How AmRisc bucked the women in insurance trend
Since its inception at the start of the new millennium, AmRisc – a managing general underwriter (MGU) for commercial property risks – has nurtured something unique in the E&S marketplace. It’s not only about technical expertise, solutions or market capacity (although the MGU boasts impressive differentiation in those areas); rather, what makes AmRisc an anomaly is the percentage of women the firm has hired and supported through to management positions. In 2020, approximately 40% of AmRisc’s senior management team and 65% of its middle management team are female – and the firm has a clear roadmap in place to see these women progress further, especially in the realm of executive management.
The MGU, which is a leading provider of catastrophic wind capacity in the United States, hasn’t always been this way. It was founded in 2000 by a group of male engineers who all went to college together. As the company grew over time, they started hiring underwriting analysts, many of whom were women. Then, via friendly referral, more and more women started joining AmRisc and the more experienced cohort progressed into management positions. Unlike many other insurance companies today, AmRisc’s female-heavy workforce can be described as a natural evolution built from homegrown referrals and internal promotions, as opposed to the concerted effort that many firms have had to put in to hire more women.
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