Anita Kuchma
About Anita Kuchma
Anita Kuchma, age 61, is Chief Executive Officer of Hamilton Select Insurance Inc., a U.S. E&S (non‑admitted) platform of Hamilton Insurance Group, and has served in this role since 2022. She previously spent 16 years at Munich Re America in senior finance and operations roles. She holds an Associate in Reinsurance (ARe) and Managed Healthcare Professional designation, a BS in Finance and MBA (Finance, highest honors) from La Salle University, and an MS in Business Intelligence & Analytics from Saint Joseph’s University . As context for her tenure, Hamilton’s consolidated performance shows sustained growth and underwriting discipline, while Hamilton Select targets hard‑to‑place U.S. risks across professional, management, allied medical, excess casualty, GL, and related lines .
Hamilton performance context during Anita’s tenure
| Metric | FY 2024 | 9M 2025 |
|---|---|---|
| Gross Premiums Written (GPW) | $2.4B | $2.3B |
| Combined Ratio | 91.3% | 95.2% |
| Net Income | $400m | $404.5m |
| Book Value/Share (period-end) | $22.95 (12/31/24) | $27.06 (9/30/25) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Munich Re America | Chief Operating Officer, Reinsurance Division | 2019–2022 | Led reinsurance division operations; broad underwriting ops and finance leadership |
| Munich Re America | Head of Finance & Underwriting Operations, Specialty Markets | 2016–2018 | Built finance/underwriting ops capabilities in specialty lines |
| Munich Re America | Deputy CFO / Head of Planning & Controlling | 2009–2016 | Led financial planning/controlling; multi‑year financial stewardship |
Fixed Compensation
- The proxy provides detailed figures for Named Executive Officers (NEOs) — P. Albo (CEO), C. Howie (CFO), M. Graves, A. Daws, G. Carreiro — but does not list Anita Kuchma among the reported NEO compensation tables; her base salary, target bonus and actual bonus are not disclosed in the filing excerpts available .
Performance Compensation
Annual cash incentive design for executive officers emphasizes underwriting profitability and strategic execution. While individual targets for Anita are not disclosed, the Company’s plan structure and metrics are:
| Metric | Weighting | Threshold | Target | Maximum | Notes |
|---|---|---|---|---|---|
| Combined Ratio (Underwriting Profitability) | 60% | 111.5% | 95.2% | 88.5% | Funding at 0%/100%/200% of target at threshold/target/max |
| Strategic Growth | 20% | — | — | — | Company strategic goals (pool funding driver) |
| Technology Enablement | 10% | — | — | — | Company strategic goals (pool funding driver) |
| Magnet for Talent | 10% | — | — | — | Company strategic goals (pool funding driver) |
Additional plan features: pool funding can be adjusted by the Compensation & Personnel Committee; individual payouts are subject to discretion; caps apply to bonuses; multi‑year equity vesting and earn‑out requirements .
Equity compensation design (program-level):
- Equity awards to executive officers vest or are earned over multi‑year periods; the Company does not currently grant stock options as part of its program .
- Equity grant timing: annual awards typically granted after the Committee’s 4Q meeting (in the following Q1); grants to new hires/promotions on hire/promotion date .
- Awards are delivered in RSUs and PSUs; no dividends on unearned performance awards .
Equity Ownership & Alignment
| Policy/Practice | Detail |
|---|---|
| Stock ownership guidelines | CEO: 6x salary; Other executive officers: 3x salary; compliance measured annually after 5‑year phase‑in. RSUs (vested/unvested) count; unvested PSUs do not . |
| Clawback policy | Dodd‑Frank/NYSE‑compliant; recoups erroneously awarded incentive compensation for up to 3 years after a restatement (including non‑material to prior periods but material if uncorrected) . |
| Hedging / pledging | Prohibited: no hedging or pledging, no short sales; strict pre‑clearance and blackout rules under insider trading policy . |
| 10b5‑1 plans | Permitted under policy with cooling‑off period; trades executed by broker per plan parameters . |
| Equity vehicles | RSUs and PSUs; no options currently granted; multi‑year vesting/earn‑out . |
Note: The proxy does not disclose Anita’s individual share ownership, vested/unvested balances, or compliance status with the ownership guidelines in the excerpts available .
Employment Terms
- Change‑in‑control treatment: double‑trigger for severance/acceleration (CIC plus qualifying termination); CIC alone does not trigger severance or acceleration .
- Restrictive covenants (as described for NEOs): IP assignment, confidentiality, non‑disparagement; non‑competition and non‑solicitation generally for the employment term plus 6 months post‑termination (12 months for CEO; 12 months after CIC) .
- Non‑compete mechanics linked to continued vesting (illustrative retirement case): continued vesting of RSUs/PSUs contingent on compliance with post‑employment restrictive covenants; non‑compete form included with retirement agreement (Ms. Graves example) .
- Equity grant timing and governance: grants generally avoid blackout‑adjacent dates; no options currently granted .
Note: A specific employment agreement summary for Anita is not disclosed in the available proxy excerpts; terms above reflect company‑level policies and NEO disclosures .
Compensation Structure Analysis
- Emphasis on at‑risk pay: Majority of total executive compensation is variable; multi‑year vesting and earn‑out requirements align with long‑term results .
- Risk and governance: Independent Committee and consultant; robust clawback; no perks, no excise tax gross‑ups; no hedging/pledging; caps on bonuses and equity .
- Annual incentive recalibration: 2024 target combined ratio set at 95.2% with a rigorous maximum at 88.5%, reinforcing underwriting discipline; strategic metrics supplement financials (growth, tech, talent) .
Performance & Track Record (Context)
- Hamilton delivered FY 2024 GPW of $2.4B, a combined ratio of 91.3%, and net income of $400m, underscoring profitable growth and a strong underwriting/investment environment that underpins incentive funding .
- Through 9M 2025, net income reached $404.5m with a 95.2% combined ratio; book value per share increased to $27.06, +17.9% YTD versus year‑end 2024, and the company expanded its repurchase authorization, signaling capital return flexibility .
- Hamilton Select’s E&S franchise focuses on “hard‑to‑place” U.S. risk across professional liability, management liability, allied medical, medical professionals, excess casualty, GL/products, and small business casualty, which generally supports pricing power and underwriting control in non‑admitted markets .
Investment Implications
- Alignment: Strong governance architecture (clawback; no hedging/pledging; 3x salary ownership guideline for executives) and multi‑year RSU/PSU vesting support long‑term alignment and reduce short‑termism risk .
- Retention and selling pressure: Multi‑year vesting and ownership guidelines imply ongoing equity retention; 10b5‑1 plans allow orderly sales, while pledging/hedging prohibitions reduce adverse signaling risk. Lack of reported individual holdings for Anita limits direct assessment of near‑term selling pressure .
- Pay‑for‑performance linkage: The combined‑ratio‑anchored annual bonus (60% weight) plus strategic goals create a clear performance tether for underwriting executives; company‑level results in 2024–2025 suggest supportive conditions for plan funding, particularly in underwriting and investments .
- Execution risk: E&S growth in Hamilton Select’s target classes carries volatility (litigation‑sensitive lines, distressed risks), making underwriting discipline central; the compensation design’s rigorous targets and clawback/ownership rules partially mitigate this risk .