Sarah Chen
About Sarah Chen
Sarah (Minlei) Chen is Senior Vice President, Chief Actuary and Head of Product Management at Kingstone Insurance Company (KICO), serving since November 2020 (SVP/Head of Product since August 2022). She is 42 (as disclosed in the 2024 Form 10-K list of executive officers). Ms. Chen holds a B.S. in Mathematics from Tsinghua University and an M.S. in Applied Mathematics from Brown University. Company performance context during her tenure: net income for the first nine months of 2025 was $26.0M versus $12.9M in the prior-year period, with equity compensation tied to SLT performance metrics; investor materials highlight a “Strong Management Team,” listing Chen as SVP & Chief Actuary .
Past Roles
| Organization | Role | Years | Notes/Impact |
|---|---|---|---|
| Homesite Insurance | Actuarial Manager/Senior Pricing Manager and Actuary | 2018–2020 | Actuarial/pricing leadership in P&C personal lines per company bio |
| Plymouth Rock Assurance | Actuarial Manager | 2013–2018 | Actuarial leadership per company bio |
External Roles
- No public-company directorships or external board roles disclosed in 2024 and 2025 10-K executive officer bios .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | 347,750 | 355,138 |
| Target Bonus % | Not disclosed | Not disclosed |
| Actual Cash Bonus ($) | 0 | 166,609 |
| All Other Compensation ($) | 7,588 (401(k) match) | 7,838 (401(k) match) |
Performance Compensation
Summary by instrument (2024 performance year)
| Instrument | Metric Linkage | Grant/Action Date | Amount/Shares | Vesting | Notes |
|---|---|---|---|---|---|
| Cash Bonus | Growth and underwriting profitability (Employee Bonus Plan) | 2024 paid in 2025 reporting | $166,609 | N/A (cash) | SLT plan bases awards on growth & underwriting profitability |
| RSU (Restricted Stock) | Growth and underwriting profitability (Employee Bonus Plan) | 2025-03-03 | 10,935 shares; grant-date fair value $166,109 | 1/3 on grant; 1/3 on 2026-03-03; 1/3 on 2027-03-03 | Grant for 2024 services; immediate vesting of 3,645 shares, then 3,645 on each anniversary |
| Stock Options | N/A (time-based vesting) | Jan 2024 | 10,000 options | One-third on each of first, second, third anniversaries of grant | Exercise price $2.25; expiration 2029-01-05 |
Detailed RSU award (granted for 2024 services)
| Detail | Value |
|---|---|
| Grant date | 2025-03-03 |
| Shares granted | 10,935 |
| Fair value at grant | $166,109 (reported in 2024 Stock Awards) |
| Vesting schedule | 3,645 on 2025-03-03; 3,645 on 2026-03-03; 3,645 on 2027-03-03 |
Detailed stock option award (granted Jan 2024)
| Detail | Value |
|---|---|
| Shares underlying options | 10,000 |
| Exercise price | $2.25 |
| Vesting | One-third on each of first three anniversaries of grant date |
| Expiration | 2029-01-05 |
| Currently exercisable at 2025-03-12 | 3,334 options (included in beneficial ownership footnote) |
| In-the-money check (context) | KINS stock $14.58 on 2025-10-31 vs. $2.25 strike (options in the money as of that date) |
Plan-level observations
- Employee Bonus Plan: SLT eligible for cash bonuses and RSAs based on growth and underwriting profitability; performance metrics for 2025 YTD were met at the company level (SLT RSA bonus accruals recorded) .
Equity Ownership & Alignment
| As-of Date | Beneficial Ownership (Shares) | % of Class | Notes |
|---|---|---|---|
| 2024-06-14 | 6,893 | <1% | DEF 14A 2024 ownership table |
| 2024-12-31 | Options unexercisable: 10,000 | N/A | Outstanding equity awards table (no unvested RSU at 12/31/24 for Chen) |
| 2025-03-12 | 15,384 (incl. 3,334 currently exercisable options) | <1% | 2024 10-K Item 12 ownership table and footnote |
| 2025-06-13 | 15,384 (incl. 3,334 currently exercisable options) | <1% | 2025 DEF 14A ownership table and footnote |
- Pledging/hedging: No pledging of shares disclosed for Ms. Chen in beneficial ownership tables; company maintains an Insider Trading Policy governing trading by insiders .
- Ownership guidelines: No executive stock ownership guidelines specific to Ms. Chen disclosed in cited filings .
Upcoming vesting calendar (potential overhang/supply timing)
- Options: One-third of the 10,000-share grant vests on each of the first, second, and third anniversaries of the January 2024 grant (i.e., 2025-01-05, 2026-01-05, 2027-01-05) .
- RSUs: 3,645 shares on 2026-03-03 and 3,645 shares on 2027-03-03 (following 3,645 vested on 2025-03-03) .
Employment Terms
- Contract status: No individual employment agreement for Ms. Chen is disclosed in the cited filings; compensation administered under the Employee Bonus Plan and equity plans .
- Severance: No individual severance multiple disclosed for Ms. Chen in the cited filings .
- Change-of-control (CoC): Under the 2014 and 2024 equity plans, Ms. Chen’s outstanding options and restricted stock will vest upon a change of control (single-trigger for equity). For death or disability, stock scheduled to vest on the next vesting date may vest under certain circumstances .
- Clawback/tax gross-ups: Not specifically disclosed for Ms. Chen in cited sections; company insider trading and governance policies are filed/exhibited .
Performance & Track Record
- Role scope: Chief Actuary and Head of Product Management at KICO since Aug 2022 (Chief Actuary since Nov 2020) .
- Company operating context: Nine months 2025 net income of $26.0M vs. $12.9M in nine months 2024; equity compensation increased due to additional restricted stock awards for SLT as of Dec 31, 2024 (bonus plan) .
- Governance/compliance: One late Form 4 filed by Ms. Chen in 2023 and one late Form 4 in 2024 noted in company disclosures .
Compensation Committee & Governance Context
- Compensation Committee members in 2025: Yankus (Chair), Newgarden, Tupper, Singh, D’Andre (all independent) .
- Equity award grant practices: For NEOs other than the CEO, awards are generally discretionary and granted in Feb/Mar based on prior-year growth and underwriting profitability; committee did not time grants around MNPI in 2024 .
Investment Implications
- Pay-for-performance alignment: Ms. Chen’s 2024 compensation mix is meaningfully at-risk, with a $166.6k cash bonus and $166.1k RSU value tied to company growth and underwriting profitability; this supports alignment with underwriting margin improvement and profitable growth objectives .
- Vesting/selling pressure timing: A clear vesting calendar (options annually in January; RSUs in March 2026 and March 2027) creates identifiable windows for potential insider sales absent pre-arranged trading plans; options are in-the-money versus the Oct 31, 2025 price reference, reinforcing realizable value .
- Retention and CoC dynamics: Equity is time-based and accelerates upon change-of-control (single-trigger), which may reduce retention incentives in a sale scenario but enhances immediate deal-aligned realizations; absence of a disclosed individual severance multiple for Ms. Chen limits guaranteed cash payouts on exit .
- Ownership/signal: Beneficial ownership remains <1% with incremental growth from 6,893 (June 2024) to 15,384 (March/June 2025), including exercisable options—a modest but rising stake; no pledging disclosed, and insider trading policy is in place .
- Governance note: Isolated late Section 16 filings (Form 4) in 2023 and 2024 represent minor compliance slippage but no broader pattern indicated by company disclosures .