2017 Hot List Recipient
2020 Hot List Recipient
2021 CEO of the Year
Accolades
Media
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2011
Lighting the way at ICAT
It is human nature for people to search for answers during times of change, consuming information both good and bad.
“People will make up their own story if you don’t tell them what really is happening,” says Ashleigh Cashman, president and chief underwriting officer at ICAT.
Having someone at the top who can lead teams through uncertain times, offering guidance and transparency, goes a long way to restoring confidence and illuminating the right path. Frequent and honest communication with stakeholders both inside and outside the company is a primary consideration for Cashman – who has navigated all kinds of terrain both in business and in play, being an avid skier, biker, and hiker.
“The biggest key to my success has been my consistent communication and transparency – communicating clearly with the organization, the challenges that we’re going through, and the successes that we’re having. [This] has proven to be key in growing the business and improving ICAT’s culture,” she says.
“It’s made business more difficult to place, and our distribution is having to work a lot harder to fill out accounts. And, obviously, that comes with higher costs.”
With annual premium increases in the high double digits for five years running and many insurers reducing their presence or fully exiting areas such as Florida – due to a limited ability to purchase reinsurance protection at the same level as in years past – doing nothing was not an option for a company like ICAT. To be able to deliver additional capacity and stronger insurance offerings for policyholders, ICAT launched its reciprocal insurance exchange in 2023, Victor Insurance Exchange.
“[It is] a new capacity solution for homeowners and small commercial businesses across the coastal states, as well as in earthquake-exposed regions. It’s pretty unique having a new capacity solution for insureds and our brokers and agents in this type of market of that size and that magnitude,” says Cashman.
A reciprocal insurance exchange is where the insurer is owned by the policyholders rather than shareholders. The policyholders – known as subscribers – essentially pool their money together to help absorb each other’s losses.
The launch turns out to have been well timed for ICAT.
“It’s helped us bring more solutions to markets where there are very few solutions today… it has been very well received,” says Cashman.
Having a reciprocal exchange also removes uncertainty around securing reinsurance and makes planning easier going forward.
Of course, not everyone is familiar with the idea of a reciprocal exchange, and ICAT has had to educate brokers, agents, and insureds on what a reciprocal insurance exchange is and how it works. But there is no doubt it fills a need.
A well-established body of academic literature shows a superior business performance at firms with higher female board representation. The long-running Credit Suisse Gender 3000 report, for example, found as far back as 2012 that companies with more women on the board had a stronger share price performance during the GFC as risk volatility increased.
A study comparing leadership ratings of women and men before and during COVID showed that women’s ratings improved versus men during COVID, indicating that women leaders tend to perform better in challenging circumstances. The competencies that women excelled at included such things as taking initiative, building relationships, communicating powerfully and prolifically, or displaying high integrity and honesty – all traits that typify Cashman’s leadership style.
ICAT had always done quarterly all-company meetings, for example.
“I’ve brought more frequency to all-company communications over the last year because I think communicating often is important and necessary,” she says.
This includes conveying news that people may not want to hear in a clear and forthright way.
“I’ve realized over the last 18 months that the easiest way to deliver hard news is just to say it really clearly and to tell the truth. Transparency is key. You get a lot of buy-in from the organization [when people] feel like they know what’s coming, even though it might not always be good news.”
Cashman has also driven initiatives to increase the flow and volume of information exchange across areas that might normally not be looped into certain channels.
“I think that really educating colleagues that may not be as directly involved in the day-to-day business about what we do, and why we do it, is important – we do a lot of cross-departmental interaction.”
ICAT recently released its three-to-five-year vision, for example, making sure to include stakeholders from various departments.
“[This involved] having folks from all levels of the organization being involved in developing strategies. I think that just drives a lot of engagement.”
Being her authentic self in front of employees is also a strength she deploys to inspire and motivate as well as build relationships. Not that this characteristic has always come easily.
“I stepped into a leadership role at ICAT at a pretty young age and, I think, struggled with how people would take me seriously and respect me given my experience level.”
With these uncertainties now in the rearview mirror, Cashman makes a point of being approachable and relatable. At a recent breakfast for new hires, she confessed that she secretly sometimes feels like she was born to be a country music star even though she says she is an awful singer.
“Building [relationships that include] something more than just talking about numbers and what are our finances and our underwriting results is really important to me,” she says.
And when she loses her way? She heads to the great outdoors to find it again.
“I moved to Colorado for the lifestyle that it offers. To get away and do [outdoor] types of things helps me reset and helps me avoid burnout in my job. [This] is the time for me to think about new ideas or think about can or can’t I do this, or how can I talk to the company about certain things.”
