Jonathan Porter, Executive Vice President and Global Chief Risk Officer at Reinsurance Group of America (RGA), has filed 36 Form 4 transactions with the SEC, all involving a single issuer. The pattern is overwhelmingly one of compensation-driven accumulation rather than discretionary market activity. Across all filings, there are zero open-market purchases (code P) and zero open-market sales (code S), leaving the entire footprint composed of automatic or mechanical events: equity grants (code A), option exercises (code M), and shares withheld to cover tax obligations (code F). The total value of acquired shares reached roughly $2.81 million, but this figure is dominated by non-cash awards and exercises, not conviction buying.
The most recent cluster of activity, spanning March 2025 through March 2026, illustrates the rhythm. On March 19, 2026, Porter received two grants valued at $0 each, likely performance-based units with no immediate fair value reported. Earlier that month, on March 12, he exercised options worth approximately $1.12 million while simultaneously having $598,805 in shares withheld for taxes—a net economic outcome that leaves little residual ownership change. Similar patterns repeat in February 2026, with multiple exercises (including one valued at $93,658) offset by tax withholdings of $85,632 and $35,753. The January 2026 filings show the same structure: three option exercises with no reported value, paired with tax-related withholdings totaling roughly $207,000.
The only notable exception to this mechanical cadence came in March 2025, when Porter received two grants valued at $912,007 and $614,898, alongside a $488,276 tax withholding. These awards, combined with a $225,231 grant on March 6, 2025, represent the bulk of his reported acquisition value. The absence of any open-market transactions—buys or sells—across 36 filings indicates that Porter’s stake in RGA is being built exclusively through compensation structures, with no discretionary trading signals. His recent activity shows no directional bias; it is a steady, formulaic cycle of vesting, exercising, and tax settlement.
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