Daniel Bodnar
About Daniel Bodnar
Daniel Bodnar is Chief Information and Technology Officer (CITO) and Senior Vice President at Skyward Specialty Insurance Group, serving since August 2017; he also serves as a director of subsidiaries HSIC, IIC, GMIC, and OSIC since March 2021 . He holds a Bachelor of Computer Science from Trinity University and has 25+ years of insurance technology experience, previously building specialty insurance technology teams and platforms at Argo Insurance Group and HCC Insurance Holdings, and consulting at insureCIO (Mar 2015–Aug 2017) . As of the 2025 proxy record date, Bodnar is age 58 . Company performance context over his tenure shows strong growth: Revenues and EBITDA rose from FY2022 to FY2024, Net Income reached $118.8M in 2024, and the pay-versus-performance table shows SKWD TSR of 264.61 vs peer group TSR of 128.30 for 2024 . Revenue/EBITDA values marked with an asterisk were retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| insureCIO (IT services for P&C industry) | Property & Casualty IT Consultant | 2015–2017 | Advised P&C carriers; industry technology implementations |
| Argo Insurance Group | Technology leadership | Not disclosed | Built specialty insurance technology teams and platforms |
| HCC Insurance Holdings | Technology leadership | Not disclosed | Built specialty insurance technology teams and platforms |
External Roles
- Director of insurance subsidiaries HSIC, IIC, GMIC, and OSIC (since Mar 2021) .
Fixed Compensation
- Not individually disclosed for Bodnar in the Company’s NEO summary compensation tables; 2024 NEOs are Robinson (CEO), Haushill (CFO), Burkhart, Hill, and Kapadia .
Performance Compensation
Company STIP design applicable to executives emphasizes profitable growth (internal combined ratio and gross written premium growth). 2024 targets and actual achievement below; NEO payouts were determined at 140% based on results and OKRs; Bodnar’s specific payout is not disclosed .
| Metric | Target | Actual | Company Payout Factor | Notes |
|---|---|---|---|---|
| Internal Combined Ratio (CR) | 92.5% | 91.6% | 140% | Matrix-driven factor with Committee discretion; OKRs reinforced performance |
| Gross Written Premium (GWP) Growth | 10%–15% | 19.4% | 140% | Strong profitable growth; payout capped at 150% |
Long-term equity program design (RSUs/PSUs):
- 2024 grants to NEOs: ~67% PSUs split between three-year internal CR and relative GBVPS vs a peer set; ~33% time-based RSUs vesting Jan 1, 2027 .
- PSU peer set for GBVPS includes AXIS, Employers, Global Indemnity, Hamilton, James River, Kinsale, Old Republic, Palomar, ProAssurance, RLI, SiriusPoint .
- 2022–2024 CR PSUs and PCUs earned at 116% based on three-year average adjusted internal CR of 91.9%; GTBVPS awards earned upon peer comparison (pending peer data certification as of the record date) .
Equity Ownership & Alignment
- Stock ownership guidelines: CEO 5x base salary; CFO/Presidents 3x; Other ELT members (includes executive leadership team beyond NEOs) 1x; five years to comply; must retain 50% of after-tax shares until compliant (100% if beyond five years); unearned PSUs and unexercised options do not count .
- Prohibitions: Directors and employees (including executives) prohibited from hedging, pledging, short sales, margin accounts per Insider Trading Policy .
- Clawback: Dodd-Frank compliant recoupment of incentive compensation for restatements covering prior three years; all awards under 2022 LTIP subject to clawback .
- Equity plan capacity and overhang context reported (Dec 31, 2024): 2,006,063 securities to be issued upon exercise/settlement; 2,025,555 remaining available; weighted-average option exercise price $15.00 .
Employment Terms
| Item | Disclosure | Notes |
|---|---|---|
| Employment Start | August 2017 (CITO & SVP) | Executive officer since 2017; director of subsidiaries since Mar 2021 |
| Severance | Executive officers have severance agreements providing 12 months base salary and 12 months COBRA premiums for terminations without cause or for good reason (CEO separately governed) | Applies to executive officers broadly; release required; 409A adjustments noted |
| Change-in-Control (Equity) | No single-trigger vesting; awards include double-trigger vesting upon qualifying termination in CIC protection period | CIC treatment for NEO awards detailed (death/disability full vest; retirement pro-rata for 2023/2024 awards; target for incomplete periods under CIC) |
| Hedging/Pledging | Prohibited by Company policy | Applies to all employees/directors |
| Clawback | Dodd-Frank compliant | Applies to cash/equity incentive compensation |
Company Performance Context (FY)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $646.9M* | $878.9M* | $1,134.9M* |
| EBITDA ($USD) | $60.3M* | $124.0M* | $165.6M* |
| Net Income ($USD) | $39.4M | $86.0M | $118.8M |
Values marked with an asterisk were retrieved from S&P Global.
Additional context:
- 2024 highlights: Adjusted combined ratio 91.2%; ROE 16.3%; GWP $1.743B (+19.4%); A.M. Best upgraded to “A” (Excellent) .
- Pay vs Performance: SKWD TSR 264.61 in 2024 vs peer group TSR 128.30; Net Income $118.83M; Internal CR 91.6% .
Investment Implications
- Alignment: ELT stock ownership requirement (1x base) plus RSU/PSU-heavy LTI design aligns tech execution with underwriting profitability and GBVPS over multi-year cycles; clawback and hedging/pledging prohibitions strengthen alignment .
- Retention risk: Company-wide severance protections for executive officers (12 months salary + 12 months COBRA) and double-trigger CIC provisions mitigate near-term exit risk; broad-based RSU/PSU programs with three-year performance windows provide meaningful retention incentives; Bodnar’s individual grants are not disclosed but policy context is supportive .
- Trading signals and selling pressure: RSU settlements and PSU certifications can create periodic supply; 2024–2026 PSU cycles and Jan 1, 2027 RSU vest dates for NEOs suggest potential cluster vesting windows; monitor Form 4 filings for Bodnar to detect any insider sales given policy prohibitions on pledging/hedging .
- Governance quality: Independent Compensation Committee (FW Cook engaged), no option repricing or tax gross-ups, no perquisites, and first Say-on-Pay in 2025 indicate disciplined pay practices—reducing headline risk .
Data gaps: Bodnar is not a named executive officer in proxies, so his specific base salary, target/actual bonus, award sizes, and beneficial ownership are not individually disclosed in DEF 14A. Use real-time Form 4 monitoring for insider activity and request supplemental disclosures if needed .