Gail Van Beveren
About Gail Van Beveren
Everest Group’s Executive Vice President and Chief Human Resources Officer; age 62; 38 years at the company. She oversees global talent acquisition, retention, development, compensation/benefits, engagement surveys, and serves as an executive sponsor of the DEI Council; she holds a B.S. in Economics and an M.S. in Business Economics from Rutgers University and a CPCU designation . During her tenure, company performance included Gross Written Premium (GWP) growth of 19.2% in 2023 and 9.1% in 2024; Net Operating Income ROE of 23.1% in 2023 and 9.0% in 2024; and TSR of 26.5% (2023) and 9.2% (2024) as defined by the company .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Everest Group | EVP & CHRO | n/a (current) | Leads global HR strategy (talent acquisition, retention, development, compensation/benefits), executive sponsor of DEI, global engagement surveys |
| Everest Group | SVP, Human Resources | n/a | Increasing responsibility in HR leadership |
| Everest Group | VP, Human Resources | n/a | HR leadership roles across functions |
| Everest Group | Business Systems Analyst (IT) | n/a (entry) | Early career in technology; foundation for later HR operating insights |
External Roles
No external directorships or outside public company roles disclosed .
Fixed Compensation
| Metric | 2023 |
|---|---|
| Base salary (USD) | $468,000 |
| All Other Compensation (USD) | $100,547 (life/umbrella/LTD insurance, company match/discretionary contributions, dividends on restricted shares, etc.) |
| Pension/SERP present value (as of 12/31/2023) | Retirement Plan PVAB: $2,379,099; 37.70 years credited service |
Notes:
- Participates in Supplemental Savings Plan; 2023 company contributions $48,723; aggregate balance $432,384 at year-end 2023 .
Performance Compensation
Annual Incentive (Cash)
| Item | 2023 |
|---|---|
| Target bonus (% of base) | 100% |
| Actual bonus (USD) | $550,000 |
| Determinants | Company performance (Operating ROE >23% in 2023), Shared Services bonus funding, individual goals (e.g., global HR support for international expansion; culture/behavior standards; expanded career development) |
Annual incentive structure for NEOs: 60% company financial (Adjusted Operating ROE) and 40% individual performance; Ms. Van Beveren participated in the Company’s Annual Incentive Plan (not the Executive Incentive Plan) but was still assessed on Company and individual goals .
Long-Term Incentives (Equity)
| Grant year | Time-vested RSUs (USD) | Performance Share Units (USD) | Vesting/metrics |
|---|---|---|---|
| 2023 | $535,000 | $265,000 | RSUs: 20%/yr over 5 years; PSUs: 3-year program with annual Operating ROE tranches and TSR measures vs targets and relative to peers (0–175% payout) |
| 2024 program features (for NEOs) | n/a | n/a | From 2024 grants: RSUs vest 33 1/3%/yr over 3 years; PSUs: 50% Net Operating Income ROE, 25% TSR vs target, 25% relative TSR over 3 years; maximum payout raised to 200%; dividend equivalents accrue on PSUs in proportion to vesting |
PSU performance framework (company-wide):
- Annual Operating/Net Operating Income ROE tranches (50% weighting) with targets set each year
- Annual TSR against target (25%) and 3-year relative TSR vs peer median (25%); 0–175% (moving to 200% for 2025 grants)
Equity Ownership & Alignment
| Ownership item | Detail |
|---|---|
| Total beneficial ownership | 13,825 shares as of March 18, 2024 |
| Included restricted shares | Includes 223 + 4,009 restricted shares from 2020 Plan (part of beneficial total) |
| PSUs and RSUs outstanding (12/31/2023) | RSUs unvested: 4,171 shares ($1,474,782); PSUs unvested (target basis): 1,314 shares ($464,693) at $353.58/share |
| Ownership as % of shares outstanding | ~0.028% (13,825 / 48,760,131 shares outstanding as of 3/18/2024) |
| Stock ownership guidelines | CEO 6x salary; other EVPs/NEOs 3x salary; for 2023, all NEOs were in compliance |
| Hedging/pledging | Prohibited by policy; anti-hedging rules and no pledging of company stock |
| Dividends on RSUs | Dividends paid during restricted period |
Employment Terms
- Employment agreement: none disclosed for Ms. Van Beveren; she is covered by the Everest Reinsurance Company Severance Plan (US) .
- Severance (involuntary due to reorg/elimination): cash severance equal to 52 weeks of base pay plus earned vacation; other plan terms per Severance Plan .
- Change-in-Control (Senior Executive CIC Plan): double-trigger; cash severance equals 2.0x average salary+bonus over prior 3 years; full vesting of restricted shares (PSUs governed by award agreements), 2 years of medical/dental benefits, and “special retirement benefits” (no excise tax gross-ups; “Best Net” reduction if needed) .
- Clawback policy: updated to comply with SEC/NYSE; applies to current/former Section 16 officers and to misconduct; covers incentive-based compensation including equity .