Spotlight
ICAT, as a leading provider of property insurance to businesses and homeowners in catastrophe-exposed regions of the United States, has faced a growing challenge as the pace and scale of catastrophes has ballooned in recent years, leading to a substantial constriction of insurance capital.
Cashman was named chief underwriting officer in 2018 and appointed president in July 2023 after assuming the role in an interim capacity in late 2022, all during the very time catastrophe markets were becoming increasingly difficult.
“The US CAT market has been in change mode since 2019, and even more significantly after the 2020 storm season. We’ve seen a significant decline in capacity, and this has affected MGAs (managing general agents) across the whole industry,” says Cashman.
ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane- and earthquake-prone regions of the United States recover from natural disasters. It partners with select retail agents and wholesale brokers to provide products to the market that meet the needs of homeowners and business owners.
Company Profile
1998
YEAR established
55%
Proportion of women in ICAT executive team
< 5
Time it takes to get an ICAT quote
16 years
Average leadership tenure
10+
Carrier Partnerships
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years in
the industry
21
Personal insight
Growing up as a competitive athlete ingrained the importance of persevering – this has been invaluable to leading an organization through cycles of ups and downs, never giving up, and never taking the good times for granted.
favourite quote
"Integrity is doing the right thing even when no one is watching"
Ashleigh Cashman
President & chief underwriting officer at ICAT
The biggest key to Ashleigh Cashman’s success has been focusing on igniting passion through transparent communication – sharing the challenges and celebrating the successes
Read on
“Transparency is key. You get a lot of buy-in from the organization [when people] feel like they know what’s coming, even though it might not always be good news”
Ashleigh Cashman,
ICAT
Share
2017 Hot List Recipient
2020 Hot List Recipient
2021 CEO of the Year
Accolades
Media
Milestones
2011
2012
2015
2016
2019
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2012
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2015
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2019
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2021
The Art Of Listening
Karen Adams has had a remarkable journey to her current role as CEO of Fundserv. Originally from Toronto, Adams earned a bachelor’s degree in mathematics and economics at Queens University, followed by an MBA in international finance at the University of British Columbia. After graduating, she set off across the globe, holding various positions with HSBC that took her to London, Dubai, Hong Kong, Beijing, Shanghai, Seoul and Mumbai.
That global experience gave Adams a unique perspective, prompting her to develop a leadership style that’s based on developing relationships with each individual, listening and understanding to help them reach their potential. That approach goes well beyond her own team, allowing Fundserv to succeed in creating solutions for its members.
“Having worked in many different countries, people ask if I am an expert in multicultural leadership,” Adams says. “I always say there is no such thing because that assumes you manage people based on their background. I have learned that people all want the same things: to develop our careers, give our kids a good future, etc. When she returned to Canada learned that people all
want the same things: to develop our careers, give our kids a good future, etc. When she returned to Canada, Adams spent time with the Alberta Pension Services Corporation before becoming CEO of Fundserv in 2017.
“I don’t think you do math and economics and not join the financial services industry in Canada in some capacity,” she says. “I think everyone sees the world through a unique lens – I studied economics, so I see it through a commercial business lens, and that is why I got into financial services.”
Adams says she was drawn to the role at Fundserv because it was a change of pace from her previous experiences.
“Fundserv is a gem of a company,” she says. “It was attractive after a long career of working with profit-driven companies – not that there’s anything wrong with profit companies, but that is not the number-one priority at Fundserv. The number-one priority is to be this indispensable hub at the centre of the investment industry and to truly collaborate with everyone who connects with us and make it better for everyone. Profitability is important, but it is a different mindset to serve the industry. There is this collegiality in the industry … that is extremely attractive.”
From those forums, a common theme arose that has plagued the industry for years: the amount of paper required in transactions.
“We have a motto to ‘axe the fax,’ and we saw this opportunity where members didn’t want their staff going into the office, but there are still physical cheques going back and forth,” Adams explains. “We put in place, in just six months, Ad-Hoc Money Movement [A$M]. We responded to the industry and are in the process of replacing cheques, which I think is awesome. We launched in January and have seen so much volume. We think ultimately we are keeping people healthier by not having to travel into the office.”
Another recent initiative Adams has been happy to spearhead tackles an issue the entire world is seeking to address: racial justice.
While she’s proud of the strides Fundserv made in 2020, Adams acknowledges that it was a challenging time as a leader. Not only did she have to ensure Fundserv kept running efficiently as her team transitioned to working from home, but she was also filled with concern for her team members.
