NAME: Shabnam Ahmed
NEW JOB TITLE: Hamilton, Bermuda-based senior vice president, underwriting at Elementum (Bermuda) Ltd.
PREVIOUS POSITION:
INDUSTRY OUTLOOK: This can change in a moment if a major event occurs. The industry has experienced high loss activity over the past four years and COVID-19 continues to be a live cat event which is bringing discipline back to the market. The resulting rate increases are creating opportunity, and this should attract further new capital. For primary insurers, the pressure on expenses and cost of capital will continue as new entrants without legacy issues seek to embrace technology, improve distribution and match risk to capital more efficiently.
GOALS FOR NEW POSITION: Were entering a hard market where terms and conditions are tightening, and rate increases are gaining momentum. We will see the trickle-down effect at the primary level. This presents opportunities. I want to take advantage of these for Elementum and our investors. Personally, I thrive when I am learning and doing new things.
CHALLENGES FACING THE INDUSTRY: To name a few: Uncertainty around COVID-19 losses, loss development on short-tailed events, and trapped collateral. Of course, challenges can present opportunities and we are studying these trends closely to understand their impact on the market and how we should be factoring them into our strategy over the short to longer-term.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: I trained at Tillinghast in London as an actuarial consultant. My first assignment was the valuation of asbestos liabilities for an aviation insurance pool. I worked on multiple projects simultaneously and gained a breadth of experience across multiple lines of business, valuing liabilities and capital modeling for insurance and reinsurance companies, Lloyds of London syndicates and captives; and performing due diligence on M&A opportunities.
ADVICE: Be curious. Be diligent. Be authentic. Seize opportunities.
OUTSIDE THE INDUSTRY, A DREAM JOB: Interior designer in exotic locations around the world.
COLLEGE MAJOR: I studied math in undergrad and applied statistics in postgrad, both at Oxford University.
LOOKING FORWARD TO: The current market opportunity is very exciting. I look forward to seeing how this unfolds. We have a great team here with lots of bright and knowledgeable individuals. Im looking forward to working with them all and getting to know them better.
FAVOURITE MEAL: Anything my husband cooks. North Indian curry.
BOOK: The Cairo Trilogy, by Naguib Mahfouz
HOBBIES: Golf, pilates, travel
TV SHOW: Right now, Im enjoying Peaky Blinders, a show about gangsters in post-war Birmingham, England, the town where I grew up.
ON A SATURDAY AFTERNOON: Spend time with my husband and kids.
