Peter Vogt
AXIS CAPITAL HOLDINGSAbout Peter Vogt
Peter Vogt, 61, is Chief Financial Officer of AXIS Capital, appointed in January 2018 after serving as Deputy CFO (July 1, 2017–Jan 2018) and previously COO of AXIS Insurance (2013–June 2017); he joined AXIS in 2010 as CFO/COO of the Accident & Health unit . Earlier, he was CFO of Penn Mutual Life Insurance Company and CFO of CIGNA’s Group Insurance business; he began his career at Hartford Life in actuarial roles over nearly 14 years, later leading sales, marketing and product development for its corporate retirement business . He holds a B.B.A. in Actuarial Science from Temple University, is a Fellow of the Society of Actuaries, and a Member of the American Academy of Actuaries . AXIS ties annual bonus outcomes to Operating Return on Average Common Equity (OROACE); in 2024, target OROACE was 16.9% and actual OROACE was 18.6%, yielding a 134% factor for the company financial metric portion of the plan .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| AXIS Capital | Chief Financial Officer | Appointed Jan 2018 | Principal financial officer overseeing reporting, controls and capital allocation . |
| AXIS Capital | Deputy CFO | Jul 1, 2017–Jan 2018 | Transition into CFO role supporting finance leadership . |
| AXIS Insurance (AXIS) | Chief Operating Officer | 2013–Jun 2017 | Operational leadership across insurance platform . |
| AXIS A&H (AXIS) | CFO and COO | Joined 2010 (years not otherwise specified) | Built finance/operations foundation for Accident & Health business . |
| Penn Mutual Life Insurance Co. | Chief Financial Officer | Not disclosed | Enterprise CFO responsibilities in life insurance . |
| CIGNA Group Insurance | Chief Financial Officer | Not disclosed | Segment-level CFO for group insurance . |
| Hartford Life Insurance Co. | Actuarial and business leader | Nearly 14 years (early career) | Progressed from actuarial roles to lead sales, marketing, product development for corporate retirement business . |
External Roles
- No current external public company directorships or committee roles were disclosed for Mr. Vogt in AXIS’s 2025 proxy executive officer biography .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $675,000 | $689,583 | $700,000 |
| Target Bonus (%) | 125% of base salary | 125% of base salary | 125% of base salary |
| Annual Incentive (Non-Equity Incentive Plan) ($) | $906,188 | $787,500 | $1,240,750 |
| Stock Awards (Grant-date fair value, $) | $1,334,272 | $1,350,448 | $1,468,638 |
| All Other Compensation ($) | $73,938 | $64,748 | $71,285 |
| Total Compensation ($) | $2,989,398 | $2,892,279 | $3,480,673 |
Performance Compensation
Annual Incentive Plan (AIP) – 2024 Design and Outcomes
| Component | Weighting | Target | Actual | Payout/Multiplier | Notes |
|---|---|---|---|---|---|
| Company Financial Metric: OROACE | 70% (CFO) | 16.9% OROACE | 18.6% OROACE | 134% for company portion | AIP goal range: Threshold 11.9% (50%), Target 16.9% (100%), Max 21.9% (200%) . |
| Business Unit Financial Metric | — (not applicable for CFO) | — | — | — | Not used for CFO . |
| Individual Non-Financial Metrics | 30% (CFO) | Qualitative | Qualitative | Not disclosed | Applied by HCCC per individual performance . |
| Actual AIP Paid ($) | — | — | — | — | $1,240,750 (reported in SCT) . |
Long-Term Incentives (Equity)
| Grant Date | Award Type | Shares/Units Granted | Vesting | Performance Metric(s) | Valuation Notes |
|---|---|---|---|---|---|
| Jan 30, 2024 | RSUs | 11,686 | 4 annual installments starting Mar 1 of grant year | Time-based | Fair value equals closing stock price on grant date . |
| Jan 30, 2024 | PSUs (at target) | 11,686 | 3-year performance period; vesting measured from Mar 1 of grant year | Relative TSR and Adjusted DBVPS | rTSR portion Monte Carlo FV per share: $71.65 (Jan 30, 2024 grants) . |
| Jan 24, 2023 | PSUs (at target) | 10,319 | 3-year performance period | Relative TSR and Adjusted DBVPS | Market value shown at $88.62 year-end price for table purposes . |
| Jan 25, 2022 | PSUs (2019–2021 cycle reference) | 20,574 (paid at 192%) | Vested in single installment on Mar 1, 2025 | Performance-based (cycle concluded) | Payout multiple 192% . |
- 2024 realized vesting: 10,212 shares vested for Mr. Vogt on Mar 1, 2024; value realized $621,502 at $60.86 close; no option exercises in 2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 14, 2025) | 80,537 common shares; <1% of outstanding . |
| Stock Ownership Guidelines | NEOs required to hold stock equal to 3x base salary; 5 years to comply; unvested RSUs that settle in stock count, unvested PSUs do not . |
| Compliance Oversight | Committee reviews and confirms compliance annually . |
| Hedging/Pledging | Company prohibits hedging and pledging of AXIS stock . |
| Outstanding Unvested Equity at 12/31/2024 | RSUs: 2,615 (1/26/2021); 5,349 (1/25/2022); 7,740 (1/24/2023); 11,686 (1/30/2024) . PSUs at target: 10,319 (1/24/2023); 11,686 (1/30/2024); 2022 PSU grant at 192% payout vested Mar 1, 2025 . |
| Aggregate Market Value of Unvested Equity (12/31/2024) | $6,200,653 (calculated at $88.62 per share for RSUs/PSUs at target) . |
| 2024 Vesting/Realization | Shares vested: 10,212; Market value realized: $621,502 (all on Mar 1, 2024 at $60.86) . |
Vesting cadence: RSUs generally vest in four equal annual installments beginning Mar 1 of grant year; PSUs have three-year performance periods with vesting commencing Mar 1 of the respective grant year; the 2022 PSU cycle paid out at 192% on Mar 1, 2025 .
