Pina Albo
REINSURANCE GROUP OF AMERICAAbout Pina Albo
Pina Albo (age 62) is an independent director of Reinsurance Group of America (RGA) since 2019. She is Chief Executive Officer of Hamilton Insurance Group, a Bermuda-based global specialty insurer and P&C reinsurer, and serves on Hamilton’s board; previously she spent 25 years at Munich Re, culminating as President, Reinsurance Division, Munich Re America and later as a Member of the Board of Executive Management. She began her career as a lawyer with law degrees in Canada and France. The RGA board classifies her as independent.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Munich Re | Various senior roles culminating as President, Reinsurance Division, Munich Re America; later Member of the Board of Executive Management | 25 years | Senior leadership in global reinsurance operations |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| Hamilton Insurance Group | Chief Executive Officer; Director | Not specified in proxy | Bermuda-based global specialty insurer and P&C reinsurer |
Board Governance
- Independence: RGA’s board determined in March 2024 and March 2025 that all non-employee directors, including Albo, are independent, with no related transactions or material relationships reported.
- Committee assignments (all-independent committees): Human Capital & Compensation (member), Investment (member), Nominating & Governance (member). She holds no chair roles.
- Board/committee activity and attendance: Board met 8 times in 2024; HCM 6, Investment 4, Nominating & Governance 5; no director attended fewer than 75% of applicable meetings.
- Board structure and controls: Independent Chair; all committees fully independent; majority voting, proxy access, no poison pill. Executive sessions of independent directors are regularly scheduled.
- Director skills (as disclosed in matrix): Corporate governance/public company board, financial literacy, government/regulatory, human capital management, industry knowledge, international, risk assessment/management, senior leadership, sustainability.
| Committee | Role | 2024 Meetings |
|---|---|---|
| Human Capital & Compensation | Member | 6 |
| Investment | Member | 4 |
| Nominating & Governance | Member | 5 |
Fixed Compensation
| Year | Cash Retainer | Committee Chair Fees | Meeting Fees | Other Cash | Total Cash |
|---|---|---|---|---|---|
| 2024 | $125,000 | $0 (no chair roles) | Not disclosed | — | $125,000 |
- Director compensation structure (2024, unchanged for 2025): Annual cash retainer $125,000 for independent directors; Chair of Board $215,000; committee chair retainers range $25,000–$35,000; annual stock grant $165,000 for independent directors; RGA reimburses reasonable expenses and matches charitable donations up to $1,500. No changes for 2025.
- 2024 actual director compensation (Albo): Fees earned $125,000; Stock awards $165,092; All other compensation (matching gifts) $1,500; Total $291,592. She elected to defer her cash retainer into the Phantom Stock Plan for Directors.
| 2024 Director Compensation (Albo) | Amount |
|---|---|
| Fees Earned or Paid in Cash | $125,000 |
| Stock Awards (grant-date fair value) | $165,092 |
| All Other Compensation | $1,500 |
| Total | $291,592 |
Deferred compensation elections (2024):
- Cash retainer deferred into Phantom Stock Plan for Directors (elected by Albo).
- Stock award deferred into the Phantom Stock Plan for Directors (elected by Albo).
Performance Compensation
- Directors receive fixed-value annual stock grants; no performance metrics apply to director equity awards. In 2024, independent directors were granted 778 shares on May 22, 2024 at a closing price of $212.20 (Albo’s grant fair value $165,092).
- Clawback policies apply to executive incentive awards via Flexible Stock Plan; director compensation is covered by the Phantom Stock Plan framework; the proxy does not disclose performance conditions for director equity grants.
| 2024 Director Equity Grant (Albo) | Detail |
|---|---|
| Grant date | May 22, 2024 |
| Shares granted | 778 |
| Closing price on grant date | $212.20 |
| Grant-date fair value | $165,092 |
| Deferral election | Deferred to Phantom Stock Plan for Directors |
Other Directorships & Interlocks
| Person | External Board | Interlock Detail |
|---|---|---|
| Pina Albo | Hamilton Insurance Group (Director) | Albo is Hamilton’s CEO and director. |
| John J. Gauthier (RGA Director) | Hamilton Insurance Group, LTD (Director) | Another RGA director sits on Hamilton’s board, creating an external board interlock. |
- Implication: Hamilton operates in specialty P&C; RGA is a life and health reinsurer and financial solutions provider. No related-party transactions between RGA and directors were disclosed; independence was affirmed. The interlock may facilitate industry information flow, but no conflicts were identified in the company’s related-party review.
Expertise & Qualifications
- CEO experience and senior leadership in global (re)insurance; risk management and international operations expertise; governance and financial literacy; sustainability experience.
- Legal training: law degrees in Canada and France.
Equity Ownership
| Category | Detail |
|---|---|
| Beneficial ownership (12/31/2024) | 1,072 shares; <1% of class. None of the listed director shares are pledged unless otherwise indicated. |
| Phantom share balance (12/31/2024) | 8,712 phantom shares (not counted as beneficial ownership). |
| Director stock retention policy | Cannot transfer director-compensation shares until holding value equals or exceeds 5x annual cash retainer. |
| Hedging/pledging policy | Prohibits hedging, short sales, holding in margin accounts, and pledging of company securities for directors. |
Governance Assessment
- Strengths: Independent status; active participation across key committees (HCM, Investment, Nominating & Governance); robust attendance (board reported no director below 75%); hedging/pledging prohibited; director stock retention policy; and no related-party transactions identified. Equity pay aligns director interests, with option to defer into phantom shares for long-term alignment.
- Compensation mix and alignment: 2024 pay comprised cash ($125,000) and equity ($165,092) plus matching gift; equity represented the larger component, supporting alignment with shareholders (analysis derived from disclosed amounts).
- Watch items: External interlock with Hamilton Insurance Group (Albo and RGA director John Gauthier both serve at Hamilton) warrants monitoring for potential perceived conflicts should transactional relationships arise; the company reports none and maintains a pre-approval policy for related-person transactions.
Notes:
- Insider trading/ownership reporting: The company states all directors complied with Section 16(a) filing requirements in 2024.
- Say-on-pay and broader compensation program items relate to executives; director compensation is fixed retainers and equity grants with deferral options.