Brenda M. Hall
Executive Vice President, Chief Operating Officer, Standard Lines at 
SELECTIVE INSURANCE GROUP
SELECTIVE INSURANCE GROUPExecutive
About Brenda M. Hall
Brenda M. Hall, age 54, is Executive Vice President and Chief Operating Officer, Standard Lines at Selective Insurance Group, Inc. (SIGI), serving in this role since 2022; prior roles include EVP Commercial Lines COO (2019–2022), SVP Chief Strategic Operations Officer (2015–2019), and VP Director of Field Underwriting (2008–2015). She holds a B.A. from the University of Mount Union and an M.A. from Webster University and is a Certified Insurance Counselor and Certified Risk Manager . Company performance context: 2024 GAAP combined ratio was 103.0% with 12% NPW growth vs. 2023; annualized TSR was -4.6% (1-, 3-, 5-, 10-year TSR: -4.6%, 5.9%, 9.0%, 14.8%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Selective Insurance Group | EVP, COO, Standard Lines | 2022–present | Responsible for overall standard commercial and personal lines results; led geographic expansion to Maine, NV, OR, WA, WV and improved pricing/retention . |
| Selective Insurance Group | EVP, Commercial Lines COO | 2019–2022 | Executed commercial lines strategy; agency engagement; operational enhancements . |
| Selective Insurance Group | SVP, Chief Strategic Operations Officer | 2015–2019 | Drove strategic operations and efficiency initiatives . |
| Selective Insurance Group | VP, Director of Field Underwriting | 2008–2015 | Led underwriting field operations and risk selection . |
External Roles
| Institution | Role | Years | Notes |
|---|---|---|---|
| University of Mount Union | B.A. | – | Education . |
| Webster University | M.A. | – | Education . |
| Industry Credentials | Certified Insurance Counselor; Certified Risk Manager | – | Professional certifications . |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary | $560,000 | 2024 merit increase of 4.7% vs. 2023 . |
| Target Bonus Range (ACIP) | 0%–150% of base salary | Corporate ACIP based on GAAP combined ratio and 13 strategic measures . |
| Actual Annual Bonus Paid (ACIP) | 66% of base; $365,000 | Payout reflects zero financial points and 50 strategic points in 2024 . |
| Perquisites | $1,250 tax prep; $3,000 executive physical | Limited perqs consistent with policy . |
| Deferred Compensation (2024) | $89,885 executive contributions; $16,967 company contributions; $145,645 earnings; $973,411 year-end balance | Company matches and non-elective contributions per plan . |
| Pension (Present Value, 12/31/2024) | $271,488 (Retirement Income Plan); $11,685 (SERP); 13.42 yrs credited service | Early retirement eligibility attained . |
Performance Compensation
| Program | Metric | Weighting/Structure | Target | Actual (2024) | Payout | Vesting |
|---|---|---|---|---|---|---|
| Corporate ACIP (Cash) | GAAP Combined Ratio | Financial component pays 0% at >100%; max 120% at ≤88% | 95% combined ratio for full 50 points | 103.0% combined ratio | 0 financial points | Annual cash (2024) . |
| Corporate ACIP (Cash) | 13 Strategic Measures | Up to 50 points (+5 possible for exceeding rate target) | Achieve designated strategic targets | 12/13 achieved; funded at 50 points (exceeded one) | Contributed to 66% of base payout | Annual cash (2024) . |
| LTIP – Performance RSUs | Non-GAAP operating ROE ≥12% OR 5% cumulative policy count/NPW growth (3-year) | ~75% of LTIP grant value | 3-year period (01/01/2024–12/31/2026) | Ongoing | – | Vests after performance period; paid ~Feb 2027 . |
| LTIP – Cash Incentive Units (CIUs) | TSR over 3 years; 3-year statutory NPW growth & statutory operating ROE vs. peer index | ~25% of LTIP grant value; 0%–150% multiplier | 3-year period (01/01/2024–12/31/2026) | Ongoing | – | Cash settles after performance period; paid ~2027 . |
Equity Ownership & Alignment
| Item | Detail | Notes |
|---|---|---|
| Beneficial Ownership | 14,772 shares; less than 1% of class | No pledging or margin accounts among executives . |
| Stock Ownership Guidelines | EVPs: 3x base salary; retain ≥75% of shares acquired until guideline met | All officers have met or are on track . |
| Hedging/Pledging | Hedging prohibited; pledging not permitted via policy oversight | Clawback policy adopted Dec 1, 2023 per SEC/Nasdaq requirements . |
