Franklin Montross IV
About Franklin Montross IV
Independent Class I director of SiriusPoint Ltd. since February 2021; age 69. Former Chairman and CEO of General Reinsurance Corporation (Gen Re), a Berkshire Hathaway subsidiary, with 35+ years in reinsurance. Holds a BA from Harvard College. Core credentials: deep (re)insurance underwriting, risk management, and crisis leadership experience; currently chairs SiriusPoint’s Risk & Capital Management Committee and serves on the Audit and Compensation Committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| General Reinsurance Corporation (Gen Re), Berkshire Hathaway subsidiary | Chairman & CEO | 2008–2016 | Led firm through 2008 financial crisis; led 100% acquisition of Cologne Re, cornerstone of Berkshire’s international reinsurance presence . |
| Gen Re | Chief Underwriting Officer; Executive Committee member | From 2001 | Enterprise underwriting leadership and governance . |
| Gen Re | Director | From 2000 | Board oversight and strategy . |
| Gen Re | Casualty Underwriter | From 1978 | Foundational underwriting experience . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed in the proxy biography for Mr. Montross . |
Board Governance
- Committee assignments (current): Risk & Capital Management Committee, Chair; Audit Committee, Member; Compensation Committee, Member .
- Independence: Board determined in Feb 2025 that Franklin Montross IV is independent under NYSE rules; independent directors populate Audit, Compensation, and Governance & Nominating Committees .
- Attendance: All directors attended 100% of Board and committee meetings in 2024; Board held 5 formal meetings, with committee meetings as shown below . Executive sessions of non-management directors occurred four times in 2024 .
- Board structure: Classified board; Company cites continuity and long-term focus as rationale (investor consideration) .
- Risk oversight: As Risk & Capital Management Chair, committee oversees risk appetite/ERM, cybersecurity, and financial and capital markets strategies .
| 2024 Meeting Cadence | Board | Audit | Compensation | Governance & Nominating | Investment | Risk & Capital Mgmt |
|---|---|---|---|---|---|---|
| Formal Meetings | 5 | 4 | 4 | 4 | 4 | 4 |
| Informational Sessions | 12 | 4 | 1 | 2 | 0 | 0 |
| Actions by Written Resolution | 7 | 1 | 4 | 4 | 2 | 0 |
Fixed Compensation
| Component | Policy / Amount | Mr. Montross 2024 Actual |
|---|---|---|
| Annual cash retainer (independent directors) | $137,500 annual cash retainer | $137,500 cash base |
| Committee chair fees | $35,000 for Audit and Risk & Capital Management Chairs; $20,000 for Compensation, Investment, Governance & Nominating Chairs | $35,000 (Risk & Capital Management Chair) |
| Non-executive Chair fee | $100,000 (not applicable to Montross) | — |
| Total 2024 cash fees | — | $172,500 |
| Meeting fees | Not disclosed/none indicated beyond retainers | — |
Performance Compensation
| Equity Component | Structure | 2024 Grant Detail (Mr. Montross) |
|---|---|---|
| Annual restricted shares (Independent Directors) | Grant date value $137,500; typically granted on or around AGM; vest at next AGM; under 2023 Omnibus Incentive Plan | Restricted share award fair value $137,500; grant on May 21, 2024; scheduled to vest May 31, 2025, subject to service |
| Unvested restricted shares outstanding | Balance as of 12/31/2024 | 10,528 unvested restricted shares |
| 2024 total director compensation | Cash + Equity | $310,000 total ($172,500 cash; $137,500 equity) |
Performance metrics for director equity are time-based; no director-specific performance measures are applied. Company prohibits hedging and pledging by directors and officers .
Other Directorships & Interlocks
- Current public company boards: None disclosed for Mr. Montross in the proxy biography .
- Compensation Committee interlocks: None in 2024; no insider participation on the Compensation Committee .
- Related-party exposure: Related-party transactions disclosed with CM Bermuda and Third Point; no Montross-specific related-party transactions disclosed in the section “Certain Relationships and Related Party Transactions” .
Expertise & Qualifications
- Depth in (re)insurance underwriting, risk management, financial literacy, international business, and governance; reflects in Board skills matrix and committee leadership assignment (Risk & Capital Management Chair) .
- Education: BA, Harvard College .
Equity Ownership
| Metric | Amount | Notes |
|---|---|---|
| Beneficial ownership (common shares) | 95,823 | 0.08% of common shares outstanding as of Mar 14, 2025 |
| Unvested restricted shares (12/31/2024) | 10,528 | Scheduled to vest 5/31/2025, per grant terms |
| Shares underlying awards vesting within 60 days (as of 3/14/2025) | — | No RSUs/RSAs or options vesting within 60 days for Montross listed |
| Pledged shares | Prohibited | Company prohibits pledging and margin accounts for directors/officers |
| Director ownership guideline | 3x annual retainer within 5 years; maintain thereafter | Company states all independent directors have achieved or are on track to achieve |
| Section 16(a) compliance | In compliance | Company indicates all filing requirements met during 2024 |
Governance Assessment
-
Strengths
- Independent director with deep reinsurance leadership; chairs Risk & Capital Management Committee, central to ERM and cybersecurity oversight .
- Strong engagement: Board reports 100% attendance for all directors in 2024; independent director executive sessions held regularly (four in 2024) .
- Alignment policies: Share ownership guideline (3x retainer), and prohibition on hedging/pledging support investor alignment; company indicates independent directors are meeting/on track .
- Transparent director pay structure: Cash retainer plus role-based chair fees; annual restricted share grant with one-year vesting .
-
Investor considerations
- Classified board structure remains in place; Board asserts continuity and long-term focus benefits during transformation (some investors may prefer annual elections) .
- Related-party dynamics exist at the company level (e.g., Third Point representation not independent; prior CM Bermuda transactions), though no Montross-specific conflicts are disclosed .
-
Red flags observed
- None specific to Mr. Montross disclosed: no related-party transactions, no hedging/pledging, full attendance reported .