14/05/2019 Smith is its vice chairman of finance. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. Adele is unrecognizable as she praises Beyoncé's 'Black is King''Back to the Future' star backs claims of 'mean' Ellen behaviorObama's half-brother rips 'cold and ruthless' ex-presidentMan who lost penis to infection has a bigger one built for him —...Trader Joe's backtracks on ditching 'racist' food brandsExxonMobil posts largest loss ever as coronavirus hammers oil industryCasino mogul Sheldon Adelson vows to pay staff through end of OctoberJames Corden might be ‘in line’ to replace Ellen Degeneres: reportJames Corden might be ‘in line’ to replace Ellen Degeneres: reportFrench prosecutors want to reopen Gérard Depardieu rape probeFrench prosecutors want to reopen Gérard Depardieu rape probeEllen DeGeneres is not quitting her show, executive producers sayEllen DeGeneres is not quitting her show, executive producers say Vincent Sama, a lawyer for Smith, said his client was disappointed with the decision and will continue to “vigorously defend himself.” The New York-based insurance giant was rescued by the U.S. government in September 2008 to stave off bankruptcy after the company ran up billions of dollars in losses stemming from insurance it wrote on shoddy mortgage securities.
This is likely to have reflected the extension of his contract in April last year to confirm him in post until 2023.Case earned $16.2mn and advanced two positions in the charts, to seventh place.Meanwhile, The Hartford’s chairman and CEO, Christopher Swift, saw a 5.9 percent increase in his total compensation, allowing him to leapfrog four positions into ninth.The board of the Connecticut-based company approved a $4.8mn annual incentive programme award representing 160 percent of his target on the back of him delivering “strong underlying financial results across multiple business segments despite a second consecutive year of elevated catastrophes”, “successfully closing the divestiture of Talcott Resolution” and “entering into an agreement to acquire Navigators”.His remuneration rise followed a 30.1 percent increase in 2017, which had allowed him to jump from 17th place to 13th that year.A significant novelty of the 2018 pay league panel, and the top 10 in particular, was the inclusion of Ajit Jain and Gregory Abel from Berkshire Hathaway.The appointments that saw them feature in the company’s summary compensation table for the first time were seen as a hint at a possible succession to 88-year-old Warren Buffett, CEO of the company, and his 95-year-old business partner and vice chairman of the board Charlie Munger.With a biblical intonation, Jain and Abel were named vice chairman insurance operations and non-insurance operations, respectively, of the Nebraska-based company in January 2018.With the same total compensation of just over $18mn each, Jain and Abel shared fourth spot in the league table.Unlike almost all public companies, Berkshire Hathaway’s compensation committee has a policy that precludes consideration of profitability and stock market value when it comes to the compensation of executive officers.On the contrary, it relies on Buffett to subjectively determine the remuneration of executives, which is predominantly made up of base salary and does not include stock options.Finally, another breadth of fresh air in the top 10 came with the promotion of Marc Grandisson to the top job at Arch, taking over from Dinos Iordanou in March 2018 as president and CEOAs part of the leadership succession plan, Grandisson was awarded options to buy 616,284 shares worth $4.5mn.As a result, the former COO’s compensation shot up from $7.1mn in 2017 to $12.9mn, catapulting him 27 positions up to 10th place in the pay league.The list of biggest movers was again dominated by the leadership shake-up at AIG, with one of the five most significant risers and three of the five biggest fallers belonging to the company. Management transitions typically involve inflated reported numbers due to the costs of recruiting and the somewhat artificial contribution of accounting conventions that force companies to recognise a significant portion of long-term compensation incentives when granted.If AIG executives are excluded from our analysis, the year on year comparison of compensation for the top 50 positions changes altogether, with a 3.6 percent increase in 2018 relative to 2017.Including AIG, each member of the top 50 earned $9.4mn in 2018 on average compared with $10.7mn in 2017.But leaving AIG out of the picture, the average remuneration for the 50 highest paid executives stood at $8.6mn in 2018 compared with an equivalent $8.3mn for 2017.The above figures include the firm’s CEO, CFO, and highest paid named executive officers.Looking at CEOs in isolation, average compensation totalled $7.9mn last year, led by chief executives of US nationwides and US large cap carriers.Average compensation for them rose across all peer groups except London, US large cap carriers and US nationwides.However, the dynamics for each of these three groups was different, with London CEOs’ average compensation plummeting by 35.8 percent but US nationwides’ slipping by just 0.7 percent.For the large cap carriers, it was again a case of AIG distorting the comparison with 2017, with that year’s panel featuring Duperreault’s one-off $43.1mn initial pay packet as well as departing CEO Peter Hancock’s $24.2mn walk-away pay.Average CEO compensation for this peer group, AIG aside, actually rose 5.9 percent in 2018.Indeed, it was a good year for CEOs across the P&C industry: average remuneration, excluding AIG, was up by 9.6 percent year on year to $7.5mn.By way of comparison, median compensation for 132 CEOs of S&P 500 companies was up 6 percent reaching $12.4 million in 2018, according to The better performance of CEO compensation in 2018 relative to that of the overall top 50 – with the former expanding by an average 9.6 percent as against a 3.6 percent average surge for the latter (excluding AIG) – is a mirror image of what happened in 2017.That year, CEO remuneration fell disproportionately more than that of the top 50, with a reduction of 12.4 percent for chief executives against a fall of 10.8 percent for the overall panel (excluding AIG).While this seems to indicate that CEO compensation packages in the industry were adequately calibrated to provide more alignment with shareholder value creation (or destruction) than the rest of the C-suite, that was only part of the explanation behind the superior performance of CEOs against the overall top 50.In fact, one third of the boost to CEO average compensation over and above the overall top 50 was due to changes to the pay league panel, which saw six companies de-list during 2018.AmTrust was taken private following an MBO supported by Stone Point Capital. AIG is considering Wednesday whether the company should join a lawsuit against the government that spent $182 billion to save it from collapse.