Sharply improving company fortunes do not always fatten the wallet of property-casualty executives, according to a new study from Morgan Stanley.
Property-casualty analyst William Wilt attempted to correlate 2005 executive pay–as gleaned from proxy statements–to company performance and other factors. He noted, however, that not all corporate moves or events that could have affected compensation were factored into the study of compensation of the five top executives at the seven companies in his coverage universe.
Chubb CEO John Finnegan's expense initiatives have resulted in executive compensation trending steadily lower, even as the company has improved its reserve, profitability and stock price, Mr. Wilt wrote.
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