President
Maiden Re
"For me, there really has been no substitute for being in the right place at the right time,” explains Karen Schmitt, President of Maiden Re. “And secondly being able to recognize a good opportunity for what it is.”
Karen’s entry into the reinsurance world started with her interest in math. “The college I attended was not chosen using any great analysis other than it was close and it was a place I could study math. I was always a puzzle solver and originally thought I would become a math teacher.” Karen pursued a degree in actuarial science and upon graduation had five job offers. All but one was in life insurance. She chose to begin her career in property and casualty as an actuary at Prudential Property and Casualty.
Karen moved to American Re upon returning from a Prudential transfer to Ohio. “When it was time for me to return, the only opening was in auto and homeowners insurance, and American offered me the opportunity to learn reinsurance. I jumped at it,” Karen said. The experience became the “perfect” way for Karen to increase her knowledge in reinsurance, learn about reinsurance pricing, and move away from primary insurance. When American was later sold to Munich, Karen followed her boss to TIG. When TIG was sold, Karen became the chief actuary of GMAC RE (the predecessor company to Maiden Re).
“I didn’t set out to run a company as I do now, but I’ve loved every job I’ve ever had and each one seemed to get better than the last. Yes, I’ve worked hard but I think there is an element of luck in a career that is hard to ignore,” said Karen.
She calls her current position as President of Maiden Re a happy accident as well. Karen was working as Chief Operating Officer at GMAC RE when it was acquired by Maiden Holdings. . I became U.S. President since the former president chose to run the Bermuda operation. It worked out well for me because this position involves more client contact, and that is something I enjoy very much,” Karen explains.
Among Karen’s other observation of her career and the reinsurance industry:
On her Career: I’m an actuary by training, yet one of the keys to my success was branching out of actuarial. I’ve been in the industry for 30 years but the last 10 years has been work beyond actuarial, and I was always anxious to move into other areas of the industry like underwriting, claims, marketing. Once I developed an understanding of the various disciplines in the insurance/reinsurance industry, I found each step forward more and more rewarding.
| On Career Breaks: |
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GMAC allowed me to go back to school and branch out. I attended Wharton’s two-year executive MBA program and that probably gave my career a little extra credibility.
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| On Starting a Career: |
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I look back and I see myself having my children when I was young, studying for actuarial exams and not having a spare minute for anything, and I wonder, ‘how did I do all that .’ All I can say is that I was younger then and had a lot more energy than I do now. I’m very glad my life and career have worked out the way they have, but it was hard, and I have no magic answer on how to do it all. |
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When Things Don’t
Go Well:
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If things do not go well, I try not to beat myself up. I have high expectations but if something doesn’t immediately work out the way you want, you can’t be counter-productive about it and be hard on yourself. You constantly have to assess and move forward.
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| On Mentoring: |
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I have been fortunate to have valuable mentoring experiences throughout my career. Even today, I find that I still reach out to others at times. Sometimes you need and want the insight of someone who has been in similar situations and has the same career aspirations. There are times in your life when you want a second opinion from someone who will tell you the truth regardless of what it is and especially when it’s not exactly what you want to hear. I would not be where I am today without my mentors -- so I feel it is my duty to give back as a mentor.
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On Work-Life
Balance:
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I actually have a great life right now. I work hard and I can’t say I know what a true full day off is. But if there is something personal I need to do, I am pretty good at carving it out quickly and blocking it off in my calendar. It’s important to acknowledge that your personal life really affects your work life and if you pretend that it doesn’t exist, you don’t really get too far.
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Fast Facts
Career Highlights
Maiden RE, President (formerly GMAC RE)
TIG Holdings, Senior Vice President and Chief Actuary
American RE, Vice President and Actuary
Prudential Property and Casualty, Actuary
Education
M.B.A., Wharton School of the University of Pennsylvania
B.S., Actuarial Science, Lebanon Valley College
Industry Designations
FCAS
FCIA
MAAA
ARTICLES