Influential Women in Hamilton: Sandra Soares
Success is about helping others grow and develop, says Markel’s head of Bermuda professional liability.
Sandra Soares is managing director, head of Bermuda professional liability for Markel. Headquartered in Richmond, Virginia, and founded in 1930, Markel is a global specialty insurance provider with a truly people-first approach. In her current role, Soares is responsible for E&O, D&O, EPL, W&H and Cyber coverage for Fortune 1000 businesses. Soares joined Markel in 2009 and has held various underwriting and leadership positions in professional liability. During that time, she's played a pivotal role in shaping the company's professional liability business. Prior to joining Markel, Sandra worked as a licensed trader with the equity finance division of Morgan Stanley in New York and in securities lending at State Street Corporation in Boston, MA. She was born and raised in Bermuda and holds a BSc in general business and a BA in communications from Boston College.
Give us a snapshot of your career to date.
After graduating from Boston College, I began my career at State Street Bank in Boston, then moved to New York City, where I worked as an equity finance trader at Morgan Stanley. With seven years of Wall Street experience, I returned home to Bermuda, where I joined Max Re as an investment analyst, managing its investment portfolio. I went on to work as assistant treasurer at Alterra, which was acquired by Markel in 2013, and joined the professional liability team at Markel that same year. As an underwriter, I have chiefly been responsible for financial lines, including professional indemnity, employment practices liability, management liability, financial institutions and cyber.
What attracted you to this industry
As a Bermudian, I’ve always admired Bermuda’s well-regarded insurance market, even from afar. When the opportunity arose to be closer to friends and family, I jumped at the chance to return to the island. Bermuda has a long-standing reputation as a secure and well-regulated market, very similar to the leading global financial markets, so it felt like a familiar and perfect fit for me.
I continue to marvel at the strength of relationships in the insurance industry. Insurance is a people-focused business, and we’re all working to help and protect people and companies from risk. Whether you are a broker, underwriter or client, the camaraderie and collegial spirit in insurance seems unmatched. I love that.
Is there someone – or some people – who inspired you or acted as a mentor in your career?
Throughout my career to date, I’ve been lucky to have had some terrific mentors and role models from a wide array of backgrounds. They have shown me the importance of hard work, building strong partnerships and forging confidence through learning from those around you within all levels of the organisation.
What are your ambitions?
Before being a leader, I felt success was about ‘growing yourself’. I was fortunate to be recognised as someone who had potential, and I am always keen to learn and do more. When you become a leader, it becomes clear that success is about helping others grow and develop. Today, I am becoming better at achieving more through others. I am ambitious in my pursuit of developing talent and growing our portfolio within professional liability.
Do you feel that the industry has made progress in terms of diversity and inclusion since you entered it?
The industry as a whole offers great opportunities for people from diverse backgrounds with many skills and talents. I believe our industry is working hard to attract and retain talent, and I hope to be a role model for people, particularly young women, minorities and people with young families. I feel it is important to show them that it is possible to have an exciting and successful career in this industry whilst maintaining a good work-life balance.
“One of the great privileges of my career so far has been working with colleagues and stakeholders from diverse backgrounds, cultures and geographies.”
Not so long ago, some women felt they had to choose between their career and motherhood. Today, there are so many more women and minorities in senior insurance positions. It’s important for people, particularly young people, to see real-life examples of successful role models – including those who look like them and/or have similar upbringings. This helps inspire them to continue to dream, work hard and progress their education and work experiences to achieve their career and life goals. For example, when I reflect on my personal journey, few may have bet I would be on the life path I am currently on.
Do you feel this sector is especially attuned to diversity and inclusion?
One of the great privileges of my career so far has been working with colleagues and stakeholders from diverse backgrounds, cultures and geographies. Now more than ever, industries like ours need to work extra hard to attract, retain and develop diversified talent from all corners of society to ensure the future success of the insurance business. Competition is fierce between industries, markets and countries for the world’s best talent. The ongoing advance of technology, outsourcing and flexible working only adds to the challenges employers face.
Is there anything you would like to improve or change?
I would like employers to continue to progress their DEI initiatives, not only at lower levels of their organisations, but also at the C-suite and board level.
What challenges have you encountered in your career, and how did you overcome them?
The challenges females face in the workplace are well-documented. However, I am a firm believer that if you study hard, gain the right international experience, and perform at a very high level, you will be recognised. I have never been one to get comfortable or stagnate. My parents were hard workers, and I am too. I have always made it clear that I am willing and able to seek the next challenge. Sometimes, this may be at a quicker pace than the expectations of others, but you need to drive for your own success.
I have two children, and at times, of course, it can be quite a juggle to balance the joys and challenges of having a young family with a busy job. At times I have struggled to strike the right balance, but it is important to remember that with the right support at home and in the office, anything is possible.
What do you feel is your greatest accomplishment so far?
One of my proudest achievements is building my underwriting team and leading our Bermuda Professional Liability platform, which is Markel’s centre of excellence for Public D&O and large financial institutions underwriting. At Markel, we live by what we call the ‘Markel Style’, our core values. Part of the this states the importance of hard work and a zealous pursuit of excellence. I live by this principle daily and strive to set a good example for the rest of my team. Building relationships has been very important to me and this is one of the most rewarding parts of an insurance career.
Would you encourage other women to consider this sector?
Definitely. We have the largest professional liability team on the island, and two thirds are women. I’m proud of the efforts Markel and the industry are making to ensure that people are enabled to work in an agile way, achieve a good work-life balance and have access to training and development opportunities and the ability to network.
This will help us to attract and retain diverse talent now and in the future. I’m excited about the future; as we start to plan for next year, I like to think about the ways in which we can continue to set an example and create opportunities for young women in our industry.
I want to show future generations, including my own children, that with ambition, hard work, creativity and – maybe most importantly – integrity and kindness towards others, you can forge an exciting, dynamic and fulfilling career in this industry. I hope to inspire future generations of women in the insurance industry.
Why is this industry great to work in?
The insurance industry is an exciting and dynamic environment – in many ways, the cornerstone of our economy. We have the opportunity to help people achieve their goals, including protecting important assets and supporting companies’ strategy, while strengthening their risk management approach. Insurance makes all this possible. Additionally, professional liability insurance, specifically in Bermuda, is highly valued for its regulatory stability, financial strength and innovative market environment, which attracts sophisticated clients globally. The island’s insurance market offers tailored solutions, strong claims handling and access to global markets, making it a trusted hub for complex risk management for our customers.
Why is Bermuda a great place to be?
Companies seek professional liability insurance in Bermuda for several reasons. Bermuda’s regulatory framework, and the robust capital reserves of its insurers, provide a level of stability that can be reassuring to insureds, especially when dealing with professional liability risks that could lead to substantial financial exposure.
The Bermuda insurance market is one of the world’s leading hubs for insurance and reinsurance, which attracts sophisticated buyers and sophisticated providers. It’s really exciting to be a part of all that. Bermuda has a critical mass of expertise in its insurers, reinsurers, brokers and law firms, as well as an internationally recognised regulator and a supportive government. All these factors create a strong, stable marketplace that our clients can rely on – and one that also fosters growth and development for those who support it.
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