| Unvested RSUs (12/31/2024) | 7,573 units; market value $835,504 | Includes 2022 grant vested on 2/7/2025 and related DEUs . |
| Equity Incentive Awards Not Yet Earned | 1,625 CIUs (2023) with $264,304; 4,939 RSUs (2023) with $461,920; 2,500 CIUs (2024) with $354,020; 7,659 RSUs (2024) with $716,226 | Cash units valued at per-unit TSR-based values; RSUs at $93.52 per unit . |
| Upcoming Vesting Milestones | 2023 awards vest/pay Feb 6, 2026; 2024 awards vest/pay Feb 2, 2027 (subject to performance) | Early Retirement Age for awards: May 28, 2025 for Hall (performance conditions still apply) . |
Employment Terms
| Provision | Terms |
|---|---|
| Agreement Term | Initial 3-year term; auto-renews for 1-year periods unless terminated . |
| Severance (No CIC) | 1.5x (salary + average of last 3 annual cash incentives) in 12 installments; 18 months partial reimbursement of medical/dental/vision; equity awards vest subject to performance (except for Cause) . |
| Change-in-Control (Double Trigger) | 1.5x (salary + greater of target ACIP or 3-year average ACIP) lump sum; 18 months benefits; equity immediately vests; CIUs at 150% multiplier . |
| Non-Compete / Non-Solicit | Two-year non-solicitation and confidentiality; release required for severance; non-compete not specified in proxy summary . |
| Golden Parachute Gross-ups | No excise tax gross-up provisions . |
| Potential Payments (as of 12/31/2024) | Retirement: $2,336,684; Death/Disability: $4,091,684; Termination without Cause or Good Reason: $4,129,373; Termination following CIC: $4,369,663 . |
Performance & Track Record
- Standard Commercial Lines: NPW growth 11%, new business growth 4%, renewal pure price +8.3%, retention 85% in 2024; initiated writing in 5 new states and strengthened agency engagement and product organization .
- Corporate outcomes: 2024 GAAP combined ratio 103.0% (zero ACIP financial points) with strong strategic execution (50 points); annualized TSR -4.6% (3-, 5-, 10-year TSR of 5.9%, 9.0%, 14.8%) .
- Investment segment context: After-tax net investment income +17% to $363M; ROE contribution 12.8 points in 2024 .
Compensation Structure Analysis
- Cash vs. Equity Mix: For Hall in 2024, fixed 29%, short-term ACIP 19%, long-term LTIP 52%—consistent with pay-for-performance emphasis on longer-term equity .
- 2024 ACIP Downshift: Actual ACIP declined 40.2% vs. 2023 amid adverse prior year casualty reserve development (zero financial points), signaling metric discipline; strategic objectives largely achieved (50 points) .
- LTIP Increase: 2024 LTIP grant date value rose 54.8% to align equity mix with peer medians (proxy peer benchmarking) .
- Best Practices: Double-trigger CIC vesting, robust clawback policy, stock ownership/retention requirements; no option repricing, no excise tax gross-ups .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval exceeded 99% of votes cast; CHCC retained program structure emphasizing balanced short- and long-term incentives .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; none of the executives have pledged shares or hold margin accounts .
- Early retirement age reached for award purposes on May 28, 2025, which can reduce forfeiture risk on separation (still subject to performance) .
- Clawback compliant with SEC/Nasdaq adopted Dec 1, 2023 .
Investment Implications
- Pay-for-performance integrity: Bonus funding tied to combined ratio and strategic execution resulted in materially lower cash payouts when underwriting results weakened—reducing misalignment risk .
- Retention and selling pressure: Significant unvested RSUs/CIUs with multi-year performance periods and ownership/retention requirements temper near-term sell pressure; early retirement attainment in 2025 moderately lowers forfeiture risk but awards remain performance-contingent .
- Change-in-control economics: Double-trigger and 1.5x severance with full equity vesting (CIUs at 150%) create potential event-driven realizations; monitor for M&A catalysts impacting executive mobility and payout profiles .
- Alignment: Beneficial ownership plus strict hedging/pledging prohibitions and 3x salary ownership guideline support long-term alignment; 2024 LTIP scaling increases equity-linked exposure to three-year value creation .