Giuseppina (Pina) Albo
About Giuseppina (Pina) Albo
Giuseppina (Pina) Albo, age 62, has served as Chief Executive Officer of Hamilton Insurance Group, Ltd. (HG) and as a director since January 2018; she is not independent due to her executive role . Under her leadership, HG reported 2024 net income attributable to common shareholders of $400.4 million, ROE of 18.3%, combined ratio of 91.3%, and gross premiums written of $2.423 billion, with underwriting income of $149.4 million, reflecting stronger underwriting and scale; since inception HG’s premiums expanded from $571 million (FY2018 basis) to $2.4 billion in 2024 while lowering the combined ratio . Post-IPO shareholder returns from Nov 10, 2023 through Dec 31, 2024 translated to $126.87 on a $100 initial investment, alongside $400 million in 2024 net income and a 91.3% combined ratio, aligning compensation “actually paid” to performance metrics centered on underwriting profitability . Albo holds a Maîtrise en Droit (International & EU Law) from Aix-Marseille III, a JD from Osgoode Hall (York University), and a BA in Languages from the University of Winnipeg .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Munich Re (global) | Member, Board of Executive Management (responsible for P&C Europe and LatAm); prior roles include President, Reinsurance Division (Munich Re America); President, National Clients (Munich Re America); Executive Head UK & Ireland; Head of Casualty Ops (Canada) | 25-year career (years not individually disclosed) | Led major P&C portfolios across geographies; deep underwriting/claims leadership; enterprise-scale execution |
| Law practice (Toronto) | Lawyer (real estate, corporate finance, M&A) | Not disclosed | Legal and transactional grounding prior to insurance leadership |
External Roles
| Organization | Role | Years | Notes/Committee Roles |
|---|---|---|---|
| Reinsurance Group of America (RGA) | Director | Current | Public company board experience |
| Association of Bermuda Insurers & Reinsurers (ABIR) | Chair | 2022–2024 | Industry leadership; policy engagement |
| Overalls | Advisor | Current | Advisory capacity |
| Prior industry bodies | Boards/ambassador (Insurance Information Institute; Reinsurance Association of America; Insurance Industry Charitable Foundation; Insurance Supper Club ambassador) | Prior service | Industry network and recognition |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 1,300,000 | 1,300,000 | 1,300,000 (unchanged YoY) |
| All Other Compensation ($) | 148,999 | 130,000 | 130,000 (includes retirement contributions) |
Notes
- CEO base remained flat in 2024; other NEOs saw market-alignment increases; HG provides broad-based benefits with no executive perquisites .
Performance Compensation
Annual Cash Incentive Plan (Short-Term Incentive)
- Structure: 60% financial (Combined Ratio), 40% strategic/operational (Strategic Growth 20%, Technology Enablement 10%, Magnet for Talent 10%); payout 0–200% with linear interpolation, committee discretion .
- 2024 Targets and Results
| Measure | Weight | Threshold | Target | Maximum | Actual | 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% |
| Total | 100% | — | — | — | — | — | 160% |
- CEO Target and Payout (2024): Base $1,300,000; Target 160% of base; Payout factor (bonus pool + individual) 175%; Payout $3,640,000 .
| Item | 2024 |
|---|---|
| Base ($) | 1,300,000 |
| Target % of Base | 160% |
| Target ($) | 2,080,000 |
| Actual Payout Factor | 175% |
| Bonus Paid ($) | 3,640,000 |
Long-Term Incentives (Equity) – Design and 2024 Grants
- Vehicles and Metrics: 50% PSUs (3-year average ROE and 3-year annualized BVPS growth), 50% RSUs (time-based); prospective, multi-year alignment .
- CEO Target LTI Opportunity: 275% of base in 2024 (up from 250% in 2023) .
- 2024 CEO Awards (Grant date 3/5/2024; calibration price $19.03):
| Component | 2024 Allocation | Grant Value ($) | Shares Granted (#) | Vesting | Metrics |
|---|---|---|---|---|---|
| PSUs | 50% | 1,787,500 | 123,276 | 3-year cliff (2024–2026) | ROE (avg), BVPS Growth (annualized) |
| RSUs | 50% | 1,787,500 | 123,276 | 1/3 each on Mar 1, 2025/2026/2027 | Time-based |
- Special IPO Grants (11/10/2023, CEO):
- RSUs: 116,667, cliff vest on third anniversary (11/10/2026) .
- PSUs: 250,000, vest based on stock price increase over 3 years (0%→100% if share price doubles; linear in between) .
- Historical PSU Performance (2012-2024 tranche measured on UROC): Payout at 146.4% of target; CEO earned 128,421 PSUs .