“I just worried about our employees, their mental health and if they would be OK,” Adams says. “I like to see people, so I set up one-on-ones just to connect with them.
Moving forward, Adams says Fundserv’s goals remain aligned with those of its members, and her team will continue listening and understanding what members need so the organization can evolve accordingly. She adds that she wants Fundserv to be so good at providing a secure and reliable service that members forget it’s there – and she wants the company to continue to inspire change in the industry.
“It is sad that it took a pandemic to recog-nize the cheque issue and solve it,” Adams says. “What we will do in the future is root out those things in the industry and not wait for a pandemic to ignite change. There is no reason we can’t change. Change, like auto-mation, will accelerate from now, and we’ll do our part to keep it going.”
Spotlight
During her time at Fundserv, Adams has had the opportunity to work on projects that have left an impact on both her and the financial industry. One of the ones she’s most proud of began this past year as a result of the COVID-19 pandemic.
“Serving the purpose we do, as this technology platform that connects people in the industry, one of the most exciting things has been listening to our members and responding with solutions,” Adams says.
“Early in the lockdown, we started Industry Forums, a space where members could connect on resolutions to common issues caused by the changing work environment.”
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
1983
YEAR FOUNDED
100
MANPOWER
43%
PROPORTION OF WOMEN AMONG FUNDSERV EMPLOYEES
60%
PROPORTION OF WOMEN IN LEADERSHIP
63,514,128
NUMBER OF ORDERS PROCESSED IN 2019
“Managing people or a team is about one-on-one relationships – knowing an individual regardless of where they are from, what gender they are or what their background is. It comes down to understanding them individually”
Karen Adams,
Fundserv
“The number-one priority [for Fundserv] is to be this indispensable hub at the centre of the investment industry and to truly collaborate with everyone who connects with us”
Karen Adams,
Fundserv
Years in the industy
21
Personal insight
Growing up as a competitive athlete ingrained the importance of persevering – this has been invaluable to leading an organization n through cycles of ups and downs, never giving up, and never taking the good times for granted.
favourite quote
"Integrity is doing the right thing even when no one is watching"
Karen Adams
President and CEO at Fundserv
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
Share
Share
2017 Hot List Recipient
2020 Hot List Recipient
2021 CEO of the Year
Accolades
Media
Milestones
2011
2012
2015
2016
2019
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2012
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2015
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2019
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2021
The Art Of Listening
Karen Adams has had a remarkable journey to her current role as CEO of Fundserv. Originally from Toronto, Adams earned a bachelor’s degree in mathematics and economics at Queens University, followed by an MBA in international finance at the University of British Columbia. After graduating, she set off across the globe, holding various positions with HSBC that took her to London, Dubai, Hong Kong, Beijing, Shanghai, Seoul and Mumbai.
That global experience gave Adams a unique perspective, prompting her to develop a leadership style that’s based on developing relationships with each individual, listening and understanding to help them reach their potential. That approach goes well beyond her own team, allowing Fundserv to succeed in creating solutions for its members.
“Having worked in many different countries, people ask if I am an expert in multicultural leadership,” Adams says. “I always say there is no such thing because that assumes you manage people based on their background. I have learned that people all want the same things: to develop our careers, give our kids a good future, etc. When she returned to Canada learned that people all
want the same things: to develop our careers, give our kids a good future, etc. When she returned to Canada, Adams spent time with the Alberta Pension Services Corporation before becoming CEO of Fundserv in 2017.
“I don’t think you do math and economics and not join the financial services industry in Canada in some capacity,” she says. “I think everyone sees the world through a unique lens – I studied economics, so I see it through a commercial business lens, and that is why I got into financial services.”
Adams says she was drawn to the role at Fundserv because it was a change of pace from her previous experiences.
“Fundserv is a gem of a company,” she says. “It was attractive after a long career of working with profit-driven companies – not that there’s anything wrong with profit companies, but that is not the number-one priority at Fundserv. The number-one priority is to be this indispensable hub at the centre of the investment industry and to truly collaborate with everyone who connects with us and make it better for everyone. Profitability is important, but it is a different mindset to serve the industry. There is this collegiality in the industry … that is extremely attractive.”
From those forums, a common theme arose that has plagued the industry for years: the amount of paper required in transactions.
“We have a motto to ‘axe the fax,’ and we saw this opportunity where members didn’t want their staff going into the office, but there are still physical cheques going back and forth,” Adams explains. “We put in place, in just six months, Ad-Hoc Money Movement [A$M]. We responded to the industry and are in the process of replacing cheques, which I think is awesome. We launched in January and have seen so much volume. We think ultimately we are keeping people healthier by not having to travel into the office.”
