Rob Gibbs
About Rob Gibbs
Rob Gibbs is Chief Executive Officer of SiriusPoint International; he joined SiriusPoint in December 2022 and is age 50, with over two decades of underwriting and management experience at RSA and as an Associate of the Chartered Insurance Institute (CII) . Company performance under the current leadership includes 2024 underlying ROE of 14.6%, tangible book value per diluted share up ~10% YoY to $14.60/$13.42 TBVPS, and Core combined ratio of 91.0% (improved vs targets), while cumulative TSR since 2019 shows $155.80 per $100 invested by year-end 2024 . His remit includes leading the international business and serving on the boards of Sirius International Managing Agency (SIMA) and Sirius International (SINT) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| RSA Insurance Group | Commercial Managing Director; Commercial Risk Solutions MD; Motability MD; London Market Underwriter; UK Corporate leadership | 2001–2022 | Built a single, strong and profitable Commercial Lines business; led UK Corporate to ‘best in class’ in People & Partnerships; served on RSA’s reinsurance company board |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| RSA Reinsurance Company (board) | Director | Not disclosed | Board role at RSA’s reinsurance entity |
| Chartered Insurance Institute (CII) | Associate (professional designation) | Not disclosed | CII associate credential |
Fixed Compensation
| Item | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 477,506 | 488,631 (paid in GBP; USD conversion at 1.2529) |
| Target Bonus (% of Base) | Not disclosed | 100% |
| Actual Annual Incentive ($) | 310,379 (non‑equity incentive plan) | 390,905 |
| Share Awards ($) | 970,128 | 833,338 |
| LTI Grant Value ($, PSUs+RSUs) | Not separately broken out in 2023 SCT | 859,705 (PSUs+RSUs grant-date fair value) |
| All Other Compensation ($) | 48,347 | 52,403 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout (% of Target) | Payout ($) |
|---|---|---|---|---|---|
| Core Combined Ratio (financial) | 70% | 92.9% | 91.0% | 173.0% | Company pool funding result 151.3% |
| Strategic Objectives (six) | 30% | Full achievement required | Achieved (see strategic achievements summary) | 100.0% | Included in company pool funding |
| Rob Gibbs STI payout vs target | — | 100% of base salary | 80.0% of target | 80.0% | 390,905 |
Notes:
- STI threshold/target/max curve for COR: 93.9% (50%), 92.9% (100%), ≤89.9% (200%); no strategic payout if COR < threshold .
- 2024 STI paid based on company and individual modifiers; Gibbs’ payout reflects role-specific performance assessment .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Total Beneficial Ownership | 87,799 common shares (0.08% of outstanding) |
| RSUs Outstanding | 17,110 (granted 4/18/2023) ; 17,347 (granted 4/29/2024) |
| PSUs Outstanding (target) | 76,994 (4/18/2023 cycle, 2022–2025 NBVPS CAGR) ; 52,040 (4/29/2024 cycle, 2023–2026 NBVPS CAGR) |
| Options – Exercisable | 200,000 options at $5.98 exercise price, expiring 12/12/2029 (two tranches of 100,000) |
| Options – In‑the‑Money Value (12/31/24) | Approximately $2.08 million = (16.39 close − 5.98 strike) × 200,000 |
| Ownership Guidelines (Executives) | 3× base salary; must retain 50% of net shares until compliant |
| Hedging/Pledging | Prohibited for executives; no NEO pledging reported |
2024 vesting schedules:
- RSUs vest in three equal annual installments beginning April 14, 2025 (for 2024 grants), then 2026 and 2027, subject to continued service .
- PSUs cliff-vest in 2027 based on tangible NBVPS CAGR thresholds: 7% (50%), 9% (100%), 11% (200%), linear interpolation between .
Employment Terms
| Term | Provision |
|---|---|
| Role & Start | CEO, SiriusPoint International; joined December 2022 |
| Severance (qualifying termination: employer w/o Cause or resignation for Good Reason) | 12 months base salary; pro‑rated annual bonus based on actual performance; 12 months continued medical/life benefits at active rates; 6‑month notice (pay in lieu possible) |
| Non‑compete | 12 months post‑termination |
| Non‑solicit | 12 months (employees and customers) |
| Change‑in‑Control (double trigger) | Full acceleration of unvested RSUs; PSUs vest at greater of target or actual to the quarter before CIC; CIC period: 90 days before to 24 months after CIC |
| Clawback | Restatement-based clawback (Dodd‑Frank/NYSE‑compliant) and expanded in 2024 to permit recoupment/adjustments for serious/gross misconduct |
| Hedging/Pledging | Prohibited; policy bars margin/pledging and hedging in company securities |
| Golden Parachute Gross‑ups | Not provided by company |
Investment Implications
- Pay-for-performance alignment: 75% of LTI in PSUs tied to three-year tangible NBVPS CAGR and STI anchored 70% to Core combined ratio; structures support underwriting-first discipline and shareholder value creation .
- Retention considerations: Multi-year RSU tranches (2025–2027), PSU cliff in 2027, plus a 12‑month non‑compete and severance safety-net (12 months base, pro‑rated bonus) reduce near-term flight risk while keeping pay at risk .
- Potential supply/insider pressure windows: RSU vesting in April each year (2025–2027) and 200,000 deep in‑the‑money options exercisable to 2029 could create episodic liquidity events around vest dates, subject to trading windows and policy .
- Alignment safeguards: Robust clawback, strict hedging/pledging prohibitions, and executive ownership guidelines (3× salary, 50% net share retention until met) mitigate misalignment risks .
- Company backdrop: 2024 Core combined ratio at 91.0% and underlying ROE of 14.6% underpin incentive outcomes and indicate operational momentum supporting the International segment mandate .