Multi-Year Compensation (Summary Compensation Table)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2024 | 1,300,000 | — | 3,575,000 | 3,640,000 | 130,000 | 8,645,000 |
| 2023 | 1,300,000 | 500,000 | 6,909,468 | 3,952,000 | 130,000 | 12,791,468 |
| 2022 | 1,300,000 | — | 2,599,992 | 1,625,000 | 148,999 | 5,673,991 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 900,523 Class B shares (626,724 held directly; 273,799 held via The Albo 2018 LLC) |
| Ownership as % of Class B | 1.37% of Class B voting power |
| Outstanding Unvested RSUs (as of 12/31/2024) | 29,240 (2/23/2022); 78,960 (3/10/2023); 116,667 (11/10/2023); 123,276 (3/5/2024) |
| Outstanding PSUs (as of 12/31/2024, at target) | 87,719 (2/23/2022); 118,440 (3/10/2023); 250,000 (11/10/2023 special IPO PSU); 123,276 (3/5/2024) |
| VAP Units (IPO value appreciation pool) | 151,566 units; 50% vested on 11/9/2024 and remaining 50% vest on 11/9/2025 |
| Upcoming Scheduled Vesting (supply watch) | RSUs: 1/1/2025 (final 2022 RSU tranche); 3/1/2025 and 3/1/2026 (1/3 of 2023 and 2024 RSUs); 11/9/2025 (remaining VAP); 11/10/2026 (special RSU cliff) |
| Hedging/Pledging | Hedging and pledging of Company stock prohibited under the Insider Trading Policy |
| Ownership Guidelines | CEO: 6x base salary; RSUs count (vested or unvested), PSUs do not count toward guideline |
Note: The proxy does not disclose individual compliance status versus stock ownership guidelines; beneficial ownership and unvested RSUs indicate substantial alignment with shareholders .
Employment Terms
| Term | CEO Agreement Detail |
|---|---|
| Current Agreement | Amended & Restated effective Nov 1, 2023; initial term through Nov 1, 2026; auto-renews in 1-year terms unless either party gives 6 months’ notice |
| Base Salary | $1,300,000; reviewed annually (no decrease) |
| Target Bonus | 160% of base; 0–200% range based on goals |
| Target LTI | 275% of base in 2024; 50% RSUs (ratable over 3 years), 50% PSUs (multi-year metrics) |
| Severance (no CIC) | If terminated without cause/for good reason/non-renewal: (i) pro-rated bonus based on actual; (ii) 12 months health coverage; (iii) immediate vesting of time-based equity scheduled to vest within 12 months; (iv) base salary continuation for remainder of term or 24 months (whichever longer) plus lump-sum 100% of target bonus (subject to release) |
| Change-in-Control | Double-trigger: if terminated without cause/for good reason within 12 months post-CIC, all outstanding unvested RSUs and PSUs vest; PSUs vest at greater of actual or target; if awards are not assumed at CIC, unvested generally vest and may be settled in cash at committee discretion |
| Restrictive Covenants | Non-compete and non-solicit; CEO non-compete 12 months post-termination (12 months generally for CIC; 6 months for other NEOs) |
| Clawback | Dodd-Frank/NYSE compliant clawback for erroneously awarded incentive compensation upon restatements (up to 3 years) |
| Perquisites/Tax Gross-ups | No executive perquisites; no excise tax gross-ups on CIC |
Estimated termination/change-in-control values (12/31/2024 scenario) for CEO included total cash, benefits, and equity acceleration; e.g., CIC “in connection with” scenario total of ~$27.3 million (assumptions detailed in footnotes) .
Board Governance
- Role and Tenure: CEO and director since 2018; not independent due to executive status .
- Board Leadership: Independent, non-executive Chair (David A. Brown); no lead independent director deemed necessary given independent Chair structure .
- Committees: As CEO, Albo is not a member of board committees; Audit, Compensation & Personnel, and Nominating committees are composed entirely of independent directors; 2024 committee meetings: four per committee .
- Attendance/Executive Sessions: Board met four times in 2024; no director attended fewer than 75% of meetings; independent directors held executive sessions at each regular meeting .
- Say-on-Pay: First say-on-pay (2024 AGM) received 82% support, indicating broad shareholder alignment; used to inform 2025 decisions .
Compensation Structure Analysis
- Pay mix emphasizes variable compensation: CEO target pay composed largely of at-risk annual and multi-year equity incentives; 2024 target LTI increased to 275% of salary to strengthen alignment .
- Shift to public-company PSU metrics: 2024 PSUs now based on 3-year average ROE and BVPS growth (replacing UROC) to align with public peer practices and long-term value creation .
- Rigorous annual goals: Combined Ratio target set at 95.2% with max at 88.5%; actual 91.3% yielded 163% achievement on the financial component; strategic pillars achieved 156% blended, reflecting growth wins and expense ratio reduction offset by tech enablement partial completion .
