Kevin Scott Kirby
About Kevin Scott Kirby
Kevin Scott Kirby is Co-Founder and President of Abacus Global Management, Inc. (formerly Abacus Life), serving as President since the June 30, 2023 Business Combination closing; he co-founded Abacus Settlements in 2004 and holds a Florida Life & Annuity license since 2006 . He is 58 and holds a B.S. in Business Administration (Business Management) from the University of Central Florida . In 2024, company Adjusted EBITDA growth exceeded 30%, driving maximum annual bonuses for executives and evidencing a pay-for-performance framework used in 2025 to tie his RSUs and cash bonus to Adjusted Net Income targets .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Abacus Settlements, LLC | Co-Founder & Managing Partner | 2004–present | Co-founded core origination platform; long-tenured industry operator |
| Abacus Global Management, Inc. | President | Jun 30, 2023–present | Elevated to President upon SPAC Business Combination closing; senior operating leadership |
External Roles
| Organization | Role/Interest | Years | Strategic Impact |
|---|---|---|---|
| Nova Trading (US), LLC / Nova Holding (US) LP (“Nova Funds”) | Indirect minority ownership | Ongoing | Company earned service revenue; ABL transacted policies with Nova; portfolio sold in 2024 |
| KMG Group Holdings, LLC | Equal owner (with co-founders) | Ongoing | KMG (with Kirby, Ganovsky, McNealy) sold National Insurance Brokerage (NIB) to ABL on Apr 24, 2025 for $3,000,000; related-party transaction |
Fixed Compensation
| Component | 2024 | 2025 (current) |
|---|---|---|
| Base Salary ($) | Not disclosed for Kirby | $350,000 (effective May 8, 2025) |
Performance Compensation
| Component | Metric | Target | Stretch | Payout Structure | Vesting | Notes |
|---|---|---|---|---|---|---|
| Performance-Based RSUs (President) | Adjusted Net Income (ANI) FY2025 | 173,031 RSUs | 346,062 RSUs | Interpolation 0–200% of Target; if ANI hits Target ($70m), 50% of awarded RSUs forfeited; 100% subject to vesting at Stretch ($140m) | Time-based vest over three years from Determination Date; potential accelerated vesting upon meeting market capitalization targets | Granted May 8, 2025; performance + time-based conditions |
| Annual Cash Bonus (President) | Adjusted Net Income FY2025 | $600,000 | $1,200,000 | Interpolation between Target and Stretch (and below Target to 2024 ANI); payable after Committee determination | N/A | Aligned to same ANI scale as Performance RSUs |
Equity Ownership & Alignment
| Metric | As of Mar 20, 2024 | As of Apr 22, 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 12,593,250 | 12,394,775 |
| Ownership (% of outstanding) | 19.8% (63,694,758 SO) | 13.0% (95,616,386 SO) |
| Vested RSUs | Not disclosed | 8,000 RSUs (vested) |
| Vested Options | Not disclosed | 25,575 options (vested) |
| Hedging/Pledging | Prohibited; pledging only with General Counsel pre-clearance | Prohibited; pledging only with General Counsel pre-clearance |
| Registration Rights | Party to Amended & Restated Registration Rights Agreement post-Business Combination | Continued registration rights; customary underwritten shelf/piggybacks |
The company’s Insider Trading Policy bans short sales, publicly-traded options (except company warrants), hedging/monetization, and pledging without pre-clearance, mitigating misalignment risks .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | 36‑month term with automatic 12‑month renewals unless terminated ≥90 days before expiration |
| Severance (No CIC) | If terminated without cause or resigns for good reason (with release), greater of one year base salary or salary for remaining term |
| Change-in-Control | Higher severance if termination occurs in connection with a change in control; unvested awards generally vest immediately upon such termination per LTIP; Committee has discretion to accelerate upon Corporate Change |
| Non-Compete / Non-Solicit | Non-compete and non-solicitation covenants for one year post-termination |
| Clawbacks / Gross-ups | No tax gross-ups disclosed; clawback specifics not disclosed |
Related Party & Transactions
- Nova Funds: ABL provided servicing and purchased policies; executives (including Scott Kirby) jointly have an indirect minority interest; ABL earned $471,094 servicing revenue in 2024; Nova sold entire portfolio in 2024 .
- NIB Acquisition: On Apr 24, 2025, ABL acquired National Insurance Brokerage, LLC for $3,000,000 from sellers including KMG (equally owned by Ganovsky, Kirby, McNealy) and Jay Jackson; accounted as a business combination (see 10‑Q for valuation details) .
Compensation Structure Analysis
- 2025 shifts pay mix to at-risk equity and cash tied to Adjusted Net Income with explicit target ($70m) and stretch ($140m), plus time-based vesting and potential market-cap acceleration, increasing performance sensitivity vs. prior year disclosures that emphasized Adjusted EBITDA growth .
- Base salary increased to $350,000 for Presidents, modest relative to potential variable payouts ($600k–$1.2m cash; up to 346,062 RSUs), indicating strong pay-for-performance orientation .
Performance & Track Record
- 2024 Adjusted EBITDA growth exceeded 30%, driving 200% of base salary bonuses for named executives, evidencing operational momentum; similar logic now governs Kirby’s 2025 incentive plan via ANI .
- Strategic actions included Carlisle acquisition (asset management expansion) and NIB acquisition (distribution capabilities), with Kirby connected to KMG in the latter, subject to related-party governance processes .
Investment Implications
- Alignment: Kirby’s large beneficial stake (13.0%; 12.39m shares) provides strong skin‑in‑the‑game with hedging/pledging constrained, aligning incentives with long‑term owners .
- Incentive levers: 2025 RSUs/cash tied to Adjusted Net Income (target/stretch) and potential market‑cap acceleration could drive focus on profitability and equity value; time‑based vesting may pace share availability, moderating near‑term selling pressure .
- Governance and conflicts: Participation in Nova Funds and KMG/NIB transaction highlights related‑party pathways; ABL’s policy requires Audit Committee oversight and arms‑length terms, but investors should monitor execution and cash flows from these relationships .