Reid Campbell
WHITE MOUNTAINS INSURANCE GROUPAbout Reid T. Campbell
Reid T. Campbell (age 57) has served on White Mountains Insurance Group’s Board since 2024. He previously was President of White Mountains (2022–Feb 2024), CFO (2017–2022), President of White Mountains Advisors (2015–2017), and held financial management roles at White Mountains and subsidiaries from 1994–2015; earlier he spent three years at KPMG, giving him deep insurance and financial-services expertise . He is a Class I nominee with a term ending in 2028 and serves on the Finance Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| White Mountains Insurance Group, Ltd. | President | 2022–Feb 2024 | Senior leadership; capital allocation |
| White Mountains Insurance Group, Ltd. | Chief Financial Officer | 2017–2022 | Enterprise finance leadership |
| White Mountains Advisors | President | 2015–2017 | Investment subsidiary leadership |
| White Mountains & subs. | Financial management roles | 1994–2015 | Long-tenured finance roles |
| KPMG | Professional | ~3 years (pre-1994) | Audit/assurance background |
External Roles
| Organization | Role | Type | Notes |
|---|---|---|---|
| Ark Insurance Holdings Limited | Director | Private | Subsidiary/affiliate; received $80,000 director fees in 2024 |
| Build America Mutual Assurance Co. | Board service | Private | Private board service |
| Bamboo (BAM) | Director | Private affiliate | Received $27,500 director fees pre-July 1, 2024 deconsolidation |
Board Governance
- Independence status: The Board determined seven directors are independent; Reid T. Campbell is not listed among the independent directors, implying he is non-independent (recent executive history) .
- Committee assignments: Finance Committee member; Finance met four times in 2024. Audit met eight times; CNG met five times .
- Attendance: Each director attended >75% of board and applicable committee meetings in 2024; all directors attended the 2024 Annual General Meeting .
- Board structure: Independent Chair (Weston Hicks) leads executive sessions of non-management directors .
Fixed Compensation
| Component (2024) | Amount ($) | Details |
|---|---|---|
| Cash director fees | 168,750 | Annual cash retainer and pro-rated retainer upon Feb 2024 election; base non-employee director retainer is $135,000 with additional retainers for certain roles |
| Stock awards | 363,011 | 165 common shares granted May 23, 2024 at $1,718.81 per share; plus 45 common shares granted Feb 22, 2024 at $1,764.61 per share (pro-rated) |
| All other compensation | 118,745 | $80,000 Ark director fees; $27,500 BAM director fees; $2,500 charitable match; $8,745 incremental cost for limited personal aircraft use |
| Total | 650,506 | Sum of 2024 director compensation components |
Equity grant detail:
| Grant date | Shares | Grant-date per-share value | Total value |
|---|---|---|---|
| Feb 22, 2024 | 45 | $1,764.61 | Included in stock awards |
| May 23, 2024 | 165 | $1,718.81 | Included in stock awards |
Director program structure (2024): annual cash retainer $135,000; annual equity retainer of 165 common shares; additional $100,000 cash and 65 shares for Board Chair; $15,000 cash for Audit Committee members; $35,000 chair (Audit), $25,000 chair (other committees) .
Performance Compensation
- No performance-based equity or options are disclosed for non-employee directors; director equity is awarded as common shares, not RSUs/PSUs tied to metrics .
Other Directorships & Interlocks
| Company | Public/Private | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Ark Insurance Holdings Limited | Private | Director | Subsidiary/affiliate oversight; compensation from Ark may influence perspectives |
| Build America Mutual Assurance Co. | Private | Board service | External private board; no fees disclosed in proxy |
| Bamboo (BAM) | Private affiliate | Director (pre-deconsolidation) | Affiliate oversight; fees pre-July 2024 |
- Related-party transactions: Audit Committee reported no related person transactions requiring approval in 2024 .
Expertise & Qualifications
- Extensive financial and management expertise from 30+ years in insurance and financial services; prior CFO and President roles; investment management leadership; early career at KPMG .
- Committee expertise alignment: Finance Committee focuses on investment policy, capital structure, and risk related to investments—aligned with Campbell’s finance background .
Equity Ownership
| Item | Amount |
|---|---|
| Beneficially owned common shares (Mar 31, 2025) | 15,459 |
| Economically owned shares (incl. target unearned PS less disclaimed interests) | 15,459 |
| Shares outstanding (Mar 31, 2025) | 2,573,726 |
| Ownership as % of shares outstanding | ~0.60% (computed: 15,459 / 2,573,726) |
- Director stock ownership guidelines: Robust guidelines require non-employee directors to hold 5x their cash retainer; executive officers have separate 10x salary requirements . Compliance status for directors not specifically disclosed.
Insider Trades and Holdings Signals
| Date | Type | Shares (in/out) | Note/Link |
|---|---|---|---|
| Mar 21, 2024 | Gift | 55 (out) | Form 4 Gift reported; company insider transactions page |
| Feb 23, 2024 | Director share award | 45 (in) | Pro-rated annual director share award |
| Jan 2, 2024 | Tax withholding | 710 (withheld) | Company withholding of vesting restricted shares for tax (as EVP & CFO at that time) |
Full Section 16 history available via company’s insider transactions archive and EDGAR (CIK 0001378156) .
Governance Assessment
- Independence and potential conflicts: Campbell is not classified as independent by the Board, reflecting recent senior executive service; he also received fees from Ark and BAM while serving as a WTM director—this combination can raise alignment concerns for investors focused on independent oversight of affiliates .
- Committee effectiveness: Placement on Finance Committee leverages his capital allocation and investment expertise; Finance oversight includes investment policy, asset allocation, capital structure, and risk, which are central to WTM’s conglomerate model .
- Attendance and engagement: Attendance exceeded 75% for board/committee meetings, and he attended the 2024 AGM; the Board undertook extensive shareholder outreach (reached out to owners of 72% of shares; CNG Chair led sessions)—supportive of board responsiveness .
- Director pay and alignment: Equity awards are delivered as common shares (no options), supporting ownership alignment; WTM maintains director ownership guidelines (5x cash retainer). Campbell’s beneficial ownership of 15,459 shares adds skin-in-the-game, though ownership % is modest given low share count outstanding .
- Policy safeguards: Clawback/recovery policies apply to performance-based compensation; Audit Committee approves related person transactions; no related party transactions required approval in 2024—positive governance signals .
RED FLAGS
- Non-independent director status despite prior executive roles (risk to independent oversight) .
- Fees from Ark and BAM affiliates while on WTM Board (affiliate interlocks) .
- Limited personal use of corporate aircraft (modest cost, but a shareholder-sensitive perquisite) .
Positive Signals
- Strong meeting attendance and AGM participation .
- Committee structure and independent Chair-led executive sessions enhance oversight .
- Ownership alignment via equity grants and director ownership guidelines .
Investor Implications
- Campbell’s deep finance background strengthens Finance Committee oversight but his non-independent status and affiliate fee relationships warrant monitoring for conflicts in capital deployment and related-party governance. Overall board processes (evaluations, engagement, and policy safeguards) mitigate some governance risk .