- Governance guardrails: No perquisites, no hedging/pledging, double-trigger CIC, caps on bonuses/equity, robust clawback, and independent consultants; note: Mercer also provided other services via affiliates ($5.53 million) while serving as independent comp consultant (Committee determined independence) .
Director Service, Fees, and Dual-Role Implications
- Board Service: Executive director (CEO); not independent given management role .
- Committee Roles: None (as CEO); independence concerns mitigated by independent Chair and fully independent key committees .
- Director Fees: Non-employee directors receive cash and RSUs; as an executive, Albo is not part of the non-employee director pay program .
Performance & Track Record
- 2024 Company Performance: Net income $400.4M; ROE 18.3%; combined ratio 91.3%; GPW $2.423B; underwriting income $149.4M .
- Multi-year Operating Progress: Premiums scaled from $571M (FY2018) to $2.4B (FY2024) with significant combined ratio improvement, driven by growth in attractive lines and cost discipline .
- PSU Outcomes: 2022–2024 UROC tranche paid at 146.4% of target; indicates above-target multi-year underwriting performance .
- Market Performance (post-IPO): $100 invested on 11/10/2023 valued at $126.87 on 12/31/2024; peer P&C TSR over same window $138.79; combined ratio remained a key pay driver .
Risk Indicators & Red Flags
- Hedging/Pledging: Prohibited (alignment positive) .
- Option Repricing: Not applicable—HG does not use stock options in executive equity program .
- Related Party Transactions: No Albo-specific related party transactions disclosed in the proxy; firm-level related-party arrangements (e.g., Two Sigma fund management/commitment) are disclosed separately .
- Section 16 Compliance: Note of late Form 4 related to transfer of Albo shares to The Albo 2018 LLC (filed March 26, 2025), and a late Form 4 for RSU vestings on Jan 1, 2024 (filed March 5, 2024) .
- Say-on-Pay: 82% support—no acute shareholder dissent signal in 2024 .
Vesting Schedules and Potential Insider Selling Pressure
- 2025 vesting cadence:
- 1/1/2025: Final tranche of 2022 RSUs
- 3/1/2025: 1/3 of 2023 RSUs and 1/3 of 2024 RSUs
- 11/9/2025: Second VAP tranche (50% of 151,566 units)
- 2026 vesting cadence:
- 3/1/2026: Second 1/3 of 2024 RSUs
- 11/10/2026: Special IPO RSU cliff (116,667) and special IPO PSU measurement end with price-based vesting outcome
- Trading policy: 10b5-1 plans permitted; trading windows and pre-clearance apply; mitigates timing risk around programmatic selling .
Compensation Peer Group and Shareholder Voice
- 2024 benchmarking peers included Arch, AXIS, Everest, RenaissanceRe, Markel, RLI, W.R. Berkley, and others across specialty P&C and reinsurance; 2025 adjustments added Assured Guaranty, ProAssurance, SiriusPoint, and United Fire, with UK names moved to supplemental reference due to disclosure differences .
- Shareholder engagement: Emphasis on proactive outreach post-IPO; annual say-on-pay with commitment to ongoing governance feedback .
Investment Implications
- Alignment: High equity exposure via substantial beneficial ownership, significant unvested RSUs/PSUs, strict no-pledge policy, and a 6x salary CEO ownership guideline support robust alignment and reduce agency risk .
- Performance linkage: Annual incentives tightly linked to underwriting profitability (Combined Ratio) and strategic execution; multi-year PSU metrics (ROE and BVPS growth) directly connect value creation to compensation outcomes; 2022–2024 PSU payout at 146.4% validates above-target execution .
- Retention/Transition risk: CEO severance economics (≥24 months base continuation or remainder of term plus target bonus) and double-trigger CIC acceleration provide continuity but create standard parachute optics; 12-month non-compete for CEO strengthens post-termination protection .
- Supply overhang watch: Predictable 2025–2026 vesting (RSUs, VAP, special IPO RSU/PSU window) may contribute to episodic insider supply; however, 10b5-1 usage and blackout policies can smooth market impact .
- Governance quality: Independent Chair, fully independent key committees, clawback, no perks or excise tax gross-ups, and say-on-pay support all point to investor-friendly design; consultant independence monitored despite substantial affiliate services (Committee affirmed independence) .
Overall: Albo’s incentives are closely tied to underwriting and capital-efficient growth with strong equity alignment. Watch near-term vesting events (RSU/VAP/IPO awards) for potential flow into the market, and monitor execution versus Combined Ratio, ROE, and BVPS growth targets to gauge likely PSU realizations and pay-for-performance integrity .