The push for greater female inclusion in the finance industry stretches back to the earliest days of the United States. Abigail Adams, wife of the nation’s second president John Adams, is often cited as America’s first documented female investor, having successfully managed a portfolio of then‑depreciated government bonds. Over the centuries, pioneers like Maggie Lena Walker—the first African American woman to found and charter a U.S. bank in 1903—and Mary G. Roebling, who was the first woman to head a major U.S. commercial bank, leading Trenton Trust Company from 1937 to 1984, pushed those boundaries further.
“Women need a safe space to continue to grow, thrive and impact those around them. From the very beginning, the mission was to create a community for experienced women and allies focused on insurance general account investing.”
The most dramatic growth in female leadership in finance, however, has taken place over the past three decades, with names like Jane Fraser of Citigroup and Cathie Wood of ARK Invest grabbing the big headlines. In the $9 trillion global insurance industry, a rapidly growing organization has become a catalyst for women overcoming centuries‑old barriers to help them rise to their full potential.
The Insurance Women’s Investment Network (IWIN) was established in November 2013 through the collaboration of Allstate, The Carlyle Group, Prudential, Willis Towers Watson, and Wellington Management. The concept is simple, but it has proven to be both powerful and lasting: a dedicated forum for women to be seen, heard, and supported in a male‑dominated industry — and strengthened further by the engagement of male allies who actively champion inclusion. IWIN is one of the few communities built specifically for women who invest insurance general account assets—a niche that combines technical complexity, regulatory nuance, and historically low female representation at senior levels.
IWIN Chairwoman Rupal Shah, who also serves as Managing Director of Silver Point Capital, explains, “Women need a safe space to continue to grow, thrive and impact those around them. From the very beginning, the mission was to create a community for experienced women and allies focused on insurance general account investing. A place where we could share real‑world insights, open doors for each other, and grow as leaders.”
Shah has been Chairwoman for the past two years. She, along with 11 other board members, shape and guide the strategic direction of the organization by designing programming that reflects their members’ needs. The board divides responsibilities across a number of key areas, including event planning, content selection, regional growth, industry partnerships, speaker outreach, and member engagement.
All of this hard work goes toward organizing engaging and insightful events. These include panel sessions with CIOs, heads of asset classes, and senior leaders; professional development programs focused on industry trends, regulatory changes, private market developments, and portfolio construction; support for job‑posting forums; and, of course, a lot of networking.
Our events sell out in minutes because people want to be there,” explains IWIN’s US Vice Chair Lale Topcuoglu, who is also Managing Director and Head of Investment Strategy and Public Fixed Income at Swiss Re. “There’s a buzz that carries into the hallway, into dinner, into follow‑up coffees and ‘let’s stay in touch’ conversations. It’s in those moments—when the room is alive and the guard is down—that the real questions emerge: How did you negotiate that title? How did you manage that transition? What would you do if you were me?”
With more than 1,300 members across multiple regions and an expanding global footprint, IWIN today is both a network and a movement—one defined by collaboration, generosity, and shared ambition. IWIN hosts annual events in insurance hubs such as Des Moines, New York, Los Angeles, Boston, Minneapolis, London, and Tokyo. They also recently expanded into Hartford and Stamford, Connecticut, and are hosting their first‑ever event in Hamilton, Bermuda. The organization’s growth is completely organic and the efforts that make the magic happen are all voluntary. And their hard work has paid off.
“What we hear time and again is how energized people feel afterwards—how they leave with new ideas, new resolve, and a renewed sense of what they can aim for,” explains Sarah Marschok Sidman, who has been IWIN’s Secretary for the past seven years and who also is a Relationship Manager at Wellington Management.
Shah explains that the board pays close attention to macro and market themes. “Our programming always begins with a single question: What do our members need right now to lead more effectively and expand their impact?”
They cover the most dynamic issues shaping the insurance landscape: interest rate policy shifts, the evolution of private markets, the role of AI in investing and insurance, and much more. As Marschok Sidman explains, “The world of insurance investing is complex and constantly changing, so our topics evolve just as quickly.”
