Craig Howie
About Craig Howie
Craig Howie is Group Chief Financial Officer of Hamilton Insurance Group, Ltd. (HG) since 2021, with over 35 years of global (re)insurance industry experience; previously EVP & CFO at Everest Re Group (2012–2020) and senior finance roles at Munich Re America for ~23 years . He holds a B.S. in Accounting from Drexel University and an MBA in Finance & Taxation from Villanova University, and is a CPA . Tenure at HG began on April 27, 2021 under his employment agreement . Company performance under his finance leadership includes FY2024 gross premiums written (GPW) of $2.4B, 9M 2025 GPW $2.3B, FY2024 net income $400m, 9M 2025 net income $405m, FY2024 combined ratio 91.3%, and 3Q25 cash & invested assets $5.7B with shareholders’ equity $2.7B .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Everest Re Group | EVP & Chief Financial Officer | 2012–2020 | Not disclosed |
| Munich Re America | Senior finance positions | ~23 years | Not disclosed |
| Hamilton Insurance Group (HG) | Group Chief Financial Officer | 2021–present | Not disclosed |
External Roles
No public company external directorships or committee roles are disclosed in the HG proxy biography for Mr. Howie .
Fixed Compensation
Multi-year compensation for Craig Howie:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | $600,000 | $600,000 | $640,000 |
| Bonus ($) | $600,000 (initial hire grant installment) | $500,000 (discretionary IPO pool) | — |
| Stock Awards ($) | $899,988 | $1,248,506 | $1,380,000 |
| Non-Equity Incentive Plan ($) | $640,000 | $1,620,000 | $1,675,000 |
| All Other Compensation ($) | $18,300 | $19,800 | $10,265 |
| Total ($) | $2,758,288 | $3,988,306 | $3,705,265 |
Target incentive parameters (as of amended & restated employment agreement dated March 6, 2024):
| Component | Value |
|---|---|
| Base Salary | $640,000 |
| Target Annual Cash Bonus | 150% of base salary |
| Target Annual Long-Term Incentive (LTI) | 230% of base salary |
Performance Compensation
Annual Cash Incentive – Company Achievement (FY 2024)
| Metric | Weighting (%) | Threshold | Target | Maximum | Actual | Performance Achievement (%) | Weighted Payout (%) |
|---|---|---|---|---|---|---|---|
| Combined Ratio | 60 | 111.5% | 95.2% | 88.5% | 91.3% | 163 | 98 |
| Strategic Growth | 20 | — | — | — | — | 200 | 40 |
| Technology Enablement | 10 | — | — | — | — | 75 | 7.5 |
| Magnet for Talent | 10 | — | — | — | — | 150 | 15 |
| Aggregate Weighted Funding | — | — | — | — | — | — | 160 |
Annual cash incentive payout for Craig Howie (FY 2024):
| Base Salary ($) | Target % of Salary | Target Incentive ($) | Bonus Pool + Individual Performance (%) | Payout ($) |
|---|---|---|---|---|
| $640,000 | 150% | $960,000 | 174% | $1,675,000 |
2023 annual cash plan context (for trend):
| Metric | Weighting (%) | Threshold | Target | Maximum | Actual | Aggregate Weighted Funding (%) |
|---|---|---|---|---|---|---|
| Combined Ratio | 60 | 115.2% | 98.9% | 92.1% | 90.1% | 180 |
Long-Term Incentives (LTI)
FY 2024 LTI grants (target split evenly between PSUs and RSUs):
| Award Type | Grant Date | Units (#) | Grant Value ($) |
|---|---|---|---|
| PSUs (ROE & BVPS Growth, 3-year period) | 03/05/2024 | 47,586 | $690,000 |
| RSUs (time-based, vest ratably over 3 years) | 03/05/2024 | 47,586 | $690,000 |
PSU performance (2012–2024 tranche completed):
| PSU Performance Measure | Below Threshold (%) | Threshold (%) | Target (%) | Maximum (%) | Actual (%) | Payout (% of Target) | Howie PSUs Earned (#) |
|---|---|---|---|---|---|---|---|
| Underwriting Return on Capital (2022–2024) | <(0.9) | (0.90) | 4.8 | 7.9 | 6.1 | 146.4 | 44,453 |
Stock vested in FY 2024 (realized values):
| Name | Shares Acquired on Vesting (#) | Value Realized on Vesting ($) |
|---|---|---|
| Craig Howie | 75,220 | $1,268,527 |
Equity Ownership & Alignment
Beneficial Ownership (as of March 21, 2025)
| Holder | Class B Shares Beneficially Owned (#) | Ownership % Notes |
|---|---|---|
| Craig Howie | 95,988 | Percentage not shown (“*” in proxy table) |
Outstanding Equity Awards (as of FY2024 year-end)
| Award Type | Grant Date | Unvested/Unearned Units (#) | Market/Payout Value ($) |
|---|---|---|---|
| RSU | 02/23/2022 | 10,121 | $192,603 |
| RSU | 03/10/2023 | 29,155 | $554,820 |
| RSU | 03/05/2024 | 47,586 | $905,562 |
| PSU | 02/23/2022 | 30,364 (unearned) | $577,827 |
| PSU | 03/10/2023 | 43,732 (unearned) | $832,220 |
| PSU | 03/05/2024 | 47,586 (unearned) | $905,562 |
| VAP Units | 07/01/2021 | 50,522 | $961,434 |
Stock ownership guidelines and pledging/hedging:
- Executives must hold 3x annual base salary within 5 years; RSUs count, PSUs do not .
- Hedging and pledging of company shares are not permitted .
Employment Terms
| Term | Key Provisions |
|---|---|
| Employment start date | April 27, 2021 |
| Base salary | $640,000 (reviewed annually, not decreased) |
| Target bonus | 150% of base salary |
| Target LTI | 230% of base salary |
| Termination (notice) | 180 days’ prior written notice by either party; company may pay lump sum in lieu of notice and continue benefits to day 180 |
| Non-compete / Non-solicit | Generally 6 months post-termination; 12 months if termination in connection with a change in control |
| Severance – change-in-control (double-trigger) | Lump sum equal to 12 months base salary + target annual bonus; plus up to 12 months medical insurance coverage |
| Severance – without cause or good reason (no CIC) | Company may elect six months’ base salary in lieu of notice; benefits for six months |
| Clawback | Incentive compensation subject to clawback upon certain restatements |
Investment Implications
- Pay-for-performance design is strong: majority variable, capped annual bonuses, and explicit financial metrics (combined ratio) plus strategic goals; FY2024 company funding at 160% and Howie payout at 174% of target reflect robust underwriting and execution, aligning incentives with shareholder outcomes .
- Alignment and retention: meaningful unvested RSUs/PSUs and strict ownership guidelines (3x salary) with no hedging/pledging, a double-trigger CIC framework, and post-termination non-compete/non-solicit provisions mitigate turnover risk and discourage misalignment; severance economics are standard for peers .
- Execution signals: CFO commentary highlights disciplined expense management and favorable effective tax positioning via five-year global minimum tax deferral, supporting margin trajectory and capital efficiency; this underpins incentive attainment prospects for ROE/BVPS-based PSUs while reinforcing medium-term earnings quality .
- Monitoring points: beneficial ownership is modest relative to total shares; upcoming RSU tranches and PSU outcomes (ROE/BVPS) create event-linked supply, but the ban on pledging/hedging reduces adverse alignment risks; continued tracking of bonus pool metrics (combined ratio) and LTI performance conversions is warranted .