Anthony Shapella
About Anthony Shapella
Anthony Shapella, age 42, is Group Chief Underwriting Officer (CUO) of SiriusPoint, promoted effective January 1, 2025 after joining in September 2023 as Deputy CUO; he previously held senior roles at AIG (Global Head of Portfolio Analytics; CRO for Financial and Liability Lines; Head of Risk Aggregation) and earlier worked at Towers Watson in insurance consulting and reinsurance broking. He holds an MBA from Temple University’s Fox School of Business and a BS in Business Administration/Finance from Mount St. Mary’s University . Company performance context for incentive design: FY24 Core combined ratio 91.0% (pool funded 151.3%), underlying ROE 14.6%, and diluted book value per share up 10% YoY .
Past Roles
| Organization | Role(s) | Years | Strategic Impact |
|---|---|---|---|
| AIG (General Insurance) | Global Head of Portfolio Analytics; Chief Risk Officer for Financial & Liability Lines; Risk Aggregation Analytics Director | Oct 2012 – Sep 2023 | Led portfolio analytics and risk management across liability lines, underpinning disciplined underwriting and aggregation oversight . |
| Towers Watson | Insurance consulting and reinsurance brokerage roles | Prior to 2012 | Advisory and placement experience contributing to underwriting and risk strategy foundations . |
External Roles
No public company board or external directorships disclosed for Shapella in SPNT filings .
Fixed Compensation
| Component | Deputy CUO Offer (Aug 2023) | CUO Offer (Nov 2024; effective Jan 1, 2025) |
|---|---|---|
| Base Salary | $400,000 per annum . | $500,000 per annum; next review in 2026 . |
| Target Annual Bonus (STI) | 50% of base; eligibility starting 2024 performance year . | 75% of base; payable subject to Committee discretion and employment at payment . |
| Long-Term Incentive (LTI) Target | 50% of base grant value; same terms as senior management . | 100% of base grant value for 2025 awards; 25% RSUs / 75% PSUs under 2023 Omnibus Plan . |
| Sign-on Cash | $182,200 paid March 2024 . | — |
| Sign-on RSU Buyout | One-time RSU award with grant-date fair value $509,644 (to replace forfeited equity) . | — |
| Location & Reporting | New York, NY; reports to Group President & CUO (then-successor) . | Reports to CEO; member of executive leadership team . |
Performance Compensation
Short-Term Incentive (Company Plan Design and FY24 Outcomes)
| Metric | Weight | Threshold | Target | Maximum | FY24 Actual | Payout Factor |
|---|---|---|---|---|---|---|
| Core Combined Ratio (CCR) | 70% | 93.9% → 50% payout; none if >93.9% | 92.9% → 100% payout | ≤89.9% → 200% payout | 91.0% | 173.0% of target (financial metric) |
| Strategic Objectives (6 Company priorities) | 30% | 0–50% if partial/not met (cliff) | 100% if achieved | 100% (cap) | Achieved at target | 100% of target |
| Bonus Pool Funding (Aggregate) | — | — | — | Max 170% (70%×200% + 30%×100%) | — | 151.3% |
Notes: Nothing pays under STI unless CCR threshold is met; “underwriting first” philosophy .
Long-Term Incentive (Plan Structure)
| Instrument | Weight | Vesting | Performance Metric / Terms |
|---|---|---|---|
| PSUs | 75% | Earned at end of 3-year performance period | 100% driven by compound NBVPS growth over the period; paid in common shares if earned . |
| RSUs | 25% | Time-based; typically in 3 equal annual installments (per NEO awards) | Retentive component aligned to continuous service under Omnibus Plan . |
Equity Ownership & Alignment
| Date | Filing | Common Shares After Transaction | Transaction Type | Notes |
|---|---|---|---|---|
| Jan 13, 2025 | Form 3 | 42,359 | Initial beneficial ownership | Direct (D); Officer title “Group Chief Underwriting Off” . |
| Feb 28, 2025 (filed Mar 3) | Form 4 | 38,023 | F (tax withholding) | 4,336 shares withheld to cover taxes upon RSU vesting; includes restricted shares in balance . |
| Apr 25, 2025 (filed Apr 28) | Form 4 | — | — | Additional Form 4 filing presence confirmed (detail in EDGAR index) . |
Ownership policies:
- Hedging and pledging of Company securities are prohibited for executive officers and directors .
- Executive share ownership requirements are in place; policy revised effective January 1, 2025 (details overseen by Compensation Committee) .
Insider selling pressure assessment: Reported activity to date reflects tax withholding (code F) on RSU vesting, not open-market sales .
