The highest-paid CEO among U.S.-traded P&C commercial insurers received $22.1 million in total compensation last year, according to data compiled by SNL Financial.
The firm ranked 2014 total compensation among CEOs or equivalent roles at NYSE and NASDAQ-listed companies classified as P&C insurance carriers. The ranking is limited to companies that disclosed compensation in publicly filed proxy statements. Offshore P&C resinsurers based in Bermuda, the Cayman Islands and Ireland were not included in SNL's analysis.
Below and on the following pages, the top 10 highest-paid insurance carrier CEOs in commercial lines.
10. Christopher Williams
HCC Insurance Holdings Inc.
Base salary: $1,950,000
Total 2014 compensation: $9,606,187
9. Weston Hicks
Alleghany Corp.
Base salary: $1,000,000
Total 2014 compensation: $10,543,046
(Photo courtesy of CNA Financial Corp.)
8. Thomas Motamed,
CNA Financial Corp.
Base salary: $1,000,000
Total 2014 compensation: $11,435,847
7. Peter Hancock,
American International Group Inc. (AIG)
Base salary:$1,426,923
Total 2014 compensation: $12,064,428
6. Terry Ledbetter,
State National Cos. Inc.
Base salary:$1,241,538
Total 2014 compensation: $15,998,581
5. John Finnegan,
Chubb Corp.
Base salary: $1,325,000
Total 2014 compensation: $17,841,294
This summer, ACE announced that it will acquire Chubb for $28.3 billion. After the deal closes next year, Finnegan will serve as executive vice chairman of external affairs for North America at the combined company.
4. William Berkley,
W.R. Berkley Corp.
Base salary: $1,000,000
Total 2014 compensation: $19,483,692
Chairman and CEO Berkley also is one of the world's 20 insurance billionaires.
3. Evan Greenberg,
ACE Ltd.
Base salary: $1,200,000
Total 2014 compensation: $19,678,174
Greenberg's multiple bonus was 5.5x his annualized base salary, SNL Financial reports, which gave him a $6.6 million bonus in 2014. He also received $8.5 million in stock and $2 million in options. On July 1, ACE announced that it will acquire Chubb (see No. 5, John Finnegan) for $28.3 billion. The deal is expected to close in the first quarter of 2016.
2. Jay Fishman,
Travelers Cos. Inc.
Base salary: $1,000,000
Total 2014 compensation: $20,435,381
Fishman announced that he will step down from the insurer on Nov. 30, due ailing health. He had been diagnosed with a neuromuscular condition, which appears to be a variant of ALS. Fishman's 2014 compensation includes $6.6 million in stock, $7.5 million in nonequity incentives, and $4.4 million in options.
1. Barry Zyskind,
AmTrust Financial
Base salary: $975,000
Total 2014 compensation: $22,130,044
Zyskind was 43 at the time the proxy statement was filed, making him the youngest CEO on this list. Nearly $11.6 million of his total compensation comes from nonequity incentive plans, SNL reports, which includes a $3.9 million annual profit bonus and $7.7 million in cash incentives. Apart from his salary and incentives, Zyskind also receid 250,000 stock units on March 5, 2014, which was worth about $9.5 million as of the grant date, and follows a four-year vesting schedule.
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