UnitedHealthcare parent company UnitedHealth Group spent more $2 million on security for five executives, their families, two directors and Thompson's funeral in less than a month, for example. “We believe that these security services are appropriate and necessary given the risks associated with executive officer positions at the company,” the company wrote in its filing.
Last year marked the first time personal security expenses for executives at these companies met the $10,000 per person threshold requiring publicly traded corporations to disclose spending on what is considered a job perk. These are separate from costs related to general company security.
The Thompson shooting prompted social media users to post personal grievances and make threats against health insurers and others in the healthcare system, stoking fear of copycat killings.
“It's been really a tsunami of concern,” said Mark Lex, senior vice president at security company TorchStone Global. “This caused emergency board meetings for some organizations in the healthcare sector.”
The proxy statements offer only vague descriptions of what executive security looks like in practice. Security professionals said heightened protocols could include closely monitoring social media posts, conducting in-home security assessments, installing security systems and cameras, providing security for family members, deploying armed bodyguards, and hiring chauffeurs.
It’s a diversion from the norm. Only 28% of S&P 500 companies disclosed providing security benefits to senior executives in 2023, according to executive recruiting analytics company Equilar.
'A business need'
Health insurers continue to focus on security this year, said Glen Kucera, president of enhanced protection services at the security company Allied Universal. "Executive protection has taken on a whole new life since Dec. 4," he said.
Health insurers have engaged with independent security firms to assess the threat level, reviewed findings with boards of directors and beefed up security protocols, often in the form of compensation perks.
“It's one of those topics that the boards aren't debating. It’s a business need,” said Becky Huddleston, executive compensation and board advisory practice co-leader at the consulting company WTW.
How much these insurance companies are spending and what they're spending it on in 2025 is unknown. They won't be required to disclose the costs until they issue similar proxy statements next year. And, underscoring the persistent fear, they wouldn't reveal their plans.
UnitedHealth Group, Aetna parent company CVS Health, Cigna and Humana declined to discuss their executive security measures or costs. Elevance Health, Centene and Molina Healthcare did not respond to requests for comment.
Last year, UnitedHealth Group divided $1.7 million for personal and home security services among five executives, $926,989 of which went to Heather Cianfrocco, CEO of its Optum subsidiary. The company reported $150,951 for CEO Andrew Witty, $253,827 for Chief Financial Officer John Rex, $213,107 for Chief Legal Officer Christopher Zaetta and $114,976 for Chief People Officer Erin McSweeney. The company reported no expenses for Thompson's security.
UnitedHealth Group also spent nearly $208,000 on security for executives’ family members and provided protection to two non-employee directors and paid Thompson’s family more than $271,000 for funeral expenses and security. The company also granted each top executive a $2 million term life insurance policy.
Centene CEO Sarah London received $69,133 in personal security benefits. The company spent $98,358 for Chief Financial Officer Andrew Asher and $33,244 for Chief Operating Officer Susan Smith.
“Beginning in December 2024, we pay for costs related to personal security services for certain [executives],” Centene disclosed in its proxy statement. “These protections are provided due to the range of security issues encountered by executive officers of large corporations in our industry.”
Centene detailed safety protocols for a shareholder meeting scheduled for May 13 in St. Louis. Bags are discouraged, although clear bags are allowed, and cameras and recording equipment are prohibited. Bags may be searched and attendees may be subject to searches, metal detectors or hand‐wands.
Elevance Health spent $93,387 on "other perquisites" that include security costs for President and CEO Gail Boudreaux, $36,213 for Executive Vice President Peter Haytaian, who also is president of the company's Carelon and CarelonRx divisions, $15,639 for Chief Financial Officer Mark Kaye, and $3,346 fo Morgan Kendrick, president of commercial and specialty health benefits.
“In light of the enhanced security risk environment, we also provide certain enhanced safety and security benefits to our executive officers,” Elevance Health wrote in its filing.
CVS Health spent $82,603 on home security for CEO David Joyner last year. The company disclosed it requires Joyner to have personal security protection, which it did not declare in its 2023 filing.
The company reported spending $108,238 for Group President Prem Shah and $1,055 for Tilak Mandadi, executive vice president for ventures and chief experience and technology officer. Former CEO Karen Lynch, who left the company in October, received $56,610 in company-provided security as part of her severance.
"Considering the recent events and increased safety concerns, the executive protection program recommended enhanced security measures to include home security services and technology upgrades to certain [executive leadership team] members, which the company paid to install," CVS Health wrote in its proxy statement. "The company believes that the costs of the security measures were appropriate and necessary, particularly considering the heightened risk environment in the healthcare industry and its senior leaders."
Molina Healthcare reported $699,354 in personal protection and security expenses for CEO Joseph Zubretsky last year.
Humana did not report security measures or expenses in its proxy filing. Cigna offered limited details on security benefits since it does not consider them a perk that requires disclosure, according to its filing.
Under surveillance
While the working environment has changed and some insurance executives are uneasy about being under heightened surveillance, the support has put many at ease, executive recruitment consultants and security professionals said.
“Who wants to be walking their dog or going out for dinner and having to have a security guard in the restaurant?" said Heidi Leeds, a senior client partner at executive search firm Korn Ferry. "But I do think, because of that, there's not so much fear in going into these types of positions.”
The challenge for companies is determining who needs greater security while keeping expenses in check, said Drew Neckar, principal consultant at Cosecure Enterprise Risk Solutions. “How far down the ladder do you take that? With Brian Thompson, he was not the CEO of the entirety of UnitedHealth; he was the CEO of one subsidiary,” he said.
