Leslie Shaunty
About Leslie Shaunty
Leslie K. Shaunty is General Counsel and Corporate Secretary of Skyward Specialty Insurance Group, Inc. (SKWD) and has served in this role since January 2021; she previously served as Chief Legal Officer (June 2020–January 2021) and Vice President of Legal & Compliance (July 2013–December 2019), and acts as Director and Secretary for subsidiaries HSIC, IIC, GMIC, and OSIC. She holds a J.D. from the University of Virginia and a B.A. from the University of Texas and has over 30 years of legal experience including 15+ years in insurance; as of the 2025 record date, she is age 56 . Company performance under the executive incentive framework includes SKWD TSR of $177.38 (2023) and $264.61 (2024) on a $100 IPO-date base, net income of $85.98M (2023) and $118.83M (2024), and internal combined ratio of 91.6% (2023 and 2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Skyward Specialty Insurance Group, Inc. | General Counsel & Corporate Secretary | Jan 2021–present | Enterprise legal oversight; corporate governance; subsidiary Director/Secretary roles across HSIC, IIC, GMIC, OSIC |
| Skyward Specialty Insurance Group, Inc. | Chief Legal Officer | Jun 2020–Jan 2021 | Senior legal leadership preceding current GC role |
| Skyward Specialty Insurance Group, Inc. | VP, Legal & Compliance | Jul 2013–Dec 2019 | Built legal/compliance function over multi-year growth period |
| Shaunty Law Firm | Principal | Feb 2019–Jun 2020 | Provided corporate legal services to Skyward Specialty |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Shaunty Law Firm | Principal | 2019–2020 | External counsel providing corporate legal support to SKWD |
Fixed Compensation
Not disclosed. Leslie Shaunty is not presented in the named executive officer (NEO) Summary Compensation Table; SKWD’s SCT covers CEO, CFO, and three other most highly compensated executive officers for 2024, excluding the General Counsel .
Performance Compensation
| Incentive Element | Metric | Weighting/Design | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual STIP (executive framework) | Internal Combined Ratio (CR) and GWP Growth | Primary metrics drive funding; OKRs may adjust individual awards | CR: 92.5%; GWP: 10–15% | CR: 91.6%; GWP: 19.4% (FY 2024) | Company STIP factor determined at 140% for 2024; individual payouts for GC not disclosed | Paid after FY results per Committee determination |
| Long-Term PSUs (2024 awards framework) | 50% internal CR; 50% relative GBVPS vs peer set | Max vesting at 150% of target; straight-line performance scale | GBVPS target ~50th percentile; CR targets per plan | Three-year period ending Dec 31, 2026 | Earnout formula-based; individual GC grant not disclosed | Eligible to vest Dec 31, 2026, subject to service/performance; double-trigger CIC protections |
| Long-Term RSUs (2024 awards framework) | Time-based retention | Approx. 33% of LT equity mix | N/A | N/A | N/A | RSUs scheduled to vest Jan 1, 2027, subject to continued employment |
Notes: SKWD’s STIP target matrix and OKRs are set annually; Committee determined 2024 company performance met 140% of target based on 19.4% GWP growth and 91.6% internal CR, plus exceptional OKR achievement (talent retention, predictive modeling, HRIS, five new lines, A.M. Best “A,” SOX compliance) . 2024 equity mix for NEOs was ~67% PSUs and ~33% RSUs; this design applies broadly to executive LTIP; specific GC award sizing is not disclosed .
