Brian Deegan
About Brian Deegan
Brian Deegan, 47, is Group Chief Accounting Officer (principal accounting officer) at Hamilton Insurance Group, Ltd. (HG). He joined Hamilton in 2020 and has served in his current role since 2021; he previously was Global Head of Finance & Treasury at Tokio Millennium Re (2012–2019) and CFO for Tokio Millennium Re (UK) Ltd. (2017–2019), and earlier Senior Vice President, Controller at Lancashire Insurance Group (2006–2012). He is a Fellow of the Institute of Chartered Accountants in Ireland and a member of the Chartered Professional Accountants of Bermuda, holding a Bachelor of Commerce and a Masters in Accounting from University College Dublin . He signed HG’s Q3 2025 Form 10‑Q and November 4, 2025 Form 8‑K as Group Chief Accounting Officer, underscoring his principal accounting officer responsibilities .
Hamilton’s recent performance during his tenure: net income of $400.4m, ROE 18.3%, combined ratio 91.3% and gross premiums written $2,422.6m in 2024; net income of $258.7m, ROE 13.9%, combined ratio 90.1% and gross premiums written $1,951.0m in 2023. Pay‑versus‑performance TSR shows $100 invested becoming $126.87 by 12/31/2024 (vs. peer index $138.79) and $99.67 by 12/31/2023 (vs. $102.44) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Tokio Millennium Re | Global Head of Finance & Treasury | 2012–2019 | Led global finance/treasury; supported capital, liquidity and financial reporting |
| Tokio Millennium Re (UK) Ltd. | Chief Financial Officer | 2017–2019 | Oversaw UK finance and controls, statutory reporting |
| Lancashire Insurance Group | Senior Vice President, Controller | 2006–2012 | Enterprise financial reporting and controls leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Institute of Chartered Accountants in Ireland | Fellow | Current | Professional credential |
| Chartered Professional Accountants of Bermuda | Member | Current | Professional credential |
| University College Dublin | BCom; Masters in Accounting | — | Academic credentials |
Fixed Compensation
- Individual compensation for Brian Deegan is not disclosed; HG’s proxy provides detailed tables only for named executive officers (NEOs), and Deegan is not an NEO in 2023–2024 .
- Company-wide governance notes: no executive perquisites; no excise tax gross‑ups; robust clawback policy compliant with Dodd‑Frank/NYSE; caps on bonuses/equity; double‑trigger change‑in‑control acceleration; hedging and pledging prohibited .
Performance Compensation
Hamilton’s executive annual incentive framework (applies broadly to executive officers):
| Metric | 2023 (actual) | 2023 payout (weighted) | 2024 (actual) | 2024 payout (weighted) |
|---|---|---|---|---|
| Combined Ratio (financial, 60% weight; Target 98.9%; Max 92.1%; Threshold 115.2%) | 90.1% | 120% | 91.3% | 98% |
| Strategic Growth (20%) | 175% | 35% | 200% | 40% |
| Technology Enablement (10%) | 100% | 10% | 75% | 7.5% |
| Magnet for Talent (10%) | 150% | 15% | 150% | 15% |
| Aggregate pool funding | — | 180% | — | 160% |
Notes:
- Annual cash incentive pool funding is 60% combined ratio and 40% strategic/operational goals; payouts are linearly interpolated between threshold, target, and max; capped at 200% .
- Deegan’s individual bonus is not disclosed; the table reflects company-wide plan results for executive officers .
Long‑term incentives (structure applicable to executives):
- PSUs: 50% of LTI; 3‑year cliff vest; metrics for 2024 grants are 3‑year average ROE and 3‑year annualized BVPS growth; payouts linearly interpolated around target/max thresholds .
- RSUs: 50% of LTI; vest one‑third annually over 3 years to promote retention/alignment .
