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Name | Symbol | Market | Type |
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Assurant Inc | NYSE:AIZP | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 127.52 | 0 | 01:00:00 |
Preliminary Proxy Statement | |||||
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |||||
Definitive Proxy Statement | |||||
Definitive Additional Materials | |||||
Soliciting Material under § 240.14a-12 |
No fee required. | |||||||||||
Fee paid previously with preliminary materials. | |||||||||||
Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
PROXY STATEMENT 2023 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement | ||||||||||
Helping people thrive in a connected world. | |||||||||||
Welcome Letter |
i | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Welcome Letter |
Elaine D. Rosen Non-Executive Chair of the Board Assurant, Inc. | Keith W. Demmings President, Chief Executive Officer and Director Assurant, Inc. |
ii | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Notice of 2023 Annual Meeting of Stockholders |
May 11, 2023, 8:00 a.m. Eastern Time | |||||||||||
Virtual Meeting Website: www.virtualshareholdermeeting.com/AIZ2023 | |||||||||||
•To elect thirteen directors named in the accompanying proxy statement to our Board of Directors to serve until the 2024 Annual Meeting of Stockholders; •To ratify the appointment of PricewaterhouseCoopers LLP as Assurant’s Independent Registered Public Accounting Firm for the year ending December 31, 2023; •To cast an advisory say-on-pay vote approving the compensation of the Company’s named executive officers for 2022; •To cast an advisory vote approving an annual frequency of say-on pay votes; and •To transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof. | |||||||||||
Holders of record of the Company’s common stock at the close of business on March 13, 2023 are entitled to receive this notice and to vote at the Annual Meeting or any adjournments or postponements of the Annual Meeting. | |||||||||||
Whether or not you plan to attend the Annual Meeting, we hope that you will read this proxy statement and submit your vote via the Internet, by telephone, or by requesting a printed copy of the proxy materials and completing, signing and returning the proxy card as instructed. VOTE BY INTERNET – www.proxyvote.com Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 11:59 p.m. Eastern Time on May 10, 2023 for shares held directly and by 11:59 p.m. Eastern Time on May 8, 2023 for shares held in a plan. Have your proxy card in hand when you access the website and follow the instructions to obtain your records and to create an electronic voting instruction form. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, New York 11717. VOTE BY PHONE – 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions. Vote by 11:59 p.m. Eastern Time on May 10, 2023 for shares held directly and by 11:59 p.m. Eastern Time on May 8, 2023 for shares held in a plan. Have your proxy card in hand when you call and then follow the instructions. | |||||||||||
iii | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Notice of 2023 Annual Meeting of Stockholders |
iv | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Summary Information |
Proposals | Board Recommendation | Page | ||||||||||||||||||
Election of 13 Director Nominees | FOR | 12 | ||||||||||||||||||
Ratification of Appointment of PricewaterhouseCoopers LLP as Assurant’s Independent Registered Public Accounting Firm for 2023 | FOR | 22 | ||||||||||||||||||
Advisory Approval of 2022 Compensation of Named Executive Officers | FOR | 23 | ||||||||||||||||||
Advisory Approval of Annual Frequency of Say-on-Pay Votes | Advisory Approval of the Annual Frequency of Say-on-Pay Votes | FOR | 24 | |||||||||||||||||
v | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Summary Information |
Financial Highlights1 | |||||||||||
2022 net earned premiums, fees and other income from the Global Housing and Global Lifestyle segments of $9.95 billion | |||||||||||
2022 net income from continuing operations of $276.6 million, Adjusted EBITDA, excluding reportable catastrophes, of $1.13 billion, and net operating income (“NOI”), excluding reportable catastrophes, of $690.3 million | |||||||||||
2022 net income from continuing operations per diluted share of $5.05, Adjusted earnings, excluding reportable catastrophes, per diluted share of $13.61 and NOI per diluted share (“NOI EPS”), excluding reportable catastrophes, of $12.60 | |||||||||||
2019-2021 cumulative net income from continuing operations per diluted share of $23.03 and NOI EPS, excluding reportable catastrophes, of $31.27 | |||||||||||
Total stockholder return was (18.34)% in 2022 and 85.07% from 2019-20212 | |||||||||||
1 Certain measures are non-GAAP. A reconciliation of these non-GAAP measures to their most comparable GAAP measures can be found in Appendix A hereto. 2 Total stockholder return is based on stock price plus reinvestment of dividends. For additional information, see “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Stock Performance Graph” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”). |
Strong Balance Sheet and Disciplined Capital Management | |||||||||||
In 2022, Assurant: | |||||||||||
Returned approximately $717.8 million to stockholders through share repurchases and common stock dividends | |||||||||||
Repurchased shares at a cost of approximately $567.6 million | |||||||||||
Increased the quarterly common stock dividend in November by 3% to $0.70 per share | |||||||||||
Redeemed $75.0 million of debt | |||||||||||
Ended the year with $446.1 million of holding company liquidity and $221.1 million of deployable capital | |||||||||||
Maintained investment grade debt ratings and, as of December 31, 2022, an overall leverage ratio of 33.5% | |||||||||||
vi | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Summary Information |
Board of Directors | |||||||||||||||||
Independent Board Chair and independent Board (except for CEO), with 100% independent Board committees | |||||||||||||||||
Annual election of directors | |||||||||||||||||
Majority vote and director resignation policy for directors | |||||||||||||||||
Annual Board and Committee self-evaluations with third-party facilitation, including individual director evaluations from time to time | |||||||||||||||||
Limits on public company board and audit committee service | |||||||||||||||||
Regular executive sessions of independent directors, generally at each Board and Committee meeting | |||||||||||||||||
Board skills and experience have continued to evolve with strategy, with continued focus on diversity | |||||||||||||||||
Appropriate mix of director diversity and tenure, with four diverse directors holding Board Chair and Committee Chair roles | |||||||||||||||||
Ongoing Board refreshment with five new independent directors added in the last five years | |||||||||||||||||
Data for Director Nominees | |||||||||||||||||
Stockholder Rights and Stockholder Engagement | |||||||||||||||||
No supermajority voting provisions | |||||||||||||||||
Proxy access rights for stockholders | |||||||||||||||||
No stockholder rights plan | |||||||||||||||||
Regular stockholder engagement | |||||||||||||||||
vii | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Summary Information |
Commitment to Sustainability | |||||||||||
Ongoing Board / committee oversight of environmental, social, and governance (“ESG”) strategy, initiatives and policies | |||||||||||
Assurant’s ESG Oversight & Action Committee, comprised of select Management Committee members and senior management across key functional areas, provides oversight of the Company’s business-aligned ESG strategy | |||||||||||
Demonstrated commitment to ongoing transparency, including the Company’s annual sustainability report, incorporating third party independent verification of GHG emissions information, as well as voluntary disclosure of the Company’s CDP Climate Change submission and EEO-1 Consolidated Report | |||||||||||
Regular stockholder engagement includes discussion regarding sustainability strategy and initiatives | |||||||||||
viii | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Summary Information |
Strong Executive Compensation Governance | ||||||||||||||
A clawback policy applies to current and former executive officers in the event of financial statement restatement and specified personal misconduct | ||||||||||||||
There are robust stock ownership guidelines for executive officers and directors | ||||||||||||||
Employees and directors are prohibited from hedging and pledging of Company securities | ||||||||||||||
No dividend equivalents are paid on unvested PSUs | ||||||||||||||
Executive officer change in control agreements contain a “double trigger” and no excise tax gross-ups | ||||||||||||||
Equity Plan Features | ||||||||||||||
No single trigger change in control vesting | ||||||||||||||
No tax gross-ups | ||||||||||||||
Awards are subject to both minimum vesting requirements and the Company’s clawback policy | ||||||||||||||
No liberal share recycling on stock options and stock appreciation rights (“SAR”) | ||||||||||||||
No stock option and SAR repricing in the event such awards are granted | ||||||||||||||
Support for Executive Compensation | ||||||||||||||
Strong support for our executive compensation programs with approximately 96% of votes cast approving our advisory say-on-pay resolution in 2022 | ||||||||||||||
