Mark J. Beachy
About Mark J. Beachy
Executive Vice President and Chief Claims Officer at Kinsale since October 2020; age 57 as of the 2025 proxy. Previously Group General Counsel at The Travelers Indemnity Company, leading a staff counsel organization of ~1,000 legal professionals; earlier Managing Counsel at Travelers (2006–2018), trial attorney, and claims roles at Travelers and Aetna. Education: B.S. in Journalism (West Virginia University) and J.D. (Catholic University, Columbus School of Law); licensed to practice law in Virginia and Washington D.C. Compensation is tied to underwriting profitability with key measures including actual underwriting profit, combined ratio, and operating ROE; NEO bonuses were paid well above target (approx. 200%–202% of target in 2024; approx. 222%–242% in 2023) reflecting strong profitability .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Travelers Indemnity Company | Group General Counsel; led staff counsel org (~1,000 legal professionals) | Not specified; prior to 2020 | Oversaw defense of policyholders in civil litigation across U.S., U.K., Canada |
| Travelers | Managing Counsel | 2006–2018 | Led staff counsel operations and litigation services in Virginia |
| Travelers | Trial Attorney | Prior to 2006 | Defended commercial/personal lines policyholders in BI/PD litigation |
| Travelers; Aetna Casualty & Surety | Claims roles of increasing responsibility | Early career | Claims operations experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Licensure | Attorney (VA and DC) | Current | Professional credential; no public company directorships disclosed in filings reviewed |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary (USD) | $325,000 | $360,000 | $425,000 |
| Target Bonus % of Salary | 125% | 125% | 125% |
| Actual Bonus Paid (USD) | $650,000 | $1,000,000 | $1,075,000 |
| Stock Awards (Grant-Date Fair Value, USD) | $329,910 | $629,722 | $749,493 |
| All Other Compensation (USD) | $21,418 | $23,004 | $24,002 |
| Total Compensation (USD) | $1,326,328 | $2,012,726 | $2,273,495 |
- Base salary increases: +$65,000 effective Jan 1, 2024; +$50,000 effective Jan 1, 2025 (CNCG committee decision to retain talent) .
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout vs Target | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Incentive (2024) | Actual underwriting profit; discretionary individual assessment | Pool equals specified % of actual underwriting profit; individual awards discretionary | 125% of base salary; Target USD ≈ $531,250 (derived from 125% × $425,000) | $1,075,000 | Other NEOs paid ~200%–202% of target; Beachy’s payout consistent with range | Cash (no vesting) |
| Annual Cash Incentive (2023) | Actual underwriting profit; discretionary individual assessment | Pool equals specified % of actual underwriting profit; individual awards discretionary | 125% of base salary; Target USD ≈ $450,000 (derived from 125% × $360,000) | $1,000,000 | Other NEOs paid ~222%–242% of target; Beachy’s payout consistent with range | Cash (no vesting) |
| Restricted Stock (time-based) | Long-term alignment | N/A | 2022 grant: 1,571 shares; $329,910 FV | 2023 grant FV $629,722; 2024 grant FV $749,493 | N/A | Vests 25% annually over 4 years following grant |
Most important measures used in determining NEO pay for 2024: actual underwriting profit, combined ratio, operating ROE .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of 3/27/2025) | 7,649 shares; % of class ≈ 0.033% (7,649 / 23,307,618); table reports “<1%” |
| Executive Ownership Guidelines | CEO 5x salary; CFO/COO/President 3x; all executive officers in compliance as of 12/31/2024 |
| Anti-Hedging/Margin/Pledging | Prohibits hedging, margin accounts, short sales, and pledging of Company stock |
| Clawback Policy | Recover incentive comp if financial results are restated and payouts would have been lower |
Restricted stock unvested (as of 12/31/2024):
| Grant Date | Unvested Shares (#) | Market Value (USD) |
|---|---|---|
| 3/1/2021 | 409 | $190,238 |
| 3/1/2022 | 786 | $365,592 |
| 3/1/2023 | 1,488 | $692,113 |
| 3/1/2024 | 1,452 | $675,369 |
Stock awards vested:
| Metric | 2022 | 2024 |
|---|---|---|
| Shares Vested (#) | 777 | 1,668 |
| Value Realized on Vesting (USD) | $185,904 | $850,166 |
Options: None listed for Beachy in outstanding equity awards tables (option columns blank for Beachy) .
Employment Terms
| Provision | Beachy Terms |
|---|---|
| Employment Agreement | None; only CEO has an employment agreement; other NEOs (including Beachy) have no severance agreements |
| Severance | None (no cash severance provisions disclosed) |
| Change-of-Control | Not disclosed for Beachy; no special CIC severance (only equity acceleration described for death/disability) |
| Death/Disability Equity Acceleration | 12/31/2024: $1,923,312; 12/31/2023: $1,457,193; 12/31/2022: $924,996 (unvested restricted stock fully vests at termination; values reflect closing price × unvested shares) |
| Non-compete/Non-solicit | Not disclosed for Beachy (CEO subject to 1-year covenants; no similar provisions presented for other NEOs) |
Say-on-Pay & Committee Oversight
- Say-on-Pay approval: ~95% (2023); ~96% (2024) .
- CNCG Committee: Gregory M. Share (Chair); Robert V. Hatcher III; Robert Lippincott III; all independent .
- Consultant: None retained in 2024; Semler Brossy engaged in 2025 to assist with 2025 Omnibus Incentive Plan .
Investment Implications
- Pay-for-performance alignment: Beachy’s bonus outcomes closely track underwriting profitability; above-target payouts in 2023–2024 signal strong operating execution. Metrics prioritized (actual underwriting profit, combined ratio, operating ROE) align with value creation in specialty P&C underwriting .
- Retention risk: No contractual severance or CIC protections for Beachy, but proactive salary increases and significant annual equity grants suggest retention via pay competitiveness and ongoing vesting; ownership guideline compliance and anti-hedging/pledging policies strengthen alignment .
- Trading signals: Time-based RSU vesting (e.g., 1,668 shares vested in 2024; $850,166 value realized) creates predictable vesting events that can correlate with tax-driven share withholding/settlement flows; absence of options reduces forced exercises near expiration .
- Ownership: Small absolute stake (7,649 shares; <1% of class) but in compliance with executive ownership guidelines; governance posture (clawback; anti-hedging/pledging) mitigates misalignment risk .
Note: Attempted to fetch Form 4 insider transactions for Beachy (2022–2025) to assess recent selling pressure; the insider-trades endpoint returned an authorization error. Analysis above relies on proxy disclosures for equity vesting and ownership [ReadFile SKILL.md; tool error context].