Ready for action: Hiscox Re & ILS’s Marlon Williams

The former Royal Bermuda Regiment officer explains how leadership skills count in re/insurance.  

On a chilly January morning more than two decades ago, Marlon Williams was reluctantly making his way into Warwick Camp as a Royal Bermuda Regiment conscript. 

Rather than trudging through the required three years, two months as a private soldier, Williams grasped the opportunity, first becoming a non-commissioned officer and then quickly earning his commission and becoming an officer. 

Eleven years later, he left the Regiment as a Captain and with an armory of leaderships skills that he applies every day as a Senior Property Catastrophe Underwriter at Hiscox Re & ILS. 

Williams, who is also one of the founders of the Association for Corporate Racial Equity (ACRE), says his experience as a leader in The Royal Bermuda Regiment taught him two lessons in particular – how to manage adversity and that leadership is ultimately about serving those that you lead.

The first lesson came during officer training at the Royal Military Academy Sandhurst and subsequently during advanced training in the rugged Brecon Beacons in Wales. 

Williams attended Sandhurst with fellow officer Cadets Derek Hurdle (Capt. Ret’d.) (who would later captain Bermuda’s National Rugby team and now runs the successful CrossFit gym) and Wayne Caines (Capt. Ret’d.), now President of the Ascendant Group and a former Cabinet Minister. 

“Misery loves company, and we went through that process together,” he recalled. “We graduated together, and it was hands down one of the best things I've done for my career and my overall understanding of what leadership actually is and what it looks like in practice”. 

“After Sandhurst, we went to the Platoon Commanders Battle School in Brecon, Wales. Sandhurst is very difficult, Brecon even more so and it’s necessary. You do not really understand who you are as a person until you face some adversity. There is an old adage about teabags, that you never know how strong it is until you drop it in some hot water. The army was that for me. I learned a lot about myself, and it aids me every day.” 

Williams said the second key lesson he learned from his military experience was that “if you want to lead, you have to serve”. 

“You learn that leadership, although it looks fairly attractive, means that you are a servant to the people that you lead,” he said. “It is about selflessness. In a military context, you allow time for your troops to get rest and you take less rest as a result. You eat last. You are checking on the welfare of your men and women. If you have been in the field for a week or two weeks, you have to inspect their feet. It is very unsexy work, but it is the most critical work.

“The other thing that really stuck with me is they teach you that you only actually manage four things as a leader. You manage time, people, resources and morale.  And if you do not see morale as something that you actively manage, then you compromise the other three. So, one of the things that they implore you to become is what they call a morale maintenance master”. 

“This was taught to me when I was at Sandhurst in the 1990s and it is as relevant today as it was when they taught it to us. Whether you are managing a platoon or a division or a reinsurance company, it does not matter, those fundamentals are the same. And if you do those things well, then people will be motivated to achieve your objectives with you.”

Those lessons have been important for Williams as he made his way through the reinsurance industry where his path has been somewhat atypical.

A graduate of Whitney Institute, he attended the HBCU, Allen University in South Carolina and also climbed the ranks of the Regiment. He worked as a paralegal at what is now ASW Law which specialized in re/insurance litigation and arbitration. 

Developing an interest in insurance, he first joined the Alea Group which specialized in alternative risk transfer in 2003 and two years later moved to Max Re, a start-up launched by XL Capital veteran Robert Cooney, who had a then radical idea about harnessing hedge fund capital to launch a reinsurance company. 

Max Re went on to merge with Harbour Point Re to become Alterra which was bought in turn by Markel, giving Williams plenty of experience in the world of M&A: “You do learn that the industry goes through cycles, it contracts, and it expands. And I have been fortunate to be a part of both of those things.”

Williams was an underwriting assistant at Max Re for 4 years before transitioning into catastrophe modeling for 4 ½ years, working through the Max/Alterra merger.  In 2014 he was promoted to underwrite property cat risks. Alterra was bought by Markel, and he remained there until 2020, leaving as a Senior Vice President to join Hiscox Re & ILS as a Senior Underwriter.

“At Hiscox Re & ILS, we have a deep understanding of the importance of the financial products that we provide for our customers and clients,” he said. “We know the critical role that re/insurance plays in communities around the world and when it comes to paying reinsurance claims we also know that we are helping to rebuild communities after the worst happens. As a leading reinsurer, the speed with which we pay those claims matters to our clients and it matters to our clients’ policyholders. 

Williams says that beyond catastrophes, he understands how a re/insurer’s capital and balance sheet helps to enable businesses to grow and function. Insurers are often required by regulators to have insurance. 

“This allows them to protect their balance sheet, unlock capital and grow their business,” he said. “It is deeply fundamental to global commerce.” 

Williams said his experience as a catastrophe modeler continues to bear fruit as an underwriter as he has a sound understanding of the elements that go into the models that are used. 

Although they have grown in sophistication and robustness, the fundamentals are very much the same. 

“When you consider cat modelling you ought to know how the sausage is made,” he said. “As an underwriter, the better you understand the ingredients, the more it informs your underwriting.”

Williams also credits Hiscox’s deep expertise in research and analytics, and says their underwriters work hand in hand with their top tier researchers, analysts and actuaries. “We are one team, working together to unlock capital, embrace risk and build an optimal portfolio. 

Asked what skills people need to bring to the industry, Williams divided them into hard and soft skills. 

“The beauty of our space is that our business is so diverse in terms of risks that we cover, it’s hard to imagine an area that is untouched by our industry. Because of that, we attract talented people from various backgrounds and disciplines.”

He said new entrants into the industry or people transitioning from other industries would do well to take time to understand the technical language of re/insurance, to really understand the critical function that a company’s capital plays in the global economy, to get clear on what skills and experiences you bring to the table and to never stop learning. 

In terms of soft skills, Williams said newcomers had to be prepared to meet the demands of the industry.

“Build your network. Fill it with quality individuals, make it diverse and ensure that it encompasses a range of experience levels. You will not regret the work put into this effort. 

“Be adaptable. We work in dynamic teams, with core objectives to achieve. Responsibilities can and will transition from one person to the next. Embrace the fluidity of it all. Palm trees survive storms.  

“Be patient with yourself. Understanding what it is that we are doing in this global business and the role that you play in it is an evolving, layered experience that unveils itself to you over time. As someone who is intellectually curious, I have really enjoyed my 20+ years in re/insurance and there is still so much more to learn and accomplish.”

As a Co-Chair of ACRE, Williams is passionate about assisting the industry in its efforts to increase black diversity, along with Co-Chair, Noel Pearman (SVP, Cyber Product Line Leader, AxaXL), Director of Community, Jasmine Desilva (Commercial Director, Artex Capital Solutions) and Director of Education, Deshay Caines (VP, Colleague Engagement, March McLennan) whom make up the Executive.

He believes that there is much more to be done but the industry will continue to recognise the value of diversity in its workforce. 

“If any industry was primed to capitalize on the huge benefit that diversity brings, it is ours.  We are data driven and one of the core pillars of re/insurance is centered on the principle of diversifying risks, investments and building resilient portfolios that are consistently profitable over time.

“We're specific in what things we add to our portfolios, that we think are diversifying and accretive. 

We are looking for those things, we measure it, we manage it, we report on it. We have an opportunity to be as deliberate in building out a workforce that adds skill sets and character to our companies. And those attributes come in all genders, in all colours and at all levels.” 

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