Form 4: RenaissanceRe Holdings Executive Ross Curtis Forfeits 1,246 Shares of Common Stock

EVP and Chief Portfolio Officer Ross Curtis forfeited 1,246 shares of RenaissanceRe Holdings common stock due to performance-based vesting conditions.

Summary

• Ross Curtis, EVP and Chief Portfolio Officer of RenaissanceRe Holdings, forfeited 1,246 shares of common stock on March 11, 2025.
• The forfeiture was due to the non-fulfillment of performance-based conditions related to restricted shares granted on March 1, 2022, under the company's Long Term Incentive Plan.
• The vesting of these shares was contingent upon the issuer's average growth in book value per common share plus accumulated dividends and average underwriting expense ratio compared to peers over a three-year performance period ending December 31, 2024.
• The Corporate Governance and Human Capital Management Committee determined that the performance criteria were not fully met, leading to the forfeiture of shares that were no longer eligible to vest.

Sentiment

Score: 4

Explanation: The document indicates a failure to meet performance targets, leading to share forfeiture. While not catastrophic, it suggests underperformance relative to peers, warranting a moderately negative sentiment.

Negatives

• Ross Curtis forfeited 1,246 shares, indicating that the company did not fully meet its performance targets relative to its peers over the specified three-year period.

Risks

• The forfeiture of shares may reflect negatively on the company's recent performance relative to its peers.
• Shareholders may view the forfeiture as a sign that the company is not achieving its strategic goals.

Industry Context

Performance-based compensation is a common practice in the financial services industry, particularly for executive roles. The forfeiture of shares due to unmet performance targets is not uncommon and reflects the alignment of executive incentives with company performance.

Comparison to Industry Standards

• Many insurance and reinsurance companies, such as Chubb, Arch Capital Group, and Validus Re, utilize performance-based compensation plans for their executives.
• These plans often tie vesting of equity awards to metrics like book value growth, return on equity, and combined ratio, similar to the metrics used by RenaissanceRe.
• Forfeiture of shares due to underperformance is a standard feature of these plans, ensuring that executives are incentivized to achieve specific financial goals.

Stakeholder Impact

• Shareholders may be concerned about the company's performance relative to its peers, as indicated by the share forfeiture.
• Employees may be affected by the company's performance, as it could impact future compensation and job security.

Key Dates