Women in Hamilton
Women in Hamilton
Sarah Morgan
Vice president, property reinsurance, Ariel Re
Give us a snapshot of your career to date.
I started in the reinsurance industry when I joined Ariel Re in February 2006 and have been there ever since. I joined as an underwriting assistant on the property reinsurance team, completed my ARe and CPCU designations and moved to the analytics department in 2008 and became a property catastrophe modeller, responsible for analysing property reinsurance submissions and reporting the results to underwriters.
I became senior analyst and in 2011, moved to the US property reinsurance underwriting team. Currently, I am vice president, property reinsurance, and specialise mainly in US property catastrophe business. Having worked my way up, I feel that I am more well-rounded and understand the importance and roles of the different departments that support our team.
What attracted you to re/insurance?
After the active 2004/2005 hurricane season a lot of new companies started in Bermuda, known as the Class of 2005. There was a lot of buzz and I had friends in the industry that were going to work for these new startups. I was introduced to Ariel Re through a friend who worked there and after meeting them and hearing the exciting things they were planning, I knew that was the company and industry I wanted to be in at that particular time. I was able to help create a company from the ground up as they tried to take advantage of the hard market environment at the time.
Do you feel this sector is attuned to D&I?
For years the sector didn’t place a lot of emphasis on DEI, but over the last few years it does seem that the reinsurance sector is finally taking it seriously and trying to be more inclusive and diverse with who is hired and trained for roles in the organisation.
What would you improve or change?
On the DEI front, I would like to see more companies embracing diversity and inclusion and actively working towards making their companies have a culture of inclusion. It’s easy to talk the talk, but would be great to see more companies walk the walk.
This involves recruiting talent that is more diverse in terms of gender, ethnicity and background as such people will bring a level of diversity of thought and experience to company decision-making, which is fundamental to the success of a company.
“From climate change to political risk, you have the ability to be involved in many of the key issues facing the world today.”
Have you encountered any DEI-related challenges?
As a woman in a male-dominated industry, I have definitely encountered challenges along my career path. I feel that I always have to prove myself more in order to move up to the next level of my career than my male peers and always have to be more prepared, more willing to take on additional work and more knowledgeable about my role than my male colleagues in order to be taken as seriously within and outside my organisation.
Would you encourage other women to consider this sector?
I would definitely encourage women to consider a career in the reinsurance industry. There are many different roles and career paths for women to choose from that can be very rewarding. The tides are changing: there are more women in reinsurance, so it is not as intimidating as it once was.
If the reinsurance industry comprises a diverse workforce, then this diversity will create even more diversity as people understand that they can also aspire to these roles as well.
What are your ambitions?
My ambitions now are to continue to grow in my current role, while taking on responsibilities for underwriting in regions outside the US to broaden my underwriting experience.
Why is this sector a great one to work in?
There are so many opportunities for learning and growth. The market conditions are constantly changing, our client needs are constantly changing, and it is a great industry to meet and interact with people from around the world.
These opportunities do not exist only in the underwriting department. From climate change to political risk, you have the ability to be involved in many of the key issues facing the world today.
Why is Bermuda a great place to be?
Other than the great weather and beaches, Bermuda is a great place to be situated if you are in the reinsurance industry, mainly for all of the opportunities that are out there for eager, hard-working people looking for a challenging career.
Anna Pereira
Senior vice president, ILS, Strategic Risk Solutions
Give us a snapshot of your career to date.
My first full-time employment after university was with a young and dynamic Bermuda-based reinsurance company, Centre Re, in the early 1990s. I found the industry fascinating and the people very dynamic. I then moved to the US for a few years before returning to the insurance industry in 2000 and worked my way up to underwriter of financial guaranty solutions.
After the World Trade Center disaster in 2001, my whole department was let go but members of the management team formed a new class 4 startup in the mid-2000s.
I decided to make a switch into banking for re/insurance clients in 2009 and led the captive and insurance banking team at HSBC in Bermuda where I got to work more closely with captive owners, insurance managers, mid-size commercial and life insurers as well as insurance-linked securities (ILS) funds.
I left to consult independently for various Bermuda companies helping build and grow their ILS platforms. With the re/insurance sector again growing in Bermuda due to market conditions, it was a great time to join SRS Bermuda where I am now as SVP, ILS.
What attracted you to re/insurance?
I have always enjoyed the intersection of re/insurance and the capital markets. I was fortunate to experience a very exciting time to enter the re/insurance industry in Bermuda when business was booming. We experienced a tremendous growth cycle and I felt I was in the right place at the right time.
Do you feel this sector is attuned to D&I?
Historically, you could have participated in conferences, corporate events and board rooms that were entirely dominated by men. There are, however, pockets of the sector that have greater concentrations of women, and the past few years have seen changes with more women and minorities taking on increasingly senior roles.
D&I used to be something discussed on the fringes, but it is now mainstream and investors, clients and the markets are demanding more disclosure and action around issues related to ESG and being good corporate citizens. The future intersection of innovative technology, risk transfer and the capital markets will look much different.
Is there anything you would like to improve?
Change is already happening as re/insurance companies are increasingly reporting on ESG metrics. The impact of climate change is causing the reinsurers to examine their models and address climate impact. From a diversity perspective, clearly there is a need for more women and minorities to be engaged in the industry. From a social mobility perspective, I would personally like to see more scholarships, investment in education and empowerment through mentoring and internship opportunities.
“I am passionate about promoting Bermuda as a world-class jurisdiction for the industry.”
Have you encountered any DEI-related challenges?
Earlier in my career, certainly. I remember being out with clients in a social setting and a gentleman joined our group and asked me if I could bring him some nuts for the table, thinking I was the waitress.
While I didn’t experience discrimination, I was clearly being profiled based on my appearance. Through part of my underwriting career, I’ve had to stand my ground when it comes to equal pay and benefits compared to male counterparts. It’s also been difficult to be heard on certain issues compared to men and you have to often work harder for recognition. Things have improved somewhat, but there are, still, gender-based gaps in certain parts of the industry.
Would you encourage other women to consider this sector?
Absolutely! We can’t expect change to happen without being involved in driving change and highlighting and pushing forward D&I issues. There are now more female leaders in the industry who are paving the way for others to rise up the ranks. Over the years, I’ve seen more female underwriters, actuaries and C-suites in the ‘front of house’ or in revenue-generating roles, as opposed to the back-office roles where there tends to be a greater concentration of women.
What are your ambitions?
I look forward to many more years in the industry and spending time assisting those working to make a difference through organisations such as Women in Reinsurance. I’m a committee member of ILS Bermuda which provides mentoring and internship opportunities to young Bermudans interested in the industry. I am passionate about promoting Bermuda as a world-class jurisdiction for the industry in terms of expertise, regulation, stability and increasingly being ESG-conscious and taking measurable action to reflect the global shift in these areas, with climate change being a particular focus of mine.
Why is this sector a great one to work in?
We can have a big impact on global issues, helping to close the protection gap for uninsured and underinsured risks while also tackling climate change and other pressing global issues. It’s dynamic and always evolving as risks emerge and develop over time. It is very rewarding to find suitable solutions for clients that are bespoke to their requirements and ultimately providing them with greater resilience and protection.
