Influential Women in Hamilton: Tracey Gibbons
Embracing change and new challenges throughout one’s career is vital, while transitions can feel uncomfortable initially, they ultimately lead to success, according to QBE Re’s global head of strategic development.
Tracey Gibbons, global head of strategic development at QBE Re, BA (Hons), FCCI, ARM, Cert IoD, has 42 years’ experience in insurance, captive management and reinsurance in both London and Bermuda, writing all lines of casualty, specialty and property in most global markets. She joined QBE Re in 2021.
“My career has taken a few different turns over the years, and each time I’ve made a change, it has initially felt a little uncomfortable, but my experience has taught me that change and new challenges are actually a lot of fun and very rewarding.”
Since we spoke last year, how has your role evolved as you’ve stepped in as QBE’s global head of strategic development?
I am now more focused on the longer-term objectives of the company and the culture that will support our mission and people. QBE Re has truly embraced the strength of its balance sheet and rating over the past few years, which has led to significant growth coupled with a more resilient organisation and a broader geographic and product mix. As head of QBE Re Bermuda, I was very much part of that change and now can support the broader organisation as we move to the next stage.
What new challenges has this transition presented? And how do you stay resilient in times of change?
After 42 years of underwriting, I have moved into a non-underwriting role which initially felt very strange. After a couple of months, I started to enjoy the interactions with our staff at all levels of the organisation, knowing my work would have a lasting impact on the company. My career has taken different turns over the years, and each time I’ve made a change, it has initially felt a little uncomfortable, but my experience has taught me that change and challenges are a lot of fun and very rewarding.
The greater diversity we are seeing at entry level isn’t translating to the leadership pipeline. Why do you think that is?
Over the past 10 years, there has been a huge focus on promoting women and addressing the issues that women face. We are now starting to see a lot more senior women rise to the top, particularly in Bermuda, with a good pipeline of middle managers coming through. But we are still a long way from parity. What we still must do is to build ethnic diversity as well as a better mix of economic and cultural backgrounds and encourage people with disabilities to enter the industry.
What do you consider to be a mentor’s greatest attribute and why?
The ability to listen and provide tailored advice rather than assuming an individual’s needs. I have mentored many people at different stages in their careers, and each has been different, with the support they need being extremely varied. Some need technical advice, others confidence building, leadership coaching or a combination of all of those. But without listening and learning about the individual and understanding their motivations and challenges, it is very difficult to be an effective mentor.
Share an example of where you have found inclusive practices led to a better business outcome?
I see it in practice every day at our company. We have improved gender equality in our leadership team and are experiencing more diversity of thought in our decision-making process. We poll our staff regularly (anonymously) and have a high percentage of staff who feel a strong sense of belonging and inclusion. Coupling this with an environment where staff feel comfortable challenging and providing different opinions enables us to have a broader view and think of options that might otherwise not have been considered.
What do you think is the most significant barrier to women progressing in the insurance re/industry right now?
In the past, there was a lack of role models; women couldn’t see a clear path to leadership. That is slowly changing.
There was an assumption that women of a certain age might take time out to have children. At QBE, we introduced gender-neutral parental leave, permitting all parents in Bermuda to take six months' leave. If all companies offered this, it would help level the playing field.
If you met yourself at the start of your career with all the experience you have now, what advice would you give her?
The industry has changed so much since I joined and continues to evolve. I never would have imagined such an interesting and varied career and that the tools that we currently use would have been available to us. My advice would be to have a career plan, but don’t stick to it so rigidly you ignore opportunities when they present themselves. Be open to change even if it feels a little uncomfortable and continue to challenge yourself.
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