Leaders' Showcase: Tracey Gibbons

Tracey Gibbons has been chief executive officer of QBE Re Bermuda since 2021, having previously been a senior executive and underwriter focused on specialty lines at several leading Bermuda re/insurers.  

Give us a snapshot of your career to date.

I have had a very varied career. I started out in insurance, moved into captive management and then in the late 1990s moved into reinsurance. 

I have been at QBE Re as Head of QBE Re Bermuda for almost 3 years. I was hired to build out the branch and sit on the global executive board as QBE Re transitioned into a truly global reinsurance company. We have grown the portfolio and the team considerably in the past three years and are very proud of what we have achieved both locally and at a global level.  

What attracted you to re/insurance? 

The reinsurance industry needs myriad skillsets and my background with a degree in Economics and Economic and Social History gave me skills in business, maths and common sense that lent themselves well to our industry. Although I started out in the UK as a graduate trainee, I moved to Bermuda in 1986 for two years. My reasoning was that as a woman in a male dominated industry, I needed to do something to set myself apart. I figured two years working in Bermuda would do that. Here I am still here 38 years later. 

I was very fortunate to be in the right place at the right time. In the late 1980s and 1990s both insurance and reinsurance in Bermuda grew tremendously and after the influx of capital after 9/11, it was a very dynamic industry to be in. Bermuda companies were agile and responded to the needs of the market at a time when other jurisdictions were inhibited by large losses, capital depreciation, regulatory issues and fear. 

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

When I started out in the industry there were very few women in senior positions and no role models. A few women had managed to break through and were working their way into senior positions, but they were few and far between. Whilst I never had a formal mentor, I was able to gain inspiration from those women who through hard work, talent and determination rose to senior positions in their respective industries - such people as Fiona Luck, Caroline Foulger and Madeleine Joell, to name a few. 

What have been the greatest challenges during your career? 

I was a woman in a male-dominated field. I have constantly had to prove and reprove myself . I have also had to put up with a lot of misogyny and inappropriate sexual behaviour. Whilst seniority, age and learned resilience have more recently protected me from the extremes of these challenges, I am very aware that they still exist in our industry and present daily challenges for women.    

Do you feel the re/insurance industry has made progress in terms of diversity and inclusion since you entered it?

Yes it has made huge strides as far as gender equality is concerned. Look at the number of women in Bermuda in C-Suite positions today. Sadly, we still have a long way to go. We are lacking a pipeline of developed talent at middle management level to move up when opportunities present themselves, but the biggest issue is overcoming ingrained mindsets. 

We have also failed miserably in accepting and encouraging other diverse talent to enter our industry and for those individuals to be able to see a clear career path. 

Do you feel this sector is especially attuned to diversity and inclusion?

Traditionally both insurance and reinsurance were areas where most senior management were white males. Whilst the dynamics have changed a little, it seems that the insurance sector has made greater gains than reinsurance, which still lags behind. 

The data supports that a diverse workforce results in a happier work environment with everyone feeling more fulfilled as well as directly translating into better economics. There really is no argument for maintaining the status quo. 

Where is improvement and change still needed? 

We need to ensure that hiring panels contain more females (not just HR representatives). There is plenty of data that indicates that women tend to undersell their abilities while men tend to do the opposite. We need to ensure we cater for that in how we view respective candidates for a role.

We can also ensure that when children come along that both parents are offered and encouraged to take the same parental leave – QBE Re Bermuda offers six months gender neutral leave. If both parents take their entitlement this will level the playing field tremendously for those in the child rearing age bracket, but this will require employers to encourage both parents to take the leave and highlight those who do as role models. 

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

Our industry continues to be vibrant and exciting. You are entering at a great time when companies are looking for diverse talent to develop into the next generation of leaders. I can honestly say that given DEI targets together with shareholder and community pressure,  this is the first time in my career when I actually think it is an advantage to be  female. 

Would you encourage other women to consider this sector?

Absolutely. Despite the struggles mentioned above, I have had a very fulfilling  and exciting career. Every day is different and there are always new challenges to overcome. 

Why is Bermuda a great place to be?

Beyond the obviously physical attractiveness of our island – great climate, beautiful beaches, crystal clear water, low pollution , low crime rates, proximity to the east coast USA -  we have a  business-friendly regulator and a huge amount of talent in our industry as well as  a general “can do ‘ mindset. There is a palpable excitement in the air as Bermuda moves through the next phase of its development and we see expansion beyond the core property cat markets into many different specialty lines and Bermuda gaining significant traction and market share in theses classes.