- Anti-hedging: prohibitions on shorting, derivatives, and certain transactions; options not broadly granted to executives (equity is RSUs/PSUs) .
Performance & Track Record (Company-level context)
| Metric | 2023 | 2024 |
|---|---|---|
| Gross Written Premium (GWP) | $16.6B; +19.2% YoY | $18.2B; +9.1% YoY (comparable basis) |
| Combined Ratio | 90.9% (attritional 87.6%) | 102.3% (attritional 87.6%) |
| Net Income | $2.5B | $1.4B |
| Net Operating Income ROE | 23.1% | 9.0% |
| TSR (company definition) | 26.5% | 9.2% |
Compensation Structure Analysis
- Pay mix and alignment: For 2023, CHRO pay combined cash (base+bonus) with meaningful equity (RSUs+PSUs), with performance weighting through Operating ROE and TSR constructs to align with long-term value creation .
- Shift in equity mix: Company-wide, starting in 2024/2025 program design, increased PSU rigor (50% of long-term incentives; max payout to 200%) and shorter RSU vesting (3 years), intensifying performance leverage and reducing time-to-vesting risk .
- No options/repricings; anti-hedging and no pledging policies; clawback broadened; no single-trigger CIC; no excise tax gross-ups (“Best Net”)—shareholder-friendly features .
Risk Indicators & Red Flags
- Section 16 filings: Forms 3 for Ms. Van Beveren and Mr. Anzaldua were filed late due to administrative oversight (company belief all other reports timely) .
- Hedging/pledging: Prohibited (reduces misalignment risk) .
- Say‑on‑Pay support: 94.17% (2023) and 93% (2024), indicating broad shareholder approval of pay practices .
Compensation Peer Group (Benchmarking)
Peer set used for benchmarking includes: AIG, Arch Capital, Axis Capital, Chubb, Cincinnati Financial, CNA Financial, Hanover Insurance, Markel, RenaissanceRe, The Hartford/W.R. Berkley (minor naming variations across years) .
Equity Vesting & Potential Selling Pressure
- RSUs: legacy grants vest 20% annually over 5 years; from 2024, new RSUs vest 33 1/3% annually over 3 years—creating predictable annual release of shares that could drive scheduled Form 4 activity around vest dates (subject to company trading policies) .
- PSUs: settle after 3-year performance period with annual ROE tranche “banking” and cumulative relative TSR component; realized shares depend on performance (0–175%, moving to 200% maximum for 2025 awards) .
Equity Ownership Snapshot (as of YE2023/March 2024)
| Item | Value |
|---|---|
| Beneficial shares (3/18/2024) | 13,825 |
| Unvested RSUs (12/31/2023) | 4,171 ($1,474,782 at $353.58) |
| PSUs outstanding (target; 12/31/2023) | 1,314 ($464,693 at $353.58) |
| Shares outstanding (3/18/2024) | 48,760,131 |
| Ownership % | ~0.028% (derived from above) |
| Pledged shares | None permitted (policy prohibits pledging) |
Employment Terms – Detailed
| Topic | Summary |
|---|---|
| Severance (non‑CIC) | 52 weeks of pay if terminated due to office/division/department closure or role elimination (Severance Plan) |
| CIC (Senior Executive CIC Plan) | Double trigger; 2.0× average salary+bonus (prior 3 years), restricted shares vest, medical/dental benefits continue for 2 years, special retirement benefits; “Best Net” cut if needed; PSUs handled under award terms |
| Clawback | SEC/NYSE compliant; applies to current/former Section 16 officers; incentive comp recoverable for restatements and for willful misconduct (includes equity) |
| Anti‑hedging/pledging | Prohibited |
Say‑on‑Pay & Shareholder Feedback
| Year | Support |
|---|---|
| 2023 | 94.17% approval |
| 2024 | 93% approval |
Investment Implications
- Alignment: CHRO compensation combines salary with performance‑linked PSUs and company‑level metrics (Operating/Net Operating Income ROE, TSR), reinforcing long‑term value creation and human‑capital execution—key for talent‑intensive (re)insurance underwriting cycles .
- Retention and overhang: RSU and PSU balances are moderate relative to float (ownership ~0.03%); predictable vesting cadence may create periodic sales but no pledging is allowed, mitigating forced‑sale risk .
- Governance quality: Strong shareholder‑friendly features (double‑trigger CIC, no tax gross‑ups, anti‑hedging/pledging, refreshed clawbacks) and high say‑on‑pay support lower governance risk and suggest low pay‑for‑performance controversy risk .
- Company fundamentals backdrop: 2023 results were exceptional (GWP +19.2%, ROE 23.1%, TSR 26.5%); 2024 normalized with lower ROE and higher combined ratio amid catastrophe activity. Incentive structures maintain discipline across cycles, but near‑term results can influence realized PSU payouts and vesting value .