Dominic Addesso
About Dominic J. Addesso
Dominic J. Addesso, 71, is Independent Chair of Enact’s Board and a member of the Independent Capital Committee; he has served on the Board since September 2021 and brings 40+ years of insurance, reinsurance, and financial services leadership, including CEO of Everest Re Group (2014–2019), CFO and President roles at Everest, senior leadership at Munich Re America, and CFO/underwriting leadership at Selective Insurance; he began his career at KPMG and is a CPA with a B.A. in Accounting from the University of Notre Dame . The Board has determined he is independent under Nasdaq listing requirements .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Everest Re Group, Ltd. (NYSE: RE) | CEO; President (led group operations); CFO | CEO: Jan 2014–Dec 2019; President: 2011–2014; CFO: 2009–2011; Director: 2012–May 2020 | Led group operations, risk and capital oversight at global reinsurer; Board service through 2020 |
| Munich Re America | SVP Financial Products; President US Treaty; President Regional Clients | Nov 1997–May 2009 | Senior underwriting/product leadership across reinsurance segments |
| Selective Insurance Group, Inc. | CFO; Head of underwriting, claims, technology | CFO: 1983–1993; Various: 1978–1997 | Corporate finance and enterprise operating functions |
| KPMG | Audit Staff | Early career (pre-1978) | Obtained CPA; foundational accounting experience |
External Roles
| Organization | Role | Since | Committees/Impact |
|---|---|---|---|
| BMS RE | Non-Executive Chairman | — | Governance oversight in reinsurance brokerage |
| Core Specialty Holdings, Inc. | Director; Audit Committee Chair | Dec 2020 | Financial oversight and audit leadership |
| Amynta Ultimate Holdings LLC | Director | Jun 2022 | Board advisory for insurance services platform |
| Dellwood Insurance, LLC | Chair | Mar 2024 | Strategic and governance leadership |
| Madison Dearborn Partners | Executive Advisory role | — | Private equity advisory within insurance/financial services |
| Other public company boards (current) | — | — | 0 current public company boards |
Board Governance
- Independent Chair responsibilities include presiding at Board/stockholder meetings and executive sessions, agenda consultation, liaison between CEO and independent directors, and calling meetings of independent directors; Enact’s Board leadership pairs an independent Chair (Addesso) with CEO Rohit Gupta as director .
- Committee membership: Independent Capital Committee (ICC) member; ICC is fully independent and oversees capital actions (dividends, repurchases, securities issuance) with veto authority over specified actions before full Board approval .
- Independence and attendance: Board is majority independent; Addesso is independent. In 2024 the Board met 9 times and each director attended >75% of Board and relevant committee meetings; all directors attended the 2024 Annual Meeting .
- Independent director executive sessions occur regularly without management; the independent Chair presides .
Fixed Compensation
Director pay structure (2024):
| Component | Cash ($) | DSUs ($) | Total ($) |
|---|---|---|---|
| Annual Retainer | 110,000 | 160,000 | 270,000 |
| Additional Retainer – Board Chair | 80,000 | 120,000 | 200,000 |
| Committee Chair fees (per committee) | Audit: 35,000; Compensation: 25,000; Other: 20,000 | — | — |
Dominic J. Addesso – 2024 Director Compensation:
| Item | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 190,000 |
| Stock Awards (DSUs; grant date fair value) | 278,084 |
| Other Compensation (charitable match) | 1,000 |
| Total | 469,084 |
Notes:
- DSUs settle in stock one year after leaving the Board and accrue dividends as additional DSUs .
- Program change in 2024: Audit Chair cash retainer increased by $5,000; no other director pay changes .
Performance Compensation
- No performance-based compensation for non-management directors (no options or PSUs; directors receive annual DSUs and cash retainers) .
Other Directorships & Interlocks
| Company | Type | Potential Interlock/Exposure |
|---|---|---|
| BMS RE; Core Specialty; Amynta; Dellwood Insurance | Insurance/reinsurance; private companies | Sector overlaps with Enact’s industry; no related-party transactions disclosed involving Addesso |
| Current public company boards | 0 | — |
| Prior public company boards | Everest Re Group, Ltd. (Director through May 2020) | Historical ties to reinsurance; not current |
Expertise & Qualifications
- Insurance/reinsurance operating leadership, capital/risk oversight, and public company governance from CEO/CFO roles and audit chair service .
- Accounting/finance credentials (CPA; KPMG background) and Notre Dame B.A. in Accounting .
- The Board’s skills matrix highlights deep accounting/financial expertise across the Board and strong insurance/risk management representation, aligning with Addesso’s profile .
Equity Ownership
| Holding | Quantity | Date/Context |
|---|---|---|
| Beneficially owned common shares | 10,000 | |
| DSUs outstanding | 44,577 (as of Dec 31, 2024) | |
| DSUs outstanding | 44,827 (as of Mar 19, 2025) |
Alignment policies:
- Stock ownership guidelines require directors to hold at least 5× the annual cash retainer; directors must comply within 5 years of appointment. All directors are in compliance or on track .
- Anti-hedging and anti-pledging policies prohibit hedging and pledging of Enact securities by directors .
Governance Assessment
Positive signals:
- Independent Chair structure with defined authorities strengthens oversight and board effectiveness .
- Fully independent Independent Capital Committee with veto power over capital actions protects minority stockholders in a controlled company context .
- Strong attendance and regular independent executive sessions suggest engaged oversight .
- Director compensation emphasizes DSUs (equity), enhancing ownership alignment; clear ownership guidelines and anti-hedging/pledging policies reduce misalignment risk .
Potential risks and monitoring items:
- Controlled company status with Genworth and extensive consent/nomination rights over Board/committee composition and key actions may constrain independence; Compensation Committee includes a non-independent member (Genworth CEO) under controlled company exemptions. Monitor ICC effectiveness and full Board approvals as mitigants .
- Industry interlocks: multiple insurance/reinsurance roles could create perceived conflicts if counterparties engage with Enact; no related-party transactions disclosed but continue monitoring under the Related Person Transaction Policy overseen by the Audit Committee .
Overall, Addesso’s independent chairmanship, insurance/risk expertise, and equity-linked director pay support investor confidence, while controlled company dynamics with Genworth warrant ongoing attention to committee independence and capital decision oversight .