Alan Hirst
About Alan Hirst
Alan D. Hirst, 53, is Chief Information Officer of GBLI since July 2021, with 20+ years of senior IT experience across hedge funds, specialty insurers, and global banks (The Hartford, AXIS Capital, Morgan Stanley, S.A.C. Capital Advisors). He holds a B.S. in Computer Science, Business Management & Language from the University of York . Company performance tied to executive pay emphasizes underwriting income, gross written premiums, and the ratio of actual to planned GWP; in 2024, GBLI reported Net Income of $43.241M and Underwriting Income of $17.822M, and a $100 investment in GBLI was valued at $138 vs $179 for the NASDAQ Insurance Index peer group, underpinning a strict pay-versus-performance framework .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Hartford | Senior IT professional | — | Senior IT leadership in P&C insurance operations |
| AXIS Capital | Senior IT professional | — | Technology leadership within specialty insurance |
| Morgan Stanley | Senior IT professional | — | Enterprise IT roles in global banking |
| S.A.C. Capital Advisors | Senior IT professional | — | Hedge fund technology and infrastructure |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus ($) | Bonus Earned ($) | Payment Timing | All Other Compensation ($) |
|---|---|---|---|---|---|
| 2024 | 400,000 | 200,000 | 195,000 | Paid Q1 2025 | 20,988 (401(k) match $20,700; life insurance premium $288) |
Additional “Bonus ($)” of $161,936 reflects time-vesting BVRs granted prior to 2024 that vested and settled in cash in 2024 .
Performance Compensation
Annual Cash Bonus Metrics (2024)
| Metric | Weight (%) | Threshold ($) | Target ($) | Maximum ($) | Actual ($) | Payout ($) | Vesting |
|---|---|---|---|---|---|---|---|
| Consolidated Actual Adjusted Accident Year Underwriting Income | 50 | 16,403,000 | 32,806,000 | 39,367,000 | 33,400,000 | 195,000 | Cash paid Q1 2025 |
| Ratio of Actual to Planned Gross Written Premiums | 20 | 200,600,000 | 401,200,000 | 481,440,000 | 399,976,000 | 195,000 | Cash paid Q1 2025 |
| Expense and Budget Management | 15 | — | — | — | — | 195,000 | Cash paid Q1 2025 |
| Service Quality | 15 | — | — | — | — | 195,000 | Cash paid Q1 2025 |
Committee may adjust payouts up/down for individual performance; 2024 NEO bonuses reflect such discretion .
Long-Term Incentives (Options)
| Grant Date | # Options | Exercise Price ($/sh) | Expiration | Vesting Schedule | Grant Date Fair Value ($) | CIC Acceleration Value ($) |
|---|---|---|---|---|---|---|
| 03/06/2024 | 50,000 | 30.00 | 03/06/2029 | 1/3 on 03/06/2025; 1/3 on 03/06/2026; 1/3 on 03/06/2027 | 292,000 | 300,000 (based on $36 vs $30) |
SEC 402(x) disclosure shows -4.17% price change around award disclosure for the 03/06/2024 grants .
Long-Term Incentives (BVRs – 2024 Opportunity Granted March 2025)
| Grant Date | Award Type | Granted BVR ($) | Vesting Schedule | Performance Condition | Settlement |
|---|---|---|---|---|---|
| March 2025 | BVRs indexed to Belmont Holdings GX, Inc. | 200,000 | 16.5% Yr1; 16.5% Yr2; 17% Yr3; 50% tied to 4-year goals | 50% tranche contingent on Belmont consolidated policy-year combined ratio over 4 years | Cash or Class A Common Shares |
Eligibility formula: grant date fair value based on GBLI underwriting income ≥ 80% of target; 2024 threshold met .
Legacy Time-Vesting BVRs (Settled in 2024)
| Year of Settlement | Cash Settlement ($) | Source |
|---|---|---|
| 2024 | 161,936 | Prior grants that time-vested and settled in cash |
Equity Ownership & Alignment
| As-of Date | Class A Shares Beneficially Owned | Ownership % of Class A | Notes |
|---|---|---|---|
| April 14, 2025 | 16,666 | <1% | Includes 16,666 issuable upon exercise of currently exercisable options or those exercisable within 60 days |
- Options status:
- Exercisable: 16,666 as of April 14, 2025 (one-third vested 03/06/2025) .
- Unexercisable: 33,334 remaining, vesting on 03/06/2026 and 03/06/2027 .
- Insider trading and alignment policies: Prohibits pledging, short sales, margin purchases, and trading in options; 10b5-1 plans permitted with legal approval .
- Stock ownership guidelines: Not formally established; company expects significant personal ownership and may consider adopting guidelines .
- Form 3: Initial statement filed March 2024 reported no beneficial ownership at that time .
Employment Terms
| Item | Status / Terms |
|---|---|
| Employment agreement | At-will; no employment, severance, or separation agreement (Hirst not party to any) |
| Termination without cause / Good reason | — (no specific severance listed for Hirst) |
| Change-in-control (single trigger) | $300,000, representing option acceleration value at $36 vs $30 exercise price |
| Clawback policy | Adopted; recovers erroneously awarded incentive comp after restatements within last 3 fiscal years |
| Pension/SERP | None; NEOs participate in 401(k) with matching |
| Life insurance coverage | $300,000 |
Investment Implications
- Pay-for-performance alignment is clear: Hirst’s 2024 cash bonus tied 50% to underwriting income and 20% to GWP plan attainment; actual underwriting income exceeded target ($33.4M vs $32.8M), while GWP was ~99.7% of plan ($399.98M vs $401.2M), yielding a $195,000 payout . Strong say-on-pay support (>99% in 2023) suggests investors accept GBLI’s compensation design .
- Retention and timing risk: Multi-year vesting across 2026 and 2027 for options and a performance-gated 50% BVR tranche over four years create ongoing retention hooks; absence of a personal employment agreement increases at-will mobility, but equity cadence may anchor tenure .
- Trading signals: Options with $30 strike were valued for CIC using a $36 closing price, implying in-the-money status and potential exercise/monetization near vesting dates; watch March 6, 2026 and March 6, 2027 as potential liquidity windows .
- Alignment safeguards: Prohibitions on pledging/margin/shorts reduce misalignment risk; while formal ownership guidelines are not yet adopted, beneficial ownership reflects vested options rather than significant shareholdings (<1%) .
- Performance backdrop: 2024 Net Income ($43.241M) and Underwriting Income ($17.822M) improved amidst TSR of 138 vs peer 179, supporting focus on underwriting profitability in incentive design .