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Vp and Manager of Ceded Reinsurance Operations
Liberty Mutual Insurance Co.
Elaine Caprio Brady is responsible for managing reinsurance placement and credit risk and establishing policies and procedures for reinsurance placement and contract administration, including reinsurer and broker relationships. Formerly, as the company’s first senior corporate counsel, Ms. Brady advised Liberty Mutual departments worldwide that handled any combination of ceded or assumed facultative, treaty and retrocessional reinsurance. She handled arbitrations, analyzed coverage issues, drafted reinsurance-related contracts, negotiated reinsurance collections and commutations, and provided advice on insolvencies and schemes of arrangement.Ms. Brady is a member of the board of directors of the AIDA Reinsurance and Insurance Arbitration Society-U.S., the Assn. of Insurance and Reinsurance Run-Off Cos., the Massachusetts Bar Assn. and the American Bar Assn.
Early aspirations: "I knew since I was 10 I wanted to be a lawyer. So, I knew in college I was going to law school. But my mother worked at Allendale Mutual when I was growing up, so I was very familiar with that insurance company, and it was a positive point of view of that insurance company. It’s now FM Global. My very first law school job was working as a law clerk at Liberty Mutual in 1987, 20 years ago. It was at that point I decided I wanted to be in insurance and later working in reinsurance. From working as a law clerk at Liberty Mutual, I became involved very quickly in working on coverage decisions in environmental and pollution claims. It was a very exciting area in 1989. Later, I became involved in reinsurance in assisting the reinsurance department in collections."
Professional role model: "I have had many role models at Liberty Mutual, but one of the most recent is Kathryn Wynn. She was originally a colleague of mine in Liberty Mutual’s environmental department, and later she advanced to general counsel of commercial markets. She provided an incredible amount of support and was a great sounding board…. She was my manager from 2004 to 2007. In that position, she, to me, exemplified an incredibly accomplished, strong, successful leader whom I personally emulate."
Advice to young women: "My advice would be to take advantage of any opportunity you have in your current role to expand your area of expertise and to develop relationships with co-workers, colleagues and mentors who can assist you with your career development."