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SVP shares profession transition from regulation to insurance coverage

It’s an previous cliché that folks “fall into” their insurance coverage careers. However loads of people additionally select insurance coverage, even after years spent in different fulfilling professions.
In honor of Insurance coverage Careers Month, Matt Movafaghi (pictured) shared how his authorized profession led him to see vibrant alternatives in insurance coverage and why he seized the prospect to be on the forefront of an revolutionary subject.
As senior vp at CAC Specialty’s tax insurance coverage apply, Movafaghi offers insurance coverage recommendation and options for multinational companies going through advanced tax dangers.
Earlier than becoming a member of CAC, Movafaghi was senior tax counsel for Chevron, the place he offered subtle tax planning for the worldwide group.
He was additionally a tax lawyer at Willkie Farr & Gallagher, LLP, the place he represented companies, non-public fairness funds, and funding funds over home and worldwide tax-related features of transactions.
“I used to be very joyful there and on monitor for a protracted and profitable profession with the corporate. However then this chance [with CAC] knocked,” Movafaghi mentioned.
“However being glad or doing good work can forestall you from pushing your self into one thing else and doing nice issues.”
‘Potential for progress’ in tax insurance coverage house
For Movafaghi, the sphere of tax insurance coverage introduced a recent problem. The appliance of tax insurance coverage exterior of mergers and acquisitions was comparatively new, and Movafaghi noticed the potential for progress.
“Once I was an lawyer working at a regulation agency, and in-house, I noticed that corporations, particularly public corporations, needed certainty about their funds. However sadly, tax authorities worldwide are unpredictable,” he instructed Insurance coverage Enterprise.
“Tax insurance coverage was being utilized in one context, in M&A transactions. However I believed if they’ll implement tax insurance coverage to assist clear up an M&A problem, corporations might additionally use it within the bizarre course of enterprise to enter transactions that they won’t in any other case enter.”
Whereas tax insurance coverage has been round for greater than 20 years, progress has taken off within the final 5 years, in accordance with Movafaghi.
“I work with thought leaders within the transactional legal responsibility house, and we clear up threat issues that no-one else has up to now. I believe that’s what’s thrilling about tax insurance coverage: being on the forefront of a brand new enterprise,” he mentioned.
Harnessing transferable expertise to transition into an insurance coverage profession
Movafaghi has discovered essentially the most fulfilling features of his authorized profession – being an advisor and an educator – in insurance coverage, too.
“In my position now, I can put my expertise and skills to make use of – each my authorized expertise and other people expertise. The perfect half is an opportunity to speak with completely different folks and sophisticated companies and listen to the challenges they’re going through,” he mentioned.
“We are able to supply recommendation and providers that give corporations security and safety as they navigate the ever-shifting market and the tax guidelines each within the US and overseas.
“The opposite factor that I take pleasure in is that I get to take heed to different folks’s issues and assist them, and that’s what you do as an lawyer, typically – you attempt to assist folks clear up their issues.”
One other side of insurance coverage that brings Movafaghi satisfaction is working with proficient colleagues.
“We actually work as a group. We depend on one another,” he mentioned. “I do love working with CDC, and I respect the folks vastly, nevertheless it’s what we do for our purchasers that units us aside.”
Movafaghi acknowledged that it’s not all the time straightforward for professionals from completely different backgrounds to leap into insurance coverage.
Whereas his authorized background helped him perceive some features of tax insurance coverage insurance policies, the training curve and the uncertainty of a brand new enterprise could be daunting for a lot of.
“Everytime you make a profession change and even enter a brand new trade, you don’t understand how issues will go or if they are going to work out,” he mentioned. “However in my case, I’m lucky to say there’s been an excellent reward to take this chance.”
Did you enter insurance coverage by way of a distinct profession path? What was your expertise transitioning into the trade? Please share within the feedback.
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