Employment Terms
| Term | Provision |
|---|---|
| Employment Agreement | Dated Dec 11, 2017; amended Oct 2, 2020; Jun 17, 2021; Oct 6, 2023; term through Dec 31, 2026 . |
| Base Salary (floor) | Not less than $700,000 . |
| Target Annual Bonus | 125% of base salary . |
| Target LTI Value | $1,400,000 annually . |
| Benefits/Perquisites | Participation in executive benefit plans and fringe benefits; detailed in SCT “All Other Compensation” . |
| Notice Periods | 12 months for voluntary resignation; 30 days if terminated without cause . |
| Restrictive Covenants | 12-month non-compete and non-solicitation post-termination . |
| Clawback | Clawback policy updated to align with new regulatory requirements . |
| Hedging/Pledging | Prohibited . |
| Change in Control (LTIP treatment) | Current award agreements require double trigger: vesting only upon CoC plus qualifying termination within 24 months . |
Termination/Change-in-Control Economics (as of Dec 31, 2024)
| Scenario | Base Pay | Separation Bonus | Value of Outstanding Equity Awards | Benefits (Medical/Dental/Vision) | Total |
|---|---|---|---|---|---|
| Death or Disability | — | $875,000 | $6,200,653 | $34,770 | $7,110,423 |
| Good Reason (resignation) | $700,000 | $1,750,000 | $6,200,653 | $34,770 | $8,685,423 |
| Without Cause (pre-CoC) | $700,000 | $1,750,000 | $6,200,653 | $34,770 | $8,685,423 |
| Good Reason/Without Cause in Connection with CoC | $700,000 | $2,625,000 | $6,200,653 | $34,770 | $9,560,423 |
- Additional severance mechanics: If terminated without cause (or resigns for Good Reason), Mr. Vogt is entitled to lump sum 1x base salary, 1x target bonus, pro-rata bonus for year of termination, immediate vesting of all outstanding RSUs and PSUs, and a lump sum equal to 12 months of COBRA premiums . If the agreement is not renewed at term end (Dec 31, 2026), outstanding unvested RSUs/PSUs vest and he receives his 2026 annual bonus based on actual performance . No single-trigger vesting and no excise tax gross-ups per company practices .
Deferred Compensation and Pensions
- Non-qualified deferred compensation (2024): Aggregate earnings $34,621; Aggregate balance $238,515; no executive or registrant contributions disclosed for Mr. Vogt in 2024 . AXIS has no defined benefit pension for NEOs .
Investment Implications
- Pay-for-performance alignment: CFO’s AIP is 70% tied to company OROACE; 2024 actual OROACE (18.6%) exceeded target (16.9%), yielding a 134% company-factor and resulting in an above-target annual incentive ($1.24M) for Mr. Vogt, evidencing formulaic linkage to returns on equity .
- LTI leverage and realized performance: Equity mix includes PSUs linked to relative TSR and Adjusted DBVPS with three-year performance cycles; the 2022 PSU grant paid at 192% on Mar 1, 2025, reinforcing performance sensitivity and upside for outperformance .
- Vesting and potential selling pressure: RSUs vest annually (March 1 cadence) and PSUs cliff-vest after three years (also on a March timeline); Mr. Vogt realized $621,502 on March 1, 2024 vesting and had $6.20M in unvested equity at year-end 2024, indicating recurring spring vesting windows that may create episodic supply if shares are sold upon vest .
- Retention and transition risk: Agreement runs through Dec 31, 2026 with a 12-month resignation notice and modest severance (1x base + 1x target bonus) outside a change-in-control, plus immediate vesting upon non-renewal—balanced retention but with some end-of-term acceleration risk; double-trigger CoC treatment reduces windfall risk .
- Governance mitigants: Prohibitions on hedging/pledging, updated clawback policy, and stock ownership guidelines (3x salary for NEOs) are shareholder-aligned practices that temper risk and support alignment .
- Role concentration signal: Mr. Vogt assumed interim principal accounting officer duties effective May 1, 2025 without additional compensation, signaling bench depth reliance but continuity of finance leadership through 2025 .