Pay Versus Performance

The following table presents “Compensation Actually Paid” to the Principal Executive Officer (“PEO”) and the “Average Compensation Actually Paid” to the Non-PEO NEOs in 2024, 2023, 2022, 2021 and 2020, as calculated pursuant to SEC rules.

Year ^(a)	Summary Compensation Table Total for PEO ($)^(b)	Compensation Actually Paid to PEO ($)	Average Summary Compensation Table Total for Non-PEO NEOs ($)^(b)	Average Compensation Actually Paid to Non-PEO NEOs ($)	Value of Initial Fixed $100 Investment Based On:		Net Income (Loss) (millions $)		Annual Growth in Compensation Value per Share^(d)
Year ^(a)	Summary Compensation Table Total for PEO ($)^(b)	Compensation Actually Paid to PEO ($)		Average Compensation Actually Paid to Non-PEO NEOs ($)	Total Shareholder Return ($)	Peer Group Total Shareholder Return ($)^(c)	Net Income (Loss) (millions $)		Annual Growth in Compensation Value per Share^(d)
2024	7,422,958	14,100,992	4,213,430	6,247,597	175.12	227.67	230.4	8.3%
2023	7,577,001	11,680,222	3,697,210	4,999,435	135.42	168.05	509.2	14.5%
2022	7,191,754	23,147,640	3,169,569	7,992,051	127.17	151.65	792.8	23.9%
2021	7,185,569	4,639,595	2,906,827	2,095,752	91.08	127.58	(275.4)	-1.2%
2020	7,170,628	13,792,568	3,966,751	6,747,315	89.81	106.96	708.7	24.0%

(a) The PEO and Non-PEO NEOs for the applicable years were as follows:

2024: Mr. Rountree served as PEO and Messrs. Caffrey, Harrison and Seelig and Ms. Hildreth served as Non-PEO NEOs

2023 and 2022: Mr. Rountree served as PEO and Messrs. Caffrey, Campbell and Seelig and Ms. Hildreth served as Non-PEO NEOs

2021: Mr. Rountree served as PEO and Messrs. Frank Bazos, Campbell and Seelig and Ms. Hildreth served as Non-PEO NEOs

2020: Mr. Rountree served as PEO and Messrs. Bazos, Campbell, Seelig and J. Brian Palmer served as Non-PEO NEOs

(b)

The amounts reported as “Compensation Actually Paid” to our PEO and “Average Compensation Actually Paid” to our Non-PEO NEOs in each of 2024, 2023, 2022, 2021 and 2020 represent the respective amounts as determined in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual amount of compensation earned by or paid to our PEO or Non-PEO NEOs during the applicable year. The Summary Compensation Table totals reported for the PEO and the average of the Non-PEO NEOs for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate “Compensation Actually Paid”:

PEO
	2024	2023	2022	2021	2020
Summary Compensation Table (“SCT”) total	7,422,958	7,577,001	7,191,754	7,185,569	7,170,628
Less: Value Reported in the SCT of Stock Awards	(6,352,596)	(5,872,920)	(5,604,282)	(6,478,434)	(5,788,476)
Granted in the Covered Year
Plus: Year-end Value for Stock Awards	7,004,016	6,775,045	11,461,473	4,107,645	8,110,746
Granted in the Covered Year
Change in Fair Value of Unvested Stock	4,766,206	2,602,290	9,901,354	(1,500,285)	4,311,657
Awards from Prior Years that Remain Unvested
Change in Fair Value of Stock Awards	1,260,408	598,806	197,341	1,325,100	(11,987)
from Prior Years that Vested in Covered Year
Compensation Actually Paid	14,100,992	11,680,222	23,147,640	4,639,595	13,792,568

Average of the Non-PEO NEOs
	2024	2023	2022	2021	2020
Summary Compensation Table (“SCT”) total	4,213,430	3,697,210	3,169,569	2,906,827	3,966,751
Less: Value Reported in the SCT of Stock Awards	(3,179,651)	(2,092,228)	(1,686,474)	(2,039,507)	(2,599,455)
Granted in the Covered Year
Plus: Year-end Value for Stock Awards	3,526,328	2,413,610	3,449,054	1,293,148	3,642,326
Granted in the Covered Year
Change in Fair Value of Unvested Stock	1,500,763	808,963	3,003,988	(528,501)	1,742,497
Awards from Prior Years that Remain Unvested
Change in Fair Value of Stock Awards	186,727	171,880	55,912	463,785	(4,804)
from Prior Years that Vested in Covered Year
Compensation Actually Paid	6,247,597	4,999,435	7,992,051	2,095,752	6,747,315

(c)

Peer Group Total Shareholder Return “TSR” reflects the S&P 500 Property & Casualty Insurance Index as reflected in our Annual Report on the Form 10-K pursuant to Item 201(e) of Regulation S-K for the fiscal year ended December 31, 2024. Each year reflects what the cumulative value of $100 would be, including the reinvestment of dividends, if such amount had been invested on December 31, 2019.

