Brad Mulcahey
About Brad Mulcahey
Brad Mulcahey, 47, serves as Chief Financial Officer and Treasurer of Bowhead Specialty Holdings Inc. since September 2022; he holds a B.A. in Business Administration and Finance from Southern Illinois University and is a Certified Public Accountant in Illinois . Prior roles include finance leadership at Berkley Select, Marsh, JLT Specialty USA, and Aon PLC, reflecting deep insurance and brokerage sector finance expertise . Recent company financials for context are provided below.
Company Performance Overview
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $283,273,000* | $425,232,000* |
| EBITDA ($USD) | $32,893,000* | $56,220,000* |
| Values retrieved from S&P Global. |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bowhead Specialty Holdings Inc. | CFO & Treasurer | Sep 2022–Present | — |
| Berkley Select (W.R. Berkley Corp) | Chief Financial Officer | Oct 2021–Sep 2022 | — |
| Marsh (post JLT acquisition) | SVP, Finance | 2019–Sep 2021 | — |
| JLT Specialty USA | Controller | May 2015–Apr 2019 | — |
| Aon PLC | Various finance roles | 2002–2015 | — |
External Roles
No public company board memberships or external roles disclosed for Mulcahey in the latest proxy .
Fixed Compensation
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary (paid) | $303,973 | $312,386 | — |
| Base Salary (annual rate, effective dates) | — | $313,910 (effective Mar 1, 2024) | $350,000 (effective Mar 1, 2025) |
| Target Bonus % | 100% of base salary | 100% of base salary | 100% of base salary (policy) |
| Actual Bonus Paid | $251,432 | $282,519 | — |
| All Other Compensation (Total) | $39,605 | $39,617 | — |
| Perquisites breakdown (2024) | — | 401(k) $12,972; Health/Disability/Life $25,805; Cell/Internet $840 | — |
Notes:
- Bonuses for 2024 were discretionary service-based, awarded at target levels; there is no disclosure of specific financial performance metrics tied to CFO’s bonus .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Service-based discretionary | N/A | 100% of base salary | $282,519 paid | N/A |
| RSU Grant (CFO) | Time-based (no performance metric) | N/A | Grant-date fair value $297,993 (2024) | Outstanding 17,529 RSUs as of 12/31/24; MV $622,630 at $35.52 | 20% on 1st, 2nd, 3rd anniversaries; 40% on 4th (grant 5/22/2024; anniversaries: 5/22/2025, 5/22/2026, 5/22/2027, 5/22/2028) |
| Options | — | — | — | Company does not grant stock options currently | — |
Equity Ownership & Alignment
| Ownership Detail | Value |
|---|---|
| Total Beneficial Ownership | 77,538 shares; <1% of common stock |
| Unvested RSUs (12/31/24) | 17,529 units |
| Equity Incentive Plan (2024 Plan) | RSUs time-based; performance awards (PSUs) used for CEO only; CFO RSUs are time-based |
| Hedging/Pledging | Prohibited for all directors and officers per Insider Trading Policy |
| Clawback | SEC/NYSE-compliant clawback covers excess incentive comp received on/after Oct 2, 2023, for 3 fiscal years preceding any required restatement |
| Stock Ownership Guidelines | Not disclosed for executives in proxy |
Employment Terms
| Term | Mulcahey Status |
|---|---|
| Employment Agreement | None; Mulcahey is not party to any employment agreement |
| Change-in-Control (CIC) Severance Plan | Participant as of Feb 21, 2025 |
| CIC Severance Economics | Lump sum: 1.5x base salary + pro-rata target annual bonus; plus 12 × monthly employer healthcare cost; conditioned on release; double-trigger within 24 months post-CoC |
| 280G Treatment | Cutback to avoid excise tax if net-after-tax better than paying excise (no gross-up) |
| Equity Treatment on CoC | If awards not assumed or if terminated without cause/for good reason within 24 months post-CoC, unvested awards vest in full; performance conditions deemed achieved at greater of target or actual |
| RSU Acceleration (non-CoC) | Upon death, unvested RSUs immediately vest; incapacity following CoC also accelerates |
| Non-Compete/Non-Solicit | Not disclosed |
Vesting Schedule Detail (RSUs granted 5/22/2024)
- 20% on first anniversary (5/22/2025)
- 20% on second anniversary (5/22/2026)
- 20% on third anniversary (5/22/2027)
- 40% on fourth anniversary (5/22/2028)
Compensation Structure Analysis
- Shift to public-company equity: 2024 RSUs replaced prior BIHL Class P interests, which fully vested and were canceled upon BIHL dissolution in Sept 2024; CFO’s 2023 equity reflected Class P interests, now canceled .
- Risk profile: CFO equity is predominantly time-based RSUs (no options, no PSUs for CFO), which lowers performance sensitivity versus option- or PSU-heavy structures .
- Governance safeguards: Prohibitions on hedging/pledging and presence of a clawback reduce misalignment risk; CIC severance uses cutback rather than tax gross-up (shareholder-favorable) .
Investment Implications
- Alignment: Mulcahey holds 77,538 shares and 17,529 unvested RSUs; hedging and pledging are prohibited, supporting alignment and reducing collateralization risk .
- Retention and selling pressure: Four-year RSU vesting (20/20/20/40) creates potential periodic supply around May vest dates through 2028; equity accelerates under qualifying CoC scenarios, mitigating forfeiture risk but possibly increasing turnover incentives if a transaction occurs .
- Pay-for-performance: CFO’s bonus is discretionary service-based at target levels and RSUs are time-based, indicating limited direct linkage to revenue, EBITDA, or TSR; monitoring emerging KPI incorporation is warranted as the company matures .
- Downside protection and governance: Absence of an individual employment agreement, clawback adoption, and 280G cutback reduce shareholder-unfriendly features; double-trigger CIC terms are standard and balanced .