Biju Nair
ASSURANTAbout Biju Nair
Biju Nair (age 59) is Executive Vice President and President, Global Connected Living at Assurant, and also oversees the company’s international business; he joined Assurant in December 2020 via the acquisition of HYLA Mobile, where he served as President & CEO since April 2015, and was appointed President of Global Connected Living in July 2021 . Company performance context underpinning incentive alignment: in 2024, Assurant delivered $11.4B of net earned premiums, fees and other income (Lifestyle + Housing), $760.2M net income, Adjusted EBITDA excluding reportable catastrophes of $1.57B, and 28.55% TSR, with capital returns of $455.8M (repurchases + dividends) . In Connected Living, Assurant disclosed a strong Adjusted EBITDA growth track record (2018–2021 CAGR ~15%), reflecting expansion of client relationships, fee-based services, and digitized customer experience under the Connected Living strategy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Assurant | EVP & President, Global Connected Living (also responsible for international) | Jul 2021 – Present | Renewed/implemented significant new global programs; won/renewed key relationships; completed build-out of industry-leading Device Care Center; drove growth, sales and client engagement . |
| Assurant | EVP & President, Global Trade‑in & Upgrade | Dec 2020 – Jul 2021 | Led trade‑in/upgrade business following HYLA acquisition integration . |
| HYLA Mobile | President & CEO | Apr 2015 – Dec 2020 | Led mobile device lifecycle/trade‑in platform later acquired by Assurant . |
External Roles
- No external public board roles disclosed for Nair in the proxy/executive officer biographies .
Fixed Compensation
| Item (2024) | Amount |
|---|---|
| Base Salary | $580,000 |
| Target Bonus % of Salary | 100% |
| Target Bonus ($) | $580,000 |
| Actual Annual Incentive Paid | $847,960 |
Performance Compensation
2024 Annual Incentive Plan (ESTIP) Design and Outcome
| Metric | Weight | Company Performance Factor | Notes |
|---|---|---|---|
| Adjusted EBITDA (ex reportable catastrophes) | 50% | 1.76 | Enterprise-level; excludes reportable catastrophes . |
| Net earned premiums, fees and other income | 30% | 1.03 | Enterprise-level . |
| Individual performance component | 20% | 1.35 (Nair) | Achievements: global program renewals, Device Care Center build‑out, growth/client engagement . |
| NEO | 2024 Target ($) | Enterprise Factor (80%) $ | Individual Factor (20%) $ | Total Bonus Paid |
|---|---|---|---|---|
| Biju Nair | $580,000 | $691,360 | $156,600 | $847,960 |
Long‑Term Incentive Mix and Metrics
- Mix: 75% PSUs / 25% RSUs for NEOs; max payout capped at 200%; no dividend equivalents on unvested PSUs; robust clawback policy .
- 2024 PSU metrics: Adjusted earnings (NOI EPS) per diluted share (absolute) and Relative TSR vs S&P 500 Index (3‑year), consistent with ALTEIP .
- Result on prior PSU cycle: 2022 grants vested at 137% of target (companywide) .
2024 Grants of Plan‑Based Awards (Biju Nair)
| Grant Date | Award | Threshold | Target | Maximum | Grant‑Date Fair Value |
|---|---|---|---|---|---|
| 3/16/2024 | RSU (time‑based) | — | 2,001 sh | — | $362,501 |
| 3/16/2024 | PSU (3‑yr performance) | 3,002 sh | 6,003 sh | 12,006 sh | $1,242,591 |
Vesting schedules:
- RSUs vest in three equal annual installments on each of the first three anniversaries of grant .
- PSUs vest on the third anniversary of grant subject to goal attainment under ALTEIP (metrics noted above) .
Equity Ownership & Alignment
Beneficial Ownership (as of Feb 14, 2025)
| Holder | Shares Beneficially Owned | Notes |
|---|---|---|
| Biju Nair | 20,708 | Includes RSUs vesting within 60 days: 12,032 shares . |
- Anti‑hedging/anti‑pledging: Employees and directors are prohibited from hedging, pledging, and speculative transactions in company securities .