Regular stockholder engagement includes discussion regarding executive compensation | ||||||||||||||
ix | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Table of Contents |
ADVISORY VOTE ON EXECUTIVE COMPENSATION FOR 2022 | ||||||||
PROPOSAL FOUR | ||||||||
Board Role in Risk Oversight | ||||||||
Board and Committee Meetings and Executive Sessions | ||||||||
Communicating with the Independent Chair, the Board of Directors and The Audit Committee | ||||||||
Sustainability | ||||||||
x | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Table of Contents |
Review, Approval and Monitoring of Transactions with Related Persons | ||||||||
Audit Committee Report | ||||||||
A-1 |
xi | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal One |
Corporate Governance & Sustainability. Experience with corporate governance, including with public company boards, or with sustainability initiatives, including diversity, equity and inclusion, supports our goals of strong Board and management accountability, transparency, and long-term stockholder value through a sustainable model. | |||||||||||
Finance, Capital and Investments. Knowledge and experience in finance, accounting and financial reporting, as well as financial markets, capital management and investments, helps our directors oversee our financial position, financial reporting and internal controls, as well as financing activities, capital structure and investment strategy. | |||||||||||
Industry Experience. Directors with relevant industry experience, including insurance, business services and the industries supporting the connected world, such as mobile, auto, and supply chain, offer a valuable perspective when reviewing our strategy and businesses. | |||||||||||
Global. A global perspective, whether through a director’s background or experience in global business and operations, including exposure to cultures, consumer preferences and economic, political and regulatory conditions globally, helps directors oversee the Company’s global strategy and businesses. | |||||||||||
Risk Management. Experience with risk management and compliance develops a director’s ability to appreciate, anticipate and effectively oversee risks, which is critical to the Board’s role in overseeing the risks facing the Company. | |||||||||||
Leadership. Serving in an executive leadership position equips directors with deep understanding of organizational behavior, talent management, culture and other aspects of complex organizations, including strategic planning and operations, which are critical to support our strategy and businesses. | |||||||||||
Consumer Focus. Directors with consumer expertise, including experience developing, leading or supporting consumer strategies, offer valuable insights as the Company leverages consumer insights to introduce new and innovative products and services to meet the evolving needs of consumers. | |||||||||||
Technology. Understanding of information technology and cybersecurity matters, as well as digital expertise, is increasingly important to the Company’s digital-first strategy and focus on customer experience, and to Board oversight of cybersecurity. | |||||||||||
12 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal One |
Elaine D. Rosen •Non-Executive Chair of the Board: Since November 2010 •Director: Since February 2009 •Age: 70 •Board Committees: Nominating and Corporate Governance (Chair) •Other Public Company Boards: Kforce Inc. (since 2003) | Skills & Experience •Corporate Governance & Sustainability •Finance, Capital and Investments •Industry Experience •Global •Risk Management •Leadership | |||||||
Ms. Rosen served as Executive Vice President of UNUM/Provident Corporation from 1999 to 2001 and as President of UNUM Life Insurance Company of America from 1997 to 1999 after serving in various positions at the company since 1975. Ms. Rosen currently serves as Lead Independent Director of the Board of Directors of Kforce Inc., where she is a member of its Compensation Committee and chairs its Corporate Governance Committee. She serves on the Board of Directors of Preble Street, a collaborative for the homeless and low income community in Portland, Maine. She also serves as a founding trustee and a member of the Executive Committee of the Foundation for Maine’s Community Colleges. From January 2007 to March 2022, Ms. Rosen served as the Board Chair of The Kresge Foundation, and in June 2022, she retired from its Board of Trustees after 18 years of service. Ms. Rosen’s extensive experience as a senior executive in the insurance industry and as a public company director including in leadership roles, provides significant industry, corporate governance and leadership expertise to our Board. |
13 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal One |
Rajiv Basu •Director: Since March 2023 •Age: 64 •Board Committees: Audit •Other Public Company Boards: None | . Skills & Experience •Corporate Governance & Sustainability •Finance, Capital and Investments •Industry Experience •Global •Risk Management •Leadership | |||||||
Mr. Basu held various global audit and advisory leadership roles at Deloitte & Touche LLP in the firm’s financial services practice, specializing in insurance, from 1987 until his retirement as chief audit quality leader for Southeast Asia in May 2021, having previously served as audit and advisory partner from 2004 to 2020. While with Deloitte, Mr. Basu worked in New York, London, Singapore and Mumbai, and led the firm’s diversity initiative in the northeast from 2005 to 2014. Mr. Basu is a Fellow member of the Institute of Chartered Accountants in England & Wales and a New York Certified Public Accountant. Mr. Basu was a founding member of Ascend, a Pan-Asian leadership organization, and previously served as an officer and on its board. A senior finance professional with global experience in financial services and insurance, financial reporting and M&A transactions, Mr. Basu brings to the Board deep financial expertise and a global perspective, as well as significant leadership skills including with diversity, equity and inclusion initiatives. |
14 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal One |
Juan N. Cento •Director: Since May 2006 •Age: 71 •Board Committees: Compensation, Nominating and Corporate Governance •Other Public Company Boards: None | Skills & Experience •Corporate Governance & Sustainability •Industry Experience •Global •Leadership •Consumer Focus | |||||||
Mr. Cento served as Regional President of the Latin America and Caribbean Division of FedEx Express, headquartered in Miami, Florida, until his retirement in 2021. He has more than 40 years of experience in the air cargo and express transportation industry. He previously worked with Flying Tigers Line, Inc. and transitioned to FedEx in 1989 when the two companies were combined. Mr. Cento is currently a member of the International Advisory Board for the Baptist Health System in Florida. Mr. Cento previously served as a Board member of the Conference of Latin American and Caribbean Express Companies (CLADEC), where he served as chairman from 2020 to 2022, and as a Board member of the Council of the Americas, and as a member of the University of Miami Business School Latin America and Caribbean Advisory Board. Mr. Cento brings to the Board deep global, logistics and leadership experience through his decades of executive leadership at a large global transportation company. |
15 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal One |
Harriet Edelman •Director: Since August 2017 •Age: 67 •Board Committees: Audit, Compensation, Information Technology (Chair) •Other Public Company Boards: Bed Bath & Beyond Inc. (since 2019), Brinker International, Inc. (since 2008) | Skills & Experience •Corporate Governance & Sustainability •Finance, Capital and Investments •Industry Experience •Global •Leadership •Consumer Focus •Technology | |||||||
Ms. Edelman serves as Vice Chairman of Emigrant Bank, the largest privately held, family owned and operated community bank in the U.S. She previously served as Special Advisor to the chairman of the bank. From 2010 to 2021, she led the bank’s finance, information technology and credit administration operations. She joined the bank in 2008, after spending 29 years at Avon Products, Inc., rising to the roles of Chief Information Officer, Senior Vice President of global supply chain and business transformation and member of the company’s executive committee. Ms. Edelman currently chairs the Board of Directors of Bed Bath & Beyond Inc. She also chairs the Compensation Committee of Brinker International and is a member of its Audit Committee. Over the past 20 years, Ms. Edelman’s public company board experience has included software company Ariba, Inc., The Hershey Company, and the biopharmaceutical firm UCB, Inc., among others. Ms. Edelman previously served as Vice Chairman on the Board of Trustees of Bucknell University. Ms. Edelman brings to the Board a deep understanding of technology, operations and consumer focus, through her former executive leadership roles in financial services and multinational organizations, and significant corporate governance expertise given her extensive public company board experience. |
16 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal One |
