Sean Brosnan
RENAISSANCERE HOLDINGSAbout Sean Brosnan
Sean Brosnan is Senior Vice President and Chief Investment Officer of RenaissanceRe (RNR), a role he has held since April 2017 after joining the company in 2004; he is 49 years old and holds both Chartered Certified Accountant and CFA designations . Under the company’s Three Drivers of Profit model, investment income materially contributes to results: in 2024 net investment income was $1.7B , and for the nine months ended September 30, 2025 total investment result reached $2.25B, with net investment income of $1.26B . Company performance indicators during this period include a 10.9% TSR CAGR from 2014–2024 and book value per common share increasing from $195.77 at 12/31/2024 to $231.23 at 9/30/2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| RenaissanceRe | SVP & Chief Investment Officer | 2017–present | Leads $32.6B investment portfolio; investment income increased 32% in 2024 contributing $1.7B . |
| RenaissanceRe | Managing Director of Investments; Vice President | 2012–2017 (MD); pre-2012 (VP) | Advanced investment strategy and capital efficiency in support of underwriting cycles . |
| Renaissance Reinsurance of Europe Unlimited Company | Chief Executive Officer | 2014–2017 | Led European subsidiary; operational and investment oversight across markets . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Irish Life Investment Managers | Investment/Finance roles | Not disclosed | Institutional investment experience prior to RNR . |
| Bank of Ireland | Investment/Finance roles | Not disclosed | Banking and finance expertise prior to RNR . |
Fixed Compensation
Not disclosed in the proxy for Mr. Brosnan (he is an executive officer but not a Named Executive Officer); company-level salary disclosures apply to NEOs only .
Performance Compensation
Company executive incentive framework (applies to NEOs; indicative of program design relevant to senior leaders):
2024 Annual Incentive Bonus Design and Outcome
| Metric | Weighting | Target | Actual | Payout Factor / Notes |
|---|---|---|---|---|
| Adjusted Operating ROE vs target | 50% | 10.44% | 28.8% | Contributed to overall FY2024 bonus business performance factor of 176% . |
| Gross premiums written vs budget | 20% | 100% of budget | 100.6% of budget ($11.7B) | Supports profitable scale and risk appetite . |
| Strategic goals & objectives | 30% | Pre-set scorecard (0–3.0) | Above target (committee-determined) | Overall FY2024 bonus business performance factor of 176% . |
Long-Term Incentives (Performance Shares)
| Cycle | Metric | Weighting | Target | Actual | Payout | Vesting Details |
|---|---|---|---|---|---|---|
| 2022–2024 | 3-yr avg change in book value per share + change in accumulated dividends | 75% | 7.0% | 27.4% | 180% of target | Performance shares vest based on 3-year metrics; service period applies . |
| 2022–2024 | 3-yr avg underwriting expense ratio rank vs peers | 25% | Peer rank threshold | 31.0% (5th best in peer group) | 180% of target | Performance shares have double-trigger vesting on change in control if assumed . |
Equity Grant Mechanics (2024 Awards)
| Award Type | Grant Date | Quantity Basis | Vesting | Notes |
|---|---|---|---|---|
| Time-vested restricted shares | Mar 1, 2024 | Value/closing price $223.35; rounded to whole shares | Four equal annual installments starting Mar 1, 2025 | Dividends paid on time-vested restricted shares . |
| Performance shares | Mar 1, 2024 | Target shares; threshold/target/maximum defined | Performance/service period through Dec 31, 2026 | No dividends paid on unvested performance shares; payout capped . |
Equity Ownership & Alignment
- Anti-hedging and anti-pledging: Company prohibits hedging and pledging, and restricts trading outside of designated windows (except under approved Rule 10b5‑1 plans) .
- Executive ownership guidelines (NEOs): CEO 7.5x actual salary; other NEOs 4.5x target salary; only common shares and time-vested restricted shares count; performance shares and options excluded from ownership value .
- Insider activity: Multiple Form 4 filings by “Brosnan, Sean G.” indicate changes in beneficial ownership (e.g., awards/acquisitions at $0.00 per share), including filings on March 5, 2024 and December 1, 2023; details available in the filings .
- Beneficial ownership: The proxy presents detailed counts for NEOs and directors; individual holdings for Mr. Brosnan are not itemized in the Security Ownership table (executives and directors as a group: 993,850 shares, 2.0% of class) .
Employment Terms
- Agreements and severance (NEO framework):
- Severance components include installment and lump-sum percentages of salary and bonus (Installment Percent/Lump Sum Percent), pro‑rata target bonus, up to 12 months health benefits, and specified vesting treatment of equity .
- Multiples: CEO at 150%/50%; other NEOs at 75%/25%; become 150%/50% for all NEOs if qualifying termination within 12 months of change in control .
- Equity vesting: Time-vested awards vest in full for death/disability/without‑cause/good reason/non‑renewal; performance shares follow actual performance through the cycle; awards assumed in a change in control accelerate only upon qualifying termination within 2 years (double‑trigger) or accelerate if not assumed .
- Restrictive covenants: Non‑competition and non‑interference covenants apply during employment and for 12 months post‑termination (mechanics vary by executive category) .
- Clawbacks: Dodd‑Frank/NYSE-compliant clawback policy requires recoupment of incentive compensation upon restatements; additional misconduct-based contractual clawbacks apply to the CEO .
- Perquisites: Company-funded personal use of NetJets limited to members of the management governance committee (CEO, CFO, CPO, Group CUO, Group GC) with caps; executives pay imputed taxes, no tax gross‑ups .
Company Performance Context
Nine months ended September 30 (insurance and investment drivers relevant to CIO oversight):
| Metric | 9M 2024 | 9M 2025 |
|---|---|---|
| Gross premiums written ($USD Thousands) | 9,816,315 | 9,900,309 |
| Net premiums written ($USD Thousands) | 8,200,588 | 8,271,601 |
| Net premiums earned ($USD Thousands) | 7,568,194 | 7,566,740 |
| Net investment income ($USD Thousands) | 1,225,479 | 1,256,815 |
| Net realized & unrealized investment gains ($USD Thousands) | 602,507 | 994,550 |
| Total investment result ($USD Thousands) | 1,827,986 | 2,251,365 |
| Combined ratio (%) | 81.3% | 92.1% |
Book value trajectory:
| Metric | Dec 31, 2024 | Sep 30, 2025 |
|---|---|---|
| Book value per common share ($) | 195.77 | 231.23 |
| Accumulated dividends per common share ($) | 28.08 | 29.28 |
| Book value per share + accumulated dividends ($) | 223.85 | 260.51 |
| YTD change in book value per share (%) | — | 18.1% |
| YTD change incl. accumulated dividends (%) | — | 18.7% |
Investment Implications
- Alignment: Company prohibits hedging and pledging, uses rigorous performance metrics (Adjusted Operating ROE, book value growth, underwriting expense rank), and applies double-trigger CIC treatment—supportive of long-term value alignment for senior leaders, including the CIO .
- Retention/contract economics: Robust non‑compete and severance structures reduce near-term flight risk; equity designs balance service and performance to retain talent through cycles .
- Trading signals/insider pressure: Recent Form 4s for Mr. Brosnan show equity awards/acquisitions; company bans pledging, and no gross‑up on perqs—collectively lower red‑flag risk; monitor future filings for any pattern shifts .
- Execution risk: Combined ratio variability in 9M 2025 versus 9M 2024 underscores underwriting volatility; investment result strength in 2025 YTD reflects CIO domain performance—continued discipline on risk and duration is key as market conditions evolve .