Keith Meier
ASSURANTAbout Keith Meier
Keith R. Meier, age 55, is Assurant’s Executive Vice President and Chief Financial Officer (CFO) effective November 2023; he previously served as Chief Operating Officer (COO) from January 2022 and has held senior roles since joining Assurant in 1998, including EVP & President International and SVP Global Strategy & M&A . Assurant delivered strong 2024 performance with net earned premiums, fees and other income of $11.4B, net income of $760.2M, Adjusted EBITDA excluding catastrophes of $1.569B, and total shareholder return (TSR) of 28.55% in 2024 . Executive pay is tied to profitability and growth, with ESTIP metrics based on Adjusted EBITDA and net earned premiums, and PSUs based on cumulative Adjusted earnings per diluted share and relative TSR versus the S&P 500 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Assurant, Inc. | Executive Vice President, Chief Financial Officer | Nov 2023–present | Led finance transformation, capital unlock initiatives, expense reductions and IR positioning; drove performance of finance org and major technology platforms . |
| Assurant, Inc. | Executive Vice President, Chief Operating Officer | Jan 2022–Nov 2023 | Delivered savings and Digital Next transformation; leveraged data/AI for productivity, sales, CX; strengthened enterprise alignment . |
| Assurant, Inc. | EVP & President, International | Jun 2016–Jan 2022 | Ran all product lines outside U.S. across ~20 countries in APAC, Canada, Europe, Latin America . |
| Assurant, Inc. | SVP, Global Strategy & M&A | Jan 2013–Jun 2016 | Corporate strategy and M&A sourcing/execution . |
| Assurant, Inc. | Various roles since joining | 1998–2012 | Progressive leadership roles across strategy and operations . |
External Roles
No external directorships or roles disclosed for Mr. Meier in the proxy .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | $606,154 | $633,712 | $730,000 |
| Base salary rate ($) | — | $730,000 | $730,000 |
Performance Compensation
ESTIP (Annual Cash Incentive) – 2024 Plan Design and Results
| Metric | Weight | Threshold | Target | Maximum | Actual 2024 | Performance Factor |
|---|---|---|---|---|---|---|
| Adjusted EBITDA (ex catastrophes) ($MM) | 50% | $1,240 | $1,459 | $1,605 | $1,569 | 1.76 |
| Net earned premiums, fees and other income ($MM) | 30% | $9,581 | $11,272 | $12,963 | $11,424 | 1.03 |
| Enterprise financial performance factor | — | — | — | — | — | 1.49 |
| Individual performance component (Meier) | 20% | — | — | — | — | 1.50 |
| Meier target annual incentive ($) | — | — | $876,000 | — | — | — |
| Meier actual payout ($) | — | — | — | — | — | $1,306,992 |
Notes: ESTIP metrics and weights set by Compensation & Talent Committee; payouts 0–200% of target; individual component based on goal attainment and leadership .
ALTEIP (Long-Term Equity Incentives) – Structure and Meier’s 2024 Grants
| Component | Weight | Performance metrics | Cycle/vesting | Meier 2024 grant units | Grant date fair value ($) | Grant date |
|---|---|---|---|---|---|---|
| PSUs | 75% | 50% cumulative Adjusted earnings per diluted share (ex catastrophes); 50% relative TSR vs S&P 500 | 3-year performance; payout 0–200% | 9,973 (plus one-time 4,140) | $2,064,361 (plus $856,959 one-time) | Mar 16, 2024; close $181.16 |
| RSUs | 25% | Time-based | Vest 1/3 annually over 3 years | 3,324 (plus one-time 1,380) | $602,176 (plus $250,001 one-time) | Mar 16, 2024; close $181.16 |
PSU plan outcomes: PSUs granted in 2022 paid at 137% of target based on TSR 77th percentile (156%) and NOI EPS cumulative $47.89 (117%) over 2022–2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 23,955 shares of common stock as of Feb 14, 2025; includes 787 shares in 401(k) . |
| Shares outstanding (denominator) | 50,791,921 as of Feb 14, 2025 . |
| Ownership as % of outstanding | ≈0.047% (23,955 / 50,791,921) . |
| Stock vested in 2024 | RSUs: 3,074 shares; value $549,823. PSUs: 4,803 shares; value $870,111 (2021 PSU cycle at 115% of target) . |
| Outstanding RSUs (12/31/24) | 671; MV $143,071. 2,629; MV $560,555. 4,704; MV $1,002,987 . |
| Outstanding PSUs (12/31/24, reported at maximum) | 12,070; MV $2,573,565. 23,656; MV $5,043,932. 28,226; MV $6,018,348 (price $213.22) . |
| Ownership guidelines | Executives must hold ≥3× base salary; compliance required within 5 years; all NEOs in compliance as of 12/31/2024 . |
| Hedging/pledging | Prohibited by insider trading policy for all covered persons, including executives . |
| Say-on-pay support | ~96% approval in 2024 . |
Upcoming vesting events (indicative): RSUs granted Mar 16, 2022/2023/2024 vest in equal annual installments on the first three anniversaries of grant date (i.e., Mar 16, 2025/2026/2027), subject to service; PSUs settle after 3-year cycles based on performance .
