Leaders’ Showcase: Suzanne Williams-Charles
An accountant by training, Suzanne Williams Charles is CEO of Bermuda International Long Term insurers and Reinsurers and has had leadership roles with the Association of Bermuda Insurers and Reinsurers, Hiscox Re& ILS and Bermuda Monetary Authority, making her a natural member of the Leaders' Showcase.
Give us a snapshot of your career to date.
I am currently the Chief Executive Officer at the Bermuda International Long Term Insurers and Reinsurers association. As CEO, I am responsible for leading the organisation’s global advocacy, public and regulatory policy initiatives. I am also responsible for leading BILTIR’s social impact agenda.
Prior to joining BILTIR, I was the Director of Policy and Regulation, Corporate Secretary and Data Privacy Officer at the Association of Bermuda Insurers and Reinsurers. Before that, I served as head of reinsurance compliance at Hiscox Re &ILS and spent over a decade in increasing roles of responsibility at the Bermuda Monetary Authority (BMA), culminating in my role as Deputy Director of Insurance Supervision.
I began my career with KPMG as an auditor. I am a Certified Public Accountant and Privacy Officer and have achieved several insurance industry designations. I also serve as a Director on the Boards of WeSpeak Bermuda and HBSC Life (Bermuda) Limited.
What attracted you to re/insurance?
The most common joke amongst those in the reinsurance industry of people my age is that no one necessarily chose reinsurance as a career. Most people just “fell” into it. After giving birth to my micro-preemie son who required significant medical care and my full attention for months after his birth, I quickly realised that I could no longer meet the demands of public accounting. Almost simultaneous to that realisation, came a call from someone that worked at the Bermuda Monetary Authority noting that they were recruiting and asking if I would be interested in a role there in the insurance division. I took this as a sign and took advantage of the opportunity. That was in 2005 and although the sector had already began to thrive, in 2024, a career in reinsurance in Bermuda is a sought after and well-known opportunity.
Who inspired you or acted as a mentor in your career?
I can’t say I have had one particular mentor in my career. I have had several people over the course of my career that have helped influence my path and provide invaluable advice. What I have been fortunate enough to have throughout my career are managers that provided me with support, demonstrated faith in my abilities and gave me opportunities to grow, effectively acting as sponsors. The reinsurance industry has been and still is a male-dominated industry. Sponsorship is very important in helping women (or any underrepresented group) to progress through an organisation. Unlike mentors, who can be anyone at any level of your organisation or outside your organisation, sponsors must have the power and influence, primarily based on their role in the organisation, to help facilitate the upward trajectory of your career. I have been fortunate in having a sponsor (most of them male might I add) at most of the organisations that I have worked at. I appreciate that for many women this has not been the case, so I encourage those in positions of influence (especially men since the sector is male dominated) that if you have talented women on your teams, do not assume that their hard work will automatically be noticed and rewarded. Speak about their hard work when they are not around. Put them forward for projects that they may not automatically be considered for. I have always been a hard worker and very driven and acknowledge that it is these traits and also foundational skills that have largely shaped my career, but I am not naive enough to think that the influence of those that were above me along that way did not help clear the path.
What have been the greatest challenges during your career?
As a woman in reinsurance, it often felt like being thrown on the football field on a team full of men playing against a team full of men. It was not impossible to play the game, but it was harder for me than my male counterparts and tremendously awkward. Due to the nature of the roles I have had over the years, I have often been and continue to be the only woman in the room and more often the only person of colour. In a male dominated field that is relationship-driven, small things like inviting a male colleague to dinner to strengthen the business relationship was extremely uncomfortable for me initially, when my male counterparts would do this without a second thought. The most growth I have had is embracing the fact that we grow the most when pushing past discomfort.
Do you feel the re/insurance industry has made progress in terms of diversity and inclusion since you entered it?
There is definitely more awareness. However, I am not sure if the statistics have moved as much as underrepresented groups would like. I believe that the lack of significant progress is rooted in fear, and I am not sure how we get past that ... I am hopeful that through continued education and open dialogue the reinsurance industry in Bermuda can be a leader in this area. We have already demonstrated leadership by participating in a DEI survey for international business in Bermuda. Through conversations with my counterparts in other countries even this level of engagement in the reinsurance community has proven challenging. In my role at BILTIR, I hope to continue to support our member companies in their DEI journeys.
Do you feel this sector is especially attuned to diversity and inclusion?
The dynamic between the international business community in Bermuda and the local population has created another type of DEI in Bermuda. Many Bermudians do not feel there is a place for them in international business and many guest workers do not feel they are welcome in Bermuda due to the perception that they are taking a job from a Bermudian. This dynamic is well recognised by the international business sector and improving this dynamic is critical to the ongoing success of Bermuda as a financial business centre. Organisations should look like the communities within which they operate to feel truly diverse. In Bermuda, this is challenging in certain areas as many of the roles within reinsurance companies require very specialised skills that may not be present within the Bermuda population. That said, where there is the opportunity to train and grow a Bermudian into one of these roles, this should be a high priority.
What advice would you give to women entering the industry now?
The good news is this generation of women are more confident and outspoken about their place in the world. I have often joked about being glad I do not have to compete for a job with the amazing young women entering the workforce now. I experienced imposter syndrome early in my career which caused me to second guess myself on many occasions. My advice to women entering the sector now would be to continue to reassure yourself that you belong, because that voice in the back of your mind can be your biggest critic and most lethal enemy.
Would you encourage other women to consider this sector?
The skills required to be successful in this sector play to women’s strengths. I am encouraged by the increase in women leaders in the Bermuda market and hope this trend continues. On average I probably spend about one hour a week meeting with a student, career shifter or peer discussing their career. Do I have all the answers? No, but I feel it is my responsibility to give my time if I can help someone else along. I have an amazing network of women to whom I can turn to and this network is irreplaceable when it comes to navigating the demands of my role and the sector more broadly. I encourage women in leadership to reach down and pull other women up. Be that support and sounding board. There is room for everyone to succeed!
Why is this industry great to work in?
Working in reinsurance has allowed me the privilege of working with some of the most brilliant minds in the business world. It is an extremely dynamic sector, with innovation and solution-based thinking at the forefront. Its global reach has also afforded me the opportunity to see the world and be exposed to countless cultural experiences.
Why is Bermuda a great place to be?
Bermuda is the perfect combination of a sophisticated and well respected international business centre and a great place to call home due to its strong sense of community.
