(Bloomberg) — Marsh & McLennan Cos., the largest insurance broker by market value, said the brother of the chief executive officer at its flagship unit was paid $1.07 million for his last full year with the company.
Jonathan Zaffino's compensation as president of Victor O. Schinnerer & Co., a subsidiary, rose 2.7% from 2013, New York-based Marsh & McLennan said Friday in a proxy filing. He stepped down in February to join Everest National Insurance Co., where he is president of U.S. insurance operations. His brother Peter Zaffino is CEO of the Marsh insurance brokerage.
Marsh & McLennan included three relatives of executives in the filing. CEO Daniel Glaser's brother, Gary Glaser, received $218,500 last year as a senior manager at the Mercer unit. Peter Zaffino's brother-in-law, Garrett Benton, was paid $223,297 as a senior vice president at Guy Carpenter, the reinsurance brokerage.
Daniel Glaser was paid $14.91 million, up from $13.29 million in 2013. The company cited his “continued leadership of a dynamic and effective senior executive team.” Glaser was also given use of a company airplane at a cost of $91,457.
Peter Zaffino's compensation rose to $7.81 million from $7.19 million a year earlier.
Marsh & McLennan climbed 18% last year as the Standard & Poor's 500 Index rose 11%. The company surged 40% in 2013.
–With assistance from Doni Bloomfield in New York.
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