William H. Hood, III
About William H. Hood, III
Independent Class B director at American Coastal Insurance Corporation (ACIC), age 64, serving since March 2012; previously a director of predecessor United Insurance Holdings, L.C. (UIH) from 2000–2008 . Entrepreneurial background with 30+ years across start‑ups, operations, and sales/marketing; founded Special Data Processing Corporation in 1984, served as CEO and Chairman until 2006, sold to private equity in 1999 and continued to manage until retirement in 2006 . Currently Manager of Hall Capital Holdings LLC overseeing investments and entrepreneurial interests . Class B term continues to the 2026 annual meeting; ACIC’s Board has nine directors split into two classes .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Special Data Processing Corporation | Founder, CEO & Chairman | 1984–2006 | Built a national partnership marketing company; sold to PE in 1999 and managed through 2006 |
| United Insurance Holdings, L.C. (UIH) | Director | 2000–2008 | Predecessor company to ACIC; continuity of governance experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Hall Capital Holdings LLC | Manager | Not disclosed | Manages personal investments and entrepreneurial interests |
Board Governance
- Committee assignments: Investment Committee member; committee met 11 times in 2024 (Chair: Alec L. Poitevint; members: Hood and Patrick F. Maroney) .
- Independence: Classified as an independent director under Nasdaq rules; all committee members qualify as independent .
- Attendance: Board held 5 meetings in 2024; each director attended all Board and applicable committee meetings during periods served .
- Board structure: Nine directors in two classes; Hood is Class B with term expiring at the 2026 annual meeting .
- Lead Independent Director exists (Poitevint), with executive sessions of independent directors led by the Lead Director (not Hood) .
Fixed Compensation
| Component | 2024 Detail | Amount (USD) |
|---|---|---|
| Annual director cash retainer | Non‑employee director program | $75,000 |
| Committee chair fees | Not applicable (member, not chair) | $0 |
| Equity grant (restricted stock) | 5,000 shares granted May 14, 2024; vest on date of 2025 Annual Meeting | Grant‑date fair value $61,150 |
| Total 2024 director compensation | Fees + stock awards | $136,150 |
Program parameters: Annual base retainer $75,000 plus 5,000 restricted shares; additional annual retainers paid only to Board/committee chairs (Hood not a chair) . The 2024 director restricted stock awards vest on May 19, 2025 (Annual Meeting date) .
Performance Compensation
- Directors receive time‑vested restricted stock; no performance‑based metrics disclosed for non‑employee director equity awards .
- ACIC executive incentive metrics (context, not applicable to directors): AIP weighted to Combined Ratio and Core Income after‑tax ROE (70%), with qualitative 30%; PSUs vest against GAAP ROAE vs peer median (50% of LTIP target) .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for Hood |
| Prior public company boards | None disclosed for Hood |
| Compensation committee interlocks | Company disclosed no interlocks involving its executives; not specific to Hood |
Expertise & Qualifications
- Entrepreneurial operator with national partnership marketing expertise; 30+ years in operations, sales/marketing, and problem solving .
- Board experience across UIH (predecessor) and ACIC since 2012; independent committee service on Investment Committee, contributing to oversight of investment policies, adviser performance, and risk guidelines .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Ownership Breakdown |
|---|---|---|---|
| William H. Hood, III | 978,595 | 2.0% | 553,503 shares in a trust (Hood as trustee with voting/dispositive control); 369,663 via an LLC (Hood controls voting/investment); 55,429 directly |
| Director stock ownership guideline (non‑employee) | 4x annual cash retainer | — | Eligible securities include unvested time‑based RS/RSUs; pledged securities not eligible |
| Unvested director award (2024) | 5,000 restricted shares | — | Scheduled to vest at Annual Meeting on May 19, 2025 |
Compliance status with stock ownership guidelines for Hood was not disclosed; ACIC specifies covered directors have designated periods to achieve guideline multiples .
Governance Assessment
- Independence and engagement: Hood is an independent director with full attendance in 2024; active on Investment Committee, which met 11 times, indicating high committee workload and risk/asset oversight engagement .
- Alignment: Material equity ownership at 2.0% supports investor alignment; ongoing annual time‑vested restricted stock grants reinforce long‑term orientation .
- Compensation structure: Director pay is modest and balanced between cash retainer and time‑vested equity; no meeting fees or option grants for directors, limiting risk of pay misalignment .
- Related‑party exposure: No related‑party transactions since Jan 1, 2024 other than legacy 2017 AmCo mergers (not involving Hood among named recipients), reducing conflict risk signals for the period under review .
- Risk indicators: ACIC disclosed its former subsidiary UPC entered receivership in Feb 2023 due to Hurricane Ian losses; all ACIC directors were UPC directors, which is a contextual reputational risk point for historical oversight but not a current related‑party issue .
- Shareholder feedback: Prior say‑on‑pay support was very strong at ~98% in 2022, signaling broad investor confidence in compensation governance (company‑level context) .
- Policies: Anti‑hedging policy prohibits director hedging; clawback and related‑party transaction procedures are in place, supporting governance hygiene .
RED FLAGS: None disclosed for Hood specifically (no pledging, no related‑party transactions, no delinquent Section 16 filings for Hood in 2024). Contextual risk from UPC receivership should be weighed in board‑effectiveness evaluations but is tied to catastrophe exposure rather than identified director conflicts .