SiriusPoint CEO Egan seals $1.1m base salary with Bermuda move
Scott Egan (pictured), CEO of SiriusPoint, has signed a new employment agreement with SiriusPoint Bermuda Insurance Company, with an annual base salary of $1.1 million, after relocating from the UK to Bermuda.
This agreement supersedes his previous contract with SiriusPoint International Insurance Corporation, according to a Securities and Exchange Commission filing.
Egan’s relocation to Bermuda was part of his commitment upon joining the company in September 2022, considering it is headquartered in Bermuda.
Under the terms of the employment agreement, Egan will retain his position as chief executive officer and receive a base salary of $1,100,000 per year.
He will also have an annual target bonus opportunity of 140% of his base salary and an annual long-term incentive award equivalent to 350% of his base salary. Additionally, he will be eligible for enrolment in the company’s Bermuda pension scheme or receive a cash payment in lieu of participation.
Other benefits include a housing allowance of $312,000 per year, reimbursements for relocation and car purchase, company-provided health and welfare benefits, and the payment of Bermuda payroll and social security taxes. The employment agreement also maintains Egan’s eligibility for severance benefits consistent with the terms of the prior agreement.
Egan took helm of the Bermudian re/insurer last September following a massive leadership restructure in a bid to bring it on the right track by focusing on growth on the primary side of the business while reducing the number of MGAs it is involved with.
SiriusPoint delivered its first net profit since Q2 2021, with positive capital generation across all business areas, in the first quarter of 2023. The company posted a net profit of $139 million in the first quarter, a big improvement on the $217 million loss it posted in the same period a year earlier. Egan expressed his satisfaction with the performance and turnaround efforts while acknowledging there’s “still much to do” to capitalise on future opportunities.
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