Duperreault and Greenberg top pay rankings
Brian Duperreault tops the rankings in terms of executive compensation in the property and casualty insurance industry.
Mr Duperreault, a Bermudian and the chief executive officer of American International Group, earned $20.8 million 2018, according to trade publication The Insurance Insider.
Evan Greenberg, chairman and CEO of Chubb, and another well-known character in Bermuda, placed second with compensation of $20.4 million.
The Insider published the top 50 executive earners, based on its scan of regulatory filings by public companies in the industry.
The highest-paid executive with a Bermudian-headquartered company last year was Marc Grandisson, CEO of Arch Capital, whose earnings totalled $12.9 million, enough to place him tenth in the rankings.
Mr Grandisson took over as CEO from Constantine “Dinos” Iordanou in March 2018. As part of the leadership succession plan, Grandisson was awarded options to buy 616,284 shares worth $4.5 million.
Consequently the former chief operating officer’s compensation surged $5.8 million compared to 2017, propelling Mr Grandisson 27 places up the rankings.
Kevin O’Donnell, CEO of RenaissanceRe Holdings was the next Bermudian-based leader on the list. His $10.8 million compensation package placed him 15th on the list, up 14 places from 2017.
The biggest climber in the Insider’s rankings was Mark Watson, who shot up 72 places. Mr Watson earned more than $8.3 million last year, up from $3 million the year before.
The increase was a result of performance awards approved by Argo’s board in November 2018.
The re/insurer has been embroiled in a proxy fight in recent weeks with activist investor Voce Capital in recent weeks. Institutional shareholder proxy firm ISS recommended last week that Argo shareholders should vote against Mr Watson’s compensation deal, the Insider reported.
Albert Benchimol, CEO of Axis Capital, earned $7.8 million last year, placing him 26th in the rankings, a rise of 13 places.
Dominic Addesso’s $7.1 million package as CEO of Everest Re, placed him 29th in the rankings, down four spots from 2017.
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