Scott Lindquist
CNA FINANCIALAbout Scott Lindquist
Scott R. Lindquist is Executive Vice President and Chief Financial Officer of CNA Financial, serving as CFO since February 2022; he is 61 years old and previously served as CFO of Farmers Group, Inc. from 2008 to 2021, with a brief retirement and senior advisor stint in 2021 before joining CNA in January 2022 . Under CNA’s CI-based pay-for-performance framework, the company achieved CI of $1.324 billion in 2024 versus a $1.268 billion target (committee-approved achievement 103%), while reported Net Income was $959 million; CNA’s cumulative TSR translated to $155 on an initial $100 investment over 2019–2024 versus peer group $239, contextualizing performance against pay outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CNA Financial Corporation | Executive Vice President (pre-CFO) | Jan 2022–Feb 2022 | Transitioned into CFO role, principal financial officer for filings thereafter |
| Farmers Group, Inc. | Chief Financial Officer | Feb 2008–Apr 2021 | Led finance function; concluded tenure with subsequent senior advisor role |
| Farmers Group, Inc. | Senior Advisor to CEO | Apr 2021–Sep 2021 | Advisory capacity prior to retirement |
| — | Retired | Sep 2021–Jan 2022 | Interim period prior to joining CNA |
External Roles
No current public-company directorships or external committee roles are disclosed for Lindquist in CNA’s filings. He serves internally on CNA’s ESG Steering Committee in his capacity as CFO .
Fixed Compensation
Multi-year compensation (as disclosed in Summary Compensation Table):
| Metric ($USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $684,295 | $737,500 | $772,500 |
| Stock Awards (Grant-Date Fair Value) | $1,364,990 | $1,399,994 | $1,687,479 |
| Non-Equity Incentive Plan Compensation (Annual Cash Bonus) | $1,600,000 | $1,870,000 | $1,870,000 |
| All Other Compensation | $147,742 | $189,070 | $211,377 |
| Total Compensation | $3,797,027 | $4,196,564 | $4,541,356 |
2024 All Other Compensation breakdown:
| Component ($USD) | 2024 |
|---|---|
| 401(k) and Deferred Compensation Savings Plan Contributions | $178,475 |
| Other (parking, financial planning, physical exam, club membership; no tax gross-ups) | $32,902 |
| Total | $211,377 |
Notes:
- None of the NEOs receive benefits under the CNA Retirement Plan or the Supplemental Employee Retirement Plan .
- CNA prohibits tax gross-ups on perquisites for NEOs .
Performance Compensation
Annual Incentive Cash (AIB) and Long-Term Performance Share Plan (PSP) are anchored to CI.
| Element | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| AIB (2024) | CI (plus individual performance factors) | Not explicitly quantified; primary basis CI with committee discretion | $1.268 billion CI target | $1.324 billion CI; committee achievement 103% | $1,870,000 paid to Lindquist | Cash; paid following committee approval (Feb 4, 2025) |
| PSP (2024 Grant) | CI (one-year performance period) | 100% CI-based | Target 38,161 PSUs; Threshold 19,080; Max 76,322 | CI achievement approved at 103% | Equity payout 0–200% of target per CI result | Three-year cliff; payout in Q1 2027; full vesting generally in March of third year post-grant |
Typical primary quantitative factors for AIB target-setting and assessment include combined ratio, expense ratio, ROE, catastrophe loss experience, legal exposures handling, and net written premium production (both corporate and role-specific) .
2024 Grants of Plan-Based Awards (equity/PSUs):
| Grant Detail | Threshold (#) | Target (#) | Max (#) | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| PSP (3/15/2024) | 19,080 | 38,161 | 76,322 | $1,687,479 |
Equity Ownership & Alignment
Beneficial ownership and outstanding unvested awards:
| Item | Amount |
|---|---|
| CNA Common Stock Beneficially Owned (as of Mar 7, 2025) | 32,652 shares; issuable upon exercise of awards currently or within 60 days |
| Unvested Stock Awards (by grant date) | 32,652 (3/15/2022); MV $1,579,377 |
| 42,182 (3/15/2023); MV $2,040,343 | |
| 39,305 (3/15/2024); MV $1,901,183 | |
| Total Unvested Units and Market Value (12/31/2024) | 114,139 units; MV $5,520,903 |
| 2024 Stock Vested | None for Lindquist |
Policies:
- No hedging and no pledging of Company securities by directors and executive officers .
- Equity compensation design emphasizes performance share awards with three-year cliff vesting; CNA does not grant stock options or SARs as part of current compensation program .
Upcoming vesting cadence and potential supply overhang:
- Awards generally vest in March of the third year following grant; thus 3/15/2022 awards vest March 2025; 3/15/2023 in March 2026; 3/15/2024 in March 2027, with PSP payout Q1 2027; dividend equivalents paid in cash at payout .
