ReInsurance Business Rising Stars

• 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.”
 

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

• 
  Guillaume Farges
  Vice President and Senior Client Underwriter
  Swiss Re
   
  

• 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