Paul J. Krump
BROWN & BROWNAbout Paul J. Krump
Paul J. Krump (age 65) has served as an independent director of Brown & Brown, Inc. since 2023. He retired from Chubb Limited effective January 1, 2023, where he most recently served as Vice Chairman, Global Underwriting and Claims (2020–2023) and previously held senior leadership roles across North America Commercial and Personal Insurance and The Chubb Corporation’s COO post, with extensive international experience across underwriting, claims, and line leadership . He was recommended for the BRO board by the CEO and has been affirmatively determined independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Chubb Limited | Vice Chairman, Global Underwriting & Claims | Sep 2020–Jan 1, 2023 | Oversight of global underwriting and claims disciplines |
| Chubb Group (post-ACE/Chubb) | EVP; President, North America Commercial & Personal Insurance | 2016–2020 | Led North America portfolios across commercial/personal lines |
| The Chubb Corporation | Chief Operating Officer | Pre-Jan 2016 | Enterprise operations leadership pre-acquisition |
| The Chubb Corporation | President, Personal Lines & Claims; President, Commercial & Specialty Lines | Various | Field and HQ leadership roles in U.S. and Europe |
External Roles
| Company/Institution | Role | Status |
|---|---|---|
| None disclosed | — | No current public company directorships disclosed in BRO proxy |
Board Governance
- Committee assignments: Acquisition Committee Chair; Audit Committee member (2025 slate) .
- Independence: Determined independent by the Board under NYSE standards (2025) .
- Attendance: Board held 7 meetings in 2024; each incumbent director attended at least 75% of Board and committee meetings of which they were members .
- Board process: Executive sessions of non-management directors at each in-person meeting, presided by Lead Independent Director (H. Palmer Proctor, Jr.) . Committee meetings generally open to and attended by all directors, promoting transparency and collegiality .
Fixed Compensation
- Structure: Non-employee directors receive a $100,000 annual cash retainer; committee chair retainers: Acquisition/Audit/Compensation $20,000; Nominating/Corporate Governance $15,000; Lead Independent Director $15,000; plus an annual grant of fully vested BRO common stock valued at $120,000 under the 2019 SIP .
| Year | Fees Earned (Cash) | Stock Awards (FV) | Total |
|---|---|---|---|
| 2023 | $50,000 [joined mid-year] | $0 [no annual grant due to timing] | $50,000 |
| 2024 | $120,000 [retainer + Acquisition Chair fee] | $119,933 [annual fully vested stock grant] | $239,933 |
Performance Compensation
- Directors do not receive performance-conditioned equity at BRO; the annual director stock grant is fully vested common stock (no PSUs/PSAs for directors) .
| Component | Applicable to Director? | Notes |
|---|---|---|
| Annual equity tied to metrics (Organic Revenue, Adjusted EBITDAC, EPS) | No | Director equity is fully vested at grant; no performance vesting |
Other Directorships & Interlocks
| Relationship | Detail | Conflict Indicator |
|---|---|---|
| None disclosed | No current public boards/interlocks disclosed for Krump in BRO materials | None identified |
Expertise & Qualifications
- Deep P&C insurance expertise across underwriting, claims, personal and commercial lines; international leadership and operational experience .
- Recommended by CEO for Board (monitor perceived independence, though Board determined formal independence) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | As of |
|---|---|---|---|
| Paul J. Krump | 1,407 | <1% | March 3, 2025 |
Additional alignment policies:
- Director stock ownership guideline: accumulate BRO stock valued at ≥5× the annual cash retainer within 5 years of joining the Board (company-wide average for non-employee directors was 47× retainer as of 12/31/2024) .
- Anti-hedging and anti-pledging: Hedging prohibited; pledging prohibited for directors and for stock held under ownership requirements .
Shareholder Voting & Engagement
| Item | Outcome | Details |
|---|---|---|
| Director election (2024) | Strong support | Krump received 242,182,336 For; 400,249 Withheld; 20,411,378 broker non-votes |
| Say-on-Pay (2024) | Approved | 228,748,624 For; 10,177,711 Against; 3,656,232 Abstain; 20,411,396 broker non-votes ; prior proxy noted ~94% support of votes cast the prior year |
Governance Assessment
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Strengths:
- Domain expertise aligned with BRO’s acquisition-focused model; serves as Acquisition Committee Chair and contributes to Audit Committee risk oversight .
- Formal independence under NYSE standards; no related-party transactions involving Krump disclosed .
- Strong reelection support in 2024, indicating investor confidence .
- Board practices include regular executive sessions; committee meetings open to all directors; robust director ownership guidelines and anti-hedging/pledging policy .
-
Monitoring points / potential red flags:
- Appointment “recommended by Chief Executive Officer”; while independence was affirmed, this is a perception risk to monitor relative to board dynamics and oversight rigor .
- Disclosed beneficial ownership of 1,407 shares as of 3/3/2025; directors are required to reach ≥5× retainer within five years—compliance status for Krump not disclosed (monitor progress over time) .
-
Compensation structure signals:
- Cash retainer plus fully vested equity aligns director interests with shareholders; no meeting fees that could skew incentives; chair retainer reflects added workload/responsibility .
- No performance-based director pay avoids metric gaming and preserves independence, consistent with best practice .
-
Shareholder sentiment:
- Strong director election result and favorable say-on-pay vote support the overall governance and pay program at BRO .