NEW YORK (Bloomberg) – American International Group awarded Brian Duperreault a $43.1 million pay package last year after he took over as the insurer’s chief executive officer.

The compensation includes $12 million in cash to replace awards Mr Duperreault forfeited after leaving his previous job leading Bermudian-based Hamilton Insurance Group Ltd, and stock options valued at $16.1 million, New York-based AIG said in a regulatory filing.

He’ll get a third of the options within three years, with the rest vesting in increments if AIG’s shares exceed hurdles set at $10, $20 and $30 above the $61.82 price when he was hired. The stock closed yesterday at $53.11 in New York.

Mr Duperreault, 70, who took over in May, is the company’s seventh CEO since 2005. Peter Hancock, who preceded him, left after investors including Carl Icahn lost confidence in his leadership. Mr Duperreault’s first year was marred by natural disasters, including hurricanes and the California wildfires, which pushed AIG’s catastrophe costs to a record $4.2 billion.

Mr Duperreault also received $1.01 million in salary, a $2.13 million bonus and $11.1 million in restricted shares, which will vest over time based partly on the firm’s performance relative to other insurers.

AIG spent $18.3 million in separation payments for three executives who departed last year, including Mr Hancock. In 2016, the insurer paid more than $20 million to three top managers after they left.