Another recent initiative Adams has been happy to spearhead tackles an issue the entire world is seeking to address: racial justice.
While she’s proud of the strides Fundserv made in 2020, Adams acknowledges that it was a challenging time as a leader. Not only did she have to ensure Fundserv kept running efficiently as her team transitioned to working from home, but she was also filled with concern for her team members.
“I just worried about our employees, their mental health and if they would be OK,” Adams says. “I like to see people, so I set up one-on-ones just to connect with them.
Moving forward, Adams says Fundserv’s goals remain aligned with those of its members, and her team will continue listening and understanding what members need so the organization can evolve accordingly. She adds that she wants Fundserv to be so good at providing a secure and reliable service that members forget it’s there – and she wants the company to continue to inspire change in the industry.
“It is sad that it took a pandemic to recog-nize the cheque issue and solve it,” Adams says. “What we will do in the future is root out those things in the industry and not wait for a pandemic to ignite change. There is no reason we can’t change. Change, like auto-mation, will accelerate from now, and we’ll do our part to keep it going.”
Spotlight
During her time at Fundserv, Adams has had the opportunity to work on projects that have left an impact on both her and the financial industry. One of the ones she’s most proud of began this past year as a result of the COVID-19 pandemic.
“Serving the purpose we do, as this technology platform that connects people in the industry, one of the most exciting things has been listening to our members and responding with solutions,” Adams says.
“Early in the lockdown, we started Industry Forums, a space where members could connect on resolutions to common issues caused by the changing work environment.”
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
1983
YEAR FOUNDED
100
MANPOWER
43%
PROPORTION OF WOMEN AMONG FUNDSERV EMPLOYEES
60%
PROPORTION OF WOMEN IN LEADERSHIP
63,514,128
NUMBER OF ORDERS PROCESSED IN 2019
Karen Adams
President and CEO at Fundserv
Career highlight
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
“Managing people or a team is about one-on-one relationships – knowing an individual regardless of where they are from, what gender they are or what their background is. It comes down to understanding them individually”
Karen Adams,
Fundserv
“The number-one priority [for Fundserv] is to be this indispensable hub at the centre of the investment industry and to truly collaborate with everyone who connects with us”
Karen Adams,
Fundserv
IN Partnership with
In Partnership with
In Partnership with
Meeting the challenges in CAT market capacity
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Published March 25, 2024
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“It’s pretty unique having a new capacity solution for insureds and our brokers and agents in this type of market of that size and that magnitude”
Ashleigh Cashman,
ICAT
Competencies for uncertain times and beyond
minutes
– C.S. Lewis
1998
2017
2018
2023
ICAT founded
1998
ICAT purchased by Victor Insurance Holdings, MMC
2017
Ashleigh Cashman promoted to chief underwriting officer
2018
Ashleigh Cashman promoted to president
Formation of the Victor Insurance Exchange
ICAT’s 25th anniversary
2023
Milestones
1998
2017
2018
2023
2023
2023
ICAT founded
1998
ICAT purchased by Victor Insurance Holdings, MMC
2017
Ashleigh Cashman promoted to chief underwriting officer
2018
Formation of the Victor Insurance Exchange
2023
ICAT’s 25th anniversary
2023
Ashleigh Cashman promoted to president
2023
Milestones
1998
2017
2018
2023
ICAT founded
1998
ICAT purchased by Victor Insurance Holdings, MMC
2017
Ashleigh Cashman promoted to chief underwriting officer
2018
Ashleigh Cashman promoted to president
ICAT’s 25th anniversary
Formation of the Victor Insurance Exchange
2023
Milestones
1998
2017
2018
2023
ICAT founded
1998
ICAT purchased by Victor Insurance Holdings, MMC
2017
Ashleigh Cashman promoted to chief underwriting officer
2018
Ashleigh Cashman promoted to president
ICAT’s 25th anniversary
Formation of the Victor Insurance Exchange
2023
Milestones
Published March 25, 2024
Contact Us
Specialty
Best in Insurance
Resources
Risk Management
TV
News
US
Copyright © 2024 KM Business Information US, Inc
RSS
Sitemap
Contact us
About us
Conditions of Use
Privacy policy
Terms & conditions
People
Contact Us
Specialty
Best in Insurance
Resources
Risk Management
TV
News
US
Copyright © 2024 KM Business Information US, Inc
RSS
Sitemap
Contact us
About us
Conditions of Use
Privacy policy
Terms & conditions
People
