Gracechurch warns of “glacially slow” progress on gender balance as top female underwriter revealed
Canopius’ head of US general liability Nicola Wood has been named London’s leading female underwriter in a new survey, although Gracechurch noted the “glacially slow” progress towards gender balance in the London market.
Wood also placed as the top individual underwriter in the casualty class, as well as coming in sixth in this year’s overall London’s Leading Underwriters ranking.
She was followed in the female ranking by runner-up Dervla Lynchehaun, senior underwriter at Convex, who also appeared within the top three for individual casualty underwriter.
The Hartford’s Abigail Price placed third, having secured joint first position in fine art and specie.
The female ranking saw a tie for fourth place between Chaucer’s Harriet Sharp (who led the women’s list in 2019 and 2021 and appeared in this year’s war and geopolitical risk shortlist), Liberty Specialty Markets’ Jennifer Wilson (joint second in professional indemnity), and CNA Hardy’s Keri Mackenzie (who appeared in this year’s energy ranking).
The peer nomination-based survey was conducted by Insurindex – a joint venture between insurance research consultancy Gracechurch and Brandex – between March 2023 and May 2024.
In this year’s survey, the proportion of female nominations rose from 13 percent to 15 percent. Some 149 individual women were nominated across the market, comprising 17 percent of the total individual nominations.
Convex led this year’s bench strength for female underwriters, up from third position in the prior year survey.
Chaucer was runner-up – having topped the female bench strength list in 2021 and 2022 – while Liberty Specialty Markets and Canopius tied for third.
“There has been another slight shift upward in the representation of women in the rankings and some prominent female leaders, but overall the progress toward a gender balance in London is still glacially slow,” said Ben Bolton, CEO of Gracechurch.
“We continue to highlight the market’s top female underwriters and the carriers that have the strongest female benches. We feel it’s important to showcase leading women in a market that remains heavily male-dominated.
“Even if the overall numbers are still too low the leader tables mostly have at least one woman represented with Nicola Wood of Canopius leading overall and in casualty; congratulations Nicola and congratulations to Convex and Chaucer at one and two in the female bench strength leaderboard.”
Beazley retains overall bench strength lead
For overall bench strength, Beazley took the top spot in 2024 for a fourth consecutive year. As previously reported, Beazley topped the bench strength ranking for both cyber and professional indemnity in this year’s survey, despite having no individual underwriters in the top five of either category.
Beazley was closely followed in the overall bench strength ranking by Convex, who moved up two places from last year.
Axa XL remained in third, while Hiscox rose six places to fourth. Chaucer, Chubb and Liberty Specialty Markets remained in the top 10 from 2023.
Overall, 873 individual underwriters from more than 110 different carriers were nominated this year, which Gracechurch said highlights the depth of individual quality in the London market
“For all the brilliance of individuals we are in an increasingly corporate world and bench strength is where the rubber really hits the track,” said Bolton.
“In 2024 Beazley again takes the overall lead for bench strength, just ahead of Convex, showing the potency of getting the blend of brand and individual talent right. The data proves that while individuals come and go, it is the insurer brands that really create consistency over time.”
To register to receive the full report, click here. The Insurer is media partner for the annual nomination-based survey – conducted by Insurindex, a joint venture between Gracechurch and Brandex – alongside Slipcase as digital content partner. Slipcase distributes a curated selection of content to the world’s (re)insurance industry professionals and businesses.