The highest-paid CEO among U.S.-traded P&C personal lines insurers received $15.6 million in total compensation last year, according to data compiled by SNL Financial.
Missing from the list of the top 10 is Berkshire Hathaway's Warren Buffet. The Oracle of Omaha received $464,011 in total compensation in 2014. His base salary of $100,000 has remain unchanged for 25 years, SNL Financial reports. However, he's far from destitute: His stock ownership, as disclosed in a July 6 filing, amounts to more than $61 billion.
SNL Financial 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.
Last week, PC360 highlighted the top 10 highest-paid CEOs at commercial carriers. Below and on the following pages, the top 10 highest-paid personal lines CEOs.
10. John L. Forney,
United Insurance Holdings Corp.
2014 base salary: $587,000
2014 total compensation: $1,668,382
9. Gabriel Tirador,
Mercury General Corp.
2014 base salary: $888,805
2014 total compensation: $$2,535,719
8. James Gober,
Infinity Property and Casualty Corp.
2014 base salary: $571,885
2014 total compensation: $2,575,055
7. Marita Zuraitis,
Horace Mann Educators Corp.
2014 base salary: $690,500
2014 total compensation: $2,665,177
6. David Brussard,
Safety Insurance Group Inc.
2014 base salary: $828,426
2014 total compensation: $3,350,546
5. Pareshbhai Patel,
HCI Group Inc.
2014 base salary: $500,481
2014 total compensation: $4,042,601
The bulk of Patel's compensation comes from a $3.125 million bonus. Last year, Patel brought in about $15 million, which included $10.6 million in restricted stock.
4. Terrence Cavanaugh,
Erie Indemnity Co.
2014 base salary: $935,000
2014 total compensation: $4,140,153
(AP Photo/Tony Dejak)
3. Glenn Renwick,
Progressive Corp.
2014 base salary: $750,000
2014 total compensation: $9,841,581
Renick's compensation comes primarily from stock awards, where he received $7.5 million last year, according to SNL data.
2. Sean Downes,
Universal Insurance Holdings Inc.
2014 base salary: $2,154,912
2014 total compensation: $14,122,856
Downes has the highest base salary among the top 10. He also received the highest amount of nonequity incentive plan compensation, at nearly $5.5 million.
1. Thomas J. Wilson,
Allstate Corp.
2014 base salary: $1,141,346
2014 total compensation: $15,641,385
Wilson's total compensation decreased by nearly $3 million from the year previous, due in part to receiving a smaller annual cash incentive in 2014. Nearly half of Wilson's total compensation--$7.7 million--consisted of almost equal parts stock and option awards, SNL Financial reports.
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