Lawrence V. Jackson •Director: Since July 2009 •Age: 69 •Board Committees: Compensation (Chair), Nominating and Corporate Governance •Other Public Company Boards: Bloomin Brands, Inc. (since 2020), John Bean Technologies Corporation (since 2020) | Skills & Experience •Corporate Governance & Sustainability •Finance, Capital and Investments •Industry Experience •Global •Leadership •Consumer Focus | |||||||
Since 2008, Mr. Jackson has served as a senior advisor with New Mountain Capital, LLC, a private investment firm based in New York, and as a board member for several of the firm’s private portfolio companies. He has also chaired the board of SourceMark LLC since 2007. Previously, Mr. Jackson served as the President and Chief Executive Officer of the global procurement division of Walmart Inc., and as its Executive Vice President and Chief People Officer. Prior to that, he was President and Chief Operating Officer of Dollar General Corporation and Senior Vice President, Supply Operations for Safeway, Inc. He also served in various executive roles with PepsiCo, Inc. for 16 years. Mr. Jackson currently serves on the board of directors of Bloomin Brands, Inc. and is a member of its Audit and Nominating and Governance Committees. He also serves on the board of directors of John Bean Technologies Corporation and is a member of its Nominating and Governance and Compensation Committees. Mr. Jackson previously served as a director on the board of Snyder’s-Lance, Inc., and as a director on the board of Parsons Corporation and as chair of its Compensation Committee. Mr. Jackson’s broad experience with operations and logistics and human capital management, as well as capital and investments, through his various former executive leadership roles in multinational retail corporations and in private equity bring to the Board finance, leadership and consumer focus expertise. |
17 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal One |
Ognjen (Ogi) Redzic •Director: Since November 2019 •Age: 52 •Board Committees: Finance and Risk, Information Technology •Other Public Company Boards: None | Skills & Experience •Corporate Governance & Sustainability •Industry Experience •Global •Leadership •Consumer Focus •Technology | |||||||
Mr. Redzic serves as Chief Digital Officer and Senior Vice President of Caterpillar Inc., with responsibility for Cat Digital. Mr. Redzic manages key components of the company’s digital strategy including connectivity, enterprise data and e-commerce platforms, the digital platform, analytics and applications. Prior to joining Caterpillar in 2018, he led Renault-Nissan Alliance’s connected car and mobility activities as Senior Vice President, Connected Vehicles and Mobility Services. Mr. Redzic has more than 20 years’ experience, including positions at Nokia HERE, NAVTEQ, Motorola, Inc., PCTEL, Inc. and at wireless communication startup cyberPIXIE. Mr. Redzic brings to the Board extensive information technology, data and digital expertise, as well as experience with connected vehicles in the auto industry, through his current and former executive leadership roles with a leading equipment company and automotive manufacturer. |
18 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal One |
Robert W. Stein Director: Since October 2011 Age: 74 Board Committees: Audit, Information Technology Other Public Company Boards: None | Skills & Experience •Corporate Governance & Sustainability •Finance, Capital and Investments •Industry Experience •Global •Risk Management •Leadership | |||||||
Mr. Stein was a Global Managing Partner, Actuarial Services at Ernst & Young LLP and held various leadership roles in the firm’s actuarial and insurance practice from 1976 until his retirement in 2011. He is a Certified Public Accountant, a Fellow of the Society of Actuaries and a Trustee Emeritus of the Actuarial Foundation. He is also member of the AICPA and the American Academy of Actuaries. Mr. Stein serves on the board of Talcott Financial Group, the ultimate parent of Talcott Resolution Life Insurance Company and its subsidiaries and affiliates. Mr. Stein chairs its Audit Committee and is a member of its Risk Committee. Mr. Stein also serves on the board of directors of Worldwide Reinsurance Ltd., currently a wholly owned subsidiary of Digital Ally. Mr. Stein previously served on the boards of Aviva plc and Resolution Life Holdings, Inc. As a certified public accountant and an actuary, Mr. Stein brings to the Board decades of extensive financial, actuarial, risk management and insurance knowledge and experience. |
19 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal One |
Skills and Experience | Ms. Rosen | Mr. Alves | Mr. Basu | Mr. Carter | Mr. Cento | Mr. Demmings | Ms. Edelman | Ms. Granat | Mr. Jackson | Ms. Perry | Mr. Redzic | Mr. Reilly | Mr. Stein | |||||||||||||||||||||||||||||||||||||
Corporate Governance & Sustainability, including DE&I and other sustainable initiatives | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance, Capital and Investments, including accounting, financial reporting, financial markets, capital management and investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Experience, including insurance, business services, mobile, auto and supply chain | ||||||||||||||||||||||||||||||||||||||||||||||||||
Global background or experience | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management, including compliance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Leadership, including in strategy, operations and talent management | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Focus | ||||||||||||||||||||||||||||||||||||||||||||||||||
Technology, including digital or cybersecurity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Demographic Background | ||||||||||||||||||||||||||||||||||||||||||||||||||
Age | 70 | 68 | 64 | 64 | 71 | 50 | 67 | 52 | 69 | 71 | 52 | 66 | 74 | |||||||||||||||||||||||||||||||||||||
Tenure (Years) | 14 | 4 | 0 | 3 | 17 | 1 | 6 | 1 | 14 | 6 | 4 | 12 | 12 | |||||||||||||||||||||||||||||||||||||
Gender, Racial or Ethnic Diversity | Gender | |||||||||||||||||||||||||||||||||||||||||||||||||
Racial or Ethnic | ||||||||||||||||||||||||||||||||||||||||||||||||||
20 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal One |
21 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal Two |
22 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal Three |
23 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Proposals Requiring Your Vote - Proposal Four |
24 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Officers |
Name | Age | Position | ||||||||||||
Keith W. Demmings | 50 | President, Chief Executive Officer and Director | ||||||||||||
Richard S. Dziadzio | 59 | Executive Vice President, Chief Financial Officer | ||||||||||||
Michael P. Campbell | 55 | Executive Vice President and President, Global Housing | ||||||||||||
Robert A. Lonergan | 46 | Executive Vice President, Chief Strategy and Risk Officer | ||||||||||||
Francesca L. Luthi | 47 | Executive Vice President, Chief Administrative Officer | ||||||||||||
Keith R. Meier | 53 | Executive Vice President, Chief Operating Officer | ||||||||||||
Jay E. Rosenblum | 56 | Executive Vice President, Chief Legal Officer | ||||||||||||
25 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Officers |
26 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
27 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
28 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
Name | Audit | Compensation | Finance and Risk | Information Technology | Nominating and Corporate Governance | ||||||||||||||||||
Elaine D. Rosen | |||||||||||||||||||||||
Paget L. Alves | |||||||||||||||||||||||
Rajiv Basu | |||||||||||||||||||||||
J. Braxton Carter | |||||||||||||||||||||||
Juan N. Cento | |||||||||||||||||||||||
Sari Granat | |||||||||||||||||||||||
Harriet Edelman | |||||||||||||||||||||||
Lawrence V. Jackson | |||||||||||||||||||||||
Debra J. Perry | |||||||||||||||||||||||
Ogi Redzic | |||||||||||||||||||||||
Paul J. Reilly | |||||||||||||||||||||||
Robert W. Stein | |||||||||||||||||||||||
Non-Executive Chair of the Board. Denotes Committee Chair. | |||||
This table does not include Jean-Paul Montupet, who will not stand for re-election at the Annual Meeting based on our director retirement policy. |
29 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
30 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
31 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
32 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
Board | Audit | Compensation | Finance and Risk | Information Technology | Nominating and Corporate Governance | |||||||||||||||||||||
Number of Meetings in 2022 | 6 | 13 | 9 | 6 | 4 | 5 | ||||||||||||||||||||
33 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
34 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
35 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
36 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
Reinforced Company Culture | We refreshed the key tenets of our culture, specifically to foster greater understanding of our renewed purpose and why the work we do each day and behaviors we model matter to the stakeholders we serve. | ||||||||||
Ongoing Employee Feedback & Listening | We regularly engage with our employees to seek feedback through an array of forums and channels designed to provide opportunities for anonymous, real-time feedback. Results from our most recent enterprise-wide listening program, which concluded in June 2022, benefited from strong employee participation and highlighted that employees generally feel engaged and aligned with the Company’s priorities. To ensure our Total Rewards remain competitive, we also conducted employee focus groups that helped validate that recommended plan changes for 2023 met the needs of our diverse workforce particularly around predictability and affordability of health care costs. |
