David Newman
About David Newman
David Newman, 69, is Bowhead Specialty’s Chief Underwriting Officer (CUO) since January 2024; he previously served as Chief Underwriter from October 2020 to December 2023, following a period of retirement from 2016 to 2020. He led underwriting at Allied World (CUO North America and CUO Global Markets, 2008–2016), served as Darwin’s CUO (2003–2008) prior to its acquisition, and spent 20+ years underwriting at Lloyd’s of London syndicates; he holds an M.A. in Geography from Christchurch, University of Oxford . Company performance improved year over year in FY2024 with higher revenues and EBITDA alongside higher net income, providing context for pay-for-performance alignment during his tenure as CUO. Revenues and EBITDA figures below are from S&P Global; net income FY2024 is from company filings .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues (USD) | $283.273M* | $425.232M* |
| EBITDA (USD) | $32.893M* | $56.220M* |
| Net Income (USD) | $25.047M* | $38.243M |
Values with asterisks retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bowhead Specialty | Chief Underwriting Officer | Jan 2024–present | Leads underwriting strategy and portfolio management |
| Bowhead Specialty | Chief Underwriter | Oct 2020–Dec 2023 | Built underwriting capabilities pre-IPO |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Allied World | Chief Underwriting Officer, North America; CUO, Global Markets | 2008–2016 | Led underwriting across major geographies/business lines |
| Darwin (pre-Allied World acquisition) | Chief Underwriting Officer | 2003–2008 | Directed underwriting at a specialty insurer acquired in 2008 |
| Lloyd’s of London market syndicates | Underwriter | ~1980s–2003 | 20+ years underwriting experience in Lloyd’s market |
| Education | M.A., Geography, University of Oxford | — | Advanced academic credentials |
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Salary (USD) | $522,820 | $522,902 | 2023 figure represents consulting fees; transitioned to UK-based employee in 2024 |
| Annual Base (set in year) | — | $499,653 (effective Mar 1, 2024) | Company-level base salary setting; UK agreement annual base £395,625 |
| Target Bonus % | 100% of base | 100% of base | Discretionary service-based bonus program |
| Actual Bonus (USD) | $533,610 | $449,688 | Awarded at target amounts per footnote |
| Stock Awards (USD FV) | — | $382,993 | 2024 RSU grant date fair value under ASC 718 |
| All Other Compensation (USD) | — | $13,936 | Health insurance and spousal travel (see breakdown) |
Perquisites (2024):
- Health, disability, basic life insurance: $5,960
- Spousal travel: $7,976
Performance Compensation
Cash Bonus Plan (Service-Based):
| Metric | Weighting | Target | Actual | Payout Mechanics | Vesting |
|---|---|---|---|---|---|
| Discretionary service-based bonus | Not stated | 100% of base | $449,688 (2024) | Awarded at target amounts per footnote | Cash (no vesting) |
Equity Awards (RSUs):
| Grant Type | Grant Date | Shares/Units | Grant Date FV (USD) | Vesting Schedule | Notes |
|---|---|---|---|---|---|
| RSUs | May 22, 2024 | 22,529 unvested units (as of 12/31/24) | $382,993 (2024) | 20% on 1st, 2nd, 3rd anniversaries; 40% on 4th anniversary of grant | Expected vesting anniversaries: May 22, 2025/2026/2027/2028 |
| Options | — | — | — | — | Company does not grant stock options at this time |
| PSUs | — | — | — | — | PSUs granted only to CEO with stock price CAGR targets; none disclosed for Newman |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 239,393 shares; <1% of outstanding |
| Unvested RSUs | 22,529 units (market value $800,230 at $35.52 close on 12/31/24) |
| Hedging/Pledging | Prohibited for all directors, officers, employees (hedging, margin accounts, pledging) |
| Ownership guidelines | Not disclosed |
| Options (exercisable/unexercisable) | No stock options granted at this time |
Employment Terms
Employment Agreement (UK-based via Globalization Partners Limited; effective Apr 1, 2024):
- Annual base salary: £395,625; Target annual bonus: 100% of base; Pension: employer contributions equal to 4% of base; Eligible for standard senior executive benefit plans .
- Termination: One month’s written notice plus one additional week per completed year of service up to 12 weeks; Company may pay in lieu of notice; Garden leave permitted during notice period .
Change-in-Control Severance Plan (adopted Feb 2025; executives including Newman):
- Severance on qualifying termination within 24 months post-CoC: Lump-sum cash equal to 1.5× base salary plus pro‑rata target annual bonus; Additional lump-sum equal to 12× the monthly cost of prior month’s group health/dental/vision benefits for participant and dependents .
- 280G treatment: Payments reduced to avoid excise tax if net benefit is greater than paying full amount and incurring excise tax (cutback, not a gross-up) .
- Equity acceleration: If awards are not assumed/substituted at CoC, unvested portions fully vest; if assumed/substituted and participant is terminated without cause or for good reason within 24 months, unvested awards vest fully; performance awards deemed achieved at greater of target or actual .
- Clawback policy: Executives must reimburse/forfeit excess incentive comp upon required accounting restatement (lookback 3 completed fiscal years, for comp received on/after Oct 2, 2023) .
Investment Implications
- Pay-for-performance alignment: Newman’s cash bonus is discretionary but targeted at 100% of base (paid at target for 2024), while equity is predominantly time-based RSUs; absence of PSUs/options for Newman lowers direct linkage to multi-year performance metrics versus CEO’s PSU framework .
- Insider selling pressure and vesting cadence: RSU vesting at 20% on May 22 of 2025/2026/2027 and 40% on May 22, 2028 creates predictable liquidity events; however, hedging and pledging are prohibited, reducing leveraged selling risks .
- Retention and change‑of‑control economics: The February 2025 CIC plan provides meaningful cash severance (1.5× base + pro‑rata bonus) and equity acceleration under specified triggers, which supports executive retention through potential strategic events and may modestly increase near‑term fixed obligations in a transaction scenario .
- Ownership alignment: Beneficial ownership of 239,393 shares and a sizable unvested RSU position align interests with shareholders; lack of options removes high‑beta upside but also avoids repricing risks often viewed negatively by investors .
- Execution track record: Deep underwriting leadership across Lloyd’s, Darwin, Allied World, and Bowhead suggests strong technical underwriting skill; FY2024 improvements in revenue and EBITDA provide constructive backdrop, though causality is not implied. Revenues and EBITDA values are from S&P Global; FY2024 net income is per filings .