Michael Campbell
ASSURANTAbout Michael Campbell
Michael P. Campbell is Executive Vice President and President, Global Housing at Assurant, appointed effective July 2016; he previously served as Executive Vice President and Chief Operating Officer for specialty property lines beginning January 2014, and joined Assurant in 2006 via the acquisition of Safeco’s Financial Institution Solutions subsidiary where he held several executive roles. As of February 14, 2025, he is 57 years old . Incentives are anchored to company profitability and growth: annual ESTIP metrics are Adjusted EBITDA (ex-catastrophes) and net earned premiums/fees, and long-term PSUs pay on relative TSR vs the S&P 500 and Adjusted earnings per diluted share (ex-catastrophes) over three years . For 2024, the enterprise financial performance factor was 1.49; for PSUs granted in 2022, TSR ranked at the 77th percentile (156% payout) and cumulative NOI EPS of $47.89 paid at 117%, averaging 137% of target .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Assurant | EVP & President, Global Housing | 2016–present | Leads Global Housing franchise; ongoing financial and operational execution |
| Assurant | EVP & COO, specialty property lines | 2014–2016 | Oversaw operations for specialty property businesses |
| Assurant (via Safeco FIS acquisition) | Executive roles (unspecified) | 2006–2013 | Joined via acquisition; held several executive roles prior to COO appointment |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in Assurant DEF 14A biographies | — | — | No outside public company directorships or external roles disclosed in executive officer bios |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary rate ($) | 520,000 | 560,000 |
| Salary paid (SCT) ($) | 520,000 | 552,308 |
| Target annual bonus (% of salary) | 90% | 100% |
| Target annual bonus ($) | 468,000 | 560,000 |
| Actual cash bonus paid (Non-Equity Incentive) ($) | 780,624 | 846,720 |
| All other compensation ($) | 116,880 | 135,299 |
Performance Compensation
- ESTIP structure: 50% Adjusted EBITDA (ex-reportable catastrophes), 30% net earned premiums/fees/other income, 20% individual performance; payout range 0–200% of target .
- ALTEIP (long-term equity): 75% PSUs and 25% RSUs; PSU metrics are 50% relative TSR vs S&P 500 and 50% Adjusted earnings per diluted share (ex-reportable catastrophes), 3-year period, 0–200% payout .
ESTIP Enterprise Performance and Results
| Metric (USD mm unless noted) | 2023 | 2024 |
|---|---|---|
| Adjusted EBITDA target | 1,193 | 1,459 |
| Adjusted EBITDA actual | 1,369 | 1,569 |
| Adjusted EBITDA performance factor | 2.00 | 1.76 |
| Net earned premiums/fees target | 10,232 | 11,272 |
| Net earned premiums/fees actual | 10,704 | 11,424 |
| Net earned premiums/fees performance factor | 1.09 | 1.03 |
| Enterprise financial performance factor | 1.66 | 1.49 |
ALTEIP PSU Outcomes (Cycle ending 2024)
| PSU Metric | Performance | Payout |
|---|---|---|
| Relative TSR vs S&P 500 (2022–2024) | 77th percentile | 156% of target |
| Cumulative NOI EPS, ex-catastrophes (2022–2024) | $47.89 | 117% of target |
| Average PSU payout (2022 grants) | — | 137% of target |
2024 Equity Grants (Target)
| Grant type | Units | Grant date fair value ($) |
|---|---|---|
| PSUs (75%) | 5,332 | 965,945 |
| RSUs (25%) | 1,777 | 321,921 |
| Total LTI (230% of salary) | — | 1,287,866 |
2024 Stock Vested (Realized)
| Award type | Shares vested | Value realized ($) |
|---|---|---|
| RSUs | 3,313 | 580,393 |
| PSUs | 4,897 | 887,141 |
Note: 2023 RSUs fully vested in 2024 due to retirement eligibility; payouts follow original vesting schedule unless actual retirement occurs (Section 409A compliant) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (2/14/2024) | 22,400 shares; <1% of outstanding |
| RSUs vesting within 60 days (as of 2/14/2024) | 3,810 shares |
| Stock ownership guidelines | Other executive officers: 3x base salary; 5-year compliance window; all NEOs in compliance as of 12/31/2024 |
| Hedging/pledging policy | Prohibited for employees and directors |
| RSU vesting cadence | Typically vests in equal annual installments over 3 years; annual grants in March |
| PSU design | 3-year performance period; 0–200% payout; metrics: relative TSR and Adjusted earnings per share (ex-catastrophes) |
Outstanding Equity Awards (12/31/2024)
| Award | Units unvested/uneamed | Market value ($) |
|---|---|---|
| RSUs (granted 3/16/2024) | 1,777 | 378,892 |
| PSUs (grant 3/16/2022) | 8,948 | 1,907,893 |
| PSUs (grant 3/16/2023) | 14,058 | 2,997,447 |
| PSUs (grant 3/16/2024) | 10,664 | 2,273,778 |
Values use AIZ closing price $213.22 on 12/31/2024 .
