The Asta Interview with Elizabeth Richards


Elizabeth Richards
Syndicate Finance Manager

Elizabeth Richards didn’t plan to build a career in insurance finance – but like many in the market, she found her way into the industry through a mix of chance and ambition. Now Syndicate Finance Manager at Asta, Elizabeth plays a pivotal role in delivering financial oversight across a range of clients, from start-ups to complex syndicates. Her career has been shaped by a willingness to take chances, a strong focus on development, and most recently, her participation in the Lloyd’s Advance programme – a milestone that boosted her confidence and further refined her leadership style.
In this interview, Elizabeth reflects on the varied demands of syndicate finance, the importance of data and standardisation, and the challenges and opportunities that come with automation and transformation. She also shares lessons from the Advance programme, how she’s evolving as a leader, and what continues to make her role at Asta both rewarding and full of variety.
Q. Tell us about your career journey and how you came to be Syndicate Finance Manager at Asta.
ER. I started out in finance at Mitsui Sumitomo Insurance Group straight out of university, originally covering a tax role on maternity leave. About three months in, a position opened up in the syndicate finance team, and I jumped at the opportunity. From there, I stayed through the merger with Amlin to become MS Amlin, and after four years, I was looking for a new challenge. That’s when I joined Asta, initially as a Syndicate Accountant.
Over the years I’ve worked across a wide range of clients – some in run-off and others under full management. Now I manage six syndicates and no two days are the same. It’s been a fast-paced and rewarding journey, and I’ve definitely found a niche in syndicate finance that plays to both my strengths and my interest in problem-solving.
Q. What do you enjoy most about working at Asta?
ER. The variety. You deal with such a diverse mix of clients, and no two syndicates are alike. Some have established finance teams where we take on more of an oversight role, while others – particularly newer ones – require a lot of hands-on support. You need to be able to switch between different approaches quickly, which can be quite a mental gear shift. But I find that challenge really engaging.
It’s also great for developing communication skills. You’re constantly working with external stakeholders, adapting your approach depending on the client. That exposure has been incredibly valuable.
Q. What are the biggest challenges you face in syndicate finance today?
ER. Without a doubt, the Lloyd’s reporting rationalisation project has been a big one. It will be a positive change in the long run, creating more consistency and aligning the market’s financial reporting with broader financial services. But there have been a lot of teething problems – especially around tagging and the technology needed to support it. I’ve learned more about tagging than I ever thought I would!

Then there’s the usual challenge of data – ensuring we have the right inputs, in the right format, with the right level of granularity. That’s improved a lot thanks to support from our data team, but there’s still an educational element when working with newer syndicates that might not have the same internal finance capabilities. It’s an ongoing process.
Q. How is technology transforming your role and the wider finance function?
ER. There’s a definite shift happening, even if we’re still in the early stages. Like a lot of finance teams, we’re heavily reliant on Excel – but that has its limits. If Asta is going to keep growing, we’ll need to move toward greater automation and standardisation. Having consistent reporting formats across syndicates will make it much easier for any member of the team to pick up where someone else left off.
There’s also a finance transformation project underway, though it’s taken a bit of a back seat recently due to year-end pressures. But the direction of travel is clear – automation, standardised systems, and smarter reporting are where we’re headed. Ultimately, the goal is to reduce the time spent on repetitive tasks and increase the time spent on valuable analysis.
Q. You recently completed the Lloyd’s Advance programme. What was that experience like?
ER. I’ll admit I was apprehensive at first – it’s not the kind of thing I’d usually put myself forward for. But I’m so glad I did it. The experience really pushed me out of my comfort zone and helped me find more confidence in how I present myself and contribute in different environments.
One of the most valuable aspects was being paired with a mentor from outside of finance. Mine was from a marketing background, and she offered a completely different way of thinking about communication and problem-solving. Just having that alternative perspective was incredibly helpful.
The group discussions were great, too. Listening to how other women across the market approach challenges helped me see things differently. We were a real mix across both Lloyd’s and Market, so it brought a lot of insight.
Q. Has anything from the programme changed the way you work?
ER. Definitely. I realised I had a bit of a bad habit – when my team asked for advice, I’d often just give them the answer. Now, I’ve made a conscious shift to ask more questions instead. Things like, “What do you think?” or “Have you encountered this type of problem before?” It encourages them to think for themselves and grow their own confidence.
It’s a small change, but it’s had a big impact. The team has noticed, and it’s helped create more of a learning environment, which is exactly what you want to build if you’re trying to grow future leaders.
Q. What’s been the biggest challenge in your role, and how have you tackled it?
ER. One of the biggest challenges is time management. When you’re managing multiple syndicates, often with the same deadlines and varying demands, it can be a real juggling act. I’ve had to get better at prioritising and being realistic about what can be achieved in a day. The Advance programme actually helped with this too – understanding where I can add the most value and when to delegate or push back if needed.
Q. What advice would you give to someone just starting out in their finance or insurance career?
ER. Take opportunities when they come – especially the ones that feel a bit scary. I took a gamble early on in my career, turning down a permanent offer to stay on a temporary contract that I hoped would lead to a syndicate finance role. Thankfully it paid off.
Also, don’t underestimate the value of networking and mentorship. You never know where the next opportunity might come from, and having a network to lean on is a huge advantage. And finally, back yourself. It’s easy to get imposter syndrome, especially in an industry like this, but you have to trust that you bring something valuable to the table.

Q. How would you describe the culture at Asta, and what impact has it had on your development?
ER. One of the things I’ve really appreciated at Asta is the culture of support and flexibility. It’s a place where you’re encouraged to take ownership of your role but also supported when you want to grow or try something new. There’s a real sense of trust and respect, and that makes such a difference – whether it’s juggling a busy audit or studying for professional qualifications. I’ve been lucky to work with some great mentors and colleagues who’ve challenged me in the right ways and helped me progress.
Q. What advice would you give someone looking to build a career in insurance finance?
ER. Be curious and ask questions. When I first joined the industry, I didn’t know much about how everything worked, but I learned so much just by speaking to people and trying to understand the bigger picture. Also, don’t underestimate the value of relationship-building. Whether it’s with clients, auditors, or your own team, those relationships make a huge difference.
Q. If you could have dinner with any famous person, who would it be and why?
ER. Dolly Parton! She’s such a legend – not just in music, but in business and her charity work too. She’s incredibly sharp, self-aware, and has built a global brand while staying completely authentic. I admire how she’s handled her career with so much grace and humour while clearly being a brilliant businesswoman behind the scenes. I think she’d have the most amazing stories to share about music, life, resilience, and how to navigate challenges while staying true to who you are.

ER. I love long walks – especially coastal ones. I’ve been working my way along the South West Coast Path, which is over 600 miles in total. It starts in Minehead, and so far, I’ve made it to Ilfracombe, doing different sections whenever I can. It’s a great way to disconnect and reset, and I really enjoy seeing the progress each time. The scenery is stunning, and it’s become a bit of a personal goal to finish the full path eventually.