37 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
Commitment to Diversity & Inclusion | We launched three employee resource groups (including Women@Assurant, Veterans@Assurant and Mosaic@Assurant) to provide forums for employees to raise topics that are important to underrepresented groups. We sponsored an inaugural, enterprise-wide diversity and inclusion mentorship program. We expanded employee participation in targeted development programs for women and underrepresented groups including HACE (Hispanic Alliance for Career Enhancement), ELC (Executive Leadership Council) and LEAP (Leadership Acceleration Program) forums. | ||||||||||
Investing in Our People | We continue to invest in our employees’ career growth and provide employees with a wide range of training and development opportunities. In 2022, we delivered live-virtual training to support the initial rollout of our redefined culture tenets which will continue as we further embed into our talent practices. We also implemented key initiatives to increase adoption of new technology and processes providing both learning tools and change support, furthering our focus on a digital-first mindset. | ||||||||||
Electric Vehicle Product | EV-One, our electric vehicle and hybrid protection policy, is available in 12 countries. EV-One was expanded and enhanced to include comprehensive battery coverage, helping to support the adoption of energy-efficient vehicles. | ||||||||||
Repurposing Mobile Devices | Since 2009, Assurant has repurposed more than 135 million mobile devices. Whether by repairing, reselling or recycling devices through certified partners, we are enabling the reuse of valuable materials and reduction of e-waste from landfills. | ||||||||||
38 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Corporate Governance |
Reduce GHG Emissions by 40 Percent by 2030 | In December 2022, the Company announced its science-based aligned target to reduce Scope 1 and Scope 2 GHG emissions by 40% by 2030 from a 2021 base year. The target, which aligns with the Paris Agreement and the Science-based Targets initiative, was set as part of the Company’s ESG guiding principle to ensure its facilities around the world adhere to sustainability practices. | ||||||||||
Enhanced and Verified Emissions Reporting | We continue to enhance our emissions reporting. In 2022, we expanded Scope 3 reporting to include our investment portfolio (by industry and asset class) in addition to purchased goods and services, and use of sold products, a category that pertains exclusively to our mobile business. We engaged a third party to conduct an independent verification of all Scope 1, Scope 2, and relevant Scope 3 category, excluding investment portfolio, GHG emissions. | ||||||||||
Climate Action Policy | In addition to our Responsible Investing Commitment Policy, in 2022, we implemented our Climate Action Policy, which identifies the steps that we will take to continue to integrate our environmental commitment into our business operations and maintain the appropriate governance and oversight to monitor, manage, and continuously improve our climate action and environmental performance. | ||||||||||
39 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
Name | Title | |||||||||||||
Keith W. Demmings | President and Chief Executive Officer | |||||||||||||
Richard S. Dziadzio | Executive Vice President, Chief Financial Officer | |||||||||||||
Robert A. Lonergan | Executive Vice President, Chief Strategy and Risk Officer | |||||||||||||
Keith R. Meier | Executive Vice President, Chief Operating Officer | |||||||||||||
Francesca L. Luthi | Executive Vice President, Chief Administrative Officer | |||||||||||||
40 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
41 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
What We Do | What We Don’t Do | |||||||||||||
☑ Heavy emphasis on variable compensation | ☒ No “single trigger” change in control agreements | |||||||||||||
☑ Significant portion of annual and long-term incentives are performance based “at risk” | ☒ No tax gross ups upon change in control | |||||||||||||
☑ Robust stock ownership guidelines for directors and executive officers | ☒ No hedging or pledging of company stock | |||||||||||||
☑ Incentive recoupment (clawback) policy | ☒ No significant perquisites | |||||||||||||
☑ Proactive stockholder engagement | ☒ No dividends paid on unvested PSUs | |||||||||||||
☑ Annual risk assessments | ☒ No employment agreements with executive team | |||||||||||||
42 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
Executive compensation programs should align the interests of our executives with those of our stockholders by tying compensation to the Company’s stock price and financial performance. |
Executive compensation opportunities should be sufficiently competitive to motivate and retain talent while aligning their interests with those of our stockholders. |
43 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
Our incentive-based programs should motivate our executives to deliver strong, sustainable results. |
Step 1 | Step 2 | Step 3 | ||||||||||||
Committee reviews competitive assessment of current target total direct compensation levels and pay positioning as prepared by an independent compensation consultant. | Committee considers recommendations from CEO on compensation of other NEOs. | Committee establishes total direct compensation opportunities for NEOs. | ||||||||||||
44 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
45 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
Compensation Element | Objective/Purpose | ||||||||||
Annual base salary | Competitive base salaries support our ability to attract and retain executive talent. | ||||||||||
Annual incentive program (ESTIP) | Motivates executives to achieve specific near-term enterprise goals designed to support the Company’s strategic and financial objectives. | ||||||||||
Long-term equity incentive program (ALTEIP) | Aligns management’s interests with stockholders’ interests. Reinforces a culture of accountability focused on long-term value creation and is a key element of retaining executive talent. | ||||||||||
Name | 2021 Base Salary ($)1 | 2022 Base Salary ($)1 | % Increase | ||||||||||||||
Keith W. Demmings2 | 700,000 | 1,000,000 | 43% | ||||||||||||||
Richard S. Dziadzio | 680,000 | 680,000 | —% | ||||||||||||||
Robert A. Lonergan | 500,000 | 500,000 | —% | ||||||||||||||
Keith R. Meier3 | 510,000 | 610,000 | 20% | ||||||||||||||
Francesca L. Luthi | 525,000 | 525,000 | —% | ||||||||||||||
46 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
Name | 2022 Base Salary ($) | Target Annual Incentive (as a % of Salary) | Target Annual Incentive ($) | ||||||||||||||
Keith W. Demmings1 | 1,000,000 | 150% | 1,500,000 | ||||||||||||||
Richard S. Dziadzio | 680,000 | 100% | 680,000 | ||||||||||||||
Robert A. Lonergan | 500,000 | 100% | 500,000 | ||||||||||||||
Keith R. Meier2 | 610,000 | 100% | 610,000 | ||||||||||||||
Francesca L. Luthi | 525,000 | 100% | 525,000 | ||||||||||||||
47 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
Weighting | Financial Metric | — | 0.5 | 0.9 | 1.0 | 1.1 | 1.5 | 2.0 | 2022 Results3 | 2022 Performance Multiplier | ||||||||||||||||||||||||||||
60% | Enterprise NOI (excluding reportable catastrophes) | $611 | $654 | $705 | $727 | $749 | $800 | $843 | $690 | 0.82 | ||||||||||||||||||||||||||||
40% | Net earned premiums, fees and other income | $8,808 | $9,437 | $9,962 | $10,486 | $11,010 | $11,535 | $12,164 | $9,947 | |||||||||||||||||||||||||||||
NEO | 2022 Target Annual Incentive 1 | 2022 Multiplier | 2022 Annual Incentive Payment | ||||||||||||||
Keith W. Demmings | $1,500,000 | 0.82 | $1,230,000 | ||||||||||||||
Richard S. Dziadzio | $680,000 | 0.82 | $557,600 | ||||||||||||||
Robert A. Lonergan | $500,000 | 0.82 | $410,000 | ||||||||||||||
Keith R. Meier | $610,000 | 0.82 | $500,200 | ||||||||||||||
Francesca L. Luthi | $525,000 | 0.82 | $430,500 | ||||||||||||||
48 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
Name | 2022 Target Annual Long Term Incentive (as a % of Salary) | 2022 PSUs (75%) | 2022 RSUs (25%) | Total Grant Date Dollar ($) Value | ||||||||||||||||||||||
Number (#) of Units | Grant Date Dollar ($) Value1 | Number (#) of Units | Grant Date Dollar ($) Value1 | |||||||||||||||||||||||
Keith W. Demmings | 500% | 21,507 | 3,749,961 | 7,169 | 1,249,987 | 4,999,948 | ||||||||||||||||||||
Richard S. Dziadzio | 300% | 8,775 | 1,530,009 | 2,925 | 510,003 | 2,040,012 | ||||||||||||||||||||
Robert A. Lonergan | 210% | 4,517 | 787,584 | 1,506 | 262,586 | 1,050,170 | ||||||||||||||||||||
Keith R. Meier | 230% | 6,035 | 1,052,263 | 2,012 | 350,812 | 1,403,075 | ||||||||||||||||||||
Francesca L. Luthi | 225% | 5,081 | 885,923 | 1,694 | 295,366 | 1,181,289 | ||||||||||||||||||||
49 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
Metrics and Weighting | For 2019 - 2022 awards: Relative TSR1 - 50% Absolute NOI EPS2 - 50% . For 2023 awards: Relative TSR1 - 50% Absolute Adjusted EPS2 - 50% | Rationale: The Compensation Committee believes that these metrics should align with the Company’s strategic and financial objectives. | ||||||||||||
