Jay Rosenblum
ASSURANTAbout Jay Rosenblum
Jay E. Rosenblum is Executive Vice President and Chief Legal Officer (CLO) of Assurant, Inc. He joined Assurant in June 2019 as Senior Vice President, Government Relations and Regulatory Affairs, served as Co‑Interim General Counsel from February 2020, and was appointed CLO effective July 2020. He previously served at Guardian Life Insurance Company of America as Chief Human Resources Officer after being promoted from Senior Vice President of Government Affairs. Rosenblum is 58 years old (as of Feb. 14, 2025). During his CLO tenure, Assurant delivered strong results: 2024 net earned premiums, fees and other income of $11.4B; net income of $760.2M; Adjusted EBITDA (ex-catastrophes) of $1.57B; and total shareholder return (TSR) of 28.55% in 2024, following 37.52% TSR in 2023. These performance metrics underpin the company’s pay-for-performance program and capital discipline.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Assurant, Inc. | EVP, Chief Legal Officer | Jul 2020 – Present | Leads legal function supporting global growth; oversaw governance changes and sustained pay-for-performance framework; continued capital discipline. |
| Assurant, Inc. | Co‑Interim General Counsel | Feb 2020 – Jul 2020 | Provided continuity of legal oversight during transition; elevated to permanent CLO. |
| Assurant, Inc. | SVP, Government Relations & Regulatory Affairs | Jun 2019 – Feb 2020 | Advanced public policy and regulatory engagement in multi‑jurisdictional markets to support strategic initiatives. |
| Guardian Life Insurance Company of America | Chief Human Resources Officer; prior Senior Vice President, Government Affairs | Not disclosed | Led enterprise HR strategy and previously directed government affairs; cross‑functional executive experience spanning policy and talent. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Guardian Life Insurance Company of America | Chief Human Resources Officer; Senior Vice President, Government Affairs | Not disclosed | Drove HR leadership and public policy programs at a major insurer; relevant to Assurant’s risk, talent, and regulatory priorities. |
Fixed Compensation
- Assurant does not disclose individual compensation for Rosenblum (not a 2024 NEO). Executive officer base salaries are set by the Compensation and Talent Committee using market surveys, role scope and performance; there are no employment agreements with the executive team.
- Stock ownership guidelines require other executive officers to hold common stock valued at 3x current base salary within five years of appointment. Unearned PSUs do not count; RSUs (vested/unvested) count.
Performance Compensation
Assurant’s executive pay program emphasizes variable, performance‑linked pay: 2024 program kept prior design; 89% of CEO and 79% of NEO target compensation was variable; maximum payout is capped at 200%. Executive officers are governed by clawback and robust governance policies (see Equity Ownership & Alignment).
Annual Incentive (ESTIP) – Enterprise Metrics and 2024 Outcomes
| Metric | Weight | Threshold ($MM) | Target ($MM) | Maximum ($MM) | Actual ($MM) | Performance Factor |
|---|---|---|---|---|---|---|
| Adjusted EBITDA (ex-catastrophes) | 50% | 1,240 | 1,459 | 1,605 | 1,569 | 1.76 |
| Net earned premiums, fees and other income | 30% | 9,581 | 11,272 | 12,963 | 11,424 | 1.03 |
| Enterprise Financial Performance Factor (for the 80% financial component) | — | — | — | — | — | 1.49 |
Notes: ESTIP includes a 20% individual performance component; payouts are interpolated between points; minimum performance required for any payout; metrics exclude reportable catastrophes.
Long-Term Incentive (ALTEIP) – PSU Design and Recent Results
| Performance Metric | Weight | Target Definition | Threshold/Max | 2022–2024 Result | Payout |
|---|---|---|---|---|---|
| Relative TSR vs S&P 500 | 50% | 50th percentile | 25th→90th pctile = 50%→200% | 77th percentile | 156% |
| NOI EPS (2022 grants) / Adjusted earnings per diluted share (2023–2024 grants), ex-catastrophes | 50% | Three-year cumulative target set at grant | Threshold→Max = 50%→200% | NOI EPS $47.89 | 117% |
| PSU Payout (2022 grants) | — | — | — | Average of above | 137% |
Notes: PSUs have a 3‑year cumulative performance period; payout range 0–200%; TSR payout above target requires above‑median performance. From 2023 onward, the earnings metric is Adjusted earnings per diluted share (ex‑catastrophes).
Equity Ownership & Alignment
- Stock ownership guidelines: CEO 6x salary; other executive officers 3x salary; directors 5x cash retainer; five‑year compliance window; RSUs count, unearned PSUs excluded.
- Anti‑hedging/pledging: Insider Trading Policy prohibits hedging, pledging, margin accounts, short sales, and speculative transactions in Assurant securities.
- Clawback: Complies with SEC clawback rules; additional recoupment for misconduct (e.g., financial restatements, violations of law or Code of Ethics); equity awards may be canceled/forfeited under specified cases.
- Grant timing and vesting: Annual equity awards granted on March 16; RSUs vest in equal annual installments over 3 years; PSUs vest based on 3‑year performance.
- Equity plan features: No single‑trigger change-in-control vesting; no tax gross-ups; minimum vesting requirements; no option/SAR repricing.
Employment Terms
- Appointment timeline: Co‑Interim General Counsel in Feb 2020, CLO effective July 2020; formal role changes announced in company filings.
- No employment agreements: The company reports no employment agreements with the executive team.
- Severance framework: Companywide severance policy exists for U.S. employees by tenure; detailed change‑in‑control agreements and severance terms are disclosed for NEOs (double‑trigger; 2× base+target bonus; 0.5× target bonus; 18 months health/life contribution; outplacement; restrictive covenants including one‑year non‑compete/non‑solicit, two‑year non‑disparagement, confidentiality indefinitely). These CIC terms apply to NEOs.
Company Performance Context (Recent Years)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net earned premiums, fees and other income ($B) | 10.70 | 11.4 |
| Net income ($M) | 642.5 | 760.2 |
| Adjusted EBITDA (ex‑catastrophes) ($B) | 1.37 | 1.57 |
| Net income per diluted share ($) | 11.95 | 14.46 |
| Adjusted earnings per diluted share (ex‑catastrophes) ($) | 17.13 | 20.35 |
| Total Shareholder Return (TSR) (%) | 37.52 | 28.55 |
Investment Implications
- Compensation alignment: A majority of executive pay is performance‑based with multi‑year PSU metrics (relative TSR and earnings), capped at 200%; clawback and anti‑hedging/pledging policies enhance alignment and reduce adverse trading behavior risk.
- Retention and mobility: No employment agreements for executive officers and CIC protections are disclosed for NEOs; executives are subject to strong ownership guidelines and restrictive covenants on CIC for NEOs, indicating mobility risk mitigated by equity and policy design.
- Selling pressure signals: Prohibitions on hedging and pledging reduce forced‑selling pressure and leverage risks; RSU 3‑year vesting and PSU 3‑year cycles support long‑term horizons.
- Execution track record: Company results (premiums, net income, adjusted EBITDA, TSR) in 2023–2024 support the pay-for-performance structure and suggest continued focus on profitable growth and capital return.
Disclosure notes: Assurant’s proxy discloses detailed pay outcomes for Named Executive Officers (NEOs). Rosenblum was not a 2024 NEO; thus, specific base salary, bonus and equity grant values for him are not publicly disclosed. Where applicable, company‑wide policies and program designs governing executive officers are presented with source citations.