Employment Terms
- No employment agreements with the executive team; strong governance: double-trigger change-in-control, no single-trigger vesting, no excise tax gross-ups, and clawback policy .
- Retirement eligibility: As of 12/31/2024, Mr. Campbell met retirement criteria (age 55 with 10 years). For retirement, certain unvested pre-2024 equity awards accelerate; 2024 awards are forfeited under retirement scenarios per table footnotes .
Potential Payments Upon Termination or Change-in-Control (as of 12/31/2024)
| Component | Retirement | Involuntary (not for cause) | Change in Control | Death/Disability |
|---|---|---|---|---|
| STIP award | — | — | 280,000 | — |
| Long-term equity awards | 2,891,690 | 2,891,690 | 4,407,471 | 2,891,690 |
| Executive Pension Plan | 282,433 | 282,433 | 282,433 | 282,433 |
| Executive 401(k) Plan | 1,493,523 | 1,493,523 | 1,493,523 | 1,493,523 |
| Welfare benefits lump sum | — | 5,786 | 44,017 | — |
| Severance | — | 560,000 | 2,240,000 | — |
| Outplacement | — | 5,900 | 5,900 | — |
| Total | 4,667,646 | 5,239,332 | 8,753,344 | 4,667,646 |
Deferred Compensation and Plan Balances (2024)
- Executive 401(k) Plan: Company contribution $59,636 in 2024; aggregate balance $1,493,523 at year-end; company contributions equal 6% of eligible compensation above IRC 401(a)(17) limit .
- No company contributions to the ADC Plan; company does not provide above-market or preferential earnings .
Additional Performance & Track Record
- Individual 2023 assessment highlights for Campbell: led strong recovery in Global Housing financial performance (outperforming target), secured key client wins, and reset/diversified leadership teams .
- Say-on-Pay support: approximately 96% approval at the 2024 Annual Meeting, indicating strong investor alignment with pay design .
Investment Implications
- Alignment and pay-for-performance: High variable mix (79% average for NEOs; PSUs=75% of LTI) tied to Adjusted EBITDA, revenue, relative TSR, and Adjusted EPS; above-target enterprise factors in 2023–2024 and 137% PSU vesting for 2022 grants indicate realized pay tracking results .
- Retention and selling pressure: Retirement eligibility plus scheduled RSU/PSU vesting (and 2024 vest realizations) create predictable liquidity events; mitigation via robust ownership guidelines and prohibitions on hedging/pledging .
- Change-in-control and severance risk: Double-trigger structure with defined severance and equity acceleration supports retention without single-trigger risk or tax gross-ups; specific 2024 CIC total exposure for Campbell was ~$8.75m .
- Ownership and skin-in-the-game: Direct beneficial ownership of 22,400 shares (<1%) plus sizable unearned PSU exposure; guideline compliance suggests alignment, but direct ownership stake remains modest in percentage terms .
Citations: