Operations/tech
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Right now firms pursuing this strategy are winning, although there are some potential slow-burn issues to watch. -
Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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Proxy advisers had called for shareholders to reject the pay deals, which feature a $50mn pay award for CEO Peter Zaffino.
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Egan will receive an annual base salary of $1.1mn and an annual target bonus equal to 140% of his salary.
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The InsurTech has identified over $25mn in annual expenses to eliminate since February.
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The move follows a rebrand completed in November 2022.
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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
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The company is making the change to provide greater definition around its three engines of insurance, investments, and a group of diverse businesses in Markel Ventures.
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Tizzio’s new employment agreement starts May 4, 2023 and ends December 31, 2026, with automatic one-year renewal periods unless either party gives prior notice of non-renewal.
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As a result, the insurer expects to realize a charge of around $5mn, primarily in the first quarter of 2023.
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