Women in Hamilton: Sarah Demerling

Sarah Demerling is a partner at Walkers’ where she heads up its insurance, ILS and funds department. Diplomacy’s loss was Bermuda and the law’s gain, she tells Bermuda:Re+ILS . 

She says her career has been an “exciting journey” in which, having started in Bermuda as a funds lawyer, she has become a highly regarded re/insurance lawyer, not least because she was "present at the creation" of Insurance-Linked Securities. 

Give us a snapshot of your career to date.

I always thought I would be a diplomat. I studied English and French law, spent a year in the University of Bordeaux and then in my 20's I found myself deciding between joining the army, counting elephants in Africa or going to law school. Law school won. Before moving to Bermuda in 2001 I was a corporate lawyer based in Reading, England, knowing next to nothing about the offshore world of investment funds or reinsurance. I spent many years at a well-known law firm in Bermuda progressing to partner in the funds team, alongside my insurance colleagues as we helped clients navigate the convergence of insurance and capital markets. In 2016, I moved across with the management buyout of the firm's fiduciary business, intrigued by the lure of a private equity-run business. The experience taught me a great deal but meant that I had to temporarily hang up my legal hat and focus on providing services as an independent director for a variety of corporate regulated structures. In 2019 I had the opportunity to return to private practice, initially to head up the funds team at Walkers Bermuda. In short order I pivoted from being known as a "go-to" funds lawyer and focused on establishing and growing our insurance practice, which is a technically challenging regulated space that already had some strong entrenched players. I am very proud that we are now recognised in the industry as a Tier 1 team (Legal 500 Rankings).

What attracted you to re/insurance within the legal profession?

It was never the original plan to dedicate myself to re/insurance. I tried for years to avoid the world of insurance (working weekends to finalise an insurance submission for 5pm on a Monday; giving up New Years Eve to finalise deals for a 1:1 renewal) but it is very difficult to ignore when you live in the "World's Risk Capital", particularly when I was fortunate to have built such a strong reputation on the asset management side and we were forming the building blocks for ILS platforms back when it all started. In addition, for many years I served as a director for a number of captives, sidecars, SPIs (Catbonds) and rated carriers which gave me an understanding and appreciation of insurance opportunities.

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

I have been incredibly fortunate to have had many champions in my corner, often times not realising how much of an impact they have had on my career at the time. Most were talented lawyers, both male and female, but my biggest inspiration had to have been my father. He was himself a lawyer but never pushed me to follow in his footsteps. He had a passion for life and for getting to know and bring out the best in people and I still enjoy that about the law, the opportunities it gives me to meet and work with talented, accomplished entrepreneurs from across the globe.

What are your ambitions?

I think it is important to continue to grow, develop and make meaningful progress in my life and career which includes making a meaningful contribution to the next generation of lawyers through mentorship. Ultimately my biggest ambition would be to be an inspiration to my daughter (that and to find a way to early retirement living on a vineyard in the South of France!)

Do you feel the legal and re/insurance sectors have made progress in terms of diversity and inclusion since you became a lawyer?

Progress has definitely been made but we have a long way still to go, particularly in the re/insurance sector. The good news is that we are moving in the right direction.

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

I think that there is clear acknowledgment across the industry that business is negatively impacted when organisations don't reflect the diversity of their clients. I feel that we are doing a better job of, for instance, female representation at entry-level positions. However, this still declines towards senior levels and C-suite roles.

Is there anything you would like to improve or change?

I would like to continue to see more diversity reaching the higher levels of management within organisations in this sector, be that the public or private sector, and to continue to raise awareness of the benefits that D&I can have to businesses.

Have you encountered any challenges related to diversity and inclusion?

Of course, I am a female in what used to be thought of as a "man's world", whether for insurance/legal/business in general. In my earlier career I have been asked to fetch tea during business meetings and had to fight to ensure that I was treated fairly alongside my male trainees (who seemed to be invited to golf days out/private members clubs/Friday lunch drinks that weren't extended to the female contingent). Being aware of challenges was always the first hurdle and then being confident enough to speak up for yourself, and for others around you, and to have support in the organisation at the leadership level was and is crucial.

Would you encourage other women to consider this sector?

Absolutely. We've moved away from traditional stereotypes, we live in a world that facilitates agile working, allows and encourages women to spend time with their young families (if they go down the motherhood path) while still balancing evening calls with Asia/early morning calls with Europe. The work is demanding and the hours can be long, but it is rewarding and continues to be an exciting journey.

Why is this sector great to work in?

I love the constant innovation (insurtech, smart contracts, cyber insurance, climate risk solutions etc).

Why is Bermuda a great place to be?

That is easy – it is beautiful. I wake up in the morning most days to a beautiful sunrise over a glistening ocean, have a 10-minute commute to work on my Vespa overlooking the harbour. I am constantly challenged intellectually and am surrounded by wonderful colleagues, new ideas, new structures, new opportunities. This is a quality jurisdiction in which to do business, it has a fantastic reputation on the international stage and is a thriving re/insurance community (not to mention the Fintech and asset management sectors) where lawyers, underwriters, brokers, actuaries, accountants, insurance managers, CEOs, ILS managers, administrators etc. work hard and play hard together, all surrounded by 21 square miles of pink beaches.