- Stock ownership guidelines: Company maintains robust ownership guidelines for executive officers and directors (no multiples disclosed in the proxy) .
Outstanding Equity Awards at FY‑End (12/31/2024) – Biju Nair
| Award Type | Unvested/Unearned Shares (#) | Market Value at 12/31/24 ($213.22) |
|---|---|---|
| RSUs (granted 3/16/2024) | 2,001 | $426,653 |
| PSUs (granted 3/16/2022) – unearned | 7,158 | $1,526,229 |
| PSUs (granted 3/16/2023) – unearned | 15,816 | $3,372,288 |
| PSUs (granted 3/16/2024) – unearned | 12,006 | $2,559,919 |
Notes: Values computed by company using $213.22 closing price; PSUs shown at applicable reporting basis; RSUs vest ratably over three years; PSUs vest at 3 years subject to performance .
Employment Terms
Separation/CIC Economics (as of 12/31/2024)
| Scenario | Cash Severance | Pro‑Rata STIP | Equity Treatment (12/31/24 price basis) | Welfare/Other | Total |
|---|---|---|---|---|---|
| Voluntary – Retirement | — | — | $4,588,068 (accelerated for pre‑2024 awards) | Executive 401(k): $167,232 | $4,755,300 |
| Involuntary (without cause) | $580,000 | — | $4,588,068 (pro‑rated/accelerated per plan) | 401(k): $167,232; Outplacement: $5,900 | $5,341,200 |
| Change in Control (double‑trigger) | $2,320,000 | $290,000 | $6,294,681 (accelerated) | Welfare: $12,995; 401(k): $167,232; Outplacement: $5,900 | $9,090,808 |
| Death/Disability | — | — | $4,588,068 (pro‑rated) | 401(k): $167,232 | $4,755,300 |
Additional terms and governance protections:
- Double‑trigger CIC; no excise tax gross‑ups; clawback policy applies to current and former executive officers .
- Retirement eligibility at 12/31/24 noted for Nair (age 55 with 10 years service criteria per plan); 2024 grants forfeited on retirement while pre‑2024 awards accelerate under plan rules .
Performance & Track Record
- 2024 enterprise outcomes supporting incentive payouts: Net earned premiums/fees/other income $11.4B; net income $760.2M; Adjusted EBITDA ex catastrophes $1.57B; 2024 TSR 28.55% .
- Connected Living execution: multi‑year Adjusted EBITDA growth with 2018–2021 CAGR ~15% driven by expanded client relationships, global expansion, digitization and automation of customer experience, and disciplined M&A/fee‑based services .
- 2024 individual achievements (used for ESTIP individual component): global renewals/new programs, completion of Device Care Center, strong sales/client engagement .
Say‑on‑Pay & Compensation Governance
- Say‑on‑pay support: ~96% approval at 2024 annual meeting .
- Program design: high variable pay (75% PSUs/25% RSUs LTI; NEOs avg 79% variable; CEO 89% variable), max payout 200%, no dividends on unvested PSUs, robust clawback, prohibition on hedging/pledging .
- Peer group: Committee established a formal compensation peer group for setting 2025 compensation levels (details not listed in proxy summary) .
Investment Implications
- Alignment and retention: Heavy performance equity (PSUs) tied to absolute NOI EPS and relative TSR supports pay‑for‑performance; clawback and anti‑hedging/pledging reduce governance risk .
- Vesting/selling dynamics: Material unearned PSUs outstanding (approx. 34,980 shares at year‑end across 2022–2024 cycles) and time‑based RSUs (2,001) will convert to shares subject to performance and time, potentially adding periodic selling pressure around vesting/settlement windows .
- Change‑of‑control/termination economics: Double‑trigger CIC with ~4x salary severance equivalent ($2.32M vs $0.58M involuntary) plus equity acceleration drives meaningful optionality in event‑driven scenarios; no gross‑ups .
- Execution risk/opportunity: Nair’s remit spans Connected Living and international—continued growth depends on renewing large mobile OEM/carrier partnerships and scaling device lifecycle/AI‑enabled service operations (evidenced by Device Care Center), but concentration in connected device ecosystems implies sensitivity to client program economics and device upgrade cycles .