Tim Duffin
About Tim Duffin
Tim Duffin has been appointed Group Chief Underwriting Officer (CUO) of Hamilton Insurance Group, Ltd., effective January 1, 2026, subject to regulatory approval; he currently serves as CUO of Hamilton Re, a role he has held since 2017, and previously joined Hamilton as Senior Vice President, Property in 2012, bringing 25+ years of underwriting experience across the Bermuda and London markets . Company performance context during the most recent periods includes FY2024 combined ratio of 91.3% and net income of ~$400 million, with cumulative TSR value of $126.87 from the IPO date to year-end 2024, and nine-month 2025 net income of ~$404.5 million, providing the backdrop for incentive outcomes tied to profitability and value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hamilton Insurance Group (Group) | Group Chief Underwriting Officer (designate) | Effective Jan 1, 2026 | Executive Management team role overseeing group-level underwriting; appointment subject to regulatory approval |
| Hamilton Re (Bermuda) | Chief Underwriting Officer | 2017–2025 | Senior underwriting leadership at Hamilton Re, part of the Executive Management team reporting to the Group CEO |
| Hamilton Insurance Group | Senior Vice President, Property | 2012–2017 | Senior property underwriting leadership; joined Hamilton in 2012 |
External Roles
- Not disclosed in the June 17, 2025 appointment 8-K or the 2025 Proxy Statement sections reviewed .
Fixed Compensation
- Tim Duffin’s specific base salary and bonus targets are not disclosed in the 2025 Proxy (NEO tables cover Pina Albo, Craig Howie, Megan Graves, Adrian Daws, and Gemma Carreiro) .
- Framework for executive cash compensation (company-wide): base salary is set by role/experience/market; annual cash incentive is pool-funded and allocated by achievement against financial and strategic goals .
Performance Compensation
- Structure for executives (company-wide): annual cash incentive and long-term equity awards in PSUs and RSUs, with a majority of pay variable and at-risk .
Table – Annual Cash Incentive Plan (company-wide design)
| Metric | Weighting |
|---|---|
| Profitability – Combined Ratio | 60% |
| Strategic Growth | 20% |
| Technology Enablement | 10% |
| Magnet for Talent | 10% |
Table – Long-Term Incentives (company-wide design)
| Equity Vehicle | 2024 Allocation | Vesting | Performance Metrics |
|---|---|---|---|
| PSUs | 50% | 3-year cliff | 3-year average ROE; 3-year annualized Book Value per Share Growth (BVSG) |
| RSUs | 50% | 3 years; 1/3 per year | Time-based; settled in shares |
Table – Completed PSU Program (Company-wide 2022 grant; performance period 2022–2024)
| Measure | Threshold | Target | Maximum | Actual | Payout (% of Target) |
|---|---|---|---|---|---|
| Underwriting Return on Capital (UROC) | (0.90)% | 4.8% | 7.9% | 6.1% | 146.4% |
Note: PSU performance metrics for new grants shifted to ROE and BVSG beginning with 2024 awards; the 2022 PSU payout above illustrates plan leverage under prior metric design .
Equity Ownership & Alignment
| Item | Policy / Status | Implication |
|---|---|---|
| Stock ownership guidelines | CEO 6x salary; other executives 3x salary within five years; RSUs (vested/unvested) count; unvested PSUs do not count | Alignment via meaningful ownership targets; time to compliance for newly elevated executives set at five years |
| Hedging & pledging | Hedging and pledging of Company shares is prohibited under the Insider Trading Policy | Reduces misalignment and counterparty risk from collateral pledges |
| 10b5-1 trading plans (recent quarter) | Q3’25: Only Alex Baker adopted then canceled a plan; no other directors or officers adopted/modified/terminated trading arrangements in the quarter | No evidence of pre-programmed selling pressure by other officers in Q3’25 |
| Beneficial ownership disclosure | Proxy ownership table covers >5% holders, directors, and NEOs; Tim Duffin not listed among NEOs in those tables | Individual beneficial ownership for Duffin not disclosed in Proxy; monitoring of future filings warranted |
| Typical vesting calendar cues | Executive RSUs commonly vest 1/3 annually on January 1; PSUs cliff-vest January 1 following the 3-year period (examples from other officers) | Potential seasonal supply around early January from executive vestings |
Employment Terms
| Provision | Detail |
|---|---|
| Appointment | Appointed Group CUO effective January 1, 2026, subject to regulatory approvals; no compensatory terms for Duffin were disclosed in this 8-K |
| Change-in-control and severance (company approach) | Double-trigger change-in-control severance and acceleration for NEOs; change-in-control alone does not trigger severance or vesting |
| Non-compete construct (illustrative precedent) | Retirement agreement precedent (Graves) ties continued vesting of outstanding RSUs/PSUs to signing a non-compete; relocation reimbursement; bonus eligibility at target, subject to plan rules |
Investment Implications
- Incentive levers are tightly linked to underwriting profitability (combined ratio) and long-term value creation (ROE/BVSG PSUs), with clear payout leverage (e.g., 146.4% PSU payout for 2022–2024), aligning senior underwriting leadership with shareholder outcomes .
- Pledging and hedging prohibitions plus 3x salary ownership guidelines for executives support alignment and mitigate red flags; however, Duffin’s individual holdings are not disclosed in the Proxy and should be monitored in future Section 16 filings and the next proxy cycle .
- Vesting calendars for RSUs/PSUs typically cluster around January 1 (from other insider examples), which can create seasonal selling windows; monitor Form 4s around year-end/early January for potential supply dynamics once Duffin becomes a reporting person in his Group CUO role .
- The elevation to Group CUO expands Duffin’s scope and influence over underwriting outcomes across platforms; his appointment is subject to regulatory approval, and no specific employment economics were disclosed—watch for future 8-Ks or the 2026 Proxy for contract terms and target pay mix that may affect retention risk and incentive calibration .
- Company performance context (FY2024 combined ratio 91.3%; TSR value since IPO to 12/31/24 of 126.87; YTD 2025 net income ~$404.5m) indicates a supportive backdrop for performance-based pay outcomes tied to profitability and capital efficiency .