William Balderston
About William Balderston
William Balderston V is Senior Vice President, InsurTech & Chief Marketing Officer at Global Indemnity Group, LLC (GBLI). He has served as Chief Marketing Officer since October 2022 and President of GBLI’s InsurTech business since March 2023; age 43; B.A. in Economics Management (Ohio Wesleyan University) and MBA (Endicott College) . Company performance during his tenure includes 2024 “Compensation Actually Paid” disclosure that references net income of $43.241 million and a GBLI TSR index value of 138 (baseline $100 at 12/31/2019), indicating improvement vs. 2023 (TSR 124); underwriting income used in the pay-versus-performance table was $17.822 million for 2024 . His 2024 bonus metrics tied to underwriting income and InsurTech growth targets, all of which were met or exceeded (see Performance Compensation) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Victor Insurance Holdings (Victor O. Schinnerer & Co.) | Managing Director & Global Head of Sales & Distribution; Senior Vice President & Head of Sales & Distribution | Not disclosed | Led global distribution and sales, relevant to GBLI’s InsurTech go-to-market |
| USLI | Assistant Vice President, Business Development | 2011–2014 | Producer/broker development and growth initiatives |
| Philadelphia Insurance Companies | Various roles | 2006–2011 | Commercial P&C distribution and underwriting exposure |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Not disclosed | — | — | No public company directorships or external board roles disclosed |
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base salary rate ($) | $350,000 | $400,000 | Salary rates approved March 2024 |
| Salary actually paid ($) | Not disclosed | $388,462 | 2024 Summary Compensation Table |
| Target annual cash bonus ($) | Not disclosed | $200,000 | Threshold $100,000; Max $240,000 |
| All other comp ($) | Not disclosed | $19,903 (401k match $19,615; life insurance $288) | Perquisites minimal |
Performance Compensation
2024 Annual Cash Bonus – Plan Design and Outcomes (Balderston)
| Metric | Weight (%) | Threshold ($) | Target ($) | Maximum ($) | Actual ($) | Payout (Cash) | Vesting |
|---|---|---|---|---|---|---|---|
| Consolidated Actual Adjusted Accident Year Underwriting Income | 50 | 16,403,000 | 32,806,000 | 39,367,000 | 33,400,000 | ||
| InsurTech Actual Adjusted Accident Year Underwriting Income | 32.5 | 4,281,000 | 8,561,000 | 10,273,000 | 8,578,000 | ||
| InsurTech Actual Gross Written Premiums | 17.5 | 27,900,000 | 55,800,000 | 66,960,000 | 56,358,000 | ||
| Total earned in respect of 2024 | $200,000 | Cash; paid Q1’25 |
Notes:
- Committee retained discretion to adjust based on individual performance; 2024 earned cash bonus for Balderston was $200,000 .
2024 Long-Term Incentive (granted March 2025) – Book Value Rights (BVRs)
| Element | Detail |
|---|---|
| Vehicle | Book Value Rights (BVRs) indexed to Belmont Holdings GX, Inc.; settled in cash or Class A Common Shares |
| Grant value (Balderston) | $200,000 (for 2024 performance; granted March 2025) |
| Vesting | 16.5% on 1st anniversary; 16.5% on 2nd; 17% on 3rd; 50% based on achievement of Belmont consolidated policy year combined ratio goals over 4 years |
| Performance condition | 2024 LTI eligibility required GBLI consolidated accident year underwriting income ≥ 80% of target |
Stock Options
| Grant date | Securities | Exercise price | Expiration | Vesting schedule | Status as of 4/14/2025 |
|---|---|---|---|---|---|
| 03/06/2024 | 50,000 options | $30.00 | 03/06/2029 | 1/3 on 03/06/2025; 1/3 on 03/06/2026; 1/3 on 03/06/2027 (continued employment) | 16,666 vested; 33,334 unvested |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 16,666 Class A Common Shares (includes options exercisable within 60 days) – under 1% |
| Options – exercisable/unexercisable | 16,666 exercisable; 33,334 unexercisable out of 50,000 |
| Ownership guidelines | No formal executive ownership guidelines currently; company may consider adopting in future |
| Hedging/pledging | Insider Trading Policy prohibits margin, short sales, options trading, and pledging of company securities |