Equity Ownership & Alignment
| Policy/Item | Details |
|---|---|
| Executive stock ownership guidelines | CEO: 5x base; CFO/Presidents: 3x; Other ELT members (includes GC): 1x base; 5 years to comply; must hold 50% of after-tax shares until guideline met; if not met after 5 years, must retain 100% of after-tax vested shares until compliant; unearned PSUs/options do not count |
| Hedging/pledging restrictions | Prohibits hedging, short sales, holding in margin accounts, and pledging; timing-of-grants protocols; Insider Trading Policy governs windows and Rule 10b5‑1 plans |
| Section 16 compliance | Company reports Section 16 compliance for 2024, with one corrected Form 4 unrelated to GC; no noted delinquency for Shaunty |
| Beneficial ownership (individual) | GC’s individual share count is not disclosed in the 2025 “Security Ownership of Certain Beneficial Owners and Management” table; SCT/ownership tables list NEOs/directors and aggregate group holdings |
Employment Terms
| Provision | Terms |
|---|---|
| Executive severance (non-CEO) | Each executive officer (including GC) has a severance agreement providing 12 months of base salary and Company-paid COBRA premiums for 12 months upon termination without cause or resignation for good reason (as defined) |
| Equity vesting treatment on termination | 2023/2024 awards: full vesting on death/disability; performance awards vest based on actual for completed periods and deem target for ongoing; qualified retirement: pro‑rated accelerated vesting subject to criteria; double‑trigger vesting in connection with CIC; no automatic single‑trigger vesting |
| Retirement eligibility criteria | Generally requires age ≥55 and ≥5 years of service, ≥12 months’ advance notice, succession assistance, and waiver/release execution |
| Conditions to severance/awards | Release of claims required; execution of Employee Confidentiality and Non‑Solicitation Agreement; ongoing compliance with confidentiality and non‑solicit covenants |
| Clawback policy | Dodd‑Frank compliant recoupment/forfeiture of incentive compensation linked to financial reporting measures in the event of restatement, for three years preceding the restatement |
Company Performance Under Incentive Metrics
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| SKWD TSR (IPO‑date base $100) | $177.38 | $264.61 |
| Net Income ($USD Millions) | $85.98 | $118.83 |
| Internal Combined Ratio (%) | 91.6% | 91.6% |
Internal combined ratio definition and reconciliation are provided by SKWD; internal CR adjusts GAAP combined ratio to include IPO-related stock comp/secondary costs and exclude certain LPT impacts .
Additional Governance and Compensation Structure Insights
- Independent consultant: FW Cook advises the Compensation Committee; peer benchmarking informs targets and design .
- LTIP peer set for GBVPS PSUs includes Axis Capital, Employers, Global Indemnity, Hamilton, James River, Kinsale, Old Republic, Palomar, ProAssurance, RLI, SiriusPoint; performance scale: 25th percentile=0%, 50th=100%, 75th=150% .
- Positive pay practices/guardrails: no hedging/pledging; no perquisites; no SERP; no tax gross‑ups on CIC; no option repricing without shareholder approval; clawback; stock ownership guidelines; capped PSU max payouts .
Investment Implications
- Pay-for-performance alignment: GC compensation is governed by company-wide frameworks tightly linked to profitability (internal CR) and growth (GWP), with LTPSUs tied to relative GBVPS and internal CR; 2024 STIP paid at 140% due to strong performance, reinforcing incentive linkage .
- Retention risk and vesting overhang: RSUs from 2024 are scheduled to vest on Jan 1, 2027, with PSUs on Dec 31, 2026 and double-trigger CIC protection; pro‑rated retirement vesting and standard severance (12 months salary + COBRA) suggest moderate retention risk and manageable forced selling pressure near vest events .
- Ownership alignment: ELT 1x salary ownership guidelines with retention until compliant, plus strict anti‑hedging/pledging; GC-specific share ownership is not disclosed, which limits precision of “skin‑in‑the‑game” analysis, but policy architecture is shareholder‑friendly and reduces misalignment risk .
- Trading signals: Absence of disclosed individual grants/payouts/transactions for the GC limits near‑term insider‑selling signal analysis; however, known vesting schedules and anti‑hedging/pledging constraints reduce risk of opportunistic selling around corporate events .
Overall, the GC’s compensation and governance framework is consistent with SKWD’s disciplined approach—performance‑driven incentives, robust clawback/ownership rules, and standard severance—supporting alignment while leaving some data gaps at the individual level due to non‑NEO status in the proxy .