Legacy PSUs completed: 2022–2024 underwriting ROC PSUs paid at 146.4% of target; 2021–2023 at 31.9% of target (for NEO cohort) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | Not disclosed for Deegan; proxy tables cover directors/NEOs only . |
| Stock ownership guidelines | Other executives must hold ≥3x annual base salary; 5‑year phase‑in; RSUs count; unvested PSUs do not . |
| Hedging/pledging | Prohibited under insider trading policy (short sales, derivatives, margin/pledge) . |
| 10b5‑1 plans | Allowed subject to cooling‑off; in Q3 2025 only Alex Baker adopted/cancelled a plan; no other officers (including Deegan) adopted/modified/terminated trading arrangements in that quarter . |
| VAP (Value Appreciation Pool) | Company‑wide IPO‑triggered RSUs vest 50% on 11/10/2024 and 50% on 11/10/2025, subject to employment; Deegan’s late Form 4 filing ties to VAP vesting 30 days post‑IPO (administrative delay) . |
Employment Terms
| Provision | Company practice (executive cohort) |
|---|---|
| Change‑in‑control (CIC) | Double‑trigger equity acceleration under 2013/2023 plans if CIC plus qualifying termination within 12 months; PSUs vest at greater of actual or target; if awards not assumed, vest at CIC (committee may cash settle) . |
| Non‑compete/non‑solicit | NEO agreements include restrictive covenants: typical restricted period equals term of employment plus 6 months (12 months for CEO) or 12 months if CIC‑related . |
| Severance | NEO contracts specify salary/bonus multiples and benefits continuity under various termination scenarios; Deegan‑specific employment agreement is not disclosed . |
Performance & Track Record
| Measure | 2023 | 2024 |
|---|---|---|
| Net income (US$m) | $258.7m | $400.4m |
| ROE (%) | 13.9% | 18.3% |
| Combined ratio (%) | 90.1% | 91.3% |
| Gross premiums written (US$m) | $1,951.0m | $2,422.6m |
| TSR ($100 initial) | $99.67 | $126.87 |
Governance and compensation signals:
- Say‑on‑pay support was 82% in 2024, indicating general shareholder approval of pay design .
- Compensation Committee comprised solely of independent directors; uses independent consultants; strong risk‑mitigation features (clawback, ownership guidelines) .
Risk Indicators & Red Flags
- Hedging/pledging: prohibited under policy (alignment positive; mitigates downside governance risk) .
- Late Section 16 filings: Deegan’s VAP vesting Form 4s were inadvertently filed late on Jan 2, 2024 (administrative timing issue), alongside several executives; timely compliance improved in 2024–2025 disclosures .
- Insider selling pressure: No 10b5‑1 plan activity reported for Deegan in Q3 2025; note potential supply around VAP second‑tranche vesting on 11/10/2025 for company‑wide participants .
Compensation Peer Group (Design Reference)
- 2024 peer group included Arch, AXIS, Everest, Markel, RenaissanceRe, Kinsale, RLI, Hanover, W.R. Berkley, Beazley, Hiscox, Lancashire, Skyward Specialty, James River, Palomar, Argo (Argo later removed after acquisition). In 2025, peer set refined to add Assured Guaranty, ProAssurance, SiriusPoint, United Fire; remove UK‑based for pay benchmarking while retaining as supplemental practices reference .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay approval: 82% of votes cast in favor; committee considered feedback in 2025 pay decisions .
- Annual say‑on‑pay frequency adopted; ongoing engagement with investors .
Expertise & Qualifications
- Credentials: Fellow (Ireland), CPA (Bermuda); BCom and Masters in Accounting (UCD) .
- Technical domain: Financial reporting, treasury, controllership across (re)insurance carriers; principal accounting officer responsibilities at HG (SEC certifications/signatures) .
Investment Implications
- Alignment strong: No hedging/pledging, mandatory ownership guidelines (3x salary for executives), and clawback reduce misalignment risk and discourage short‑termism .
- Near‑term supply risk: Company‑wide VAP second tranche vests on 11/10/2025; monitor Form 4 filings around that date for potential incremental selling pressure despite policy constraints .
- Disclosure gap: Deegan is not an NEO, so individual pay/ownership specifics are not reported; investors should rely on company‑level pay design outcomes (AIP pool at 160% in 2024; PSUs tied to ROE/BVPS growth) and governance quality as proxies for alignment .
- Execution credibility: As principal accounting officer with consistent SEC signatories, Deegan’s role underpins reporting controls during a period of improved net income and ROE; continued strength in underwriting metrics and capital deployment will be the key external levers to watch .