Discipline unlocks success in the MGA market
Whether it’s taking a start-up from zero to $650 million worth of business or making inroads into the specialty reinsurance space, Shevawn Barder’s grit, discipline, and foresight have established her as one of the top leaders in the insurance field.
The CEO of AM Specialty Insurance Company (ASIC) spoke to IBTV about her experience, sharing the challenges and successes she’s encountered along the way.
Barder began her career as a broker at Lloyd’s of London for Willis Faber, Alexander Howden, and Sedgwick. The experience opened her eyes to the fast-paced and exciting world of insurance.
“At the time, Lloyd’s was such an exciting global centre of insurance,” she recalled. “It was very entrepreneurial and full of unique characters.”
Her 10 years as a London broker gave Barder “fantastic training that was the basis of [her] career.” But it soon became clear that there were other opportunities to explore.
In 2000, she followed her entrepreneurial spirit to start up MarineRe with her husband, Simon.
“We decided to capitalize on our Lloyd’s experience by going into the US market. We felt it was important to be on the ground in the US,” Barder said of the move. “Upon reflection, this was very forward-thinking.”
In addition to being one of the first reinsurance managing general agencies (MGAs), MarineRe addressed a gap in marine business in the market. MarineRe was acquired by Ironshore in 2008.
AM RE Syndicate flourished to become one of the leading specialty program reinsurance providers in the country. Barder expressed pride in the book of business they built.
“We built AM RE as a true start-up from zero to $650 million of written premium, with a portfolio of low-limit, non-NatCat, well-spread business,” said Barder.
In 2020, amid the COVID-19 pandemic, AM RE Syndicate relocated from Manhattan to Dallas, Texas – a move Barder called fortuitous.
By then, around 75 percent of their business had been coming out of Texas and other southern states.
“Texas has become an incredible hub for the program business,” Barder said. “I think we were very lucky with our timing. We were able to work from the office and we didn't have to work remotely for very long.”
2020 turned out to be AM RE’s busiest year yet. It boosted its team with several hires and continued to grow its business.
“We created a panel of international security, including Lloyd's of London, [and] London-, Swiss-, and Asian-based securities. I think that's unique in this market,” said Barder.
Spotlight
Barder continued to grow Marine Re after it integrated with Ironshore, focusing on marine, inland marine, and offshore reinsurance. Under her leadership, GPI grew from $35 million to $102 million, while Ironshore’s business diversified.
Barder went on to found AM RE Syndicate, another reinsurance-focused MGA, in 2014, during what she called a “very soft” market cycle.
“Our intention was to write more diversified lines of business,” she said. “With AM RE, we did something unique: We went to the Asian market to create our panel of security to offer Asian security, diversification, and access to the US market.”
AM Specialty Insurance Company (ASIC) is an Arizona-domiciled domestic excess and surplus
insurance company and an accredited reinsurer in selected states. ASIC has been assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of A- (Excellent) by AM Best.
ASIC’s business model is unique, allowing for innovative fronting solutions, risk-sharing, and access to reinsurance capacity for its partners. ASIC works in tandem with program administrators, brokers, and underwriters to streamline program market access processes and optimize value chain efficiencies all the way to the insured.
Company Profile
65%
Percentage of ASIC employees who are female
46
Number of MGAs supported
25%
Risk share on individual programs
$1.8 billion
Gross written premium to date
25
Number of specialty insurance lines
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Career highlight
The recent launch of E&S carrier and accredited reinsurer AM Specialty Insurance Company
Favorite quote
“Leadership is the capacity to translate vision into reality”
FUN Fact
"I have three passports – United States, Canada, and Ireland"
Shevawn Barder
Founder & CEO AM Specialty Insurance Company (ASIC)
Years of dedication have paid off for Shevawn Barder, CEO of AM Specialty Insurance Company, but the road to success in the booming MGA space was paved with challenges
Read on
“There is a massive focus on the MGA market within the US right now. It seems like everyone wants to start an MGA. But doing so is a challenge, and you must be really disciplined”
Shevawn Barder,
AM Specialty Insurance Company
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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.
