Peter C. Enns
ChubbAbout Peter C. Enns
Peter C. Enns is Executive Vice President, Chubb Group and Chief Financial Officer, responsible for all aspects of Chubb’s global finance organization; he joined Chubb in 2021 and was appointed CFO effective July 1, 2021 . He holds an MBA (Finance and Accounting) from Wharton, an HBA from Western University, and is a Chartered Financial Analyst . Company performance metrics underpinning executive pay include core operating ROE, core operating return on tangible equity, P&C combined ratio, and tangible book value per share growth; across 2021–2024 Chubb delivered improving underwriting results with combined ratio moving from 89.1% (2021) to 86.6% (2024), and tangible book value per share growth of 7.6% (2021), -20.4% (2022), 21.3% (2023), 14.1% (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs | Chairman & CEO, Goldman Sachs Canada | 2014–2017 | Led Canadian franchise; senior coverage roles across Financial Institutions Group (FIG) nationally and globally . |
| Goldman Sachs | Head, Asia FIG | 2010–2014 | Ran FIG coverage across Asia; deepened cross-border capital and advisory capabilities . |
| Goldman Sachs | Partner, U.S. FIG | 2006–2010 | Senior FIG coverage in U.S.; originated strategic financings and M&A . |
| HSBC | Global Head, Financial Institutions Group | 2018–2018 | Led global FIG coverage; repositioned client strategy . |
| HSBC | Global Co-Head, Corporate Finance Coverage | 2018–2020 | Co-led coverage across sectors, integrating advisory and financing . |
| HSBC | Global Co-Head, Investment Banking Coverage | 2018–2020 | Co-led global origination across IB platform . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in proxy | — | — | No external public company directorships disclosed for Enns in CB’s proxy . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary (USD) | $880,000 | $895,385 | $900,000 |
| Cash Bonus (USD) | $1,528,000 | $1,764,000 | $1,893,000 |
| All Other Compensation (USD) | $252,138 | $294,501 | $320,469 |
| Total Compensation (USD) | $4,928,136 | $5,554,085 | $6,238,572 |
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Base salary increased to $1,000,000 for 2025 .
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Perquisites and other personal benefits detail: | Item | 2022 | 2023 | 2024 | |---|---:|---:|---:| | Housing Allowance | $144,000 | $144,000 | $144,000 | | Private Aircraft Usage | $107 | — | — | | Misc. Other Benefits (incl. club, financial planning, tax services) | $28,831 | $69,916 (Tax services $50,488) | $95,469 (Tax services $70,605) | | Retirement Plan Contribution | $79,200 | $80,585 | $81,000 |
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Nonqualified deferred compensation: | Item | Last FY Contributions (Exec) | Last FY Contributions (Registrant) | Aggregate Earnings (Last FY) | Aggregate Balance at FYE | |---|---:|---:|---:|---:| | Peter C. Enns | $67,000 | $49,950 | $32,745 | $478,752 |
Performance Compensation
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Annual equity awards (performance-based PSUs/PSAs): | Grant Date | Type | Target Shares | Max Shares | Grant-Date Fair Value (USD) | |---|---|---:|---:|---:| | Feb 26, 2024 | PSUs/PSAs | 12,263 | 24,526 | $3,125,103 | | Mar 3, 2025 (for 2024 performance) | PSUs/PSAs | 11,737 | 23,474 | $3,400,092 |
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Vesting schedules: | Award Type | Vesting Term | Specific Upcoming Vest Dates and Amounts | |---|---|---| | RSAs/RSUs | 25% per year over 4 years | 4/01/2025: 3,396 shares (unvested stock) ; 2/24/2026: 564 shares (unvested stock) . | | Stock Options | 33% per year over 3 years | 2/24/2025: 4,018 options unexercisable vest . | | PSUs/PSAs | 3-year cliff, subject to operating metrics; Premium Award subject to TSR modifier | Outstanding unearned PSUs/PSAs at 12/31/2024: 31,511 units . |
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2024 vesting activity: | Item | Shares | Value Realized (USD) | |---|---:|---:| | Shares vested (restricted & performance) | 13,511 | $3,548,371 | | Options exercised | — | — |
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Performance metrics governing equity awards (company-level): | Metric | Application | Measurement Period | |---|---|---| | Tangible book value per share growth | Core vesting metric for performance equity | Three-year performance period . | | P&C combined ratio | Core vesting metric for performance equity | Three-year performance period . | | Total shareholder return (TSR) | Modifier for Premium Award vesting | Three-year performance period . |
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Common Shares Beneficially Owned | 5,576 |
| Common Shares Subject to Options (exercisable within 60 days of 3/21/2025) | 27,153 |
| Restricted Common Shares (voting power, not disposed) | 23,208 |
| Ownership as % of Outstanding | <1% (for each individual as disclosed) |
| Unexercised Options Outstanding | 15,095 @ $158.99 exp. 04/01/2031; 8,040 exercisable + 4,018 unexercisable @ $199.03 exp. 02/24/2032 |
| Unvested Stock Awards (Not Vested) | 4,525 shares; market value $1,250,258 at $276.30/share |
| Unearned PSUs/PSAs (Not Vested) | 31,511 units; payout value $8,706,489 at $276.30/share |
| Executive Stock Ownership Guidelines | NEOs must hold 4x base salary; all NEOs in compliance |
| Hedging/Pledging | Hedging prohibited; no new pledging since 2017; no pledging disclosed for Enns (only CEO pledging noted) |
Employment Terms
- Start and role: Joined Chubb in 2021; appointed CFO effective July 1, 2021 .