Employment Terms
| Term | Details |
|---|---|
| Role transitions | Deputy CUO start: Sep 2023; Promoted Group CUO effective Jan 1, 2025 . |
| Reporting line & ELT | CUO reports to CEO; member of Executive Leadership Team . |
| Jurisdiction & venue (offer letters) | New York law venue and jury waiver provisions stated in 2023 offer letter; assignment rights to service company . |
| Executive Severance Plan (adopted Jul 30, 2025; effective Aug 1, 2025) | If terminated without cause or resigns for Good Reason: lump sum equal to 52 weeks base pay; either prior-year STI payout at target (if termination ≤ Mar 31) or pro-rated current-year target STI (if ≥ Apr 1); full vesting of any cash bonus unless award terms provide otherwise; lump sum equal to Company-paid health benefit premiums for 52 weeks; requires release and covenant compliance . |
| Enhanced CIC benefits | If separation within 12 months after a change in control: 150% of Basic Severance (base) and 150% of the incentive component, with coordination vs. any superior contract benefits . |
| Non-U.S. benefit continuation | Parallel provisions for non-U.S. participants on health benefits continuation or lump-sum equivalent . |
| 409A compliance | Payments intended to comply; six-month delay for specified employees on nonqualified deferred compensation . |
| Clawback | Expanded January 2024 to allow recoupment for serious/gross misconduct; applies in event of financial restatement . |
| Hedging/Pledging | Prohibited for executives and directors . |
| Ownership guidelines | Shareholding requirements for senior executives; revised policy implemented from January 1, 2025 . |
Compensation Structure Analysis
- Year-over-year mix: Elevation from Deputy CUO to CUO increased base ($400k → $500k) and materially lifted equity target (LTI 50% → 100% of salary), increasing at-risk pay and long-term alignment .
- STI rigor strengthened for 2025: CCR target tightened from 92.9% to 91.3% (threshold 96.0%; maximum 88.3%), raising performance bar and reinforcing underwriting-first discipline .
- Incentive design emphasizes long-term value creation: PSUs (75%) tied to NBVPS compound growth over three years; RSUs (25%) provide retention balance .
- Governance guardrails: No hedging/pledging; no golden-parachute tax gross-ups; no option repricing without shareholder approval; double-trigger CIC benefits; active clawback policy .
Related Party & Governance Context
- Related-party constructs: Ongoing investment management agreements with Third Point; redemption/repurchase transactions with CM Bermuda, culminating with full exit (Feb 27, 2025) and IRA termination .
- Board independence and committees: Independent Compensation Committee oversees executive compensation and succession; Mercer engaged as independent consultant; say-on-pay 2024 approval ~82% .
- Compensation peer group: Includes Axis, RenaissanceRe, Hiscox, Markel, W.R. Berkley, Selective, RLI, Enstar, Hanover, etc. Positioning: Assets $12,525mm (50th pct), TTM revenues $2,656mm (48th pct), market cap $2,654mm (29th pct) as of 12/31/2024 .
Investment Implications
- Pay-for-performance alignment: STI governed by CCR and strategic execution; LTI majority PSUs tied to NBVPS growth—both support underwriting discipline and book value compounding. Tighter 2025 CCR targets indicate higher hurdle rates, potentially reducing bonus variability for underperformance and sharpening risk-adjusted underwriting .
- Retention risk: Elevation to CUO and 2025 LTI at 100% of salary enhance retention levers; no hedging/pledging and ownership guidelines increase alignment. Insider activity shows only tax-withholding dispositions (F), not market sales, suggesting limited near-term selling pressure from vesting events .
- Execution risk and value creation: Company delivered 15 consecutive quarters of favorable prior-year reserve development; FY24 CCR 91% and underlying ROE 14.6% reflect improved underwriting/investment performance. Sustaining NBVPS growth to vest PSUs and meeting strengthened CCR targets are key levers for long-term value and compensation realization .
- Governance and shareholder signals: Strong say-on-pay support (~82%) and conservative policies (clawback; no tax gross-ups; prohibition on hedging/pledging) suggest alignment with institutional expectations .
Sources and Notes
- Executive biography, age, promotion and prior roles: .
- Offer letters and compensation terms: 2023 Deputy CUO offer ; 2024 CUO offer .
- STI design and FY24 outcomes: .
- LTI structure, RSU/PSU terms and NBVPS metric: .
- Form 3 and Form 4 ownership events: .
- Severance & CIC plan: .
- Governance policies (hedging/pledging; ownership guidelines; clawback; say-on-pay): .
- Related-party transactions and CM Bermuda exit: .
- Peer group and positioning: .