American International Group in a proxy filing with the Securities & Exchange Commission yesterday said its directors and officers insurance premiums increased 249 percent.
The 58-page report said the company's D&O coverage for the year ending May 24, 2005 was $9.4 million. For the year ending May 24, 2006 the company said its premium was $32.8 million.
The New York-based insurer also revealed that its former head, Maurice Greenberg, received a salary of $1 million and a bonus of $8 million in 2004, compared to the current president and chief executive officer, Martin J. Sullivan, who received $774,963 in salary and $830,000 in bonus.
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