- Sign-on/make-whole equity (2021): Special grant valued at $3,680,000 comprised of $2,160,000 time-based restricted stock, $920,000 performance shares, $600,000 stock options (as buyout of forfeited awards at prior employer) .
- Non-compete: Swiss Executive Management have non-compete agreements; severance plan terminated for Executive Management; employment agreements to allocate work and compensation across jurisdictions (US/Bermuda/Switzerland) .
- Severance and change-in-control economics (as of 12/31/2024): | Scenario | Cash Severance | Medical Continuation | Accelerated & Continued Equity Value | |---|---:|---:|---:| | Separation without cause | $5,256,667 | $42,005 | $6,878,951 (at $276.30/share) | | Change in control | — | — | $10,267,218 (at $276.30/share) | | Death or disability | — | — | $10,267,218 |
- Change-in-control treatment: Double trigger for equity awards .
- Clawbacks: NYSE-compliant recoupment of erroneously awarded incentive-based compensation; additional misconduct clawback for cash and equity (vested/unvested) causing material financial or reputational harm .
- Insider trading policy: Global restrictions incl. preclearance for executives, 10b5-1 plan pre-approval, hedging prohibitions .
Performance & Track Record (Company metrics used in compensation context)
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Core operating ROE (%) | 9.9 | 11.1 | 15.4 | 13.9 |
| Core operating return on tangible equity (%) | 15.3 | 17.0 | 24.2 | 21.6 |
| P&C combined ratio (%) | 89.1 | 87.6 | 86.5 | 86.6 |
| Tangible book value per share growth (%) | 7.6 | -20.4 | 21.3 | 14.1 |
- 2024 compensation decisions for Enns reflected overall Company outperformance and individual execution on complex balance sheet and income statement objectives; base salary +11.1%, bonus +7.3%, long-term equity award +8.8% .
Compensation Governance and Peer Benchmarking
- Pay mix and philosophy: Significant at-risk pay; 100% of NEO annual equity awards are performance-based; equity awards typically 1.5–2.5x annual cash bonus to emphasize long-term alignment .
- Peer groups: CEO compensation benchmarked to CEO peer group; NEOs benchmarked to insurance peers and survey data; financial performance assessed vs a separate Financial Performance Peer Group .
- Say-on-pay: 94.3% approval at 2024 AGM under U.S. SEC requirements .
Investment Implications
- Strong pay-for-performance alignment: Enns’ annual equity awards are fully performance-based with three-year cliff vesting tied to tangible book value per share growth and combined ratio; TSR only modifies Premium Awards, reducing short-termism and anchoring compensation to underwriting discipline . This structure supports long-term shareholder alignment and mitigates risk-taking incentives .
- Near-term supply/vesting calendar: Material vest events in 2025–2027 include PSUs/PSAs vest confirmation cycles and RSU tranches (e.g., 2/24/2025 options tranche; 4/01/2025 RSU tranche), plus sizable unearned PSUs/PSAs (31,511 units) that could convert subject to performance; monitor windows for potential selling pressure around vest dates and preclearance periods .
- Ownership and retention: Enns is in compliance with mandatory 4x salary ownership guidelines and must retain 50% of net shares until reaching the guideline; new pledging is prohibited, and hedging is disallowed—factors that constrain discretionary selling and support retention .
- Downside/change-in-control risk: Cash severance (no CI cash) plus double-trigger equity treatment limit windfall risk and tie change-in-control outcomes to actual termination; estimated accelerated equity values at CI were $10.27M as of 12/31/2024, signaling meaningful equity at risk contingent on continued service/performance .
- Execution credentials: 30+ years in finance/investment banking across Goldman Sachs and HSBC, and CFO oversight of accounting, reporting, treasury, actuarial and tax functions, suggest robust capital markets and risk management capability—fit with Chubb’s multi-year performance framework .
Overall, Enns’ compensation profile emphasizes long-term, performance-based equity with limited cash severance protection and stringent ownership/anti-hedging policies, pointing to strong alignment and moderate forced-selling risk concentrated around scheduled vesting events .