Healthcare companies massively upped their spending on executive security in 2024
In 2024, UnitedHealth reported spending $1.7 million protecting its C-suite, up from $0 the previous year.
In 2023, the nation’s largest insurance company did not report spending any money on personal security costs for its executives.
On December 4, Brian Thompson, the former CEO of UnitedHealth’s insurance arm, was shot dead in Manhattan. The words “delay,” “deny,” and “depose” — phrases commonly used to deny claims — were inscribed on the bullets used to kill him.
In 2024, UnitedHealth reported spending $1.7 million protecting its C-suite, according to a proxy statement filed April 21.
Many healthcare companies upped their spending on executive security in 2024, per the proxy statements filed so far. This comes as Luigi Mangione, the man accused of killing Thompson, has garnered support from many Americans frustrated and angry with the for-profit healthcare industry.
By the looks of it, more healthcare firms aren’t taking any chances with their leadership’s safety. CVS Health, which owns the insurer Aetna, spent over $293,151 on executive security, up from $44,148 in 2023. Elevance Health, previously known as Anthem, spent $129,600 on executive security in 2024, up from a meager $1,485 in 2023.
Companies vary in how they report security costs. Generally, the Securities and Exchange Commission requires disclosure of executive security benefits that exceed $10,000.
Unlike its peers, Cigna, the nation’s fourth-largest insurer, did not break out how much it spends on executive security. It said it does not consider security costs a form of compensation, but rather “directly related to the performance of their executive duties.”
Cigna, which also didn’t disclose that information in its annual report, didn’t immediately respond to a request for comment. Neither did UnitedHealth, Cigna, or Elevance.
Centene, an insurance company that focuses on managing government-sponsored programs, reported spending over $200,000 on executive security compared to none reported in 2023. The company also said it would have enhanced security at its annual shareholder meeting, banning all bags that aren’t see-through.
Even Hims & Hers, which generally works outside of the insurance framework, reported reimbursing its CEO $180,000 for a home security system.
As for Moderna and Pfizer, this isn’t their first rodeo. The two companies were tapped by the government to quickly develop COVID-19 jabs, which led to pushback and threats to its executives from vaccine skeptics. Both companies have spent hundreds of thousands of dollars on executive security since 2019.
