.
“I just loved it and found a passion. It’s a sector where you meet people from every background. You need people with a math background, you need engineers, you have people with law degrees. It’s great to have all that diversity of talents together and that’s how I started,” he says.
From this broad introduction, he was drawn to underwriting.
“It puts together all the components I learned. It’s like being at a crossroads of math and the economy and putting that together to serve clients. It’s a fascinating industry.”
Seven years ago, Farges made the move to Canada and flourished professionally before joining Swiss Re in 2022.
The human connection is what drives him on.
“We are an industry where we don’t have hundreds of thousands of people. Very often you meet the same people, so there’s that human element and you make connections.”
This is a skill that Farges feels comfortable with and has enabled him to build a network and a reputation.
“On a normal day, I take the best analysis and outcome from somebody with strong cat modelling expertise and have someone else who’s really versed into reading contracts, and I put that together,” he explains. “My skill is how do we make a decision based on all these analytics. All of my teammates have their specific area of expertise, my role is to get a picture of a holistic view of all the elements.”
“Our job is to use the past, to make the future less uncertain in the present. I apply the same philosophy to my career to get better every day, stay agile, and adapt to opportunities”
Guillaume FargesSwiss Re
The Rising Star is also ready to embrace the industry’s future, as there is more tech and AI adoption. In fact, Farges feels it will be beneficial but will not replace the human touch that he has mastered.
He says, “It may also be a way for us to use it better. If I’m having a conversation with someone, we have to negotiate, then I’m quite happy if we have a better understanding, or a faster one, because AI is supporting us. But at the same time, if we want to negotiate, a lot of that involves psychology, human relationships and decision making, and that part of the job will always be important.”
Reinsurance contends with complex global issues, such as climate change and armed conflicts, and distills them into a logical package for clients. Despite all the technology and calculation, Farges measures his worth on the reaction of his clients.
“The most important part of what I do is serving clients and I’m trying to get better every day. What stands out to me is their feedback on what they found in terms of service, the partnership, the ease of doing business – that’s the most important feedback.”
And he adds, “In the news, we see how Canada is affected by so many events. And for me, despite all those activities, still being there during all of that and serving my client is the key element.”
Working towards a better reinsurance industry
Aside from his role at Swiss Re, Farges is also vice chair of the Nuclear Insurance Association of Canada. It’s a crucial use of his expertise as it provides something that would not normally exist.
“There’s an element where we admit that in a fair market, we won’t be able to serve such risks on nuclear. That’s why we act as a pool of members of this industry to find a way of protecting those [who face] very complicated risks. For me, it’s a way of giving back to the industry,” he says.
It’s time and effort dedicated that he hopes will never be needed.
Farges comments, “In the rare eventuality there is a nuclear incident somewhere in Canada, we want to be there. We want to protect our companies and society. That’s really where we can play a role.”
His dedication to the cause relates back to the start of his career.
“You read insurance contracts and there is a very strong exclusion about nuclear risk and nuclear incidents. It’s interesting because you know what you’re covering, but it’s also an element where you think it exists in the world but we’re not ensuring. So, what happens the day when a big nuclear plant gets in trouble?”
Referring to his role with the NIAC, Farges says, “I really like that aspect where I’m in the industry, but also outside of the industry, and trying to find resiliency for the world in relation to the nuclear issue.”
Another part of promoting and improving the sector is the work Farges does with interns and offering them a snapshot of the possibilities within reinsurance. He stresses that for young people looking for a meaningful career, the opportunities are limitless.
“If they want to have a purpose and serve something, insurance is part of all the main things happening in the world affecting every one of us. Insurance plays a role in providing a solution,” Farges shares. “Climate change is not going anywhere and not that many industries are trying to find solutions to mitigate the impact and its consequences. There’s always a catastrophe happening somewhere in the world and it’s a tragedy for everyone involved. When you enter reinsurance, you realize that you can try to provide solutions for all of these things.”
He adds, “Insurance is a service and you have a purpose to make the world better. I’m very proud to be part of an industry that has such a big purpose.”
Adam Horridge
Board Member of Insurance & Reinsurance Legacy Association (IRLA)
Swiss Re – VP Legacy Transactions
Aisyah Fuad
Convenor Women in Reinsurance (WiRE) Singapore
Swiss Re – Team Lead Client Underwriting/Convener Women in Reinsurance (WiRE) Singapore
Alanah Bacon
Assistant Vice President, Financial Line
Hamilton Re
Alex Robles
Property Facultative Underwriter
Gen Re
Anneka-Rose Terry
Cyber Reinsurance Treaty Broker
Lockton Re
Benjamin Shapiro
Assistant VP
BMS Re US
Brendan Hillin
Marine Underwriting Associate
Munich Re
Cindy Wong
Assistant Vice President
Marsh
Cirilo Cabesas
Senior Marine Surveyor
Crawford & Company International
Cody Sigman
Assistant Vice President
BMS Re
Diarra Franks
Underwriter, Specialty Reinsurance
Hamilton Re
Emily Townsend
Underwriter, Marine & Energy
TransRe
Emma Clifton
Treaty Broker
Aon Australia
Gavin J. Brennan
Senior Vice President
BMS Re US
Henrik Zöll
Underwriter
Liberty Mutual Reinsurance
Jackson Wubs
Reinsurance Analyst
Gallagher Re
Jade Whalen
Vice President
Guy Carpenter Australia
Jeremy Eberly
Assistant Vice President
Guy Carpenter
Jessica Xi
Associate Director, Greater China Client Lead
BMS Group
Jessie Khan
Manager, Reinsurance Claims Operation
Australian Reinsurance Pool Corporation
Jools Middleton
Broker Relations
Munich Re
Kali Bell
Vice President, Senior Client Manager
Swiss Re US
Lisa Balboa
Head of Life and Health Digital Business Accelerator
Hannover Re
Madeleine Michaels
Underwriter, Reinsurance
Everest Re
Madhuri (Maddy) Kumar
Executive Director, North America Practice Lead
Ultimate Risk Solutions and US Reinsurance Under 40 Group, President and Board Member;
VP, Network of Actuarial Women and Allies (NAWA)
Matthew Moran
Underwriter, North America Property & Casualty
SiriusPoint
Matthew Pappas
Property Treaty Underwriter
Liberty Mutual Reinsurance
Mel Lopes
Assistant Underwriter and Analyst
IQUW Bermuda
Nicholas Hutter
AVP, Specialty Actuary
RenaissanceRe
Oliver Curry
Divisional Director, Nordics
Gallagher Re
Pierce Colley
Assistant VP Reinsurance
Guy Carpenter
Sally Nickerson
Senior Underwriter
Berkley Re Australia
Shane O’Donovan
Ireland Head of Actuarial Function
Fidelis Insurance Group
Sherice Bashir
Head of Reinsurance Operations
Martello Re
Sophia Cao
Senior Broker, Reinsurance
Steadfast Re
Tara (India) Bascome
Finance Associate & Executive Committee Member, WiRe Bermuda
Hiscox Re & ILS
Toby Scoffield
Senior Claims Specialist
Liberty Mutual Reinsurance
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=670c3f4b55e34402b809a551a5087534&url=https%3A%2F%2Fwww.insurancebusinessmag.com%2Fau%2Fbest-insurance%2Freinsurance-business-rising-stars-509025.aspx&c=11510059596405774650&mkt=en-us
Author :
Publish date : 2024-10-13 10:05:00
Copyright for syndicated content belongs to the linked Source.
