Tracey Gibbons, global head of strategic development for QBE Re and formerly head of QBE Re Bermuda, is passionate about helping other women to make progress in the reinsurance industry.
As a champion of diversity, equity and inclusion, she is steadfast in her support of measures to level the playing field for women and minorities in a world traditionally dominated by White males.
Her advocacy is rooted in the experiences of her own career in which she has overcome numerous obstacles on her path to the C-suite.
Hailing from the English city of Nottingham, Ms Gibbons was the first in her family to attend university, where, unusually for a woman at the time, she studied economics. She entered the UK insurance sector on a graduate training scheme.
“I got a good grounding in the industry, but there were no female role models and a lot of prejudice against me, as a woman who said she wanted to be an underwriter — many people did not take me seriously,” Ms Gibbons said.
“I thought, what can I do to set myself apart that that will show that I am as good as the men, if not better, and allow me to progress? And then an opportunity came to move to Bermuda.”
SEIZING THE MOMENT
Her plan was to relocate to the island for two years and then return to the UK. However, it turned into a life-changing move as Bermuda blossomed into a global re/insurance hub and she grasped the opportunities it offered to build a stellar career.
She managed the captive insurer of Thomson Reuters before moving into reinsurance in the late 1990s. A wave of new reinsurers set up on the island after the 9/11 attacks in 2001, and Ms Gibbons was one of the first employees of one of them, Allied World, where she was head of Specialty Reinsurance for 16 years. She then worked at Third Point Re before moving to QBE Re four years ago.
Early in her career, Ms Gibbons encountered blatant sexism and even harassment, experiences that have inspired her to work towards positive change in the industry. She serves on the Association of Bermuda International Companies Diversity and Inclusion Committee, as an interviewer for the ABIC scholarships, and has sat on the board of Women In Reinsurance.
She is also proud of the efforts QBE Re is making to create a fairer workplace, such as diverse interview panels and regular pulse surveys to heighten engagement with employees.
VITAL SUPPORT
One notable benefit the company offers is six months’ parental leave for new mothers and fathers alike. Ms Gibbons knows from her own experience of raising children at a time when her career was taking off that having a supportive partner is critical.
“Without the support of my husband Chris, who worked flexi time while self-employed so he could take on a large share of the parental duties, I don’t think I could have had the career I’ve had,” she said. “I know a lot of women in senior positions who have got on because they had that flexible partner.
“A lot of men could not do it, having a wife who is the major breadwinner. It takes a certain strength of character. But for the younger generation, particularly the sons of successful women, there is not the same stigma as for previous generations.”
A LONG WAY TO GO
Ms Gibbons acknowledges that the rise of several female leaders in the Bermuda reinsurance market, including herself, suggest things are improving, if slowly. She points to Peta White, president of Vantage Risk; Cathy Duffy, recently retired Bermuda country leader at AIG; Kathleen Reardon, CEO of Hiscox Re & ILS; Natasha Scotland Courcy, CEO of Athene Life Re; and Kathleen Faries, CEO of Artex Capital Solutions, as notable examples.
However, more progress is needed in female advancement in the industry, Ms Gibbons said. “As an industry, I think we’ve done a really good job of increasing diversity on boards. We’ve not done such a great job in the C-suite, or in senior management.
“There are many up-and-coming women in lower to middle management. The question is, can we keep hold of those people? Can we keep them engaged? Because they need to see role models, people like them in leadership positions, and also a clear pathway to progression. We’ve got a long way to go.”
MENTORING THE NEXT GENERATION
Another potential obstacle to seeing a greater proportion of women in senior roles, according to Ms Gibbons, is that men tend to be more assertive in pay negotiations and in making a strong case for their own value.
Ms Gibbons is happy to give advice to young women starting out in the industry, or pondering their next career move, either formally or informally.
“Part of the reason for that is because there was nobody like that for me whom I could call on a confidential basis and ask things like: I have a problem – how should I handle this? Or what should I be thinking about going for job interview?
“Do you know this person? What are they like? Do you think I should apply to this company? How do I get into the industry? Who do I need to talk to? What do I need to do? How do I need to behave?
“I find mentoring very satisfying, particularly when I see somebody who comes back five or six years later, and says, ‘Look what I’m doing now.’ That is just amazing.”
Last year, Ms Gibbons was involved in starting up a Women in Reinsurance community across QBE Re’s operations around the world. “The idea is to be a support for other women, to provide education and a channel for women’s voices within the organisation, encouraging them to speak up through the network,” she said.
Ms Gibbons is hopeful the industry will continue to become more diverse. “I’m optimistic for the future. It’s happening, and everyone knows the reasons why it should happen. It’s just happening slower than it should be.”
