(Bloomberg) — Chubb Corp. Chief Executive Officer John Finnegan could walk away with at least $92.7 million if he's terminated after Ace Ltd. acquires the company.
Finnegan, who's run the insurer since late 2002, would be eligible to receive $20.5 million in cash severance and benefits worth $555,655 if he's let go after the acquisition, according to the Warren, N.J.-based company's most-recent proxy filing. He'd also get $35.3 million in pension benefits and equity awards valued at $36.4 million at the $124.13 offer price, according to data compiled by Bloomberg.
Chubb shareholders will receive $62.93 in cash and 0.6019 share of Ace stock for each share they own, the companies said Wednesday in a statement. Ace CEO Evan Greenberg, the son of former American International Group Inc. CEO Maurice "Hank" Greenberg, will assume leadership of the new entity, which will take the Chubb name.
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