ReInsurance Business Rising Stars

New age heavyweights

The leading young professionals in the reinsurance sector have made their mark by expertly handling a wide series of challenges.

The reinsurance market has seen significant undulations in the second half of 2024, with question marks over the direction of the casualty market and where the property reinsurance market goes next. This was driven by global weather events, the huge earthquake in south-eastern Turkey, the Russia-Ukraine conflict, a delayed hangover from some of the aftereffects of the pandemic, and a record-breaking number of ‘nuclear verdicts’ in the US.

Against this tumultuous backdrop, ReInsurance Business’ Rising Stars of 2024 have proved their worth, expertly navigating a range of challenging market conditions.
        
With that in mind, ReIB is delighted to recognize these Rising Stars, who are all under 40 years old and were selected after an analysis of their current roles, key achievements, career goals, and contributions to the shaping of the industry.

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.”
 

Guillaume Farges, Swiss Re
“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.”


 

ReInsurance Business Rising Stars

  • 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
  • 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
  • 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

Methodology

In July, ReInsurance Business invited professionals from the global reinsurance sector to nominate their most exceptional young talent for the inaugural Rising Stars list. Nominees had to be age 40 or under (as of October 1, 2024) and working in a role that related to, interacted with, or impacted the reinsurance industry. They must have committed to a career in insurance and have a clear passion for the industry. 

Nominees were asked about their current role, key achievements, career goals, and contributions to the shaping of the industry. Recommendations from managers and senior industry professionals were also considered. 

The ReInsurance Business team reviewed all nominations, narrowing the list down to 38 of the sector’s most outstanding young professionals.

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