Non-Qualified Deferred Compensation (2024):
| Metric ($USD) | 2024 |
|---|---|
| Executive Contributions | $1,321,250 |
| Company Contributions | $141,438 |
| Aggregate Earnings | $383,591 |
| Aggregate Balance (12/31/2024) | $3,605,039 |
Employment Terms
- Individual employment agreements: CNA discloses no individual employment agreements for executive officers other than the CEO; Lindquist does not have a disclosed individual employment agreement .
- Severance and change-of-control: As of Dec 31, 2024, the only effective severance arrangement is with the CEO; Lindquist has no disclosed severance or change-of-control multiple. Equity would accelerate for certain separation scenarios; for death/disability on Dec 31, 2024, Lindquist’s outstanding equity awards would result in $5,520,903 payable under existing equity plans .
- Start date/tenure: EVP Jan 2022; CFO since Feb 2022 .
- Non-compete/non-solicit: Not disclosed for Lindquist (CEO agreement contains such terms) .
Performance & Track Record
Governance and certifications:
- Principal financial officer signing SOX 302 and 906 certifications for FY2024 10-K and 2025 10-Qs, indicating responsibility for disclosure controls and fair presentation of financials . Company performance context (Pay vs Performance table metrics):
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Net Income ($USD) | $690,000,000 | $1,184,000,000 | $682,000,000 | $1,205,000,000 | $959,000,000 |
| CI ($USD) | $1,049,000,000 | $1,083,000,000 | $1,201,000,000 | $1,312,000,000 | $1,324,000,000 |
| Company TSR (value of $100 initial) | $95 | $113 | $118 | $125 | $155 |
| Peer Group TSR (value of $100 initial) | $107 | $130 | $156 | $169 | $239 |
Compensation linkage:
- For 2024, CI target $1.268B and actual $1.324B drove a 103% performance achievement, aligning AIB and PSP determinations; CI definition adjusts for non-core items (e.g., LP/common equity investment variances, catastrophes vs budget, LTC-related impacts) to focus on core P&C drivers (combined ratio and underwriting premium) .
Compensation Committee Analysis
- Committee members: Michael A. Bless (Chair), Jose O. Montemayor, Don M. Randel, André Rice .
- Peer group used for competitive assessment: Allstate, American Financial, Chubb, Cincinnati Financial, Hartford, Markel, Progressive, Travelers, W.R. Berkley; total direct compensation targeted within market median range .
- Clawback policy maintained; maximum payout caps; no hedging/pledging; no dividends until vesting; no tax gross-ups on perquisites .
- Say-on-pay: 2024 Annual Meeting approved 2023 executive compensation with over 96% support .
Risk Indicators & Red Flags
- Hedging/pledging prohibited for directors and executive officers (positive alignment) .
- No tax gross-ups (shareholder-friendly) .
- No individual employment agreement or severance multiple disclosed for Lindquist (lower parachute risk) .
- Equity repricing not applicable; CNA does not currently grant options/SARs in its program .
- Potential near-term supply: March cliff vesting events can create share deliveries; 2025 vesting of 2022 grant (32,652 units) could represent transactional overhang if sold, though no 2024 vesting occurred for Lindquist .
Equity Ownership & Alignment
| Aspect | Detail |
|---|---|
| Ownership level | 32,652 shares beneficially owned (exercise-eligible awards within 60 days), plus substantial unvested awards outstanding |
| Ownership guidelines | Not disclosed; policy prohibits pledging and hedging |
| Vested vs unvested | No 2024 vesting; unvested units by grant date: 32,652 (2022), 42,182 (2023), 39,305 (2024) |
| Options/SARs | CNA’s current program does not utilize options/SARs; outstanding table shows none for Lindquist |
Employment Terms
| Term | Lindquist |
|---|---|
| Employment start (CNA) | Exec VP Jan 2022; CFO since Feb 2022 |
| Contract term | No individual employment agreement disclosed (CEO only) |
| Severance | No disclosed severance multiple; only CEO has severance arrangement |
| Change-of-control | Not disclosed for Lindquist; equity treatment per plan terms |
| Non-compete/non-solicit | Not disclosed for Lindquist; CEO agreement contains such terms |
Investment Implications
- Pay-for-performance alignment: Lindquist’s variable pay is driven primarily by CI, which focuses on core P&C profitability (combined ratio, underwriting premium). 2024 CI exceeded target, supporting above-target incentive outcomes; PSP payout is equity and subject to three-year cliff vesting, reinforcing long-term alignment .
- Selling pressure/overhang: No shares vested for Lindquist in 2024; however, March cliff-vesting cadence (e.g., 32,652 units from the 2022 grant vesting in March 2025) can create periodic supply—worth monitoring around vest dates and subsequent Form 4 activity to assess realized sales vs. holds .
- Retention and severance risk: Absence of individual employment agreement and severance multiple suggests lower change-of-control cost, but continued equity-based PSPs and deferred compensation balances support retention; death/disability equity payouts imply significant unvested equity value-at-risk ($5.52 million) .
- Governance and shareholder posture: Clawback, no hedging/pledging, no tax gross-ups, and strong say-on-pay support (>96%) underscore a shareholder-friendly compensation framework, limiting governance red flags tied to the CFO’s incentives .