(d)

CVPS is the average of growth in adjusted book value per share (ABVPS) and growth in intrinsic value per share, which is the ABVPS including franchise value adjustments to reflect the fair value of certain entities carried at book value. See Annex A for a reconciliation of growth in ABVPS and growth in intrinsic value per share.

Named Executive Officers, Footnote

(a) The PEO and Non-PEO NEOs for the applicable years were as follows:

2024: Mr. Rountree served as PEO and Messrs. Caffrey, Harrison and Seelig and Ms. Hildreth served as Non-PEO NEOs

2023 and 2022: Mr. Rountree served as PEO and Messrs. Caffrey, Campbell and Seelig and Ms. Hildreth served as Non-PEO NEOs

2021: Mr. Rountree served as PEO and Messrs. Frank Bazos, Campbell and Seelig and Ms. Hildreth served as Non-PEO NEOs

2020: Mr. Rountree served as PEO and Messrs. Bazos, Campbell, Seelig and J. Brian Palmer served as Non-PEO NEOs

PEO Total Compensation Amount

$ 7,422,958

$ 7,577,001

$ 7,191,754

$ 7,185,569

$ 7,170,628

Adjustment To PEO Compensation, Footnote

(b)

The amounts reported as “Compensation Actually Paid” to our PEO and “Average Compensation Actually Paid” to our Non-PEO NEOs in each of 2024, 2023, 2022, 2021 and 2020 represent the respective amounts as determined in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual amount of compensation earned by or paid to our PEO or Non-PEO NEOs during the applicable year. The Summary Compensation Table totals reported for the PEO and the average of the Non-PEO NEOs for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate “Compensation Actually Paid”:

PEO
	2024	2023	2022	2021	2020
Summary Compensation Table (“SCT”) total	7,422,958	7,577,001	7,191,754	7,185,569	7,170,628
Less: Value Reported in the SCT of Stock Awards	(6,352,596)	(5,872,920)	(5,604,282)	(6,478,434)	(5,788,476)
Granted in the Covered Year
Plus: Year-end Value for Stock Awards	7,004,016	6,775,045	11,461,473	4,107,645	8,110,746
Granted in the Covered Year
Change in Fair Value of Unvested Stock	4,766,206	2,602,290	9,901,354	(1,500,285)	4,311,657
Awards from Prior Years that Remain Unvested
Change in Fair Value of Stock Awards	1,260,408	598,806	197,341	1,325,100	(11,987)
from Prior Years that Vested in Covered Year
Compensation Actually Paid	14,100,992	11,680,222	23,147,640	4,639,595	13,792,568

Average of the Non-PEO NEOs
	2024	2023	2022	2021	2020
Summary Compensation Table (“SCT”) total	4,213,430	3,697,210	3,169,569	2,906,827	3,966,751
Less: Value Reported in the SCT of Stock Awards	(3,179,651)	(2,092,228)	(1,686,474)	(2,039,507)	(2,599,455)
Granted in the Covered Year
Plus: Year-end Value for Stock Awards	3,526,328	2,413,610	3,449,054	1,293,148	3,642,326
Granted in the Covered Year
Change in Fair Value of Unvested Stock	1,500,763	808,963	3,003,988	(528,501)	1,742,497
Awards from Prior Years that Remain Unvested
Change in Fair Value of Stock Awards	186,727	171,880	55,912	463,785	(4,804)
from Prior Years that Vested in Covered Year
Compensation Actually Paid	6,247,597	4,999,435	7,992,051	2,095,752	6,747,315

