Collectively they earned more than $350,000 a day.

Twenty of the highest ranking officers within the Island's insurance and reinsurance market received salaries, bonuses, perks and other compensation in 2007 collectively worth a staggering $132 million. Topping the list is Argo Group president and chief executive office Mark Watson. Though he is one of the youngest international business CEOs in Bermuda at the age of 44, and was not paid the highest salary — earning only $945,219 — he walked away with a total earnings package valued at $15,036,696 in 2007.

Mr. Watson was one of four executives whose remuneration for the 12 months ending December 31,2007 exceeded $10 million. The largest salary paid out in 2007 was John Charman's $1.25 million while Evan Greenberg took home the honours for highest bonus, a staggering $4.2 million. Out of the top 50 earners, only one was female, Fiona Luck of XL Capital. Ms Luck ranked 22 and earned $4.1 million in 2007. Not doing to shabbily was XL Capital's Jerry de St. Paer who though only earning a salary of $106,000 walked away with "other compensation" valued at $3.8 million in 2007 despite only working a quarter of the year and retiring in March.

The calculations, compiled from filings obtained by KYC News' InsideBermuda newsletter, using figures from Securities and Exchange Commission filings, included salary, bonus, the value of restricted stock awards and stock options that were awarded during the year but vest or become exercisable in later years. They also included all other compensation which includes housing allowances, club memberships, incentive payments, pension plan contributions and use of the company jet.

While the figures seem staggering here in Bermuda, news agencies across the US were howling with indignation when SEC filings showed that Countrywide Financial Corp. CEO Angelo Mozilo earned $132 million in 2007 alone — the same year the company reported a yearly loss of $704 million amid the nation-wide mortgage market meltdown.