Performance Measured Against an Industry Index | TSR measured against S&P 500 Index | Rationale: The Compensation Committee believes the S&P 500 Index: • represents a well-known and objective benchmark by which the Company’s performance can be measured; and . • provides a robust sample of companies across different industries reflective of the Company’s continued expansion beyond traditional lines of insurance. | ||||||||||||
Payout Considerations | For the relative metric (TSR): Payout above target if above-median performance is achieved Payouts capped at 200% of target if the percentile is at or above the 90th percentile Minimum threshold for payout is the 25th percentile Payouts for performance between the percentile levels are determined on a straight-line basis using linear interpolation For the absolute metric(s): Threshold for payout set at pre-determined performance level Payouts capped at 200% of target Payouts for performance levels between the threshold and maximum levels are determined on a straight-line basis using linear interpolation | Rationale: . The Compensation Committee believes the payout opportunity: • supports the Company’s pay for performance philosophy; and • ensures focus on driving stockholder returns over the long term. | ||||||||||||
50 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
2019-2021 Performance Period | |||||||||||||||||
Performance Level | Ranking v. S&P 500 Index | Payout | |||||||||||||||
Maximum | 90th Percentile | 200% | |||||||||||||||
Stretch | 75th Percentile | 150% | |||||||||||||||
Target | 50th Percentile | 100% | |||||||||||||||
Threshold | 25th Percentile | 50% | |||||||||||||||
Below Threshold | Below 25th Percentile | 0% | |||||||||||||||
NOI EPS 2019-2021 Performance Period | ||||||||||||||
Performance Level | Cumulative NOI EPS1 | Payout | ||||||||||||
Maximum | $35.86 | 200% | ||||||||||||
Stretch | $34.30 | 125% | ||||||||||||
Above Target | $32.74 | 110% | ||||||||||||
Target | $31.18 | 100% | ||||||||||||
Near Target | $29.62 | 90% | ||||||||||||
Below Target | $28.06 | 75% | ||||||||||||
Threshold | $26.50 | 50% | ||||||||||||
Below Threshold | $26.49 or less | 0% | ||||||||||||
51 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
Position | Minimum Stock Ownership Requirement | |||||||||||||
Non-Employee Director | Market value of 5 times annual base cash retainer | |||||||||||||
Chief Executive Officer | Market value of 6 times current base salary | |||||||||||||
Other Executive Officers | Market value of 3 times current base salary | |||||||||||||
52 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
53 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Discussion and Analysis |
54 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Compensation Committee Report |
55 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards1 ($) | Option Awards ($) | Non-Equity Incentive Plan Compen- sation ($) | Change in Pension Value and Nonqualified Deferred Compen- sation Earnings ($) | All Other Compen-sation2 ($) | Total ($) | ||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||||||||||||||||
Keith W. Demmings, President, Chief Executive Officer | 2022 | 988,462 | — | 5,924,103 | — | 1,230,000 | — | 229,716 | 8,372,281 | ||||||||||||||||||||||||||
2021 | 636,808 | — | 2,760,315 | — | 791,020 | — | 267,093 | 4,455,236 | |||||||||||||||||||||||||||
2020 | 544,423 | — | 1,302,140 | — | 615,850 | — | 144,213 | 2,606,626 | |||||||||||||||||||||||||||
Richard S. Dziadzio, Executive Vice President, Chief Financial Officer | 2022 | 680,000 | — | 2,417,074 | — | 557,600 | — | 233,427 | 3,888,101 | ||||||||||||||||||||||||||
2021 | 680,000 | — | 1,971,330 | — | 788,800 | — | 344,918 | 3,785,048 | |||||||||||||||||||||||||||
2020 | 679,231 | — | 1,985,638 | — | 768,400 | — | 236,703 | 3,669,972 | |||||||||||||||||||||||||||
Robert A. Lonergan, Executive Vice President, Chief Strategy and Risk Officer3 | 2022 | 500,000 | — | 2,656,911 | — | 410,000 | — | 119,913 | 3,686,824 | ||||||||||||||||||||||||||
Keith R. Meier, Executive Vice President, Chief Operating Officer4 | 2022 | 606,154 | — | 1,662,399 | — | 500,200 | — | 124,751 | 2,893,504 | ||||||||||||||||||||||||||
Francesca L. Luthi, Executive Vice President, Chief Administrative Officer | 2022 | 525,000 | — | 1,399,620 | — | 430,500 | — | 134,544 | 2,489,664 | ||||||||||||||||||||||||||
2021 | 525,000 | — | 1,106,962 | — | 609,000 | — | 146,901 | 2,387,863 | |||||||||||||||||||||||||||
2020 | 494,808 | — | 1,401,953 | — | 562,221 | — | 104,136 | 2,563,118 | |||||||||||||||||||||||||||
56 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Name | Executive LTD | Company Contributions to Executive 401(k) | Company Contributions to 401(k) | Dividends and Dividend Equivalents a | Other Amounts | Total | |||||||||||||||||||||||
Keith W. Demmings | $5,841 | $88,469 | $18,300 | $117,106 | $— | $229,716 | |||||||||||||||||||||||
Richard S. Dziadzio | $5,670 | $69,828 | $18,300 | $139,629 | $— | $233,427 | |||||||||||||||||||||||
Robert A. Lonergan | $4,120 | $46,500 | $18,300 | $50,993 | $— | $119,913 | |||||||||||||||||||||||
Keith R. Meier | $5,222 | $50,016 | $18,300 | $51,213 | $— | $124,751 | |||||||||||||||||||||||
Francesca L. Luthi | $4,120 | $49,740 | $18,300 | $62,384 | $— | $134,544 | |||||||||||||||||||||||
57 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Name | Grant Date | Award Type | Estimated Future Payouts Under Non-Equity Incentive Plan Awards1 | Estimated Future Payouts Under Equity Incentive Plan Awards2 | All Other Stock Awards: Number of Shares of Stock or Units (#) | Grant Date Fair Value of Stock Awards ($)3 | ||||||||||||||||||||||||||||||||
Thres-hold ($) | Target ($) | Maxi-mum ($) | Thres-hold (#) | Target (#) | Maxi-mum (#) | |||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | ||||||||||||||||||||||||||||
Keith W. Demmings | 3/16/2022 | RSU | — | — | — | — | — | — | 7,169 | 1,249,987 | ||||||||||||||||||||||||||||
3/16/2022 | PSU | — | — | — | 10,754 | 21,507 | 43,014 | — | 4,674,116 | |||||||||||||||||||||||||||||
— | Annual Incentive | 0 | 1,500,000 | 3,000,000 | — | — | — | — | — | |||||||||||||||||||||||||||||
Richard S. Dziadzio | 3/16/2022 | RSU | — | — | — | — | — | — | 2,925 | 510,003 | ||||||||||||||||||||||||||||
3/16/2022 | PSU | — | — | — | 4,388 | 8,775 | 17,550 | — | 1,907,071 | |||||||||||||||||||||||||||||
— | Annual Incentive | 0 | 680,000 | 1,360,000 | — | — | — | — | — | |||||||||||||||||||||||||||||
Robert A. Lonergan | 3/16/2022 | RSU | — | — | — | — | — | — | 1,506 | 262,586 | ||||||||||||||||||||||||||||
3/16/2022 | PSU | — | — | — | 2,259 | 4,517 | 9,034 | — | 981,680 | |||||||||||||||||||||||||||||
3/16/2022 | PSU | — | — | — | 3,250 | 6,500 | 13,000 | — | 1,412,645 | |||||||||||||||||||||||||||||
— | Annual Incentive | 0 | 500,000 | 1,000,000 | — | — | — | — | — | |||||||||||||||||||||||||||||
Keith R. Meier | 3/16/2022 | RSU | — | — | — | — | — | — | 2,012 | 350,812 | ||||||||||||||||||||||||||||
3/16/2022 | PSU | — | — | — | 3,018 | 6,035 | 12,070 | — | 1,311,587 | |||||||||||||||||||||||||||||
— | Annual Incentive | 0 | 610,000 | 1,220,000 | — | — | — | — | — | |||||||||||||||||||||||||||||
Francesca L. Luthi | 3/16/2022 | RSU | — | — | — | — | — | — | 1,694 | 295,366 | ||||||||||||||||||||||||||||
3/16/2022 | PSU | — | — | — | 2,541 | 5,081 | 10,162 | — | 1,104,254 | |||||||||||||||||||||||||||||
— | Annual Incentive | 0 | 525,000 | 1,050,000 | — | — | — | — | — | |||||||||||||||||||||||||||||
58 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Stock Awards1 | ||||||||||||||||||||||||||
Name | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested2 ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested2 ($) | ||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | ||||||||||||||||||||||
Keith W. Demmings | 4,200 | 7 | 525,252 | |||||||||||||||||||||||
1,218 | 3 | 152,323 | ||||||||||||||||||||||||
1,488 | 4 | 186,089 | ||||||||||||||||||||||||
1,462 | 10 | 182,838 | ||||||||||||||||||||||||
7,169 | 5 | 896,555 | ||||||||||||||||||||||||
10,962 | 11 | 1,370,908 | ||||||||||||||||||||||||
6,694 | 12 | 837,152 | ||||||||||||||||||||||||
6,578 | 13 | 822,645 | ||||||||||||||||||||||||
10,754 | 14 | 1,344,833 | ||||||||||||||||||||||||
Richard S. Dziadzio | 1,858 | 3 | 232,361 | |||||||||||||||||||||||
2,269 | 4 | 283,761 | ||||||||||||||||||||||||
2,925 | 5 | 365,801 | ||||||||||||||||||||||||
16,716 | 11 | 2,090,503 | ||||||||||||||||||||||||
10,208 | 12 | 1,276,612 | ||||||||||||||||||||||||
4,388 | 14 | 548,701 | ||||||||||||||||||||||||
Robert A. Lonergan | 826 | 3 | 103,300 | |||||||||||||||||||||||
1,214 | 4 | 151,823 | ||||||||||||||||||||||||
1,506 | 5 | 188,340 | ||||||||||||||||||||||||
7,431 | 11 | 929,321 | ||||||||||||||||||||||||
5,459 | 12 | 682,703 | ||||||||||||||||||||||||
2,259 | 14 | 282,448 | ||||||||||||||||||||||||
3,250 | 14 | 406,445 | ||||||||||||||||||||||||
Keith R. Meier | 3,000 | 6 | 375,180 | |||||||||||||||||||||||
1,250 | 9 | 156,325 | ||||||||||||||||||||||||
654 | 3 | 81,789 | ||||||||||||||||||||||||
928 | 4 | 116,056 | ||||||||||||||||||||||||
2,012 | 5 | 251,621 | ||||||||||||||||||||||||
5,882 | 11 | 735,603 | ||||||||||||||||||||||||
4,176 | 12 | 522,251 | ||||||||||||||||||||||||
3,018 | 14 | 377,369 | ||||||||||||||||||||||||
Francesca L. Luthi | 826 | 3 | 103,300 | |||||||||||||||||||||||
3,000 | 8 | 375,180 | ||||||||||||||||||||||||
1,274 | 4 | 159,326 | ||||||||||||||||||||||||
1,694 | 5 | 211,852 | ||||||||||||||||||||||||