Non-PEO NEO Average Compensation Actually Paid Amount

$ 6,247,597

4,999,435

7,992,051

2,095,752

6,747,315

Total Shareholder Return Vs Peer Group

Relationship Between Pay and Performance

In 2024, Compensation Actually Paid to the PEO and Average Compensation Actually Paid to the non-PEO NEOs increased compared to 2023. The primary driver was an increase in the fair value of all performance and restricted shares included in the calculation of Compensation Actually Paid to the PEO and Average Compensation Actually Paid to the non-PEO NEOs as the Company’s share price increased by 29.2% during 2024, compared to a 6.4% increase during 2023. Partially mitigating this increase, CVPS grew at a slower pace in 2024 than in 2023 resulting in a slightly lower projected payout percentage on the 2023-2025 performance cycle in 2024. Based on the Company’s performance of 8.3% growth in CVPS in 2024, the PEO and NEOs received bonuses of 47% of target for 2024 compared to 170% of target for 2023. The Company’s net income of $230.4 million in 2024 compared to $509.2 million in 2023 contributed to the decrease in growth in CVPS. The Company’s TSR positively correlated with the level of Compensation Actually Paid as the increase in the Company’s share price primarily accounted for the increase in value in outstanding performance shares and restricted shares.

In 2023, CVPS grew at a slower pace than in 2022 resulting in a decrease in Compensation Actually Paid in 2023 compared to 2022. Based on the Company’s performance of 14.5% growth in CVPS in 2023, the PEO and NEOs received bonuses of 170% of target for 2023. During 2023, the fair value of all performance shares included in the calculation of Compensation Actually Paid to the PEO and Average Compensation Actually Paid to the non-PEO NEOs increased as (1) the level of growth in CVPS resulted in a higher projected payout percentage on the 2021-2023 performance cycle and (2) the Company’s share price increased by 6.4% during 2023. However, both of these factors increased at a lower rate than in 2022. The fair value of all restricted shares outstanding used in the calculation of Compensation Actually Paid to the PEO and Average Compensation Actually Paid to the non-PEO NEOs also increased in 2023 as a direct result of the 6.4% increase in the Company’s share price during the year, which was lower than the 39.5% increase in 2022. The Company’s net income of $509.2 million in 2023 positively correlated with growth in compensation actually paid as net income drove the increase in growth in CVPS. The Company’s TSR also positively correlated with the level of compensation actually paid, though not as much as growth in CVPS, as the increase in share price partially accounted for the increase in value in outstanding performance shares and restricted shares.

In 2022, strong growth in CVPS positively correlated with growth in Compensation Actually Paid for the following reasons. Based on the Company’s performance of 23.9% growth in CVPS in 2022, the PEO and NEOs received bonuses of 200% of target for 2022. During 2022, the fair value of all performance shares included in the calculation of Compensation Actually Paid to the PEO and Average Compensation Actually Paid to the non-PEO NEOs increased significantly as (1) the level of growth in CVPS resulted in higher projected payout percentages on all outstanding performance cycles and (2) the Company’s share price increased by 39.5% during 2022. The fair value of all restricted shares outstanding used in the calculation of Compensation Actually Paid to the PEO and Average Compensation Actually Paid to the non-PEO NEOs also increased in 2022 as a direct result of the 39.5% increase in the Company’s share price during the year. The increase in the Company’s net income also positively correlated with growth in compensation actually paid as net income drove the increase in growth in CVPS. The Company’s TSR also positively correlated with the level of compensation actually paid, though not as much as growth in CVPS, as the increase in share price partially accounted for the increase in value in outstanding performance shares and restricted shares.

In 2021, negative growth in CVPS correlated with a decrease in compensation actually paid. For 2021, the PEO and NEOs received no bonuses and projected payout percentages on outstanding performance shares decreased from the prior year end. The

decrease in the Company’s net income also correlated with the decrease in compensation actually paid as the net loss drove the decrease in growth in CVPS. The Company’s TSR of 1.4% somewhat correlated with the lower level of compensation actually paid. The small increase in the value of each restricted share and performance share outstanding was more than offset by the reduction in the projected payout percentages on all outstanding performance share cycles due to the negative growth in CVPS.

In 2020, strong growth in CVPS correlated with growth in compensation actually paid. For 2020, the PEO and NEOs received bonuses of 200% of target and projected payout percentages on outstanding performance share cycles increased during the year. The increase in the Company’s net income also positively correlated with growth in compensation actually paid as net income drove the increase in growth in CVPS. The Company’s TSR was not correlated with the level of compensation actually paid, as the decrease in share price was more than offset by the increase in the projected payout percentages on all outstanding performance share cycles due to the growth in CVPS.

The following chart provides a graphical representation of the Company's five-year cumulative TSR versus our industry peer group, the S&P 500 Property & Casualty Insurance Index.