But markets and investments are just the tip of the iceberg. IWIN also covers career‑related topics, such as navigating promotions, managing up, gaining influence with investment committees, and making transitions between the buy side, insurance companies, and asset managers. The agendas are dictated according to member feedback.
Looking ahead, 2026 is already shaping up to be a meaningful year. The organization plans a deeper emphasis on education, especially around insurance frameworks and how they influence asset allocation. IWIN is also leaning into content around non‑linear career paths, since many of its members are reinventing themselves in real time.
“No one advances alone. This is especially true in insurance investing: a field long defined by technical demands, high stakes, and historically limited representation of women in senior roles.”
Topcuoglu explains, “Our hope is that when members look back on 2026, they can point to one or two moments—an event, a conversation, an introduction—and say, ‘That shifted how I think. That changed what I believed was possible for me.’”
When asked what drew her to lead the organization, Shah expresses, “I wanted to be part of something that made it easier for the women coming into the industry after us—to make sure IWIN continues to be the kind of community we wished we had earlier in our careers. Something that normalized curiosity, vulnerability, and ambition—often all at once.”
Marschok Sidman emphasizes the need for IWIN and the benefits that it offers its members: “No one advances alone. This is especially true in insurance investing: a field long defined by technical demands, high stakes, and historically limited representation of women in senior roles.”
Topcuoglu’s views mirror those of her fellow board members. “We weren’t finding enough spaces in the industry where women could be candid, ask real questions, and talk openly about both our successes and our failures. IWIN was one of the few communities where those conversations weren’t just allowed—they were, in fact, encouraged.”
The “typical” IWIN member is anything but typical: chief investment officers, portfolio managers, analysts, client advisors, consultants, lawyers, risk officers, and operations leaders. A shared mindset binds them together to create a tight‑knit community. The objective is not just to elevate oneself, but also other women in the industry.
In addition to holding their own events, IWIN also partners with other like‑minded organizations. In 2026, they will be collaborating with Institutional Investor for the annual Corporate Funds & Insurance Portfolios Roundtable, the Redefining Fixed Income & Private Credit Forums, and the inaugural Midwest Insurance Forum.
“Institutional Investor brings credibility, industry reach, and a commitment to elevating thoughtful dialogue. IWIN brings a community known for candor, connection, and diverse perspectives across roles, firms, and geographies. It’s a perfect match!” explains Shah. “Together, we have the ability to create events that are more substantive, more inclusive, and more relevant than either of us could deliver alone. It also expands access, very much in line with IWIN’s mission.”
Currently, women make up only about 10–15% of leadership roles in insurance investment management. Through their growth and efforts, they aim to see that number grow exponentially over the next decade. “Our vision is simple yet ambitious,” explains Topcuoglu, “that every woman in insurance investing has access to the relationships, insights, and visibility she needs to thrive at every stage of her career.”
Marschok Sidman adds, “We see IWIN becoming a definitive voice in the sector: shaping conversations on leadership, talent development, innovation, market dynamics, and the evolving demands on investment teams.”
“And critically,” expresses Shah, “we want our work to translate into real career outcomes. When someone earns a new role, a board seat, or a stretch assignment, we want it to be natural for her to say, ‘…and IWIN played a part in that.’”
Rupal Shah, Chairwoman, IWIN and Managing Director and Head of Insurance Solutions, Silver Point Capital. Rupal joined Silver Point from PGIM, where she spent the last eleven years, most recently as Principal, Head of Global Client Advisory and Japan Insurance Solutions.
Lale Topcuoglu is US Vice Chair, IWIN and Managing Director and Head of Investment Strategy and Public Fixed Income at Swiss Re, overseeing global investment strategy and fixed income portfolios. She previously held senior roles at J.O. Hambro and Goldman Sachs. Lale serves as Global Executive Sponsor for Together With Pride and sits on the Mount Holyoke College Board of Trustees.
Sarah M. Marschok Sidman, Secretary, IWIN and Managing Director, Insurance Relationship Manager, Wellington Management. Sarah helps deepen the relationship and consultative partnerships with insurance company clients, ensuring that all of the firm’s resources are brought to bear on their behalf.
