Keith W. Demmings
Also at Assurant Inc
About
Keith W. Demmings joined Assurant, Inc. in 1997, marking the start of a long tenure with the company that paved the way for his progression through multiple leadership roles. His career includes key executive positions such as Executive Vice President and President of Global Lifestyle, Global Markets, and International operations, reflecting his broad and strategic influence within the organization.
Over the years, his leadership has been central to driving the company’s growth into global markets. His expertise in managing diverse business segments has been crucial in steering the company towards expansion and enhanced market presence.
He was named President on May 18, 2021, and later elevated to Chief Executive Officer and Director on January 1, 2022. These appointments underscore his significant contributions to the company and his ability to lead in evolving business environments.
While personal background and educational details are not detailed in the available information, his extensive career at Assurant exemplifies a deep commitment to the company and a successful trajectory in executive leadership.
$AIZ Performance Under Keith W. Demmings
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Assurant, Inc. | President, Global Lifestyle | July 2016 - May 2021 | Former role before becoming CEO |
| Assurant, Inc. | President, Global Markets | September 2015 - July 2016 | N/A |
| Assurant, Inc. | President, International | June 2013 - September 2015 | N/A |
| Assurant Canada | President and Chief Executive Officer | N/A | Date unspecified |
Fixed Compensation
| Component Name | Amount ($) | Payment Schedule | Additional Details |
|---|---|---|---|
| Salary | 1,000,000 | Annual | Fixed base salary for 2023 |
| Executive LTD | 5,841 | Annual | Fixed long-term disability benefit for 2023 |
| Company Contributions to Executive 401(k) Plan | 114,000 | Annual | Contributions made on behalf of the executive in 2023 |
| Company Contributions to 401(k) Plan | 19,800 | Annual | Standard contributions as part of the retirement benefits |
Performance Compensation
Annual Incentive Compensation (ESTIP)
| Metric/Component | Weight | Threshold | Target | Maximum | Actual/Performance Factor | Dollar Amount | Additional Details |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA (excluding reportable catastrophes) | 50% | $1,014M | $1,193M | $1,312M | 2.00 | N/A | Metric forms part of the overall performance evaluation |
| Net Earned Premiums, Fees, and Other Income | 30% | $8,697M | $10,232M | $11,767M | 1.09 | N/A | Metric forms part of the overall performance evaluation |
| Enterprise Financial Performance Factor | N/A | N/A | N/A | N/A | 1.66 | N/A | Aggregate performance factor combining the above metrics |
| Individual Performance Component | 20% | N/A | N/A | N/A | 1.30 | N/A | Based on qualitative evaluation by the Compensation and Talent Committee |
- Target Annual Incentive Opportunity: $1,500,000
- Actual Incentive Payment: $2,382,000 calculated as follows:
- Enterprise Performance (80% weight): $1,992,000 (1.66 × 80% × $1,500,000)
- Individual Performance Component (20% weight): $390,000 (1.30 × 20% × $1,500,000)
Long-Term Equity Awards (Stock Awards)
| Component | Metric | Value/Quantity | Additional Details |
|---|---|---|---|
| RSUs | Grant Date Fair Value | $1,625,045 | Granted 14,644 units on March 16, 2023 at a stock price of $110.97. Vesting over time subject to continued employment. |
| Number of Units | 14,644 | ||
| PSUs | Grant Date Fair Value | $5,047,892 | Granted target of 43,931 units on March 16, 2023 at a stock price of $110.97. Vesting contingent on performance over a three-year period. |
| Performance Range | Threshold: 21,966 units | ||
| Target: 43,931 units | |||
| Maximum: 87,862 units (200% of target) | Payouts range from 0% to 200% based on performance conditions. | ||
| Overall Mix | Mix of Awards | 25% RSUs / 75% PSUs | Total Grant Date Value of $6,500,068. |
The performance compensation for 2023 is based on achieving both financial and qualitative goals. The ESTIP uses a combination of quantitative metrics and a qualitative individual performance assessment to determine the final cash payout, while the long-term equity awards incorporate performance conditions tied to share-based targets.