President, Resolution Services
Allianz of America
Not having "grown up" in reinsurance as a young lawyer, Janet Kloenhamer initially thought the practice of reinsurance law was a "hold-over" from the past. Soon, however, it became an area of law that she relished. "I found reinsurance attractive because it had a life, a language and a community that was unique and very collegial. It is an area where you can develop deep expertise as well as a reputation and relationship that allows you to do business in a lot of ways that can be more effective than on the direct side of the business," she says.
Kloenhamer began her career in the District Attorney's office after law school, and later went into private practice with an insurance litigation firm that had a very limited reinsurance practice. In 1988, Kloenhamer took her first in-house job with Fireman's Fund Insurance Company as an associate claims counsel responsible for bad faith claims litigation and other direct claims management responsibilities. She became general counsel of Fireman’s Fund in 1998. "It was at this point in my career that I started to have a role and specific responsibility in the reinsurance area."
Going in-house was also a milestone in her career. "This was not something I’d ever envisioned from a career standpoint. I can say that I under-appreciated how fascinating in-house work is and how many challenges there would be while I was in private practice. I've learned more about being a lawyer as a real business person in my current position than I had ever understood or learned before. Now, I'm making decisions through a different lens than even when I was a general counsel," says Kloenhamer.
In her current role, Kloenhamer has responsibility for direct and reinsurance businesses in run-off for Fireman's Fund and Allianz Life, U.S., a significant portion of which relates to potential reinsurance recovery.
Among the lessons Kloenhamer has learned during her career:
| On Run-Off Business: |
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Run-off is a growth industry and where it really started in terms of being a growth industry was in the reinsurance field. The London Market led the rest of the world in run-off of reinsurance liability and innovation. This can be challenging from the standpoint of the cedent - the rules are changing on almost a daily basis, and the normal ways of doing business have changed as the business focus has shifted from an ongoing strategy to a run-off strategy.
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| On Balance: |
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I’ve been very fortunate and had one of those charmed lives. Many women of my generation have come up through the ranks and have had to make work-life and family trade-offs. I will celebrate my 30th wedding anniversary this year with a son in college and a daughter in grad school. Maintaining balance is a lot of work but I don't feel I've had to sacrifice because of the support I've received by my company and family over the years. I don't regret having chosen at various points in my personal and career lives to prioritize one over the other. I believe that by being a working mom, I have been the best role model I was able to be. |
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| Industry Involvement: |
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The thing about industry organizations is that they are really useful...if you get involved up to your armpits! I am on the boards of AIRROC and CPR. I have a deep commitment to promoting alternative forms of dispute management. I am active in board service, putting on programs, working behind the scenes on legislative issues, amicus questions and so forth.
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| On Mentorship: |
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I have had the benefit of several excellent mentors in my professional life. I also have enjoyed the opportunity to mentor others seeking to push the boundaries of their knowledge and experience. Contrary to popular notion, some of my most treasured relationships as mentor and mentee have been with men. Once piece of advice I received years ago and continue to pass on to others is that to be a leader you don't have to be perfect. In fact, you have to allow yourself to be vulnerable, to make mistakes and be human. There is no such thing as a super (wo)man. Even if there were, it isn't who I aspire to be.
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| Advice to Young Lawyers: |
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In seeking inspiration, one should remember that in a speech given by John F. Kennedy in 1959 he said, "When written in Chinese the word crisis is composed of two characters. One represents danger. The other represents opportunity." My advice to young lawyers is to understand that the financial services industry is on the verge of systemic change. In the next five to ten years, we will see dramatic blending of financial services and some of the artificial boundaries between industries will begin to blur. I would encourage young people to understand that and think broadly and creatively from the perspective of what the possibilities are in insurance, banking and other forms of financial products. Remember: Out of crisis emerges opportunity.
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Fast Facts
Professional Career
President, Resolution Services, Allianz of America
Senior Vice President, General Counsel and Corporate Secretary, Fireman’s Fund Insurance
Education
J.D., University of San Francisco Law School
Industry Involvement
American Insurance Association
CPR International Institute for Conflict Prevention and Resolution
Strauss Institute Counsel of Distinguished Advisors, Pepperdine University School of Law
ARIAS
AIRROC
American Bar Association
Legal Aid of Marin
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