Jonathan Levenson
About Jonathan Levenson
Jonathan (Jon) Levenson is Group Treasurer and Head of Investor Relations at Hamilton Insurance Group (HG). He joined Hamilton in 2023 after senior roles at Everest Re (SVP, Head of IR, 2018–2022) and Validus Holdings (SVP/Head of IR; EVP, Group Treasurer, 2006–2018). He holds BA and MBA degrees from Duke University and the Associate in Reinsurance (ARe) designation; age 57 as of March 17, 2025 . Hamilton’s 2024 performance context: net income attributable to common shareholders of $400.4 million, ROE 18.3%, combined ratio 91.3%, and gross premiums written of $2,422.6 million; cumulative TSR from IPO (11/10/2023) to 12/31/2024 of 126.87 (vs. 138.79 for S&P 500 P&C Index) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Hamilton Insurance Group | Group Treasurer & Head of Investor Relations | 2023–present | Capital markets interface; signed A&R Term Loan Credit Agreement as Group Treasurer (June 2025), evidencing direct role in financing execution . |
| Everest Re Group, Ltd. | Senior Vice President, Head of Investor Relations | 2018–2022 | Led IR during multi-cycle (re)insurance market; external communications and investor targeting . |
| Validus Holdings, Ltd. | SVP & Head of IR; EVP & Group Treasurer | 2006–2018 | Treasury/IR leadership through growth and M&A cycles; balance sheet and liquidity stewardship . |
External Roles
No public company directorships or external board roles disclosed for Levenson .
Fixed Compensation
Hamilton does not disclose individual compensation for non-NEO executives; Levenson is not a named executive officer in the proxy tables . Company-wide design features: no executive perquisites, no excise tax gross-ups; retirement contributions consistent with region-specific plans .
Performance Compensation
Hamilton’s annual cash incentive pool and long-term equity design drive executive variable pay. While individual awards for Levenson are not disclosed, the company’s 2024 incentive framework and outcomes were:
- Annual cash incentive pool funding (applies company-wide): 60% Combined Ratio; 40% Strategic/Operational (“Strategic Growth,” “Technology Enablement,” “Magnet for Talent”) .
- 2024 actuals: Combined ratio 91.3% (163% of target on that component); strategic/operational composite 156% → total pool 160% .
- LTI mix and metrics: 50% PSUs (3-year average ROE and 3-year annualized Book Value per Share Growth), 50% RSUs; 3-year cliff for PSUs; RSUs vest 1/3 annually over 3 years .
| Metric | Weight | 2024 Target | 2024 Actual | Payout Factor |
|---|---|---|---|---|
| Combined Ratio | 60% | 95.2% | 91.3% | 163% (component) |
| Strategic Growth | 20% | Qualitative | Exceeded | 200% (component) |
| Technology Enablement | 10% | Qualitative | Partially met | 75% (component) |
| Magnet for Talent | 10% | Qualitative | Partially exceeded | 150% (component) |
| Aggregate Pool Funding | 100% | — | — | 160% |
Additional alignment:
- PSUs: 3-year average ROE and BVSG (absolute) introduced for 2024 grants; performance goals set as “rigorous and challenging” .
- Prior cycle (2022–2024) PSUs (UROC metric) vested at 146.4% of target, evidencing pay-for-performance calibration .
Equity Ownership & Alignment
| Item | Data |
|---|---|
| Beneficial ownership (initial Section 16 statement) | 3,030 Class B common shares (direct) as of Form 3 filed March 8, 2024 . |
| Derivative holdings (options/RSUs/PSUs) on Form 3 | None reported for Levenson (Table II blank) . |
| Shares outstanding (as of Mar 21, 2025) | 17,820,078 Class A; 65,706,669 Class B; 18,375,670 Class C . |
| Ownership as % of total shares outstanding | ≈0.003% (3,030 / 101,902,417 total shares) computed from cited totals . |
| Stock ownership guidelines | Executives required to hold ≥3x base salary within 5 years; PSUs (unvested) do not count; RSUs do count . |
| Hedging/pledging | Prohibited for executives/directors under Insider Trading Policy . |
| 10b5-1 trading plans | Permitted with cooling-off and pre-clearance; may mitigate perceived informational advantage . |
| Company-wide equity usage | 6.69 million shares available under 2023 plan as of 12/31/2024; evergreen in plan but no 2025 increase elected . |
| Company-wide supply overhang (VAP) | Value Appreciation Pool granted to employees in month prior to IPO: first vest 11/10/2024; second vest 11/10/2025, subject to employment—potential company-wide selling pressure near dates (not specific to Levenson) . |
Notes: Hamilton states it does not currently grant stock options; LTI consists of RSUs/PSUs—reducing option-related overhang and strike-price dynamics .
