This article was produced in partnership with Swiss Re Corporate Solutions.
Desmond Devoy, of Insurance Business Canada, sat down with James Gasco, Swiss Re Corporate Solutions’ new Canadian CEO, about his journey to that office, his plans for the future, and his formative period on a Latin American farm with no electricity.
Swiss Re Corporate Solutions’ new Canadian CEO has hit the ground running in the three months since he landed the job.
When James Gasco (pictured) first heard that his predecessor was moving on to another role, it came as a bit of a surprise. The thought of moving up to the CEO’s spot naturally crossed his mind – it had been something he aspired to – “opportunities often present themselves when you least expect it,” he said during a recent interview.
When he got the good news that he had been chosen to be the company’s Canadian leader, “it was exciting certainly, and also humbling,” he said. Overall though, “I was just thrilled about the opportunity.”
So how have the intervening several months been since his appointment?
“It is an absolute privilege to lead the Swiss Re Corporate Solutions team in Canada,” said Gasco. “It's an organization with such a strong brand, and a talented, diverse and engaged team. It has been energizing to connect with and get to know a wider group of partners and customers and learn about their needs, while also getting to know the broader Canadian team and explore with them the opportunities that lay ahead for our business.”
While there has been a degree of getting up to speed, he has also been busy charting the company’s course ahead in the Great White North for 2024.
Something he has long believed and sought to reinforce in his new role, is that “you have to develop and trust in your team”. He sees this as a critical focus area as he aspires to see Swiss Re Corporate Solutions continue to grow as a leading tech and data enabled risk knowledge company.
“We have to invest in our team's learning and development, trust and empower them to succeed, and prioritize their well-being,” he said. “I think we’ve done this well,” as evidenced by its ability to attract and retain talent.
2024 is already shaping up to be a very interesting year. While seeing some capacity start to come back into the market in various segments across certain lines of business, there is as much uncertainty now, going into 2024, as there was at the end of 2022 - much of this arising from socio-economic and political spheres, while carriers are also operating in a very different reinsurance environment than in the recent past.
Many familiar recent challenges persist. Inflation and claims escalation continue to be a factor. Though not as high as at recent peak levels, there are concerns that inflation will remain a challenge for the foreseeable future, and that this will need to be carefully managed. Supply chain issues also persist in many sectors, especially as businesses become more integrated, increasing the scope of potential loss.
After a devastating summer of forest fires across the country, along with increased loss from other secondary natural catastrophe perils, such as floods, hurricanes and convective storms, climate change remains top of mind for Gasco.
“There’s the increased frequency and severity of natural catastrophes, which we see as exacerbated by climate change,” he said.
Gasco believes that Swiss Re Corporate Solutions has “a solid foundation, and I’m excited to build on this and expand our presence in Canada.”
And how does he intend to do that?
It’s about getting the basics right and leaning into their strengths.
“When I think of the basics, I’m thinking about ensuring we continue to provide meaningful and sustainable capacity for our clients,” he said. “This is based on staying close to our customers and maintaining our diligent underwriting, which is extremely important to sustain throughout the cycle. It’s about leveraging technology to deliver the products and services that our clients need and expect. It's also about engaging our risk engineering expertise to help our customers become more resilient in the face of new and evolving hazards.”
Gasco is excited to see technology as a “key enabler”, through adoption of digital tools, such as Swiss Re's Risk Data & Services platform.
“I’m committed to bringing our full capabilities to our clients and brokers, helping them harness data insights and take control of their risks,” he said. “If we can do that, they will be in a much better position to absorb shocks more readily and minimize disruption in the event of loss.”
Gasco has spent more than 20 years in the industry, starting as a broker prior to moving to the carrier side, touching on numerous lines of business, before specializing in property lines, including construction and energy risks. Common across his experience, he has learned that “service matters”, and that you absolutely need to get to know your client, to understand their business, their unique risk profile, and especially their approach to risk management.
But which line provided him with the most learning experiences?
“I suppose I’m a bit partial to property because that’s where I focused most of my career,” he recalled.
Property, to his mind, was most formative, in so far as gaining an appreciation for the breadth of data that can be leveraged to assess both natural and man-made exposures in order to appropriately manage risk – both in terms of individual placements as well as for steering portfolios.
While insurance loves stability and reliability, there are still things about Gasco you might not know – such as his time living in Latin America. He did volunteer work in Costa Rica for six months, and later spent several years working in Mexico and Central America.
One of his volunteer experiences involved living in a remote Costa Rican community near the Panamanian border with no electricity. The farm he lived at sourced water from a nearby stream – which flowed through pipes he helped lay.
From those experiences, he has become fluent in Spanish.
“Somewhat of a linguaphile – and given English was pretty scarce, I really threw myself into the language, studying grammar, conjugation, and learning the local dialects,” he said.
Through his time in Latin America, he developed a fondness for the food, music and culture. He also gained an appreciation for the challenges inherent in working in a second language.
“The challenge faced by those for whom English is not their first language can often go unnoticed, even in a city as diverse as Toronto,” he said. “I have such respect and admiration for colleagues who meet that challenge everyday.”