7,431 | 11 | 929,321 | ||||||||||||||||||||||||
5,732 | 12 | 716,844 | ||||||||||||||||||||||||
2,541 | 14 | 317,715 | ||||||||||||||||||||||||
59 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
60 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Stock Awards | |||||||||||||||||
Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) 1 | |||||||||||||||
(a) | (b) | (c) | |||||||||||||||
Keith W. Demmings | |||||||||||||||||
RSUs | 7,187 | 1,087,294 | |||||||||||||||
PSUs | 9,019 | 2 | 1,572,553 | ||||||||||||||
Richard S. Dziadzio | |||||||||||||||||
RSUs | 4,523 | 788,631 | |||||||||||||||
PSUs | 15,443 | 2 | 2,692,641 | ||||||||||||||
Robert A. Lonergan | |||||||||||||||||
RSUs | 4,881 | 705,251 | |||||||||||||||
PSUs | 4,521 | 2 | 788,282 | ||||||||||||||
Keith R. Meier | |||||||||||||||||
RSUs | 2,998 | 502,159 | |||||||||||||||
PSUs | 3,829 | 2 | 667,624 | ||||||||||||||
Francesca L. Luthi | |||||||||||||||||
RSUs | 5,928 | 880,325 | |||||||||||||||
PSUs | 4,680 | 2 | 816,005 | ||||||||||||||
61 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Name | Plan Name1 | Number of Years of Credited Service (#) | Present Value of Accumulated Benefit ($) | Payments During Last Fiscal Year ($) | ||||||||||||||||
(a) | (b) | (c) | (d) | (e) | ||||||||||||||||
Keith W. Demmings2 | Pension Plan | 3 | 23,625 | — | ||||||||||||||||
Executive Pension Plan | 3 | 48,783 | — | |||||||||||||||||
Richard S. Dziadzio | Pension Plan | — | — | — | ||||||||||||||||
Executive Pension Plan | — | — | — | |||||||||||||||||
Robert A. Lonergan | Pension Plan | 3 | 23,400 | — | ||||||||||||||||
Executive Pension Plan | 3 | 14,550 | — | |||||||||||||||||
Keith R. Meier | Pension Plan | 17.75 | 195,075 | — | ||||||||||||||||
Executive Pension Plan | 17.75 | 185,746 | — | |||||||||||||||||
Francesca L. Luthi | Pension Plan | 2 | 15,600 | — | ||||||||||||||||
Executive Pension Plan | 2 | 19,283 | — | |||||||||||||||||
Years of Service | Credit | ||||||||||
Years 1 through 10 | 3% | ||||||||||
Years 11 through 20 | 6% | ||||||||||
Years 21 through 30 | 9% | ||||||||||
Years 31 and over | 12% | ||||||||||
62 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
63 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Name | Plan | Executive Contributions in Last FY ($) | Registrant Contributions in Last FY 1,2 ($) | Aggregate Earnings in Last FY 1 ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at last FYE 1 ($) | ||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||||
Keith W. Demmings | ADC Plan | — | (3) | — | — | — | ||||||||||||||||||||
Executive 401(k) Plan | (4) | 88,469 | (85,453) | — | 491,453 | |||||||||||||||||||||
TOTAL | — | 88,469 | (85,453) | — | 491,453 | |||||||||||||||||||||
Richard S. Dziadzio | ADC Plan | — | (3) | — | — | — | ||||||||||||||||||||
Executive 401(k) Plan | (4) | 69,828 | (72,626) | — | 421,816 | |||||||||||||||||||||
TOTAL | — | 69,828 | (72,626) | — | 421,816 | |||||||||||||||||||||
Robert A. Lonergan | ADC Plan | — | (3) | — | — | — | ||||||||||||||||||||
Executive 401(k) Plan | (4) | 46,500 | (50,377) | — | 279,507 | |||||||||||||||||||||
TOTAL | — | 46,500 | (50,377) | — | 279,507 | |||||||||||||||||||||
Keith R. Meier | ADC Plan | 121,231 | (3) | (179,730) | (186,906) | 1,219,181 | ||||||||||||||||||||
Executive 401(k) Plan | (4) | 50,016 | (61,886) | — | 424,243 | |||||||||||||||||||||
TOTAL | 121,231 | 50,016 | (241,616) | (186,906) | 1,643,424 | |||||||||||||||||||||
Francesca L. Luthi | ADC Plan | — | (3) | — | — | — | ||||||||||||||||||||
Executive 401(k) Plan | (4) | 49,740 | (72,522) | — | 389,981 | |||||||||||||||||||||
TOTAL | — | 49,740 | (72,522) | — | 389,981 | |||||||||||||||||||||
64 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
65 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Name | Payout if Terminated Voluntarily 12/31/22 Not Retirement | Payout if Terminated Voluntarily 12/31/22 Retirement 1 | Payout if Terminated Involuntarily 12/31/22 2 | Payout if Terminated Upon Change in Control 12/31/22 | Payout if Terminated Upon Death 12/31/22 | Payout if Terminated Upon Disability 12/31/22 | |||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | ||||||||||||||||||||||||
Keith W. Demmings | |||||||||||||||||||||||||||||
STIP Award | — | — | — | 750,000 | — | — | |||||||||||||||||||||||
Long-Term Equity Awards3 | — | — | 3,774,936 | 7,663,427 | 3,774,936 | 3,774,936 | |||||||||||||||||||||||
Executive Pension Plan4 | 48,783 | — | 48,783 | 48,783 | 48,783 | 48,783 | |||||||||||||||||||||||
Executive 401(k) Plan5 | 491,453 | — | 491,453 | 491,453 | 491,453 | 491,453 | |||||||||||||||||||||||
Welfare Ben. Lump Sum6 | — | — | 5,721 | 45,650 | — | — | |||||||||||||||||||||||
Severance7 | — | — | 1,000,000 | 5,000,000 | — | — | |||||||||||||||||||||||
Outplacement8 | — | — | 7,000 | 7,000 | — | — | |||||||||||||||||||||||
TOTAL | 540,236 | — | 5,327,893 | 14,006,313 | 4,315,172 | 4,315,172 | |||||||||||||||||||||||
Richard S. Dziadzio | |||||||||||||||||||||||||||||
STIP Award | — | — | — | 340,000 | — | — | |||||||||||||||||||||||
Long-Term Equity Awards3 | — | — | 3,472,916 | 5,346,440 | 3,472,916 | 3,472,916 | |||||||||||||||||||||||
Executive Pension Plan4 | — | — | — | — | — | — | |||||||||||||||||||||||
Executive 401(k) Plan5 | 421,816 | — | 421,816 | 421,816 | 421,816 | 421,816 | |||||||||||||||||||||||
Welfare Ben. Lump Sum6 | — | — | 5,721 | 43,520 | — | — | |||||||||||||||||||||||
Severance7 | — | — | 680,000 | 2,720,000 | — | — | |||||||||||||||||||||||
Outplacement8 | — | — | 7,000 | 7,000 | — | — | |||||||||||||||||||||||
TOTAL | 421,816 | — | 4,587,453 | 8,878,776 | 3,894,732 | 3,894,732 | |||||||||||||||||||||||
66 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Name | Payout if Terminated Voluntarily 12/31/22 Not Retirement | Payout if Terminated Voluntarily 12/31/22 Retirement 1 | Payout if Terminated Involuntarily 12/31/22 2 | Payout if Terminated Upon Change in Control 12/31/22 | Payout if Terminated Upon Death 12/31/22 | Payout if Terminated Upon Disability 12/31/22 | |||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | ||||||||||||||||||||||||
Robert A. Lonergan | |||||||||||||||||||||||||||||
STIP Award | — | — | — | 250,000 | — | — | |||||||||||||||||||||||
Long-Term Equity Awards3 | — | — | 1,879,277 | 3,433,272 | 1,879,277 | 1,879,277 | |||||||||||||||||||||||
Executive Pension Plan4 | 14,550 | — | 14,550 | 14,550 | 14,550 | 14,550 | |||||||||||||||||||||||
Executive 401(k) Plan5 | 279,507 | — | 279,507 | 279,507 | 279,507 | 279,507 | |||||||||||||||||||||||
Welfare Ben. Lump Sum6 | — | — | 5,721 | 40,548 | — | — | |||||||||||||||||||||||
Severance7 | — | — | 500,000 | 2,000,000 | — | — | |||||||||||||||||||||||
Outplacement8 | — | — | 7,000 | 7,000 | — | — | |||||||||||||||||||||||
TOTAL | 294,057 | — | 2,686,055 | 6,024,877 | 2,173,334 | 2,173,334 | |||||||||||||||||||||||
Keith R. Meier | |||||||||||||||||||||||||||||
STIP Award | — | — | — | 305,000 | — | — | |||||||||||||||||||||||
Long-Term Equity Awards3 | — | — | 1,863,269 | 2,993,561 | 1,863,269 | 1,863,269 | |||||||||||||||||||||||
Executive Pension Plan4 | 185,746 | — | 185,746 | 185,746 | 185,746 | 185,746 | |||||||||||||||||||||||
Executive 401(k) Plan5 | 424,243 | — | 424,243 | 424,243 | 424,243 | 424,243 | |||||||||||||||||||||||
Welfare Ben. Lump Sum6 | — | — | 5,721 | 42,597 | — | — | |||||||||||||||||||||||
Severance7 | — | — | 610,000 | 2,440,000 | — | — | |||||||||||||||||||||||
Outplacement8 | — | — | 7,000 | 7,000 | — | — | |||||||||||||||||||||||
TOTAL | 609,989 | — | 3,095,979 | 6,398,147 | 2,473,258 | 2,473,258 | |||||||||||||||||||||||
Francesca L. Luthi | |||||||||||||||||||||||||||||
STIP Award | — | — | — | 262,500 | — | — | |||||||||||||||||||||||
Long-Term Equity Awards3 | — | — | 1,974,572 | 3,131,252 | 1,974,572 | 1,974,572 | |||||||||||||||||||||||
Executive Pension Plan4 | 19,283 | — | 19,283 | 19,283 | 19,283 | 19,283 | |||||||||||||||||||||||
Executive 401(k) Plan5 | 389,981 | — | 389,981 | 389,981 | 389,981 | 389,981 | |||||||||||||||||||||||
Welfare Ben. Lump Sum6 | — | — | 5,724 | 39,171 | — | — | |||||||||||||||||||||||
Severance7 | — | — | 525,000 | 2,100,000 | — | — | |||||||||||||||||||||||
Outplacement8 | — | — | 7,000 | 7,000 | — | — | |||||||||||||||||||||||
TOTAL | 409,264 | — | 2,921,560 | 5,949,187 | 2,383,836 | 2,383,836 | |||||||||||||||||||||||
67 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
68 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
69 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
70 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Year1 | Summary compensation table total for PEO ($) | Compensation actually paid to PEO2 ($) | Average summary compensation table total for non-PEO named executive officers ($) | Average compensation actually paid to non-PEO named executive officers3 ($) | Value of initial fixed $100 investment based on: | Net income ($ in millions) | Adjusted earnings, excluding reportable catastrophes, per diluted share5 ($) | |||||||||||||||||||||||||
Total shareholder return ($) | Peer group total shareholder return4 ($) | |||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | ||||||||||||||||||||||||
2022 | 8,372,281 | 4,698,824 | 3,239,523 | 1,610,161 | 100.90 | 130.65 | 276.60 | 13.61 | ||||||||||||||||||||||||
2021 | 11,504,780 | 11,521,642 | 3,887,015 | 4,029,346 | 123.55 | 119.13 | 1,361.80 | 12.28 | ||||||||||||||||||||||||
2020 | 11,855,966 | 12,716,846 | 3,622,320 | 4,040,321 | 106.09 | 81.72 | 441.70 | 10.49 | ||||||||||||||||||||||||