| Trading plans | Rule 10b5-1 plans permitted with legal pre-approval |
Employment Terms
| Term | Balderston |
|---|---|
| Employment status | At-will (no employment, severance, or separation agreement) |
| Severance (termination without cause/good reason) | None (not entitled to payments) |
| Change-in-control (single-trigger) | Outstanding BVRs and options vest; estimated option acceleration value $300,000 at 12/31/2024 (based on $36 price less strike) |
| Clawback | Dodd-Frank compliant clawback policy covering erroneously awarded incentive compensation over prior 3 completed fiscal years after restatement |
| Non-compete/Non-solicit | Not specified for Balderston; at-will without special post-termination covenants disclosed |
Performance & Track Record Indicators
| Indicator | 2024/Recent |
|---|---|
| Pay-versus-performance anchors | GBLI TSR index: 138 (2024) vs 124 (2023) vs 89 (2022); Net income: $43.241m (2024); Underwriting income (as defined in PVP): $17.822m (2024) |
| Bonus metrics attained (Balderston) | Company “Adjusted Accident Year Underwriting Income” actual $33.4m vs $32.806m target; InsurTech AAUWI actual $8.578m vs $8.561m target; InsurTech GWP actual $56.358m vs $55.8m target |
| Segment and corporate momentum (illustrative) | Corporate GWP planning ratio and underwriting outcomes formed majority of bonus weighting; all metrics met or exceeded for 2024 bonus |
Compensation Structure Analysis
- Mix skews toward performance: 2024 comp comprised salary ($388k), options grant-date fair value ($292k), cash bonus ($200k), limited perquisites; no time-vested RSUs were granted for 2024 performance, and BVRs were granted in March 2025 with multi-year vesting/performance condition .
- Shift toward options and BVRs: 50,000 options at $30 (1/3 annual vest); LTI BVRs add a four-year vest/performance component, increasing retention linkage and alignment with underwriting discipline .
- Discretion used in cash bonuses, but metrics-driven: Committee could adjust up/down; Balderston earned $200k with corporate and InsurTech metrics delivered at or above target .
- Governance mitigants: Robust insider trading policy bans pledging/hedging; formal clawback adopted per NYSE standards .
Risk Indicators & Red Flags
- Severance risk: At-will with no severance protections may elevate retention risk versus peers who offer protection; however, multi-year options and BVRs mitigate via future value at risk .
- Change-of-control economics: Single-trigger acceleration on options and BVRs; Balderston’s option acceleration value estimated $300k at 12/31/2024 pricing—modest relative to total equity pool .
- Related-party/Control environment: GBLI is a controlled company (Fox Paine entities ~84% voting power), exempt from certain NYSE independence requirements; compensation and conflicts overseen by committees, with say-on-pay support >99% (2023) .
Director/Governance Items (Context)
- Say-on-Pay: Over 99% approval in 2023; triennial frequency adopted .
- Compensation peer context: Uses a peer data set for reference (not strict benchmarking); emphasizes performance pay .
Investment Implications
- Alignment: Balderston’s incentives are tightly coupled to underwriting income and InsurTech premium growth—key value levers for E&S and specialty segments—supporting pay-for-performance alignment .
- Retention and selling pressure: No severance protection implies some retention risk; however, the 50,000 options (vesting 2025–2027) and 2025 BVRs with 4-year vesting/performance cap create meaningful deferred value. Potential selling pressure from the 16,666 options that vested in March 2025 is limited by small size and the company’s insider trading policy constraints .
- Ownership: Beneficial ownership is modest (<1%), but option overhang and BVR structure encourage multi-year value creation; pledging/hedging bans reduce misalignment risk .
- Change-in-control: Acceleration provides upside but is not excessive; single-trigger terms emphasize transaction alignment without outsized parachutes for this role .