Leaders’ Showcase: Laura Taylor

The Nephila president says that being CEO of your own life is a key to a successful career. 

Nephila president Laura Taylor says that being CEO of your own life is a key to a successful career. 

An early employee of the leading insurance-linked securities firm, she also says an open thinking and a willingness to tackle uncomfortable challenges has been at the heart of her success.   

What attracted you to re/insurance? 

It was Nephila that interested me. My background was in hedge funds and banking, and I was interviewing with some investment companies on the island. At the time the Nephila co-founders were in the process of a management buy-out. They were small relative to the other companies I was meeting with, so I saw an opportunity for growth but what I really liked was them, the start-up culture, and the challenge of doing something different.

From a broader perspective, I am drawn to the industry because it exists to solve real societal needs. There is a growing need for property catastrophe risk capacity and diversifying asset classes. This was true 30 years ago and is even more compelling today.

Who inspired you or acted as a mentor in your career?

The list is long and varied! The largest, most consistent influence has been from the people I work with at Nephila, especially when someone new joins. There is always something to learn from someone who is seeing things through fresh eyes. Spending time with entrepreneurs or experts in different industries has also been helpful at different stages of my career. I’ve found the best way to learn new ways of doing things or ideas is to spend time with people who have different experiences. 

What have been the greatest challenges during your career? 

There have been many different challenges along the way but the one that stands out is a technical challenge from when I first joined Nephila. The other was a more personal challenge.

In 2004, we were looking to grow but to do this we needed a cost-efficient way to transform reinsurance contracts into investable instruments for our funds. Poseidon Re had been formed for that purpose but at the time only traditional licences were available so we worked with the BMA to create the first transformer vehicle. This all sounds very basic now, but the concept of transforming a portfolio of risk that would change over time and didn’t have a limited life didn’t exist at the time. Poseidon Re celebrated its 20th anniversary last year and we’ve seen this technology adapt over time as the market has evolved.  

At the time the challenge felt insurmountable, but it taught me to listen to the concerns and challenges of others, think creatively and to recognise that if you detach yourself from specific outcomes, you can find a solution.

The other challenge was when I stepped in to run technology. I’m an accountant by background, so you can imagine how uncomfortable it was to work with a group of experts in a field where I had little experience or capability. Despite the initial discomfort, this period of my career was one of the most rewarding. I was always learning and working with truly creative people who could solve business problems in ways I could never imagine. 

While I’m further away from this today, I still find myself consulting with our tech team on a variety of topics, including those not related to technology.

Do you feel the re/insurance industry has made progress in terms of diversity and inclusion since you entered it? Do you feel this sector is especially attuned to diversity and inclusion? Where is improvement and change still needed? 

Diversity is a very broad topic, and I can only speak from a very narrow point of view but in terms of gender diversity I would say there has been progress, even if it is just the fact it is being discussed. Not all companies are the same, some are just paying lip service, others are trying to make meaningful change and others are improving on a culture that already supported diversity before it became something to measure. Although there is a long way to go, there has been some positive change in how the workforce and leadership groups look. Twenty years ago, it was almost impossible to find women in leadership roles. That isn’t the case today. 

It is important to note that diversity is different from parity. I don’t believe the industry has made much progress on parity and global data suggests this has regressed post-COVID. I remain optimistic for future generations though. If I were to provide advice to the next generation of women and men entering the industry there would be a few things I would share: 

- Question everything. Look around at your colleagues today and then look at the leadership group. Do they look the same? How are they different? Is one more diverse than the other? Why or why not? Please do not assimilate. Change can happen from anywhere if you don’t accept the status quo.

- Find a mentor, aged 45 or older, either inside or outside the industry, gender doesn’t matter, who can share their experience and help you navigate the realities you may encounter.  Knowledge is power as is connection across generations. With connections and knowledge, you can enable change. The best advice I received was when I was around 20 and the CEO of a real estate development company told me I was going to have to work twice as hard to make half as much. This wasn’t widely discussed in the 1990s, so I found it shocking and offensive, but having that knowledge proved to be invaluable and, because it made me angry, motivated me to prove him wrong.

- Focus on building cultures where both men and women can prioritize their families including aging relatives and, if they choose to have them, children. Eliminate, or at least reduce, the stigma of men working part time or, if they can afford it, staying home to care for their families. Build cultures where marital or parental status doesn’t dictate workload. Not everyone’s life looks the same and you don’t know what challenges they are facing. Normalise a workplace where empathy and equality are expected.  

- If applicable, focus on equality at home. When possible, long before you have kids or need to support aging relatives, discuss the division of labour and your career expectations. If the workload at home, including planning and decision making, is balanced, everything else becomes more manageable.

Lastly, find a culture that aligns with what you value. It may not look like what you expect, so keep an open mind. Another reason I joined Nephila was that the co-founders were examples of working parents who put their families first and were supportive of me doing the same. It looked different than my expectations but I’m extremely grateful I found it when I did. 

What advice would you give to women entering the industry now? 

I would tell them that you are the CEO of your career. This means you are running a business. I find this mindset helpful because it challenges the more passive mindset I had at the start of my career. Thinking like an owner or CEO gives you agency over the direction of your career. These are some questions I’ve asked myself along the way to challenge myself at different points in time:

- Do you understand how the company makes money and can create value right now? Do you know how your product contributes to this?

- Are you focused on creating and contributing to growth or just focused on increasing your piece of what is currently available?

What needs to be done that isn’t being done? What needs to be said that isn’t being said?

- Again – question everything. Why is something the way it is? Should it be different? Could it be better?

- Are you spending or investing your time? Time and effort create product, both are limited resources so make sure you aren’t wasting them. How much time are you spending thinking about today, next month or next year? What can be eliminated from your calendar today or in the future to free you up for something more impactful?

- Are you investing in yourself? If you focus on contributing to growth and investing your time it can change your perspective and increase your opportunities and optionality. 

Would you encourage other women to consider this sector? Why is this industry great to work in?

Yes, I would encourage anyone to consider the industry. The industry remains inefficient and opaque and is slow to change which means there is opportunity to capture value. If you are willing to take risks, to learn and to question everything you can find an interesting, dynamic and rewarding career. 

The only caveat is I would suggest getting exposure to other industries first. If you have experience in other financial markets or industries before considering re/insurance, you’ll have an advantage because you’ll bring a different perspective and see the landscape differently.

Why is Bermuda a great place to be?

Bermuda offers a unique experience. You can have an interesting career with a balanced personal and family life, especially with such little time spent commuting. You have direct access to two continents, the weather is fantastic, and it has historically been a safe place to live. 

Lastly, because the community is so small you can easily get involved, connect with people and learn how you can contribute. Naturally, there are drawbacks that come with island life but in our experience, the positives outweigh the negatives.

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