Mandarin Re
Mariame Vásquez shares her aspiration to see the reinsurance captive grow, especially in emerging markets, and to be an active part of that expansion
Could you share any insights or experiences you have had in the captive insurance industry? What types of companies have you assisted in captive formation, and what specific risks were they aiming to protect against?
Captive reinsurance is an industry that has experienced remarkable growth and expansion, especially among small and medium-sized groups of companies.
This model offers significant economic benefits, allowing companies to fully understand their risks and access privileged sectors such as traditional reinsurance markets. In addition, adopting captive insurance favors the development of the reinsurance industry in general, as it contributes to incorporating new players in the market and strengthening competition and innovation.
I have worked mainly with clients in Latin America, and some in Europe and Africa. These clients come from diverse sectors, such as insurance companies, banks, hospitals, hotels, shopping malls, the food industry, and funeral services. Sometimes, clients lack clarity about the specific risks they aim to safeguard, but our role as a captive manager and advisor guarantees that companies hold licenses across a wide range of business sectors. This business offers opportunities, so clients must be ready to take them. They typically consider risks that pertain to their personal relationships.
How has your previous experience prepared you for your current role?
Throughout my career, I have learnt that every experience counts. I started as a receptionist in this industry, where I acquired fundamental knowledge of back office management. Over time, I specialised in underwriting facultative business and became involved in marketing, organising conferences, and managing branding topics.
Eight years ago, I was allowed to lead the captive and cell management portfolio, which permitted me to put into practice everything I had learned. I believe it is crucial to have mentors who guide us and share their knowledge and experiences in professional life, and to surround ourselves with a team where everyone rotates and nurtures leadership. In this industry, there is always something new to learn. It is a very specific field, and understanding it is key to offering customers products and services tailored to their needs.
Based on your experience, what would you say are the key benefits of working in this industry?
It is a highly specialised sector that offers many opportunities for growth and development. Understanding the incorporation and management of captives and cells gives us a competitive advantage over other professionals.
It is a high-end business, allowing us to connect with owners of economic groups, which we in this industry refer to as ‘VIP Clients’.
This subject is so valuable to me that I am writing a book about it. During my literature search, I discovered a dearth of substantial sections devoted to the subject. This niche has excellent growth potential.
Can you name your main influences in the industry?
Throughout my captive management career, I have been fortunate to have had several key influences in the captive reinsurance industry. Mentors in my professional life have been crucial.
These individuals, with their experience and expertise, have guided me at every stage, helping me understand this industry's more complex aspects.
Working with professionals from diverse sectors, such as insurance companies, the actuarial industry, lawyers, and audit firms, has broadened my understanding of captive insurance's application in various sectors.
In addition, the experience of connecting with owners of economic groups has been very influential. These contacts have reinforced the importance of personal relationships and trust in this high-end business.
Also, the constant learning within the sector and exchanging ideas and experiences with colleagues and experts has allowed me to stay updated on best practices and emerging opportunities in this niche.
What are your aspirations for your future career in the industry?
My aspirations are straightforward: I have formed my consultancy for companies and individuals who need support in the captive reinsurance industry.
In addition, I am strengthening my focus on corporate governance, an area that has become one of my passions. I firmly believe that good corporate governance is an asset for any organisation, regardless of its size.
Long-term, I want to establish myself as a sector leader due to my experience, ability to mentor and train new talent, and network with other professionals.
In addition, I remain committed to learning and research in the field. I am currently working on publishing a book on the subject, which reflects my interest in sharing my knowledge and experiences with other professionals and contributes to the expansion and professionalisation of the industry.
Finally, I would like to continue to see the industry grow, especially in emerging markets, and to be an active part of that expansion.
I would use the opportunities to create customised, valuable client solutions.
What advice do you have for someone considering a role in captive insurance?
I am convinced that if you are interested in getting started in the world of reinsurance, starting out as a full-time captive or cell manager will give you a complete understanding of how a reinsurance company is run from A to Z. It is the best school. This is a unique field with an excellent opportunity for growth, but one that requires a thorough understanding of each client's specific risks and needs. As the industry is constantly evolving, it is essential to be willing to learn.
It is also important to surround yourself with experienced people who can serve as mentors. Professional guidance can accelerate learning and help you navigate this industry. More complete knowledge means more value to clients and team.
Finally, relationships are key in this industry, so developing a strong network of contacts, especially with other industry professionals and clients, will be crucial.
Captive reinsurance is a high-end business, so it is important to be honest and loyal to customers, proactive, strategic, and always prepared to take advantage of opportunities.
Personal bio
Mariame Melissa Vásquez Fuentes is a seasoned professional in the reinsurance and captive management sector, currently serving as head of marketing for Mandarin Re. Throughout her professional journey, she has developed deep expertise in the incorporation and management of reinsurance captives.
Her career also includes a background in marketing and advertising, and she is a certified public translator fluent in both Spanish and English.
Mariame is the founder of Helykon Group, a consultancy providing tailored solutions for the captive reinsurance market. Her knowledge of the industry and dedication to confidentiality have positioned her as a trusted and respected figure. Since 2019, she has also offered director services for economic groups and companies, leveraging her extensive executive experience.
Committed to transparency, integrity, and client-focused service, Mariame leads with a vision for excellence. Beyond her corporate roles, she is a strong advocate for financial education and the economic empowerment of women and communities. Her leadership extends to mentoring women and youth, fostering growth and development in the industry and beyond.
Professional Recommendation
“I had the privilege of working with Mariame, during which I consistently witnessed her dedication and exceptional skills. Mariame has always been proactive in expanding her knowledge, regularly attending events and conferences that kept her up to date on industry trends and broadened her expertise in areas with a strong social impact.
“One of Mariame’s standout qualities is her unwavering integrity. She can act with honesty, transparency, and a deep commitment to doing what is right. This has enabled her to build a network of competent, upbeat, and, above all, ethical individuals.
“Her genuine empathy allows her to connect effortlessly with colleagues and clients, fostering strong, meaningful relationships. Without a doubt, having Mariame on any team is both a privilege and a guarantee of success.”
Pauline Barron, director, Radio Filarmonía
“Over the course of Mariame’s professional career, she has demonstrated a mastery of the technical issues of insurance and reinsurance, as well as a healthy self-confidence to tackle challenges. A refined common sense guides her between what is correct and what is opportune, knowing how to wait, listen, and work as a team. As a natural leader, she nurtures and fosters the growth of her team.
“Understand and consider in all performance areas how essential it is to define clear objectives, design correct strategies, and measure results. Mariame has qualities of empathy that lead her to achieve the established objectives in and with others. What she does not know, she investigates until she masters it. As she is constantly learning and growing, so is her professional career.”
Liliana Chang Fong, insurance veteran
