Brian O’Reilly
About Brian O’Reilly
Brian O’Reilly (age 41) is Head of Innovations at Greenlight Capital Re (GLRE), overseeing all aspects of innovation strategy and day-to-day operations since September 2020. He previously held actuarial roles at GLRE from 2013, Accident Fund Holdings (Senior Actuarial Analyst, 2012–2013), and ICW Group (Actuarial Analyst, 2008–2012). He holds a BBA in Finance (University of Miami), a Postgraduate Diploma in Actuarial Science (University of Leicester), and is an Associate of both the Casualty Actuarial Society and the Society of Actuaries . Company performance context during his tenure includes 2024 net income of $42.8M and 7.2% growth in diluted book value per share, alongside an A.M. Best outlook upgrade to positive; pay-versus-performance TSR shows $138.48 value of a $100 investment in 2024 (peer group $224.96) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Greenlight Capital Re | Head of Innovations | Sep 2020–present | Leads Innovations strategy and operations supporting tech innovators with capital, risk capacity, and network access . |
| Greenlight Capital Re | Actuarial roles; joined Innovations at inception | 2013–2018→Mar 2018 | Early contributor; moved into Innovations upon unit’s launch to build optionality in (re)insurance opportunities . |
| Accident Fund Holdings, Inc. | Senior Actuarial Analyst | 2012–2013 | Supported pricing/reserving analytics in workers’ comp specialty . |
| ICW Group | Actuarial Analyst | 2008–2012 | Actuarial support across commercial lines . |
External Roles
No external board or committee roles disclosed for Brian O’Reilly .
Fixed Compensation
Not disclosed. Brian O’Reilly is not identified as a Named Executive Officer (NEO) in 2024–2025 proxies; detailed salary/bonus tables cover NEOs only .
Performance Compensation
| Plan/Metric | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Short-Term Incentive Plan (Company metric: Adjusted Operating Profit as % of BV) | Varies by participant; eligible employees include all full-time salaried employees | 0.0% | 6.3% | 12.6% | (1.7)% (FY2024) | 0% of company metric component (linear interpolation; below threshold) |
| Long-Term RSUs (2024 grants – performance cycle 2024–2026) Metrics: FD BVPS Growth; Combined Ratio | 65% FD BVPS; 35% Combined Ratio | FD BVPS: 12.5% → 50% vest; Combined Ratio: 99% → 50% vest | FD BVPS: 22.5% → 100% vest; Combined Ratio: 97% → 100% vest | FD BVPS: 40.5% → 200% vest; Combined Ratio: ≤94% → 200% vest | In-cycle; not yet determined | 0–200% per metric, linear interpolation |
Notes:
- STIP structure combines company and individual performance; metrics may include adjusted operating profit, growth in book value per share, TSR, underwriting ratios, expense ratio, net income; weightings differ by role and year .
- 2024 company AOP result was negative, implying zero payout on the company metric, while individual performance components can still pay based on contributions .
Equity Ownership & Alignment
- Insider trading policy prohibits hedging (e.g., collars/forwards) and pledging or margining GLRE shares; legacy pledges at adoption are grandfathered .
- Share Ownership Guidelines apply to NEOs and Directors (CEO 5x salary; other NEOs 2x; Directors 5x annual retainer); as of Dec 31, 2024, all tracked individuals were compliant subject to transition periods .
- Brian O’Reilly is not listed among NEOs/directors in the ownership table; no personal share/RSU/option disclosures are provided for him .
Employment Terms
- Current role: Head of Innovations since September 2020 .
- Contract term, base salary, target bonus %, severance/change-in-control terms: not disclosed (O’Reilly not a NEO; employment agreements summarized only for NEOs) .
- Company-level governance structures include: clawback policy compliant with Exchange Act Section 10D/Nasdaq Rule 5608 (recovers incentive comp upon restatement) , and non-compete/solicit/confidentiality restrictions in executive agreements (illustrative in NEO agreements) .
Company Performance Context (for pay–performance alignment)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income ($000s) | 25,342 | 86,830 | 42,816 |
| Growth in Fully Diluted Book Value Per Share (%) | 2.4% | 16.8% | 7.2% |
| GLRE TSR – $100 initial investment (value at year-end) | $106.61 (2020 shown for series context) | $166.31 (2023) | $138.48 (2024) |
| Peer Group TSR – $100 initial investment | $150.34 (2022) | $166.31 (2023) | $224.96 (2024) |
Additional operating metrics (2024): Combined ratio 101.4%; diluted BVPS growth 7.2%; net income $42.8M; gross written premium $698.3M; AM Best outlook revised to positive, FSR “A-” affirmed .
Revenues (multi-year)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $522,813,000* | $653,513,000* | $700,431,000* |
*Values retrieved from S&P Global.
Compensation Governance, Peer Benchmarking, and Shareholder Feedback
- Compensation consultant: Mercer; refreshed peer group (e.g., Arch, Everest, AXIS, Hiscox, RenRe, SiriusPoint, Kinsale, Employers, ProAssurance, Lancashire, etc.); benchmarking used as a reference, not determinative .
- Say-on-Pay: ≥95% approval at 2024 AGM, continued annual cadence .
- Equity plan: 2023 Omnibus Incentive Plan effective July 25, 2023; mix of time-based and performance-based awards; annual grant cadence in March post 10-K .
Investment Implications
- Pay-for-performance framework should restrain near-term cash payouts when underwriting/AOP underperform (2024 company AOP below threshold), aligning incentives to multi-year value creation (FD BVPS growth and combined ratio) .
- Hedging/pledging prohibitions reduce misalignment and forced selling risk for insiders; clawbacks mitigate restatement risk on incentive pay .
- Lack of individual disclosure for non-NEO executives (including O’Reilly) limits precision on retention risk; however, broad STIP eligibility and multi-year RSU design suggest ongoing at-risk compensation tied to underwriting excellence and book value growth .
- Company-level performance remains mixed (positive BVPS growth and net income; combined ratio >100% in 2024), implying continued emphasis on underwriting discipline within Innovations and core reinsurance; governance changes (AM Best positive outlook) support franchise stability .