Year | Summary compensation table total for PEO ($) | Stock awards and option awards columns of the summary compensation table ($) | Fair value of equity awards granted in year that remained outstanding and unvested as of year-end ($) | Change in fair value of the equity awards granted before year that are outstanding and unvested as of year-end ($) | Fair value of the awards that were granted and vested in year ($) | Change in fair value of all the equity awards granted before year that vested in year ($) | Aggregate change in pension benefits ($) | Pension “service cost” for year ($) | Compensation actually paid to PEO ($) | ||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||||||||||||||||
2022 | 8,372,281 | (5,924,103) | 3,671,173 | (1,429,775) | — | 9,248 | — | — | 4,698,824 | ||||||||||||||||||||||||||
2021 | 11,504,780 | (7,273,698) | 8,084,327 | 137,321 | — | (931,088) | — | — | 11,521,642 | ||||||||||||||||||||||||||
2020 | 11,855,966 | (7,326,852) | 11,957,536 | (243,381) | — | (3,526,423) | — | — | 12,716,846 | ||||||||||||||||||||||||||
71 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
Year | Average summary compensation table total for non-PEO named executive officers ($) | Average stock awards and option awards columns of the summary compensation table ($) | Average fair value of equity awards granted in year that remained outstanding and unvested as of year-end ($) | Average change in fair value of the equity awards granted before year that are outstanding and unvested as of year-end ($) | Average fair value of the awards that were granted and vested in year ($) | Average change in fair value of all the equity awards granted before year that vested in year ($) | Average aggregate change in pension benefits ($) | Average pension “service cost” for year ($) | Average summary compensation table total for non-PEO named executive officers ($) | ||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||||||||||||||||
2022 | 3,239,523 | (2,034,001) | 1,251,264 | (884,730) | — | 38,105 | — | — | 1,610,161 | ||||||||||||||||||||||||||
2021 | 3,887,015 | (2,040,398) | 2,212,962 | 161,712 | — | (191,945) | — | — | 4,029,346 | ||||||||||||||||||||||||||
2020 | 3,622,320 | (1,757,398) | 2,826,519 | (24,686) | — | (626,434) | — | — | 4,040,321 | ||||||||||||||||||||||||||
Tabular List of Performance Measures1 | ||||||||
Adjusted earnings, excluding reportable catastrophes, per diluted share | ||||||||
Adjusted EBITDA, excluding reportable catastrophes | ||||||||
Relative TSR | ||||||||
Net earned premiums, fees and other income | ||||||||
72 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
73 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Executive Compensation |
74 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Director Compensation |
Name 1 | Fees Earned or Paid in Cash ($) | Stock Awards ($) 1 | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) 2 | All Other Compensation ($) | Total ($) | ||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | ||||||||||||||||||||||
Paget L. Alves | 100,000 | 160,007 | — | — | — | — | 260,007 | ||||||||||||||||||||||
J. Braxton Carter | 100,000 | 160,007 | — | — | — | — | 260,007 | ||||||||||||||||||||||
Juan N. Cento | 100,000 | 160,007 | — | — | — | — | 260,007 | ||||||||||||||||||||||
Harriet Edelman | 120,000 | 160,007 | — | — | — | — | 280,007 | ||||||||||||||||||||||
Sari Granat | 63,710 | 160,160 | — | — | — | — | 223,870 | ||||||||||||||||||||||
Lawrence V. Jackson | 120,000 | 160,007 | — | — | — | — | 280,007 | ||||||||||||||||||||||
Jean-Paul L. Montupet | 120,000 | 160,007 | — | — | — | — | 280,007 | ||||||||||||||||||||||
Debra J. Perry | 120,000 | 160,007 | — | — | — | 1,000 | 281,007 | ||||||||||||||||||||||
Ognjen (Ogi) Redzic | 100,000 | 160,007 | — | — | — | — | 260,007 | ||||||||||||||||||||||
Paul J. Reilly | 121,411 | 160,007 | — | — | — | — | 281,418 | ||||||||||||||||||||||
Elaine D. Rosen | 280,000 | 160,007 | — | — | — | 1,000 | 441,007 | ||||||||||||||||||||||
Robert W. Stein | 109,140 | 160,007 | — | — | — | — | 269,147 | ||||||||||||||||||||||
75 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Director Compensation |
76 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Equity Compensation Plan Information |
Plan Category | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights1 | (b) Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights($) | (c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))2 | ||||||||||||||
Equity Compensation Plans Approved by Security Holders | 1,841,934 | — | 3,600,419 | ||||||||||||||
Equity Compensation Plans Not Approved by Security Holders | — | — | — | ||||||||||||||
Total | 1,841,934 | — | 3,600,419 | ||||||||||||||
77 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Transactions with Related Persons |
78 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Transactions with Related Persons |
79 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Security Ownership of Certain Beneficial Owners |
Name of Beneficial Owner | Shares of Common Stock Beneficially Owned | Percentage of Class | |||||||||||||||
The Vanguard Group, Inc.1 | 7,048,915 | 13.3% | |||||||||||||||
T. Rowe Price Investment Management, Inc.2 | 5,694,084 | 10.8% | |||||||||||||||
BlackRock, Inc.3 | 5,662,762 | 10.7% | |||||||||||||||
FMR LLC4 | 3,466,939 | 6.6% | |||||||||||||||
State Street Corporation5 | 2,848,731 | 5.4% | |||||||||||||||
80 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Security Ownership of Directors and Executive Officers |
Name of Beneficial Owner | Shares of Common Stock Beneficially Owned1 | Percentage of Class | |||||||||||||||
Keith W. Demmings | 38,381 | * | |||||||||||||||
Richard S. Dziadzio | 45,897 | * | |||||||||||||||
Keith R. Meier | 9,266 | * | |||||||||||||||
Robert A. Lonergan | 13,607 | * | |||||||||||||||
Francesca L. Luthi | 5,093 | * | |||||||||||||||
Elaine D. Rosen | 21,930 | * | |||||||||||||||
Paget L. Alves | 2,380 | * | |||||||||||||||
J. Braxton Carter | 3,214 | * | |||||||||||||||
Juan N. Cento | 25,054 | * | |||||||||||||||
Harriet Edelman | 5,358 | * | |||||||||||||||
Sari Granat | — | * | |||||||||||||||
Lawrence V. Jackson | 21,713 | * | |||||||||||||||
Jean-Paul L. Montupet | 15,775 | * | |||||||||||||||
Debra J. Perry | 5,358 | * | |||||||||||||||
Ogi Redzic | 2,380 | * | |||||||||||||||
Paul J. Reilly | 16,399 | * | |||||||||||||||
Robert W. Stein | 14,316 | * | |||||||||||||||
All current directors and executive officers as a group (19 persons) | 267,659 | * | |||||||||||||||
81 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Audit Committee Matters |
82 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Audit Committee Matters |
83 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Audit Committee Matters |
2022 | 2021 | ||||||||||||||||||||||
Description of Fees1 | Amounts (in thousands) | Amounts (in thousands) | |||||||||||||||||||||
Audit Fees2 | $13,302 | $14,131 | |||||||||||||||||||||
Audit-Related Fees3 | $2,296 | $2,524 | |||||||||||||||||||||
Tax Fees4 | $260 | $98 | |||||||||||||||||||||
All Other Fees5 | $51 | $18 | |||||||||||||||||||||
84 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Incorporation by Reference |
85 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Annual Report and Form 10-K |
86 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Additional Annual Meeting Information |
87 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Additional Annual Meeting Information |
88 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Additional Annual Meeting Information |
89 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
Stockholder Proposals |
90 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
APPENDIX A: Reconciliation of Non-GAAP Financial Measures |
(UNAUDITED) | Twelve Months Ended December 31, | ||||
($ in millions) | 2022 | ||||
GAAP net income from continuing operations | $276.6 | ||||
Adjustments, pre-tax: | |||||
Net realized losses on investments and fair value changes to equity securities | 179.7 | ||||
COVID-19 direct and incremental expenses | 4.7 | ||||
Loss on extinguishment of debt | 0.9 | ||||
Non-core operations | 79.5 | ||||
Restructuring costs | 53.1 | ||||
Other Adjustments: | |||||
Assurant Health runoff operations | 0.6 | ||||
Acquisition integration expenses | 14.9 | ||||
Foreign exchange related losses | 13.4 | ||||
Gain related to benefit plan activity | (18.2) | ||||
Merger and acquisition transaction and other related expenses | 13.4 | ||||
Benefit for income taxes | (64.2) | ||||
Total adjustments, after-tax | 277.8 | ||||
Reportable catastrophes, pre-tax | 172.1 | ||||
Tax impact of reportable catastrophes | (36.2) | ||||
Net operating income, excluding reportable catastrophes | $690.3 |
A-1 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
APPENDIX A: Reconciliation of Non-GAAP Financial Measures |
(UNAUDITED) | Twelve Months Ended December 31, | ||||
($ per share) | 2022 | ||||
GAAP net income from continuing operations per diluted share | $5.05 | ||||
Adjustments, pre-tax: | |||||
Net realized losses on investments and fair value changes to equity securities | 3.28 | ||||
COVID-19 direct and incremental expenses | 0.08 | ||||
Loss on extinguishment of debt | 0.02 | ||||
Non-core operations | 1.45 | ||||
Restructuring costs | 0.97 | ||||
Other Adjustments: | |||||
Assurant Health runoff operations | 0.01 | ||||
Acquisition integration expenses | 0.27 | ||||