Employment Terms
| Term | Disclosure |
|---|---|
| Role and start | Joined Hamilton in 2023; current title Group Treasurer & Head of IR . |
| Employment agreement | Not specifically disclosed for Levenson (NEO agreements discussed; non-NEO executive agreements not itemized) . |
| Change-in-control (equity) | Company plans have double-trigger acceleration (termination without cause or for good reason within 12 months of CIC; PSUs settle at greater of actual or target); applies plan-wide, not individual-specific . |
| Clawback | Dodd-Frank/NYSE-compliant policy to recoup erroneously awarded incentive comp after restatements (up to 3 years) . |
| Insider trading | Pre-clearance, blackout periods; 10b5-1 plans allowed . |
| Non-compete | Not disclosed for Levenson; example retirement non-compete used with an NEO (Graves) for continued vesting illustrates approach but is not specific to Levenson . |
| Severance | NEO severance structures described; no Levenson-specific severance terms disclosed . |
Performance & Track Record
- Company operational/financial delivery during Levenson’s tenure: 2024 net income $400.4m, ROE 18.3%, combined ratio 91.3%, GPW $2,422.6m; strategic growth initiatives and rating achievements supported annual pool overfunding (160%) .
- Capital markets execution: Levenson signed the amended and restated Term Loan Credit Agreement as Group Treasurer in June 2025 (exhibits Hamilton’s active balance sheet management) .
- Investor alignment: 2024 say-on-pay approval at 82% (first cycle as a public company), indicating external support for the pay architecture Levenson helps communicate .
Compensation Structure Analysis (Management confidence signals)
- Variable-heavy pay architecture (AIP + PSUs/RSUs), with 2024 LTI metrics pivoted to ROE and BVSG—closer linkage to shareholder value and public peer practices; no options used (lower risk than options) .
- Robust governance: clawback, no hedging/pledging, double-trigger CIC equity treatment, ownership guidelines (3x salary for execs) .
- Share usage discipline: 2025 evergreen increase declined by the Compensation Committee—moderates dilution .
Risk Indicators & Red Flags
- Pledging/hedging: prohibited (mitigates alignment concerns) .
- Insider selling: No Form 4 transactions found for Levenson post-Form 3, reducing near-term “insider sell” signal; monitor future filings .
- Company-wide supply events: VAP second tranche vests 11/10/2025; potential broader selling pressure window (not specific to Levenson) .
- Say-on-pay: healthy 82% support in 2024; not a red flag .
Say-on-Pay & Shareholder Feedback
| Year | Say-on-Pay Result |
|---|---|
| 2024 | 82% of votes cast in favor (first SOP cycle as a public company) . |
Expertise & Qualifications
- Education/designations: BA and MBA (Duke University); ARe designation .
- Technical domains: Investor relations, corporate treasury, capital markets communication in (re)insurance .
- Public company communications: Earnings call introductions and IR contact across HG’s reporting underscore visibility to investors .
Investment Implications
- Alignment: Small disclosed personal stake (~0.003% of total shares) and strict no-hedge/no-pledge policy signal low misalignment risk; 3x salary ownership guideline with a 5-year clock suggests gradual accumulation (he joined in 2023) .
- Retention risk: Absence of disclosed individual severance terms; however, standard double-trigger equity protections and company-wide AIP/LTI design support retention; monitor for any future 8-Ks disclosing Levenson-specific agreements .
- Trading signals: No reported Form 4 activity for Levenson to date; potential company-wide supply near the 11/10/2025 VAP vesting could create transient selling pressure—focus on any Rule 10b5-1 plan adoptions or pre-cleared trades .
- Execution lens: As Group Treasurer and Head of IR, Levenson is central to financing (e.g., A&R term loan) and external narrative; continued strong underwriting performance (CR/ROE) and PSU goal calibration (ROE/BVSG) reinforce pay-for-performance messaging to investors .
Citations:
- Executive bio and age:
- Company performance and metrics:
- Annual incentive framework and outcomes:
- LTI vehicles/metrics and vesting:
- PSU payout (2022–2024):
- Ownership guidelines:
- Hedging/pledging and 10b5-1 policy:
- Equity plan share availability and evergreen:
- VAP vesting schedule:
- Say-on-pay 2024:
- Form 3 (beneficial ownership):
- Shares outstanding for denominator:
- Financing execution (A&R Term Loan):
- IR call roles/contacts (context):