Employment Terms
| Term | Provision |
|---|---|
| Employment agreements | None with executive team . |
| Change-in-control (CIC) structure | Double-trigger; benefits payable only upon termination without cause or for good reason within 2 years post-CIC; no excise tax gross-ups; best-net cutback applies . |
| CIC cash severance (framework) | 2×(base salary + target ESTIP) + 0.5× target ESTIP; 18 months welfare contribution and outplacement . |
| CIC restrictive covenants | Non-compete and non-solicit: 1 year; non-disparagement: 2 years; confidentiality: indefinite . |
| Clawback | SEC-compliant clawback for restatements; broader recoupment for misconduct; no dividends on unvested PSUs . |
| Meier CIC scenario (estimated, as of 12/31/24) | STIP $438,000; LTI $8,524,536; Exec Pension $185,746; Exec 401(k) $655,503; Welfare $44,403; Severance $3,212,000; Outplacement $5,900; Total $13,066,088 . |
| Involuntary termination (no cause) | Total estimate $5,806,757 (includes pro-rata LTI vesting) . |
Summary Compensation (Reported)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | $606,154 | $633,712 | $730,000 |
| Stock awards ($) | $1,662,399 | $1,796,651 | $3,773,497 |
| Non-equity incentive ($) | $500,200 | $1,066,282 | $1,306,992 |
| All other compensation ($) | $124,751 | $128,787 | $168,433 |
| Total ($) | $2,893,504 | $3,625,432 | $5,978,922 |
All other compensation detail (2024): Executive LTD $5,222; Executive 401(k) contribution $87,077; 401(k) contribution $20,700; dividends/dividend equivalents $55,434; total $168,433 . Deferred comp: ADC Plan executive contributions $146,000; aggregate earnings $94,184; withdrawals $(129,767); aggregate balance $1,708,205 .
Compensation Structure and Peer Group
- Heavy emphasis on variable, performance-based pay; for NEOs, majority equity; maximum payouts capped at 200% and no payouts below minimum performance; robust clawback; no employment agreements .
- Compensation peer group adopted for 2025 spanning financials/insurance with revenue $3–$30B, assets $10–$100B, market cap $2–$20B; includes ACGL, HIG, VOYA, WRB, WTW, etc. .
Investment Implications
- Alignment: Strong pay-for-performance design (ESTIP tied to Adjusted EBITDA and revenue; PSUs tied to cumulative Adjusted EPS and relative TSR), ownership guideline compliance, and prohibition on hedging/pledging reduce misalignment risk .
- Retention: Significant unvested RSUs/PSUs and PSU cycles through 2026/2027 indicate retention hooks; double-trigger CIC with sizable severance could incentivize continuity but is shareholder-standard (no gross-ups) .
- Selling pressure: RSU vesting on March anniversaries and PSU settlements may create periodic liquidity events; 2024 vesting demonstrates meaningful realized value, with upcoming installments scheduled per grant terms .
- Execution track record: 2024 company outcomes (TSR +28.55%, Adjusted EBITDA $1.569B, net earned premiums $11.4B) alongside Meier’s 2024 ESTIP over-target payout and promotion-linked one-time PSU/RSU awards signal recognition for operational and financial impact in his CFO tenure .