Foreign exchange related losses | 0.25 | ||||
Gain related to benefit plan activity | (0.33) | ||||
Merger and acquisition transaction and other related expenses | 0.25 | ||||
Benefit for income taxes | (1.18) | ||||
Total adjustments, after-tax | 5.07 | ||||
Reportable catastrophes, pre-tax | 3.14 | ||||
Tax impact of reportable catastrophes | (0.66) | ||||
Net operating income, excluding reportable catastrophes, per diluted share | $12.60 |
A-2 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
APPENDIX A: Reconciliation of Non-GAAP Financial Measures |
(UNAUDITED) | As Originally Reported | 3-Year Cumulative | |||||||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||
($ per share) | 2021 | 2020 | 2019 | ||||||||||||||||||||
GAAP net income from continuing operations per diluted share | $10.20 | $6.99 | $5.84 | $23.03 | |||||||||||||||||||
Adjustments, pre-tax: | |||||||||||||||||||||||
Net realized (gains) losses on investments and fair value changes to equity securities | (2.14) | 0.28 | (1.06) | (2.92) | |||||||||||||||||||
Global Preneed goodwill impairment | — | 2.18 | — | 2.18 | |||||||||||||||||||
COVID-19 direct and incremental expenses | 0.17 | 0.43 | — | 0.60 | |||||||||||||||||||
CARES Act tax benefit (after-tax) | — | (1.34) | — | (1.34) | |||||||||||||||||||
Restructuring costs | 0.22 | — | — | 0.22 | |||||||||||||||||||
Net charge related to Iké | — | 0.09 | 2.62 | 2.71 | |||||||||||||||||||
Loss on extinguishment of debt and other related costs | 0.34 | — | 0.60 | 0.94 | |||||||||||||||||||
Other Adjustments: | |||||||||||||||||||||||
Assurant Health runoff operations | (0.01) | (0.25) | (0.45) | (0.71) | |||||||||||||||||||
Amortization of deferred gains on disposal of businesses | — | (0.17) | (0.23) | (0.40) | |||||||||||||||||||
Acquisition integration expenses | 0.29 | 0.35 | 0.45 | 1.09 | |||||||||||||||||||
Foreign exchange related losses | 0.23 | 0.19 | 0.29 | 0.71 | |||||||||||||||||||
Current expected credit losses for businesses in runoff | (0.03) | 0.05 | — | 0.02 | |||||||||||||||||||
Gain related to benefit plan activity | (0.27) | (0.25) | (0.09) | (0.61) | |||||||||||||||||||
Net charge related to Green Tree Insurance Agency acquisition | — | — | 0.25 | 0.25 | |||||||||||||||||||
Loss on sale of Mortgage Solutions | — | — | 0.15 | 0.15 | |||||||||||||||||||
Loss on building held for sale | — | — | 0.12 | 0.12 | |||||||||||||||||||
State tax for AEB sale (after-tax) | — | 0.05 | — | 0.05 | |||||||||||||||||||
Net gain from deconsolidation of consolidated investment entities | — | (0.12) | — | (0.12) | |||||||||||||||||||
Impact of Tax Cuts and Jobs Act at enactment (after-tax) | — | (0.02) | — | (0.02) | |||||||||||||||||||
Change in fair value of derivative investment and other expenses related to merger and acquisition activities | 0.10 | 0.23 | 0.03 | 0.36 | |||||||||||||||||||
Provision (benefit) for income taxes | 0.26 | (0.06) | 0.03 | 0.23 | |||||||||||||||||||
Total adjustments, after-tax | (0.84) | 1.64 | 2.71 | 3.51 | |||||||||||||||||||
Reportable catastrophes, pre-tax | 2.40 | 2.75 | 0.83 | 5.98 | |||||||||||||||||||
Tax impact of reportable catastrophes | (0.50) | (0.58) | (0.17) | (1.25) | |||||||||||||||||||
Net operating income, excluding reportable catastrophes, per diluted share | $11.26 | $10.80 | $9.21 | $31.27 |
A-3 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
APPENDIX A: Reconciliation of Non-GAAP Financial Measures |
(UNAUDITED) | Twelve Months Ended December 31, | ||||
2022 | |||||
GAAP net income from continuing operations | $276.6 | ||||
Less: | |||||
Interest expense | 108.3 | ||||
Provision for income taxes | 73.3 | ||||
Depreciation expense | 86.3 | ||||
Amortization of purchased intangible assets | 69.7 | ||||
Adjustments, pre-tax: | |||||
Net realized losses on investments and fair value changes to equity securities | 179.7 | ||||
COVID-19 direct and incremental expenses | 4.7 | ||||
Loss on extinguishment of debt | 0.9 | ||||
Non-core operations | 79.5 | ||||
Restructuring costs | 53.1 | ||||
Other Adjustments: | |||||
Assurant Health runoff operations | 0.6 | ||||
Acquisition integration expenses | 14.9 | ||||
Foreign exchange related losses | 13.4 | ||||
Gain related to benefit plan activity | (18.2) | ||||
Merger and acquisition transaction and other related expenses | 13.4 | ||||
Total other adjustments | 24.1 | ||||
Reportable catastrophes | 172.1 | ||||
Adjusted EBITDA, excluding reportable catastrophes | $1,128.3 |
A-4 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
APPENDIX A: Reconciliation of Non-GAAP Financial Measures |
A-5 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
APPENDIX A: Reconciliation of Non-GAAP Financial Measures |
(UNAUDITED) | Twelve Months Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
GAAP net income from continuing operations, per diluted share | $5.05 | $10.03 | $8.21 | ||||||||||||||
Adjustments, pre-tax: | |||||||||||||||||
Net realized losses (gains) on investments and fair value changes to equity securities | 3.28 | (2.14) | 0.14 | ||||||||||||||
Amortization of purchased intangible assets | 1.27 | 1.10 | 0.83 | ||||||||||||||
COVID-19 direct and incremental expenses | 0.08 | 0.17 | 0.42 | ||||||||||||||
CARES Act tax benefit (after-tax) | — | — | (1.34) | ||||||||||||||
Loss on extinguishment of debt | 0.02 | 0.34 | — | ||||||||||||||
Non-core operations | 1.45 | 0.23 | (0.12) | ||||||||||||||
Restructuring costs | 0.97 | 0.22 | — | ||||||||||||||
Other Adjustments: | |||||||||||||||||
Assurant Health runoff operations | 0.01 | (0.01) | (0.25) | ||||||||||||||
Net charge related to Iké | — | — | 0.09 | ||||||||||||||
Acquisition integration expenses | 0.27 | 0.29 | 0.35 | ||||||||||||||
Foreign exchange related losses | 0.25 | 0.23 | 0.18 | ||||||||||||||
Gain related to benefit plan activity | (0.33) | (0.27) | (0.25) | ||||||||||||||
State tax for AEB sale (after-tax) | — | — | 0.05 | ||||||||||||||
Net gain from deconsolidation of consolidated investment entities | — | — | (0.11) | ||||||||||||||
Impact of Tax Cuts and Jobs Act at enactment (after-tax) | — | — | (0.02) | ||||||||||||||
Merger and acquisition transaction and other related expenses | 0.25 | 0.07 | 0.27 | ||||||||||||||
Benefit for income taxes | (1.44) | (0.02) | (0.19) | ||||||||||||||
Total adjustments, after-tax | 6.08 | 0.21 | 0.05 | ||||||||||||||
Reportable catastrophes, pre-tax | 3.14 | 2.59 | 2.83 | ||||||||||||||
Tax impact of reportable catastrophes | (0.66) | (0.55) | (0.60) | ||||||||||||||
Adjusted earnings, excluding reportable catastrophes, per diluted share | $13.61 | $12.28 | $10.49 |
A-6 | Notice of 2023 Annual Meeting of Stockholders and Proxy Statement |
VOTE BY INTERNET - www.proxyvote.com or scan QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 11:59 p.m. Eastern Time on May 10, 2023 for shares held directly and by 11:59 p.m. Eastern Time on May 8, 2023 for shares held in a Plan. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. | ||||||||
ASSURANT, INC. 260 Interstate North Circle SE Atlanta, GA 30339 | During The Meeting- Go to www.virtualshareholdermeeting.com/AIZ2023 | |||||||
You may attend the meeting via the Internet and vote during the meeting. Have available the information that is printed in the box marked by the arrow and follow the instructions. | ||||||||
ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS If you would like to reduce the costs as well as the environmental impact of mailing proxy materials, we encourage you to consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. | ||||||||
VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions. Vote by 11:59 p.m. Eastern Time on May 10, 2023 for shares held directly and by 11:59 p.m. Eastern Time on May 8, 2023 for shares held in a Plan. Have your proxy card in hand when you call and then follow the instructions. | ||||||||
VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717 |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | ||||||||
KEEP THIS PORTION FOR YOUR RECORDS | ||||||||
DETACH AND RETURN THIS PORTION ONLY |
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: | ||||||||
The 2023 Notice and Proxy Statement and 2022 Annual Report are available at www.proxyvote.com. |
E60628-P17817 |
ASSURANT, INC. Annual Meeting of Stockholders May 11, 2023 8:00 AM ET This proxy is solicited by the Board of Directors | ||||||||||||||||||||
The stockholders hereby appoint Jay Rosenblum and Mariana Wisk, and each of them acting individually, as proxies, each with the power to appoint his or her substitute, and hereby authorize them to represent and to vote, as designated on the reverse side of this ballot, all of the shares of Common Stock of ASSURANT, INC. that the stockholders are entitled to vote at the Annual Meeting of Stockholders to be held at 8:00 a.m. Eastern Time on May 11, 2023, virtually at www.virtualshareholdermeeting.com/AIZ2023, and any such adjournment or postponement thereof. | ||||||||||||||||||||
This proxy, when properly executed, will be voted in the manner directed herein. If no such direction is made, this proxy will be voted FOR each director nominee, FOR Proposals Two and Three and with respect to Proposal Four, for 1 YEAR, and in the discretion of the proxies on any other matter that may properly come before the Annual Meeting. | ||||||||||||||||||||
Continued and to be signed on reverse side | ||||||||||||||||||||
1 Year Assurant Chart |
1 Month Assurant Chart |
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