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Tenure at current position
“Leadership is the capacity to translate vision into reality”
FUN FACT
"I have three passports – United States, Canada, and Ireland"
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
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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
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
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The challenges of growing an MGA
A “fortuitous” relocation to Dallas
Published 22 May 2023
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– Warren Bennis
“The most important thing ... is that your career is not a sprint, it's a marathon. You have to be patient and keep at it, and ultimately, you'll succeed”
Shevawn Barder,
AM Specialty Insurance Company
Despite her success, Barder admits it took time and an incredible amount of discipline to thrive in the MGA space, even as the market grew in the US.
“There is a massive focus on the MGA market in the US right now. It seems like everyone wants to start an MGA,” she told Insurance Business.
“That is a tough thing to do, because you need to have tremendous discipline. We worked incredibly hard in those first two years, and we didn't pay ourselves for a year,” she said. “But ultimately, it clicked.”
AM RE also paved the way for the birth of ASIC. An Arizona-authorized domestic excess and surplus (E&S) carrier and accredited reinsurer, ASIC was founded in 2022 by Barder and her husband.
It proudly leverages partnerships with retail producers, national wholesale brokers, MGAs, underwriting managers, reinsurers, and program managers to provide E&S coverage for its clients.
“AM RE provided us with the framework and structure [for ASIC], and the realization that we could really go for it and create an E&S carrier in the US market,” said Barder. “ASIC is the culmination of my experience to date, and I'm really proud of what we've achieved.”
Culmination of experience and hard work
Looking back, Barder credits her focus to strong underwriting as a fundamental part of MarineRe and AM RE’s successes.
“I think it goes back to being very focused on what we wanted to achieve with underwriting and creating some key relationships that helped establish our presence in the market,” she said.
Her advice for other women leaders in insurance? Be patient, and pace yourself.
“The most important thing [to remember] is that your career is not a sprint, it's a marathon. You have to be patient and just keep at it, and ultimately, you'll succeed,” she said.
“If you have a desire to do something, don't give up. Be very focused on what you want to achieve.”
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Copyright © 2023 KM Business Information US, Inc
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People
2000
2008
2014
2020
2021
2022
Co-founds MarineRE
2000
MarineRe acquired by Ironshore
2008
Barder and her husband, Simon, jointly found AM RE Syndicate, diversifying beyond the marine sector
2014
Relocate AM RE Syndicate from New York City to Dallas, Texas, hiring 15 new members in the process
2020
AM RE Syndicate writes over $600 million of gross written premium on behalf of international reinsurers
2021
Launches AM Specialty Insurance Company
2022
Milestones
Media
2000
2008
2014
2020
2021
2022
Co-founds MarineRE
2000
MarineRe acquired by Ironshore
2008
Barder and her husband, Simon, jointly found AM RE Syndicate, diversifying beyond the
marine sector
2014
Relocate AM RE Syndicate from New York City to Dallas, Texas, hiring 15 new members in the process
2020
AM RE Syndicate writes over $600 million of gross written premium on behalf of international reinsurers
2021
Launches AM Specialty Insurance Company
2022
Milestones
Accolades
Two-time D CEO’s Dallas 500 honoree
Rolls Royce
Phantom Phenom
Dress for Success “Your Hour, Her Power” honoree
Intelligent Insurer’s Influential Women in (Re)Insurance
2000
2008
2014
2020
2021
2022
Co-founds MarineRE
2000
MarineRe acquired by Ironshore
2008
Barder and her husband, Simon, jointly found AM RE Syndicate, diversifying beyond the marine sector
2014
Relocate AM RE Syndicate from New York City to Dallas, Texas, hiring 15 new members in the process
2020
AM RE Syndicate writes over $600 million of gross written premium on behalf of international reinsurers
2021
Launches AM Specialty Insurance Company
2022
Milestones