Richard Strommer
About Richard Strommer
Richard Strommer, 46, is Chief Actuary of Greenlight Capital Re (GLRE), a role he has held since September 2018 after joining GLRE as Senior Actuary in May 2017. He holds a BSc in Mathematics from Imperial College London and is a Fellow of the Institute and Faculty of Actuaries (UK) . Company performance context during his current tenure: 2024 net income was $42.8 million; fully diluted book value per share grew 7.2%; the combined ratio was 101.4% due to notable loss events; adjusted operating profit (AOP) used for bonuses was -1.7% of beginning equity, yielding no company-level STIP payout for 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Greenlight Capital Re | Chief Actuary | Sep 2018–present | Leads reserving/actuarial oversight; supports underwriting and capital modeling . |
| Greenlight Capital Re | Senior Actuary | May 2017–Sep 2018 | Oversaw quarterly reserving; built internal reserve governance . |
| Ernst & Young | Managerial roles (global engagements) | Feb 2013–May 2017 | Worked on transactions, pricing, reserving, capital modeling and regulatory reporting across UK/Australia . |
| KPMG | Actuarial roles | n/a | Earlier career experience (not date-specified) . |
| Swiss Re | Actuarial (product design, pricing, reserving) | 5 years | Focused on commercial and investment-type products . |
External Roles
None disclosed in the proxy or company filings for the period reviewed .
Performance Compensation
Company program terms (relevant to Strommer as an eligible full-time salaried employee; his individual targets are not disclosed):
- Short-Term Incentive Plan (STIP): Eligible employees can earn bonuses based on company and individual performance. The Compensation Committee selected AOP as the 2024 company metric, with linear payout 0–200% vs threshold/target/maximum; actual AOP was -1.7% so company metric paid 0% in 2024 .
| 2024 Company STIP Metric | Threshold (0%) | Target (100%) | Maximum (200%) | Actual | Payout |
|---|---|---|---|---|---|
| Adjusted Operating Profit (AOP) as % of BOY equity | 0.0% | 6.3% | 12.6% | -1.7% | 0.0% |
- Long-Term Incentives (RSUs): Awards typically mix 67% performance-vesting RSUs and 33% time-vesting RSUs. Time-based RSUs vest ratably over three years; performance RSUs cliff-vest after a 3-year period based on two metrics: fully diluted book value per share (BVPS) growth (65% weight) and combined ratio (35% weight), with 0–200% payout curve and linear interpolation .
| LTI Performance Metrics (2024–2026 cycle) | Weighting | Threshold (50% vest) | Target (100% vest) | Maximum (200% vest) |
|---|---|---|---|---|
| Fully diluted BVPS growth | 65% | 12.5% | 22.5% | 40.5% |
| Combined ratio | 35% | 99.0% | 97.0% | 94.0% or less |
Governance features affecting incentives:
- Hedging/pledging prohibited for officers, directors, and employees; any pre-existing pledges at the time of policy adoption were grandfathered .
- Clawback policy covers executive incentive compensation upon a restatement; equity agreements include clawback/recoupment provisions .
Equity Ownership & Alignment
| Data point | Detail |
|---|---|
| Latest insider transaction | Mar 10, 2025: administrative forfeiture of 4,139 shares; no proceeds reported . |
| Post-transaction holdings | 66,423 shares directly after the Mar 10, 2025 filing . |
| Shares outstanding (reference for % ownership) | 34,557,449 ordinary shares outstanding as of Apr 17, 2025 . |
| Ownership as % of outstanding | ~0.19% (66,423 ÷ 34,557,449) based on the filings above . |
| Hedging/pledging status | Company policy prohibits hedging and pledging by officers, directors, and employees; no pledges disclosed for Strommer . |
| Ownership guidelines | Formal ownership multiples apply to Named Executive Officers (NEOs) and directors (CEO 5x salary; other NEOs 2x salary). Strommer is not a disclosed NEO, so guideline applicability to him is not specified . |
| Section 16 compliance | Company states no director/executive officer failed to file on a timely basis in 2024 . |
Insider activity history reference:
- Prior Form 4 (Mar 19, 2024) on SEC EDGAR for Strommer, CIK 0001963517, confirms reporting cadence and equity awards administration .
Employment Terms
- Company-level frameworks: The 2023 Omnibus Incentive Plan governs equity awards (options, RSUs, SARs). The Compensation Committee has discretion regarding vesting upon change in control; award agreements set specific acceleration terms. NEO RSU agreements generally provide automatic vesting upon death, disability or change in control; Strommer’s specific award terms are not disclosed in the proxy .
- Non-compete/non-solicit: Executive employment agreements for disclosed NEOs include restrictive covenants; no Strommer-specific agreement is included in the proxy reviewed -.
Additional Context: Company Performance Benchmarks (relevant to incentive alignment)
| Metric (FY2024) | Value |
|---|---|
| Net income | $42.8 million |
| Fully diluted BVPS growth | 7.2% |
| Combined ratio | 101.4% |
| Adjusted Operating Profit (AOP) | -1.7% of beginning equity (compensation calculation definition) |
Investment Implications
- Alignment and selling pressure: Strommer’s direct ownership of ~66.4k shares (~0.19% of shares outstanding) provides some alignment; his latest Form 4 shows an administrative forfeiture (no proceeds), not open-market selling—suggesting limited near-term selling pressure from his activity .
- Pay-for-performance discipline: 2024 company AOP underperformed threshold, resulting in a 0% company component under the STIP—evidence that bonus outcomes are sensitive to underwriting/operating performance; LTI metrics further tie value creation to BVPS growth and underwriting combined ratio over three years .
- Risk controls: Firmwide prohibitions on hedging and pledging, plus clawbacks, are positive signals for shareholder alignment and mitigate governance risk around insider equity management .
- Retention and acceleration: Multi-year RSU vesting promotes retention for actuarial talent; change-in-control treatment is subject to plan/committee discretion and award terms, but Strommer-specific severance/CoC economics are not disclosed—introducing uncertainty around exact outcomes in transactional scenarios .
Overall, Strommer’s incentives are primarily shaped by GLRE’s firmwide cash and equity programs that emphasize underwriting discipline (combined ratio), capital accretion (BVPS growth), and AOP. His recent insider filing reflects administrative forfeiture rather than opportunistic selling, while governance policies (no hedging/pledging; clawbacks) reduce misalignment risks .